KCRAR Form Revisions for 2015 Changes from 2014 to 2015

Transcription

1 KCRAR Form Revisions for 2015 Changes from 2014 to 2015 Revisions were made to the following forms: Backup Contract Addendum 1. Line 23: changed the verbiage of the numeric figures to be consistent with all forms. 2. Paragraphs 1 and 2, added the verbiage if any, shall be cancelled and the Earnest Money, if any, will be returned to BUYER Buyer s Estimated Expense Worksheet 1. Line 20: changed the Kansas Mortgage Rate from $2.60 to $2.00 per $1,000 per Kansas law effective January 1, Cancellation Agreement; Listing Contract/Buyer Agency 1. In lines 7 and 23, changed the verbiage of the numeric figures to be consistent with all forms. 2. In #3 under the Buyers Agency paragraph, changed verbiage to below instead of referencing above property Cancellation & Mutual Release Agreement The form was completely reorganized and reformatted 1. First Paragraph: Referenced the Contract by a date rather than a property address. 2. Removed reference as to method of refunding the earnest deposit 3. Lines 15 to 23: defined how Earnest Money and Additional Deposit disbursements will be issued. 4. Line 25: added language to cover circumstance when no earnest money check has been deposited Contingency for the Sale and Closing Addendum This form was completely reorganized with significant changes 1. Added a box at the beginning of the form to define bona fide. 2. Paragraph 1: Added language making it clear that Seller does not have Kick-Out Rights. 3. Paragraph 1: Added language regarding refund of earnest money. 4. Paragraph 2; Added language clarifying Seller's Kick-Out Rights are included in this option. 5. Paragraph 2: Added " OR IS UNDER CONTRACT WHICH DOES NOT MEET THE CRITERIA OF A BONA FIDE CONTRACT"

2 6. Paragraph 2: Added "with terms that permit BUYER to comply with the Closing Date of the Contract". 7. Line 50: Added a. KICK-OUT RIGHTS AND WAIVER OF CONTINGENCY METHODS 8. Paragraph 2a: Added language to clarify method to remove contingency prior to receiving the Kick-Out notice. 9. Paragraph 2a1: Added "ALL EARNEST MONEY WILL BE NON-REFUNDABLE including an Additional Deposit of $ to be paid on or before." 10. Line 76: Added b. KICK-OUT RIGHTS/WAIVER OF CONTINGENCY METHOD AFTER KICK-OUT NOTICE 11. Paragraph 2b: Changed wording from "SELLER RECEIVES ANOTHER ACCEPTABLE CONTRACT" to SELLER ACCEPTS ANOTHER OFFER". 12. Paragraph 2b: Changed wording from "waiver of contingency for the sale of BUYER'S Property and described in Paragraph 4 of this Addendum" to "receipt of notice from BUYER of termination of Kick-Out Rights as described in Sections 1 and 2 above". 13. Paragraph 2b: Added (Back-Up Offer) after "SELLER may accept another offer to purchase Property". 14. Paragraph 2b: Changed "waive the contingency in writing" to "provide SELLER notice in writing of BUYER'S intent to waive the contingency of the sale of BUYER's Property." 15. Changed "in the manner provided herein" to "in the terms referenced in Sections 1, 2, and 3 below." 16. The rest of this paragraph has been moved to the end of the Addendum. 17. Paragraph 2b1: Added language to make it clear that Seller is exercising his Kick-Out Rights. 18. Removed "in the manner prescribed in the Notices paragraph of this Contract". 19. Added "ALL EARNEST MONEY WILL BE NONREFUNDABLE including an Additional Deposit of". 20. Paragraph 2b3: Added a third Paragraph to distinguish the circumstance of Buyer's Property is under contract. Counter Offer Addendum 1. Paragraph 6; Purchase Price. Reformatted the Earnest Money boxes and clarify the 2. Purchase Price, Financial Terms Paragraphs a, b & c: Changed verbiage to expand Dispute Resolution/Mediation Addendum 1. Paragraph 6; Announcement Brochure. Added verbiage acknowledge they to the sentence. The parties hereby acknowledge they have received, read Exclusive Right to Sell Contract 1. Line 303; Clarified days as calendar days.

