Two new termination forms provide for the termination of the sales contract in accordance with the Well Addendum (Form 22R) and the Septic Addendum (Form 22S). The two new forms are: Well Addendum (Form 90X) and Termination (Septic Addendum) (Form 90Y). In addition, the Change of Status Form (Form 19) and unlisted Sales Records (e.g.B. Form 1-ULS and Form 10-ULS) have been revised to include the option to add a “co-location” and a “co-broker” when entering a property being sold. If the buyer is represented by more than one broker, as stated in the purchase and sale contract using the new Disclosure Agency – Multiple Brokers Addendum (Form 42A), the listing company should include both the selling broker and the co-broker if the status of the listed real estate is changed to sale. In the case of unlisted sales, the broker selling the sale must include both the selling broker and the co-broker, if applicable. Buyers Pending Sale of Property Contingency Addendum (Form 22Q) has been revised to clarify that the purchase and sale agreement for the sale of the buyer`s real estate must be appended to the contract. The revised form introduces the requirement to insert a closing date, with the closing date set on the first page of the agreement. The form also provides that the buyer may not extend the period of sale of the buyer`s property without the prior written consent of the seller if such an extension would delay the closure of the seller`s property. Listing companies regularly appoint sub-agents representing the seller when the listing broker is not in town or is not available for long periods of time. The new sub-agent appointment (Form 1S) can be used for the listing company to designate a sub-agent representing the seller. The date may be set for the duration of the listing contract or for a limited period. The financing contribution (Form 22A) has been revised to allow the parties to negotiate an alternative purchase price if the valuation is lower than the purchase price.
Under the new Article 7 (b) (iii), the seller has the opportunity to react with a new purchase price higher than the shameful value, but lower than the current purchase price, after the notification of the low valuation. The seller`s proposal provides that the buyer must pay the additional funds necessary (the amount that the purchase price exceeds the valuation) to complete the sale. The Low Valuation Communication (Form 22AN) has been revised to include guidance on the seller`s proposal to reduce the purchase price and the buyer`s acceptance of the reduced purchase price. The notification form has been divided into three sections for the buyer`s communication on a low valuation, the seller`s response and the buyer`s response. The new advance payment increased (Form 22AD) can be used to replace the “Valuation at Selling Price” provision in the Financing Supplement (Form 22A). If the value of the property assessed by the lender is less than the purchase price, Form 22AD requires the buyer to pay additional funds up to a certain amount for the buyer`s deposit. The buyer declares that he has sufficient resources (for additional funds) to finalize the sale. Finally, Form 22B has been revised to prohibit the buyer from changing the deadline for the sale of the buyer`s real estate without the seller`s written consent.
This is due to the fact that a change in the closing date of the buyer`s property necessarily changes the closing date of the seller`s property. The back-up addition (Form 38A) has been updated to clarify that the closing date in the form replaces the closing date on the first page of the purchase and sale agreement. “Generator” has been added to the list of items contained in Specific Term 5. If there is a generator in the field, the parties negotiate whether the generator will be included in the sale. In addition, Form 22B has been revised to argue that if the buyer accepts an offer to sell the buyer`s property that requires the seller`s prior agreement, but does not obtain the seller`s agreement, the seller has the option of terminating the contract. . . .