NVAR Releases New Version of Regional Sales Contract

Here are links to the new contract and two new addenda to be used for VA or FHA Financing.

The are educational samples only. Please go the NVAR website to download the actual documents. You must be a member of NVAR. These forms were also released to various vendors on Friday, so you should have them available in Zip Forms, Auto Contract, or through your brokerage soon.

Regional Sales Contract

VA Financing Addendum

FHA Financing Addendum
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GCAAR Has Moved to 2009 Regional Sales Contract

The Greater Capital Area Association of Realtors which cover Montgomery County and Washington D.C. has posted the new Regional Sales Contract and a summary of the changes on their website found here

NVAR should have their version out to Vendors and on the NVAR website soon. I'll have a paragraph by paragraph breakdown of the new VA and FHA Addenda posted here soon.


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Is a 2009 Regional Sales Contract in the works?

I am off to the NVAR Standard Forms committee to discuss GCAARs proposed changes to the 2006 Regional Sales Contract which they would like us to adopt in 2009. The idea is to correct a major oversight made by the 2005-6 Regional Sales Contract Task force which forgot to include an FHA/VA financing contingency. In addition to correcting that oversight, the proposed FHA and VA financing contingencies would address some recent issues having to do with FHA appraisals and other unique underwriting conditions that come into play when FHA or VA financing is used.

Stay tuned. I'll post samples of the language later today.


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