| Form # |
Form Name |
Replaces Revision Date |
Brief description of how the form was revised |
OK to use prior revision
(applies to paper copies only) |
| L-4 |
2-4 Family Disclosure |
12/20 |
Section 1:
A line was added that states: As to each Tenant, where there is or was a written lease, Seller agrees to deliver to Buyer complete, true and accurate copies of such leases if specified in the Real Estate Purchase and Sale Agreement.
|
NA |
| J-1 |
Appraisal Rider |
5/18 |
The following sections have been added:
____ (2) In the event the Buyer’s mortgage lender’s appraisal of the Property is an amount less than the purchase price, Buyer hereby waives the right to terminate the contract because the mortgage lender’s appraisal does not satisfy such lender’s underwriting requirements. If the lender reduces the amount of the mortgage loan based upon such appraisal, the cash portion of the purchase price shall be increased by the amount of such reduction resulting from the appraisal, not to exceed __________________ (dollar amount only applies if filled in).
_____ (4) In the event there is no mortgage contingency in the contract, Buyer may obtain an appraisal of the Property performed by a licensed real estate appraiser within ___ business days of the signing of the contract. In the event that the appraisal is less than the purchase price, the Buyer hereby waives the right to terminate the contract and agrees to pay up to __________ over the appraised value, not to exceed the purchase price.
|
NA |
| A-1 |
Real Estate Purchase Contract |
10/22 |
Last year the VA issued a notice indicating that buyers could be charged for termite inspections. The change is described as follows:
Who Pays for the VA Termite Inspection?
Until recently, the VA wouldn’t let homebuyers pay for termite inspections, even when the VA required them. Sellers had to be willing to cover the cost of the inspections.
However, that changed on June 15, 2022. Termite inspections are now an allowable fee for VA home buyers, according to VA Circular 26-22-11. This gives buyers more flexibility when closing their home purchase contracts.
The VA encourages veterans “to negotiate the cost of the wood-destroying pest inspection and repairs with the seller,” according to the circular.
https://veteran.com/termite-inspection-requirements/
Paragraph 5 of the contract has been updated to remove the parenthetical after the VA loan option that states: (Seller will pay termite inspection charges if required by the applicable lender.)
In paragraph 17 the parenthetical (except if the mortgage described in paragraph 5 is VA, Seller will pay termite inspection charges to the extent required by the applicable lender) was removed.
Additionally, in paragraph 6 a section was added to explain what happens to the deposit in case of a dispute:
In case of a dispute, the party holding the deposit shall continue to hold all deposits until the parties’ rights to the deposits are finally adjudicated or agreed upon. If the party holding the deposit initiates or is made a party in any action arising out of a dispute between the parties over deposits, then any and all costs incurred by the party holding the deposit (including, without limitation, attorneys’ fees and court costs) shall be paid by the nonprevailing party.
|
No |
| Q-1 |
Land Purchase Contract |
6/16 |
Changes have been made to match all the changes in the residential purchase contract.
|
NA |
These changes will become available on DocuSign, dotloop, Skyslope, Transaction Desk and zipForm on April 3, 2023.
If you have a question or comment about our forms, please email Shelley Devanney. Remember, the CTR legal hotline is the number to call for specific legal issues: 860-566-8333.
