Form Revisions for Summer of 2024
It is that time of year again for new and revised forms to come to fruition,
and with that here is a Quick Summary of the changes. The redlined
forms can be found linked below.
With the recent NAR legal settlement, there are a slew of changes and new forms regarding compensation.
Those forms are:
RLA - Residential Listing Agreement
ABCD - Anticipated Broker Compensation Agreement
BRBC - Buyer Representation & Broker Compensation Agreement
BCA - Broker Compensation Agreement (New Form)
BLA - Business Listing Agreement
CBC - Cooperating Broker Compensation Agreement
CLA - Commerical & Residential Income Listing Agreement
DM-LA - Disclosures & Modification to Listing Agreement (New Form)
DM-BR - Disclosures & Modification to Buyer Representation Agreement (New Form)
MT-LA - Modification of Terms Listing Agreement (New Form)
MT-BR - Modification of Termite to Buyer Representation Agreement (New Form)
OHNA - Open House Visitor Non-Agency Disclosure (New Form)
LPRBC - Limited Property Representation & Broker Compensation Agreement (New Form)
RLASR - Residential Listing Agreement Seller Reserved
RLAN - Residential Listing Agreement Open
SPBB - Seller Payment to Buyer's Broker
VLL - Vacant Land Listing Agreement
Other Revised Forms:
Listing Agreement has gone the way of the grid/box layout similar to the purchase agreement.
Compensation is now split up & broken down into sections of amount paid to seller side (C1) and another section if seller will be paying buyer side (C2), if any, as well as a separate section for amount due if a dual transaction (C4).
Any Listing Agreement still in effect in June upon release of forms, will need to include the DM-LA form for modification of the agreement.
Buyer Broker Representation Agreement (BRBC):
Now has a beginning and ending date. This form has also gone the way of the grid/box format. The form feels almost like a listing agreement as it requires you to sit and have a conversation on what your buyer is specifically looking for.
Should you find out the seller will be paying all or a portion of your commission, you can now go back and modify the commission amount buyer is to pay on another form. A good explanation of the form can be found via video link below
Purchase Agreement:
(RPA) L4 insurability is now a contingency as well as Solar review L8.
Disclosures:
Seller Questionnaire (SPQ) If a seller has owned a home for 18 months or less, the seller is now required to provide contractor and cost info on any repairs done to the property of $500 or more.
Agent Visual Inspection (AVID) The section for the inspection date/time, weather conditions and people present has been moved from Page 1 to page 3 at the Broker Section.
Many of the revised forms we use on a daily basis have changed minimally adding compensation, fair appraisals, insurance/insurability, solar and a new form/ new law regarding balconies and exterior stairways.
If you would like to see a YOUTube video discussing some of these items you can view one
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