3 In Its Present Condition This form was reorganized form with significant changes 1. First Paragraph contains the same wording that was previously in the last paragraph; moved text to the top of the form. 2. Paragraph 1, line 15: Removed "treatments" and added language to clarify that the Contract terms regarding Wood Destroying Insects were still in effect, even though the property is otherwise being accepted in its present condition. 3. Paragraph 2, line 25: New language to clarify that Contract terms regarding Inspection Rights are waived. Kick-Out Notice/Notice of Backup Contract 1. Line 28: changed verbiage to licensee assisting buyer instead of selling licensee Land Real Estate Contract 1. Clarified days as calendar days 2. Added new section to Paragraph 4: Addenda; (e) Time is of the essence. Time is of the essence in the performance of the obligations of the parties under this Contract. All references to a specified time shall mean Central Time. With the exception of the term banking days, as used herein, a day is defined as a 24-hour calendar day, seven (7) days per week. 3. Paragraph 6; Purchase Price. Reformatted the Earnest Money boxes and clarify the 4. Purchase Price, Financial Terms Paragraphs a, b & c: Changed verbiage to expand 5. Earnest Money and Additional Deposits Paragraph: Defined Delivery and Deposit and reorganized the Paragraph. 6. Reformatted the Form Certification Box at the end of the form. New Homes Sale Contract 1. Clarified days as calendar days 2. Added new section to Paragraph 4: Addenda; (e) Time is of the essence. Time is of the essence in the performance of the obligations of the parties under this Contract. All references to a specified time shall mean Central Time. With the exception of the term banking days, as used herein, a day is defined as a 24-hour calendar day, seven (7) days per week. 3. Paragraph 4; Purchase Price. Reformatted the Earnest Money boxes and clarify the 4. Purchase Price, Financial Terms Paragraphs a, b & c: Changed verbiage to expand 5. Paragraph 16j and throughout Sale Contract: Changed verbiage regarding DVA Loans to VA 6. Earnest Money and Additional Deposits Paragraph: Defined Delivery and Deposit and reorganized the Paragraph. 7. Reformatted the Form Certification Box at the end of the form.

4 Occupancy After Closing Amendment 1. Changed the verbiage from shall to will Option to Purchase Addendum/Amendment 1. Changed the verbiage of the numeric figures throughout the form to be consistent with all forms. Owner Finance Addendum 1. Changed the verbiage of the numeric figures throughout the form to be consistent with all forms. Residential Lease 2. Removed Seller and Buyer from the initial blanks at the bottom of each page. Residential Real Estate Sale Contract 2. On the list of items at the bottom of Page 1, reformatted and changed language to Mounted entertainment brackets, removing the word system 3. Added new section to Paragraph 3: Addenda; (f) Time is of the essence. Time is of the essence in the performance of the obligations of the parties under this Contract. All references to a specified time shall mean Central Time. With the exception of the term banking days, as used herein, a day is defined as a 24-hour calendar day, seven (7) days per week. 4. Paragraph 4; Purchase Price. Reformatted the Earnest Money boxes and clarify the 5. Purchase Price, Financial Terms Paragraphs a, b & c: Changed verbiage to expand 6. Paragraph 4e, Loan Approval. Changed the number of default days to 45 instead of Paragraph 4g and throughout Sale Contract: Changed verbiage regarding DVA Loans to VA 8. Lender Appraisal Requirements, Line : Moved this paragraph to the end of the Closing & Possession paragraph. BUYER must not occupy the Property or place personal property in or on it prior to completion of the Closing and disbursement or availability of SELLER S proceeds, if any, unless otherwise agreed upon in writing by the BUYER and the SELLER. 9. Paragraph 8; Change verbiage to VA for the loan instead of DVA throughout contract. 10. In paragraph 8 "Financial Terms", "This is a cash sale" added the verbiage after the Effective Date. 11. Inspections Paragraph 13 (f) and 13 (f) 1, removed verbiage control firm and changed to a certified pest inspector. 12. Paragraph 20, Earnest Money and Additional Deposits: Defined Delivery and Deposit and reorganized the Paragraph. These changes were made to all 3 Sale Contracts. 13. Reformatted the Form Certification Box at the end of the form.

