Facts About the New Contract

The new sales contract is done. I got to see a copy of the final product yesterday at an NVAR orientation for would be instructors of an NVAR planned series of Overview presentations. I can't tell you too much about the substance of the orientation, but here are some interesting tidbits about the new Regional Sales Contract I know from being a member of the Standard Forms Committee:

• The new contract is 10 pages long, rather than the 5 page contract it replaces;
• The font is changed to Times New Roman and a larger size so it survives faxing more easily;
• It has 35 numbered paragraphs . . .that is one more than the old contract;
• The order of the paragraphs has been changed so that the price and financing come immediately after the description of the real property;
• The list of personal property and fixtures offered with the property are now presented in alphabetical order;
• There are check boxes to indicate whether the contract is contingent on an appraisal or non-contingent - no more lining through paragraphs;
• There are check boxes to indicate whether the contract is contingent on financing or not - and a 6 pronged definition of the lender's letter, no more guessing what is meant by Zero days;

These are just some facts about the contract - I hope to be bringing you some substantive articles soon. Tell me what you would like to hear more about.

Links:

Schedule of New Contract Overview session on NVAR's Realtor School site
My Realtor School Profile and Schedule

Disclaimer

Disclaimer

Of course, the second post has to be a legal disclaimer.

This blog is my own personal project. Of course, the only reason anyone cares about what I have to say about the New Regional Sales Contract is because I am a real estate attorney who helped write it. In order to generate interest in this personal project, I have made sure those of you reading this know that I am a real estate attorney. Armed with this knowledge, you might be tempted to view the contents of the New Regional Sales Contract Blog as legal advice, or to believe that my answers to your questions create an attorney-client relationship. This would be a mistake. You might also assume that the positions I take on this site are the official positions of my law firm or my clients. This is also not the case. Finally, you may view this as a vehicle to promote my law practice and attract new clients. This is also not true.

This blog site is published by and reflects the personal views of Marcus Simon, in my individual capacity. It does not necessarily represent the views of my law firm or my clients, and is not sponsored or endorsed by them. The purpose of this blog site is to assist in dissemination of information about a new standard form real estate sales contract from the perspective of someone who conducts real estate closings, but no representation is made about the accuracy of the information.

The information contained in the New Regional Sales Contract Blog is provided only as general information for education purposes. Information on the New Regional Sales Contract Blog is not guaranteed to be complete, correct or up-to-date. Although I will try to revise the blog on a regular basis, it may not reflect the most current legal developments. Again, the opinions expressed on the New Regional Sales Contract blog are the opinions of the individual author.

You should understand that this information is not provided in the course of an attorney-client relationship and is not intended to constitute legal advice. This blog site should not be used as a substitute for competent legal advice from a licensed attorney.

This blog site is also not intended to be advertising and I do not wish to represent anyone desiring representation based upon viewing the New Regional Sales Contract Blog, particulalry if you live in a state where I have failed to comply with all laws and ethical rules governing attorney advertising in that state.

In case I missed anything, here are some links to other legal disclaimers I used to help me write this one. It is my intent that this disclaimer capture the same essential substance as the following disclaimers:

http://17200blog.blogspot.com/2003/10/welcome-and-disclaimer.html
http://www.bullseyeblog.com/cat-disclaimer.html
http://www.aftab.com/legal_disclaimer.htm
http://www.sctriallaw.com/legal-info-disclaimer.html
http://www.cafalawblog.com/legal-info-disclaimer.html
http://www.delawarelitigation.com/legal-info-2-disclaimer.html

First Post

This is the first post on the New Regional Sales Contract Blog. This is where I will post daily articles and updates on the New Regional Sales Contract. Some articles will be about the substance of the new contract, others will deal with the process of rolling it out, and still others will be to raise potential concerns about the new contract and solicit input from real estate professionals and others about the best way to fix them.

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Ok, so the updates haven't been daily. I will try to make them more frequent.