ORLANDO, Fla. – Sept. 28, 2010 – A reminder that three of Florida’s widely-used forms — the FAR/BAR Contract for Sale and Purchase (FAR/BAR-8), FAR/BAR As Is Contract for Sale and Purchase (ASIS-2x) and FAR/BAR Comprehensive Rider (FBCR-10) – will be removed from floridarealtors.org and from Florida Realtors’ forms vendors on Friday.
They have been replaced with updated versions developed by Florida Realtors and the Florida Bar. Enhancements to the Florida Realtors/Florida Bar Residential Contract for Sale and Purchase, “As Is” Residential Contract for Sale and Purchase, and Comprehensive Riders to the Residential Contract for Sale and Purchase include: larger print; the addition of blanks for buyers and sellers initials at the bottom of each page, and a limited hold harmless and indemnity clause for brokers and agents. Additionally, there are several new riders sought by Realtors: an appraisal contingency, an agreement to arbitrate disputes and a short sale rider.
Florida Realtors attorneys discourage members from using the old forms after Sept. 30, as the forms will not be updated to reflect changes in the law or practice. However, if a transaction is initiated before Sept. 30 with the old forms, continue using the old forms for counteroffers and addendums unless the buyer and seller agree to use the new forms.
As always, if you have questions, please contact the Florida Realtors Legal Hotline at 407-438-1409.
© 2010 Florida Realtors