Broker Preview: Standard Forms Update
January 2023 Standard Forms Update
New standard form revisions are coming Jan. 1, 2023. The PAR Standard Forms Committee made changes to the oil, gas and mineral rights forms and made short-term rental changes to the agreements of sale and listing contracts. PAR Assistant General Counsel Desiree Brougher and Associate Counsel Kacy Clouser walk through these changes on this Legal Corner webinar.
The Oil, Gas and Mineral Rights/Interests Disclosure (Form OGMD) will be revised to reflect the needs of the industry, while the Oil, Gas and Mineral Rights/Interests Addendum to the Listing Contract (Form OGMX) will be removed from the library.
In addition, the Short-Term Rental Task Force recommended small changes to the agreements of sale and listing contracts to provide space for the seller to indicate when a property is occupied by someone other than the owner.
Watch the Recording
Resources
JustListed articles:
- Court Says Real Estate License Not Required to Manage Short-term Rentals
- Oil, Gas and Mineral Rights: Back to the Basics
- Oil, Gas and Mineral Standard Forms Updates Coming Jan. 1
- Short-Term Rental forms Updates Coming Jan. 1
Standard Forms:
To view the redlined version, navigate to the specific form’s page and click “download the redline version.” View a list of all forms that will be updated.
- Agreement of Sale for Commercial Real Estate (Form ASC)
- Standard Agreement of Sale for a Manufactured Home on Leased Land (Form ASMH)
- Standard Agreement for the Sale of Real Estate (Form ASR)
- Oil, Gas and/or Mineral Rights/Interests Addendum to Agreement of Sale (Form OGM)
- Oil, Gas and/or Mineral Rights/Interests Disclosure (Form OGMD)
- Oil, Gas and/or Mineral Rights/Interests Addendum to Exclusive Listing Contract (Form OGMX) – to be removed from library
- Listing for Rent Contract – Exclusive Right to Rent Real Property (Form XLR)
- Listing Contract (Seller Agency Contract) – Exclusive Right to Sell Real Estate (Form XLS)
- Listing Contract – Exclusive Right to Sell and/or Lease Commercial Property (Form XLSC)