ORLANDO, Fla. – March 16, 2011 – Four new forms and four upgraded forms can now be accessed through Florida Realtors’ vendors, including Form Simplicity. The following is a brief explanation of the changes:
CL-3 Contract to Lease
This form now has check boxes in paragraph 1 to identify the broker involved – either listing broker or cooperating broker. Two blank lines have been added for the first and last month’s rent; and paragraph 5 has been changed so that the maintenance obligations more accurately reflect the provisions in the Supreme Court-approved lease forms.
MLA-4 Modification to Listing Agreement
This form now has check boxes for various provisions to be modified, including the terms and conditions for termination of a listing agreement.
CA-5 Commission Agreement
The commercial real estate sales lien act disclosure has been added to this form in case it’s used for commercial property.
RCD-5 Receipt of Condominium/Cooperative Documents
A new check box allows a buyer to acknowledge receipt of cooperative documents.
EA-1 Extension Addendum
This form is used to extend various time periods in the contract, such as closing date, financing, inspection, title cure, feasibility study and due diligence periods; and short sale approval deadline, feasibility study and due diligence periods.
VLLA-1 Vacant Land Listing Agreement
This is a listing agreement in which a seller grants to a listing broker the sole right to sell vacant land property, including the right to offer compensation to subagents, buyer’s agents, transactions brokers and non-representatives. It presumes the broker is acting as transaction broker.
COOP-1 Addendum to Contract for Sale and Purchase of Cooperative
This form – attached to a purchase and sale contract form involving a cooperative –establishes the terms and conditions of a sale of a cooperative, including interest in the property, closing and transfer documents, and closing costs. It also includes the statutory disclosure language contained in Section 719.503, Florida Statutes. It is designed to be used with the Florida Realtors®/Florida Bar contract and the FAR residential contract forms.
DBPR Form Cooperative Q&A Sheet
This is a form created by the Department of Business and Professional Regulation to address frequently asked questions and answers for cooperative associations. It is to be filled out by the cooperative association.
Questions? Contact a real estate lawyer through Florida Realtors Legal Hotline, an included member benefit, at (407) 438-1409.
© 2011 Florida Realtors®