PAR Releases New Commercial Property Management Form
A new PAR Commercial Property Management Agreement (Form CPMA) became available to members on July 1.
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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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Best of the Legal Hotline: Frequently Asked Questions on Four Standard Forms
PAR’s Legal Hotline attorneys held a webinar yesterday discussing frequently asked questions on standard forms, specifically, Seller’s Property Disclosure, Appraisal Contingency Addendum, Price Escalation Addendum and COVID-19 Property Access Notice.
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New and Improved Seller’s Property Disclosure Statement
Although it may seem at first glance that there are many changes to the form, most of the new language you’ll see is a clarification of current questions and not the addition of new ones.
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New and Revised Forms to be Released on July 1
New and revised forms include the Seller’s Property Disclosure, the Appraisal Contingency Addendum, the COVID-19 Property Access Notice and the Commercial Property Management Agreement:.
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It’s All About the Inspections
The PAR Legal Hotline is seeing terminations and deposit disputes shoot up, as well as a spike in seller disclosure problems and about a 40% increase in buyer-seller mediation request.
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I Challenge You to a Dual (or Variable Rate Commission)!
The key to understanding dual or variable rate commission is that it applies when the fee paid by a seller to a listing broker will vary based on whether or not an agent with the listing broker procures the buyer.
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Code Violation or Petty Annoyance?
There are many petty annoyances that are not the height of professionalism, but probably don’t rise to the level of a code violation.
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Read. The. Forms.
Each year the PAR Legal Hotline fields a fair number of calls with questions can be answered simply by taking the time to carefully read some of the most common transactional forms every so often.
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Notes on Terminating an Agreement of Sale
A Notice of Termination is unilateral. That is, the execution by one party is sufficient to terminate the Agreement of Sale. Why? Because the Agreement of Sale granted the right to that one party.
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