5 Resolution of Unacceptable Conditions Addendum 1. Line 7: Added verbiage Except for the changes noted below, all of the other provisions of the Contract shall remain in full effect. 2. In the Buyer Agrees to Accept Property In Its Present Condition Box, added verbiage: (This election does not require SELLER S signature to be binding if delivered prior to the expiration of the Renegotiation Period.) Seller s Disclosure Addendum Residential 2. Structural, Basement and Crawl Space Paragraph 7: Added verbiage Fireplace and Exterior 3. Structural, Basement and Crawl Space Paragraph 7g: but not limited to firebox, chimney, chimney cap and/or gas line? Yes No Date of any repairs, inspection(s) or cleaning? Date of last use? 4. Heating and Air Condition Paragraph 10d: Added verbiage for water heater Tankless 5. Neighborhood Information Paragraph 13: Added verbiage regarding right of first refusal. If Yes, number of days required for notice: 6. Paragraph 14: Changed the title of the paragraph to Previous Inspection Reports and changed verbiage to If Yes, a copy of inspection report(s) are available upon request. 7. Paragraph 17: Fixtures, Equipment and Appliances: added verbiage at the end of the paragraph including but not limited to: and the verbiage from the Residential Resale Contract to be consistent. 8. At the beginning of the OS/EX Paragraph added the following verbiage: Fill in all blanks using one of the abbreviations listed below. 9. Reworked OS/EX Paragraph to include Fireplace location and reformatted the Cooking Unit section Seller s Disclosure Addendum for Condos 2. Structural, Basement and Crawl Space Paragraph 7: Added verbiage Fireplace and Exterior 3. Structural, Basement and Crawl Space Paragraph 7g: but not limited to firebox, chimney, chimney cap and/or gas line? Yes No Date of any repairs, inspection(s) or cleaning? Date of last use? 4. Heating and Air Condition Paragraph 10d: Added verbiage for water heater Tankless 5. Neighborhood Information Paragraph 13: Added verbiage regarding right of first refusal. If Yes, number of days required for notice: 6. Paragraph 13(i) added verbiage Description. 7. Paragraph 18: Changed the title of the paragraph to Previous Inspection Reports and changed verbiage to If Yes, a copy of inspection report(s) are available upon request.

6 8. Paragraph 21: Fixtures, Equipment and Appliances: added verbiage at the end of the paragraph including but not limited to: and the verbiage from the Residential Resale Contract to be consistent. 9. At the beginning of the OS/EX Paragraph added the following verbiage: Fill in all blanks using one of the abbreviations listed below. 10. Reworked OS/EX Paragraph to include Fireplace location and reformatted the Cooking Unit section Seller s Disclosure Addendum for Land 1. Added initials on the bottom of page 4. Seller s Permission to Show & Commission Contract 1. Paragraph 7c; Changed verbiage from will to may. 2. Signature Lines: Changed from BROKER to BROKERAGE Short Fall/Short Sale Addendum to Sale Contract Transaction Broker Amendment 1. Changed the subtitle of the form to Transaction Broker Amendment (Use to Change from Agency Relationship to Transaction Brokerage for Non-Designated Agent) * days throughout entire forms library identified as calendar days No changes made to the following forms: Copyright date on last page of each form updated to reflect 2015 copyright date. Addendum Addendum to Listing Contract Additional Disclosures Including Those Mandated by State or Federal Law Amendment Appointment of a Designated Seller s Agent Assumption Addendum Change Form Revision of Listing Agreement/Buyer Agency Agreement Cold Weather AC Inspection Waiver Contingency for Lead Based Paint Disclosed Dual Agency Amendment Dispute Resolution System Brochure Exclusive Agency Listing Agreement Exclusive Buyer Agency Contract

7 Exclusive Right to Sell Transaction Broker Inspection Notice Kick-Out Notice Response Lead Based Paint Disclosure Addendum Lead Based Paint Disclosure Addendum for Landlord/Tenant Legal Description Methamphetamine Disclosure (Missouri) New Homes Allowances Addendum New Homes Change Order Amendment New Homes Pricing Calculation Addendum Non-Exclusive Buyer Agency Contract Notice to Exercise Purchase Option Occupancy Prior to Closing Amendment Pet Addendum Real Estate Rental Listing Agreement Residential Septic System Addendum Seller s Estimated Proceeds Worksheet Short Sale Listing Addendum Special Assessment Disclosure for Builder Special Assessment Disclosure for Seller Transaction Broker Amendment for Designated Agent Understanding Short Sales