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Florida Realtors Updates 7 Forms Including 2 Contracts
Effective Feb. 18, seven forms will be updated. The changes impact the PACE addendum, seller’s property disclosures, wire fraud prevention, sinkholes, vacant land, the Contract for Residential Sales and Purchase (CRSP) and coastal construction lines.
ORLANDO, Fla. – Florida Realtors changed seven forms, including two contracts. These changes are scheduled for release in the form’s library on Feb. 18, 2020. Changes include:
- Property Assessed Clean Energy (PACE) Addendum to Contract (PACE-2) – Instructions regarding seller’s required disclosure were added for clarification.
- Seller’s Property Disclosure Residential (SPDR-3), Seller’s Property Disclosure Condominium (SPDC-1), and Seller’s Property Disclosure Update (SPDU-1) – The two already existing property disclosure forms had no substantive changes in the bodies of the documents; however, the last pages of each document regarding seller’s updates was removed. This resulted in the creation of a new form, Seller’s Property Disclosure Update (SPDU-1), which can be used with both property disclosure forms in the event sellers need to update a previously completed property disclosure form.
- Wire Fraud Prevention Notice (WFPN-3) – This form was slightly modified with respect to the introductory warning: “ALWAYS INDEPENDENTLY VERIFY WIRING INSTRUCTIONS SENT VIA EMAIL.”
- Sinkhole Disclosure (SD-2) – Instructions were added to this form as to when and why the disclosure must be made.
- Vacant Land Contract (VAC-13) – there were two changes on this contract:
a. The broker information section was modified to allow for contact information to be entered.
b. The language in the time section was clarified, taking into account the time for acceptance and Effective Date.
- Contract for Residential Sale and Purchase (CRSP-16) – The line for percentage (%) of compensation was removed from the broker paragraph. Due to the version number of this contract changing, the respective addenda that go with the CRSP will now also be referred to as CRSP-16 addenda.
- Coastal Construction Control Line Affidavit (CCCLA-3) – Based on a change in law regarding remote online notarization, the form of acknowledgement on this document needed to be updated.
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