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A residential contract rider changing

 

ORLANDO, Fla. – Nov. 22, 2011 – One of the Comprehensive Riders to the Residential Contract For Sale and Purchase (companion to the FloridaRealtors/FloridaBar-1 contract and the FloridaRealtors/FloridaBar-ASIS-1 contract) is undergoing a slight change. Rider C of CR-1, entitled Seller Financing, will have a paragraph added starting on Nov. 29.

Additional language adds terms, outlining what the mortgage and note will say. For example, the new version includes a defined grace period for default, the right to prepay without penalty, and what happens if the buyer sells the property.

For many Realtors, the new language should look familiar. The same language was used in a previous version of Standard B of the Contract for Sale and Purchase.

Note one other change: The form number for the revised Rider C will be CR-1a after Nov. 29, 2011. Rider C, CR-1 will no longer be available.

No other rider changes are expected in the near future.

© 2011 Florida Realtors®

Related Topics: Legal