The Commission recently adopted changes to the following contract forms:
One to Four Family Residential Contract (Resale)
New Home Contract (Incomplete Construction)
New Home Contract (Complete Construction)
Residential Condominium Contract (Resale)
Addendum for Property Subject to Mandatory Membership in a Property Owners Association
Notice of Buyer’s Termination of Contract
To see what has changed, view the redline versions.
The Commission also adopted two new forms:
Addendum Regarding Residential Leases
Addendum Regarding Fixture Leases
These forms are now available for voluntary use on the Commission’s website until April 1st when they become mandatory. During this voluntary-use period, pay careful attention to the version of the contract forms being used.
- If using the Short Sale Addendum or Notice of Buyer’s Termination of Contract, be sure to use the version that corresponds to the contract being used.
- If using a contract form with an approved date of 11-10-20 (the date in the top right corner of each page of the form), the option fee will be delivered to the escrow agent, not the seller. For more information on this change, see the Commission’s article on Changes to Delivery of Option Fee.
- The Addendum Regarding Residential Leases and the Addendum Regarding Fixture Leases are intended and approved for use in conjunction with the updated contract forms only (i.e., those forms with an approved date of 11-10-20).