The association made small changes to the Buyer’s Disclosure Statement, Independent Contractor Agreement, Referral Agreement, Contract to Lease, Contract for Residential Sale and Purchase (CRSP), Vacant Land Contract (VAC) and residential listing agreements. It added an Appraisal Gap Addendum.
ORLANDO, Fla. – Effective Sept. 7, 2022, Florida Realtors made recommended updates to some of its contracts and forms, and released one new form. The updated versions are now available in Form Simplicity and have been transmitted to other contracted forms vendors.
Sept. 7 updates
- Buyer’s Disclosure Statement (revised) – Changed wording in paragraph 4(g): Removed the reference to “cashier’s check,” added “wire transfer,” and added a catch-all phrase of “or other means acceptable to closing agent/title company.”
- Independent Contractor Agreement (revised) – Severability language was added to the agreement.
- Referral Agreement (revised) – Expiration-option language was added, and a Florida law/attorney’s fee provision was added.
- Appraisal Gap Addendum (new form) – This form addresses address buyers and covers situations when the valuation they obtained differs from the property’s purchase price.
- Contract to Lease (revised) – The option for a refundable and nonrefundable pet deposit was added – similar to an option found in the Exclusive Right to Lease Agreement.
- Contract for Residential Sale and Purchase (CRSP) and Vacant Land Contract (VAC) (revised) – Lines referring to Effective Date at the end of the contract form were removed because Effective Date is defined within contracts, so an additional line isn’t needed.
- Residential listing agreements (revised) – Changed the term “American Mediation Association” to “American Arbitration Association.”
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