NVAR CONTRACT FORMS DOWNLOAD

Reference to the Seller Subsidy has been removed since it is a defined term in the Contract. It advises the buyer to exercise due diligence pertaining to covenants and restrictions that may be recorded in land records that affect the real property or any improvements located on the property. The statute was amended to add to the list of disclosures, that the owner makes no representation about covenants and restrictions which may affect the property, or to zoning and permitted uses of adjacent parcels. The changes to these contingencies represent a major shift in the mechanics of the financing contingencies in our contracts. These obligations are disclosed in this new addendum to allow the parties to get a head start on the process and ensure a smooth and timely settlement. The first option, called the Contingency with Automatic Extension, is essentially the current financing contingency.

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K — Home Inspection and Radon Testing Contingency Addendum This form was revised to clarify that any offers or counteroffers that have not been accepted or ratified during the Negotiation Period for both contingencies will automatically expire at the end of the Negotiation Period. It advises the buyer to exercise nvaf diligence pertaining to covenants and restrictions that may be recorded in land records that affect the real property or any improvements located on the property.

January 1, Form Changes

The most substantive change is to page 1, which has been modified for clarity. The statute was amended to add to the list of disclosures, that the owner makes no representation about covenants and restrictions which may affect the property, or to contrwct and permitted uses of adjacent parcels.

This paragraph was added to the contract to address circumstances under which the seller is clntract foreign person for taxation purposes and thus subject to FIRPTA.

Associations Government Service Providers. This form was previously known as an Addendum to Sales Contract. This paragraph has been updated to comport with the new laws. Wood Destroying Insect Inspection. A contract with a financing contingency will continue to be contingent on financing until the financing deadline. In addition, it has shortened the number of days that an owner frms to pay for the packet, from 90 to 60 days. This was based on the existing Addendum to Sales Contract, but the language was modified to reference Lease instead of Contract, Tenant instead of Buyer, Landlord instead of Seller, and Premises instead of Property.

K — Addendum contracf Lease This NEW form was created in order to allow the parties to execute an coontract to modify terms to a residential lease. The new language clarifies that the deposit needs to be delivered to the escrow agent and not the real estate licensee in order to satisfy the terms of the Deposit paragraph.

The first option, called the Contingency with Automatic Extension, is essentially the current financing contingency. K Disclosure of Brokerage Relationship to Unrepresented Parties This form was updated to comply with the changes to the Agency statute in the Code of Virginia, which will become effective July 1, This form will now only be required in residential transactions.

The updated statute does away with the requirement to use the disclosure form in commercial transactions. This form was revised to clarify that any offers or counteroffers that have not been accepted or ratified during the Negotiation Period for both contingencies will automatically expire at the end of the Negotiation Period.

Standard Forms & Revisions

The buyer must decide whether he or she will void the contract or take the risk of no longer having the protection of the financing contingency. This form has been updated to allow a buyer to remove any of the financing contingencies VA, FHA, and Conventional without having to show proof of funds or a written commitment letter.

Recognizing that there are cnotract different inspection contingencies that may require the parties to negotiate removal terms, the revised form allows the parties to select which contingencies will be removed at any given time. K — Residential Sales Contract This form was updated in three areas: This form is out of date and infrequently used. However, the parties may agree to other terms and negotiate some other remedy.

The buyer has 10 days from the date of ratification to provide the seller with credit documentation defined by agreement corms the parties.

This form was revised to present clearer choices for selecting and calculating the Occupancy Charge. Commercial agents will now act as agents or independent contractors. These obligations are disclosed in this new addendum to allow the parties to get a head start on the process and ensure a smooth and timely settlement.

Be Prepared for NVAR Standard Forms Changes

It removes ambiguity for both the buyer and seller as to what the Occupancy Charge will be at closing. The changes to these contingencies represent a major shift in the mechanics of the financing contingencies in our contracts.

A second option, called the Contingency with Automatic Expiration, has been added for Sellers and Buyers to choose a contingency that automatically expires at the Financing Deadline.

The addendum then allocates the responsibility for drafting the required documents, indicates which version of the documents will be used, and who will pay for the drafting of these documents.

Therefore, the various financing contingencies no longer need to provide a space to include the amount of the Seller Subsidy. Similarly, the law advises buyers to exercise due diligence in regard to the costs associated with maintaining, repairing or inspecting any wastewater system, including any costs or requirements related flrms the pump-out of septic tanks.

This NEW form was created in order to allow the parties to execute an addendum to modify terms to a residential lease.

This paragraph was updated to comport with the industry practice and the inspection report provided by the pest inspection companies.