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

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