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New and Revised Forms to be Released on July 1

By: Kacy Clouser, Esq. on in  | 

It’s that time again, some new and some revised forms will become available for use on July 1. Be sure to attend the Best of the Legal Hotline: Standard Forms webinar on Monday, June 21 at 10 a.m. to learn more about some of these form changes. We will be giving a thorough review on some of the forms later on, but here is what to look for.

Seller’s Property Disclosure: The SPD has received a facelift. The first thing you might notice is the boxes have moved to the right side of the form. The entire form has been reviewed to make things clearer and easier for sellers to complete. There are also a few added sections covering pools, spas and windows.

Appraisal Contingency Addendum: The ACA has been revised to reflect some of the conditions in the current market with new language more clearly laying out that buyers will continue on in the transaction in certain circumstances.

COVID-19 Property Access Notice: With the ever-changing circumstances, we needed to update the current forms related to COVID-19. The two forms, COVID-HSA and COVID-PAN, have been combined to one form, an updated COVID-PAN. The majority of the COVID-PAN has stayed the same, with some of the various scenarios covered in the COVID-HSA. It is not meant to be filled out for every single meeting, but more of a notice for individuals.

Commercial Property Management Agreement: The CPMA is a brand new form added to the Standard Forms library. The Standard Forms Committee felt that there was a disconnect in the current property management agreement, so the CPMA builds on our residential Property Management Agreement (Form PMA) with additions and modifications that make it appropriate for a commercial property.

Over the next few weeks, we will be increasing education surrounding the new forms. You can review all of these forms on the Standard Forms page prior to their release on July 1. If you have any questions about changes or how to use the forms, please contact us.

Your Appraisal Woes… Solved?

PAR already has an Appraisal Contingency Addendum to the Agreement of Sale (Form ACA), which allows a buyer to terminate the agreement if the appraisal doesn’t hit a specified value. But member feedback indicates that parties are often trying to write in stronger language to keep buyers in the deal. This new revision addresses that issue by expanding the form with a second buyer option.

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When a Sale Is Terminated, What Happens to That Inspection?

The Pennsylvania Seller Disclosure Law requires sellers to disclose known material defects of a residential property to potential buyers, but it does not matter how a seller learns of that material defect. This includes material defects identified through a buyer’s inspection when the transaction does not ultimately close. In this situation, the seller’s property disclosure must be updated.

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