Seller Disclosure overhaul

Recently, several member volunteers met at PAR headquarters to review common questions and figure out if PAR’s seller’s property disclosure statement needs a remake. A task force led by Pat Moyer of the Suburban West Realtors® Association has begun working its way through the form, while trying to strike a balance between information a seller should disclose and a buyer’s obligation to perform due diligence.

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Smart homes and smarter forms

A task force led by Bill Lublin of the Bucks County Association of Realtors® has identified four key issues PAR’s forms should address: notification to buyers and sellers of video and audio surveillance, data privacy and security issues, contractual obligations on energy-efficient equipment and passively-collected data.

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Exercise due diligence early

The revised Agreement for the Sale of Real Estate (Form ASR) published by the Pennsylvania Association of Realtors® includes a new requirement that buyers order a title report from a reputable title company within so many days of execution. The provision, vetted for a least a year and approved by PAR’s Standard Forms Committee, is intended to address a range of frequently recurring problems in residential transactions.   

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Revised Agreement of Sale available

Revisions to PAR’s Agreement of Sale were approved by the Standard Forms Committee in the fall for publication on Jan. 1. The revised form is available now on PAR’s website, along with updated Guidelines for Preparation & Use.

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New forms for 2019

In addition to the Agreement of Sale, there will be three other revised forms and one brand new form in the PAR library on Jan. 1. The Property Management Agreement (Form PMA), Broker’s Fee Agreement (Form BFA) and Pre-settlement Possession Addendum (Form PRE) have received a face-lift and the new Broker’s Request for Affirmation (Form BRFA) has been added.

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RRT compatible with MCOCA

The Standard Forms Committee decided earlier this month to approve and publish a revised Repairs/Corrections Required by Third Parties Addendum to the Agreement of Sale (PAR Form RRT). The revisions make Form RRT more compatible with new point-of-sale procedures following the passage of amendments to the Municipal Code and Ordinance Compliance Act.

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Forms on lockdown

Inappropriately providing forms to others is not only a violation of PAR’s copyright, but also actually devalues the contracts and your services. In the end, sharing the forms on social media or websites helps no one.

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New and improved OGM forms coming soon

There is currently only one form in the PAR standard forms library dealing with oil, gas and mineral rights – Form OGM – which is a one-page form intended to be a disclosure and an addendum to the Agreement of Sale in one. On July 1, we will release three related forms to better assist you and your clients.

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