ORLANDO, Fla. – Dec. 20, 2010 – Florida Realtors® announces changes to newly created or revised forms, which are scheduled to be available through Form Simplicity and other forms vendors on Tuesday, Dec. 21, 2010.
Short Sale Addendum (SSA-3). This form has been revised in a number of provisions. The most notable changes are the modification of the 45 days default time period for approval of the lender, changed to 30 days; the addition of a requirement for seller to deliver lender approval within three days of seller’s receipt; the addition of a seller acknowledgment paragraph advising seller of possible consequences of a short sale with release of liability for the brokers; and the addition of check boxes for handling multiple offers.
Auction Addendum (AA-1). This form is new. It has been created to address auction specific issues such as buyer premium, closing costs allocation, and absence of a financing and inspection/repair contingency in the contract.
Commercial Contract (CC-4). The following paragraphs have been revised: Evidence of Title, Property Condition, Closing Procedure, Closing Documents, Special Assessments Liens, Cure Period, Buyer Default, Commercial Lien Act Disclosure, Risk of Loss and Assignment
Florida Realtors Exclusive Right of Sale Listing Agreement preparation manual. Finally, a preparation manual for the state association’s Exclusive Right of Sale Listing Agreement has been created. It provides explanations and practice tips for the various provisions in the agreement. To download the preparation manual from floridarealtors.org (login required), click here.
© 2010 Florida Realtors®