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.