3. Purchase Agreement
(Improved Property)
Ra@onale:
Avoid problems with misinterpre@ng the numeric amount by
having both numeric and wriDen amounts on price line.
3
4. Purchase Agreement
(Improved Property)
This same change will also occur on lines 108, 216 and 218 of the Purchase
Agreement where similar language is used.
Ra@onale:
To make it clear who pays once the allowance, if any, is used up.
4
5. Purchase Agreement
(Improved Property)
Line 79
Ra@onale:
To clarify for seller if there is a pending sale con@ngency (not a
first right con@ngency).
5
6. Purchase Agreement
(Improved Property)
Line 87: Change to : “within ____days
beginning the day aQer closing
by___a.m.___p.m.___noon”
Ra@onale:
To avoid any confusion over when to start coun@ng days for possession and
to specify exact @me possession must be given.
6
7. Purchase Agreement
(Improved Property)
Ra@onale:
To make consistent the defini@on of DEFECT as defined by law.
7
8. Purchase Agreement
(Improved Property)
Ra@onale:
To clarify the associa@on being referred to in the body of the paragraph and
because new fees being charged by these associa@ons need to be
addressed as they have become substan@al costs.
8
9. Lis@ng Contract
(Exclusive Right To Sell)
Ra@onale:
To acknowledge the NAR change in the Code of Ethics which prohibits
members from par@cipa@ng in discrimina@on based on sexual orienta@on.
9
10. Amendment To Lis@ng Contract
(Exclusive Right to Sell)
Ra@onale:
To be consistent with the language in the lis@ng agreement.
10
12. New Forms for 2011*
{*These new forms are op@onal, not mandatory.}
• Licensee’s Disclosure of Interest
(to help in disclosing familial rela@onship with buyer or financial
interest in property pursuant to Ar@cle 4 of the Code of Ethics
and 876 IAC 1‐1‐37).
• Broker Compensa@on Agreement
(to establish or alter co‐op commission, i.e., when brokers are
not members of the same MLS/BLC ).
• M
ul@ple Offer No@fica@on
(to disclose the existence of mul@ple offers to buyers).
• Shared Lis@ng Agreement
(Addendum to Lis@ng Contract)
(when 2 brokerages agree to co‐list the same property).
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