Here’s What You Need to Know About Upcoming Standard Forms Changes
On July 1, there will be 12 updated forms going live and one brand new form. While the number of forms can look overwhelming, it is really only a few different categories. This release is all about clarification, clarification, clarification. The actual function of a majority of the forms are not changing.
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Updated Listing Contracts Coming July 1
PAR’s three listing agreements – for commercial, residential rental and residential sale – are getting some minor updates on July 1.
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Updated Pennsylvania Sales Agreements Coming July 1
All five of PAR’s standard sales contracts – commercial, manufactured housing, new construction, residential and vacant land – will be updated as of July 1.
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Changes to the PAR Appraisal Contingency Addendum Coming July 1
The changes in the new Appraisal Contingency Addendum do not change how it currently functions, we have just worked to create more clarity.
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Do We Have a Cash Deal?
Simply stated, waiving the mortgage contingency does not mean that the buyer is promising to pay cash and not get financing.
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One Size Fits Most
Before you use any of PAR’s standard forms, ask yourself: Is this the proper use of this form?
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Your Newest PAR Member Benefit: zipForm
Your free access to Lone Wolf Transactions (zipForm edition) will continue on Jan. 1, 2022.
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Who Writes These Things, Anyway?
If being part of the production process of standard forms interests you, there are two task forces currently looking for more volunteers.
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Don’t be a Secret Agent, Man
The PAR Legal Hotline can’t answer everything, here are three popular questions we can’t answer for you and how to find out for yourself.
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Something Breaks, Floods or Needs Repair Right Before Closing… Now What?
Closing is scheduled for tomorrow morning and everyone is excited to finalize the deal. You suddenly get a frantic call from your seller who explains they were about to leave the house with the last few boxes when a torrential downpour blew through the area and they now have an inch of standing water in the basement. Now what do you do about the closing in the morning?
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