Florida Realtors New & Updated Forms:
All forms are available on Form Simplicity.
Updated September 19, 2024
Draft new flood form:
Draft revised condo forms (relate to units located in condotels – condominiums that operate as hotels):
- CR-6xx_A: Comprehensive Rider to the Residential Contract For Sale And Purchase
- CRSP-16xxx_F: Addendum to Contract for Residential Sale and Purchase
According to the new flood disclosure law that starts on Oct. 1, sellers must disclose the following at or before the time the sales contract is signed:
- Whether they have filed a claim with their insurance provider relating to flood damage on the property.
- Whether they have received federal assistance for flood damage to the property.
For purposes of the new disclosure, “flooding” is defined as a general or temporary condition of partial or complete inundation of the property caused by any of the following:
- The overflow of inland or tidal waters
- The unusual and rapid accumulation of runoff or surface waters from any established water source
- Sustained periods of standing water resulting from rainfall. Some examples of an established water source can be a river, a stream, or a drainage ditch.
Currently, Florida courts are split as to whether the tendency to flood is “readily observable.” This matters because if the tendency to flood is readily observable, then there is not a requirement this information be disclosed to a buyer of residential real property. If a buyer is not familiar with an area, they may have no clue the property tends to flood. This can be especially true when the flooding is seasonal.
The Federal Emergency Management Agency (FEMA) has the authority to designate properties as a “severe repetitive loss property.” This means that the home has flooded twice, with damage totaling the value of the property OR which have flooded four times with at least $5,000 of damage each time. There are roughly 45,000 of these properties in the United States, and about 3,100 are in Florida.
FEMA’s policy is to share past flood history with ONLY a property owner who holds an active flood insurance policy. This means that prospective buyers are unable to get this information prior to closing on the home.
Additionally, homeowners’ insurance policies tend to not cover damage resulting from floods. Buyers should always be encouraged to discuss their need to purchase separate flood insurance coverage with their insurance agent.
This new disclosure requirement will allow buyers to have crucial information prior to executing a sales contract.
Updated September 9, 2024
Florida Realtors has released residential contract riders for compensation and buyer credits (concessions). Both riders are now available for download in Form Simplicity.
- Credit Related to Buyer’s Broker Compensation (CR-6 FF): This form may be used when a seller agrees to give a credit to the buyer in a transaction when the buyer has entered into a separate buyer’s brokerage agreement and elects to apply the credit towards buyer brokerage compensation. (Click here to preview)
- Seller’s Agreement with Respect to Buyer’s Broker Compensation (CR-6 GG): This form may be used by the buyer to make the contract contingent on the seller or seller’s broker executing a separate compensation agreement with the buyer’s broker, with terms acceptable to the buyer. This form gives the buyer the ability to cancel the contract if no separate agreement is reached, or the terms of the separate agreement are unacceptable. (Click here to preview)
Sales Contracts
Released August 16, 2024
The changes to these frequently used forms remove offers of compensation from the MLS listing.
August 7: New! Compensation Disclosure Statement Form & Updated Modification to Listing Agreement Form
Our legal team has revised one form and created a new form to ensure you're fully equipped:
New! Listing Agreements & Buyer Representation Videos:
Released July 30
We're also pleased to share the following instructional videos:
- Listing Agreements-Aug 6 Webinar Juana Watkins, Florida Realtors® General Counsel and Vice President of Law & Policy, discusses changes to listing agreements to help you do business in a post-NAR settlement world.
- Buyer Broker Agreements-July 30 Webinar Juana Watkins, Florida Realtors® General Counsel and Vice President of Law & Policy, discusses changes to buyer broker agreements.
- Q&A Buyer Broker Agreements Session Recording: Juana Watkins, Florida Realtors® General Counsel and Vice President of Law & Policy, answers frequently asked questions about changes to buyer broker agreements.
- New Compensation Forms-June 21 Webinar Florida Realtors has released four new forms — two compensation agreements and modification forms, for each compensation agreement. These new forms aim to provide maximum flexibility to compensation arrangements in the transaction and are designed to allow the participants in a real estate transaction to memorialize compensation arrangements.
Updated Listing Agreements
Listing agreements
Released August 6, 2024
Released July 30, 2024
- Exclusive Right of Sale Listing Agreement Consent to Transition to Transaction Broker (ERS-20tn) (Click here to preview) (Click here for redline version)
- Exclusive Right of Sale Listing Agreement No Brokerage (ERS-17nr) (Click here to preview) (Click here for redline version)
- Exclusive Right of Sale Listing Agreement Transaction Broker (ERS-20tb) (Click here to preview) (Click here for redline version)
- Exclusive Right Of Sale Listing Agreement Single Agent (ERS-19sa) (Click here to preview) (Click here for redline version)
- Exclusive Brokerage Listing Agreement (EBLA-12) (Click here to preview) (Click here for redline version)
You can access these updated forms on Form Simplicity. Redlines are available on the floridarealtors.org NAR Settlement page, along with other helpful information.
Informative Buyer Representation Videos
We're also pleased to share two instructional videos:
- July 29 Webinar on Buyer Broker Agreements
- Q&A Buyer Broker Agreements Session Recording: Florida Realtors General Counsel Juana Watkins answers your most frequently asked questions about the NAR Settlement requirements.
July 23: Florida Realtors released three forms – one revised and two new – in response to the NAR settlement agreement effective Aug. 17. All forms are available on Form Simplicity
As of July 31, 2024 these forms are uploaded in Space Coast MLS forms product Transaction Desk
July 9: Revised Buyer Broker Forms
As of July 18, 2024 these forms are uploaded in Space Coast MLS forms product Transaction Desk
June 21: New Forms
As of June 27, 2024 these forms are uploaded in Space Coast MLS forms product Transaction Desk
- Form 1: Compensation Agreement - Seller to Buyer's Broker (CASB-1). This new form is a compensation arrangement in which the seller agrees to compensate the buyer's broker for procuring a buyer for a listed property. CLICK HERE TO PREVIEW CASB-1
- Form 2: Compensation Agreement - Seller's Broker to Buyer's Broker (CABB-1). This agreement memorializes any agreement between the brokers. The seller's broker, also known as the listing broker, to compensate the buyer's broker for the listed property. This agreement is property specific, and the arrangement between the brokers should relate to the listed property, not serve as a blanket agreement between the brokerages. CLICK HERE TO PREVIEW CABB-1
- Form 3: Modification to Compensation Agreement - Seller to Buyer's Broker. This form allows the parties to make changes to any material terms of the underlying compensation agreement between the seller and the buyer's broker. CLICK HERE TO PREVIEW MCA-2
- Form 4: Modification to Compensation Agreement - Seller's Broker to Buyer's Broker. CLICK HERE TO PREVIEW MCA-1
Resources: Please watch this 12 minute video regarding the new and updated forms
FR NOTE: Once all our forms vendors have uploaded/published the new forms, these forms will no longer be available on our website.
October 1:
- Condo riders will change October 1, not July 1 as stated previously. The change is mandated by the statue and is effective for Oct 1 not July 1.