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With the evolving real estate landscape, staying updated on form changes is crucial for every REALTOR®. July 2024 brings significant updates and new forms to better address the needs of buyers, sellers, and agents. Many of these changes are also required by the NAR Commission Lawsuit Settlement.
The forms committee has been hard at work this year, introducing a series of exciting and impactful changes. Among the most noteworthy updates are the new Owner's Disclosure Statement for Vacant Land, an invaluable Estate Property Flowchart providing clear guidance on contract signatories, and a groundbreaking Wear-and-Tear Guide that distinctly outlines examples of wear and tear versus property damage for landlords and tenants.
REALTOR® Members should begin using these forms no later than 7/1/2024. Copies of the new forms can be obtained from your forms vendor or by logging into your NC REALTOR® online account.
Residential Form Revisions
Form 2-T – Offer to Purchase and Contract
¶ 1(i): Buyers can now pay the Due Diligence Fee to another party at the seller’s or listing agent’s direction.
¶ 1(j): New checkboxes allow agents to specify the Due Diligence Period either by a fixed date or a number of days from the Effective Date, reducing errors.
¶ 8(a)(iii): Sellers must provide HOA information to the closing attorney, enhancing verification processes.
¶ 8(h): Buyers must establish governmental compliance violations and notify the seller promptly, ensuring timely and equitable relief during transactions.
Form 2G – Guidelines for Completing the Offer to Purchase and Contract
Form 2A11-T – Additional Provisions Addendum
Form 4-T – Agreement to Amend Contract
NEW Form 10-T – Estate Property Flowchart
Form 12-T – Offer to Purchase and Contract – Vacant Lot/Land
NEW Form 142 – Vacant Land Disclosure Statement
NEW Form 170 – Closing Guidelines for Seller
Form 101 – Exclusive Right to Sell Listing Agreement
Form 201 – Exclusive Buyer Agency Agreement
Form 203 – Non-Exclusive Buyer Agency Agreement
RE-DRAFT Form 220 – Cooperating Compensation Agreement
Form 350-T – Termination of Contract (Form 2-T) by Notice to Seller from Buyer
Form 800-T – Offer to Purchase and Contract – New Construction
Property Management Forms
NEW Form 416 – Tenant Personal Property Flowchart
Aids property managers in navigating statutes related to tenant personal property, reducing the risk of legal penalties.
NEW Form 417 – Landlord-Tenant Normal Wear and Tear Guide
Commercial Forms
Form 530 – Exclusive Buyer/Tenant Representation Agreement
Ensures client consent for any additional compensation, in compliance with the NAR settlement requirements, emphasizing that agent services are fully negotiable.
Form 573 – Disclosure and Fee Agreement for Non-Listed Property Sale
These updates aim to enhance clarity, compliance, and efficiency in real estate transactions. REALTORS® should familiarize themselves with these changes to ensure smooth and legally sound transactions for their clients. For detailed changes and specific form updates, refer to the NC REALTORS® website.
Are you excited about these new forms? Let us know in the comments or share with a colleague in an upcoming CE Class!
References
NC REALTORS®. "Summary of July 2024 Residential, Property Management, and Commercial Forms Changes." NC REALTORS® Forms Update, July 2024.