You will soon notice that 18 forms have been updated, and are scheduled to be released on April 30. Don’t worry, most of these changes are merely sprucing up the language to make forms compatible with one another and correcting errors.
For example, the State Real Estate Commission no longer has the toll-free phone number listed in many of the consumer contracts. That old phone number has been removed from the paragraphs informing parties of the Real Estate Recovery Fund. Also, the term “mortgage commitment” has be removed from all sales agreements and replaced with the more generic language that you may be familiar with from the Standard Agreement for the Sale of Real Estate (PAR Form ASR).
These changes were approved by the Standard Forms Committee in January and were scheduled to be released as soon as possible in order to quickly eliminate any confusion or contradiction in terms across the forms. After the release on April 30, we will return to our regular publication schedule of Jan. 1 and July 1 of each year.
You can see the changes for yourself on PAR’s standard forms page, filtering by “2018 revisions.” If you have any questions or suggestions for the forms, please contact me at [email protected].