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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Stay tuned. I'll post samples of the language later today.
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posted by Marcus Simon at
8:54 AM
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1 Comments:
Please do something about making the Home Inspection and Radon contingencies voidability the same as the VAR contract language. You never see it, but so many times we technically have void contracts because the sellers or buyers can't (not won't) respond within the time periods and that makes the whole contract void. Some sellers take advantage of this by sitting on the counter and thereby voiding for a better contract. VAR's contract simply has the contract continue and is far more equitable. More often than not we legally have void contracts but work through them because both sides want it to succeed.
Removing that voidability would help everyone. VAR knew what they were doing.
Thank you Marcus.
Suzi Stone
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