New Regional Sales Contract - What's New on Page 5

11. VA or FHA Financing and Appraisal: These terms get their own paragraph separate and apart from Conventional Financing terms. CAUTION: Do not fill in the Appraisal Contingency in the Va. Jurisdictional Addendum if you are using VA or FHA Financing. Also, remember that the Regional Sales Contract Task Force forgot to put in an approval contingency for FHA or VA financing. You will have to use the new addendum posted here to make these loan types contingent on your buyer being approved.

12. Financing Application: This is similar to ¶9A in the old 1999 Sales Contract. New language advises the Purchaser of the consequences of failing to make timely application and to secure financing and adds the requirement that purchaser apply for lender required insurance within seven days of contract ratification.

13. ALTERNATE FINANCING: This is nearly the same as ¶9B(ii) of the 1999 Contract. Adds that if alternate financing is used and purchaser fails to close they will be in default.

14. PURCHASER’S REPRESENTATIONS: Bolds “Unless there is a separate written contingency, neither the Contract nor the Specified Financing is contingent on the sale and settlement or lease of another property, otherwise this is identical to ¶ 10 in the 1999 Sales Contract.

15. ACCESS TO PROPERTY: Specifically addresses final walk-thru and provides it may happen within 5 days of scheduled closing. Be careful though, final means final. A Seller may not allow you back into the house on the day of Settlement if you do your walk-through 3 days early.

Disclaimer