Members of the PAR Standard Forms Committee are currently reviewing and revising the Standard Agreement of Sale and the Commercial Lease. The task forces will also spend time reviewing and editing the Agreement Addenda and the remainder of the commercial forms.
The groups met earlier this month to discuss some changes to the forms, both in form and in substance. Changes being suggested to the Standard Agreement of Sale are a redesign of the timeline in dealing with inspection contingencies to provide more flexibility in negotiation, requiring buyers to provide a copy of the title abstract, if any, to the seller, and including a notice regarding seller’s disclosure within the body of the ASR. The Commercial Lease is undergoing a major overhaul to modernize the language and make it more compatible with the standard PAR format.
The Task Forces are scheduled to meet again in November to review the changes to the documents and prepare them for presentation at the Winter Business Meetings. If you have any suggestions for changes to the forms, please contact me by November 6 with your comments so they can be presented to the Task Force as a whole.
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