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Dream Big!

Deadline near: FAR/BAR contract changes April 4

 

ORLANDO, Fla. – March 29, 2017 – On April 4, the new FloridaRealtors/FloridaBar contract debuts. Members have been studying the changes for about two months through articles in the twice-monthly Florida Realtors Legal News and sample contracts that have been posted online at floridarealtors.org.

When the new version of the FloridaRealtors/FloridaBar contract (officially the Residential Contract for Sale and Purchase and its companion ASIS Residential Contract for Sale and Purchase) goes live on Tuesday, the current version will be taken down in Form Simplicity and other Florida Realtors transaction vendors.

Preparing for the change

The new financing clause
According to Marcia Tabak, deputy general counsel of Florida Realtors, the new financing clause has some notable changes that members should understand. It no longer mentions "Loan Commitment," replacing it with "Loan Approval"; the default time for "Loan Approval Period" changes back to 30 days; and the philosophy and timing regarding a buyer's right to cancel has changed. Read Tabak's article, "Most significant change in FAR/BAR update? Financing clause," for more information.

Other changes worthy of note

  • A Force Majeure revision lengthens timelines and moves details about the extension from 5(b) to Standard G
  • A sentence was added to 9(c) that clarifies "municipal lien search"
  • The permits disclosure 10(b) has a sentence added that relates to improvements made without closed permits
  • The seller disclosure 10(j), now requires a written disclosure by the seller
  • A few items were removed and updated in Standard V – FIRPTA
  • Read more about these changes in Tabak's Legal News story, "FAR/BAR update: Changes worth your attention."

Other resources

The new contract and As Is version are also posted online pending its debut on Tuesday. Realtors have the following options in PDF format on Florida Realtors website:

  • Blackline version of FloridaRealtors/FloridaBar Residential Contract
  • Blackline version of FloridaRealtors/FloridaBar Residential As Is Contract
  • Redline version (compares changes with current contract) of FloridaRealtors/FloridaBar Residential Contract
  • Redline version of FloridaRealtors/FloridaBar Residential As Is Contract
  • Summary of 2017 updates to Florida Realtors/FloridaBar Residential Contract

© 2017 Florida Realtors

 

 

Related Topics: Florida Realtors