July 1, 2022 Standard Forms Updates
- K1321ED - Residential Sales Contract This was form was revised to address so-called “split settlements” by removing from the Fees paragraph references to buyer and seller responsibility for paying specific charges from third parties, such as settlement agents and attorneys.
K1359ED - Conventional Financing Contingency,K1339ED - VA Financing Contingency, K1340- FHA Financing Contingency,K1372ED - USDA Financing Addendum & K1353ED - Appraisal Contingency No Financing Contingency These forms have been updated to make the language regarding exercising the contingencies clearer and more concise.
- Checkboxes have been added to the Deposit paragraph to make it easier and more consistent to designate Settlement Agent, Cooperating Broker or Other as the escrow agent.
- Unnecessary disclosures have been removed from the Contract, which are better found in the brokerage agreements.
- We have also clarified the right of access to the property for the WDI Inspection.
- The Personal Property & Fixtures paragraph has been updated to include outdoor sprinkler systems and installed bathroom mirrors.
- The Contract is now 11 pages!
K1349ED - Appraisal Contingency Notice. This form has been modified for clarity and concision, as well as consistent with updates to the appraisal contingencies.
K1020 – Seller Post-Settlement Occupancy Agreement. This form has been modified to clarify the Seller’s responsibilities regarding Property Condition while ensuring the Buyers are aware that they are responsible for risk of loss for damages to property beyond Sellers’ control.
K1354ED - Lease VRLTA. This form has been updated to remove temporary statutory provisions relating to COVID that expire on June 30, 2022. The form has also been modified for clarity and concision.
K1387ED - Landlord Notice Regarding Nonpayment of Rent & K1388ED - Payment Plan Addendum. These forms have been modified consistent with the expiration of temporary statutory provisions relating to COVID that expire on June 30, 2022.
- Checkboxes have also replaced the hashmarks for initials.
K1008ED - Rental Application This form has been substantially rewritten to ensure consistency with modern practice while providing the parties more flexibility depending on how they prefer to screen applicants
- The forms may still be useful on an optional basis, so they have been clarified to be optional but also streamlined to remove emergency notices previously required.
K1376ED - Assistance Animal Notice. Previously known as the Assistance Animal Approval Notice, this form has been modified to serve as notice for approval or denial of an assistance animal request.
K1336ED - Exclusive Right to Sell Listing Agreement, K1337ED - Exclusive Agency Listing Agreement & K1355ED - Exclusive Right to Sell Unimproved Land. These forms have been updated to protect brokerage consistent with disclosures removed from Residential Sales Contract.
K1281ED - Exclusive Right to Lease This form has been modified consistent with changes in formatting to the Conveyances section in Listing Agreements by removing “No” checkboxes, Other Conveyances, and Does Not Convey.
- The form has also been reformatted for ease of use and to accommodate up to 4 applicants at once.
K1338ED - Exclusive Right to Represent Buyer Agreement & K1282 – Exclusive Right to Represent Tenant Agreement. These forms have been updated to protect brokerage consistent with disclosures in other Listing Agreements and Sales Contract.
K1209ED - Sales Contract for Unimproved Land. This form has been updated consistent with relevant changes to the Residential Sales Contract.
K1342 – Home Inspection and Radon Testing Contingency Addendum. Initials have been removed from the bottom of each page of the form.
- Disclosures have been expanded to protect brokerage consistent with disclosures in other Listing Agreements.
The following forms are added to the Standard Forms Library:
- K1394ED - Optional Lease Listing Information Sheet (1). This new form is similar to the Optional Listing Information Sheet, but is intended for use in lease listings and is consistent with recommended changes to the Rental Application.
- K1395 – Rental Application Denial Notice. This new form is optional, but provides preapproved language for a leasing agent who wishes to provide written notice denying a Rental Application.
- This also can serve as an adverse action letter when the grounds for denying the application are due to applicant’s credit report.
The following forms will be removed from the Standard Forms Library:
1. K1377 – Assistance Animal Denial Notice. With the Assistance Animal Approval Notice now expanded to include both approvals and denials, this form is no longer necessary.
2. K1386 – COVID-19 Addendum. With the CDC announcing the end of the pandemic and the effects of the pandemic are now foreseeable events, this form is no longer necessary.
General change: Initials have been removed from the bottom of each page of forms. We will continue this practice for remaining forms as they are updated. Initials need only be added where there is a strikethrough or handwritten change to the printed forms content.
Administrative Update August 22, 2022: K1359ED - Conventional Financing Contingency Renumbered last paragraph from "6" to "5"