2018 GAR Forms Changes

Transcription

1 2018 GAR Forms Changes The following pages will list the changes to the forms in the entire GAR Form Library. Paragraph numbers on the left, are the original numbers of the s in the previous years (2017) form ALL FORMS removed disclaimer from all pages except page 1 ALL FORMS that ask for Additional Signature Page added specific Form Number B2 Protect Yourself When Buying a Home *** Be Careful to Avoid Scams replaced section with more updated Beware of Cyber-fraud language *** Consider Purchasing a Home Warranty corrected lie to file *** Added new section regarding potential surveillance in a seller s home *** Added new section regarding lead pipes in homes B3 Protect Yourself When Buying a Home to be Constructed *** Use the Right Contract added a comma between buyer and procedures B9 The ABC s of Agency *** Broker-Client Relationships: (a) Seller Agency/Landlord Agency: changed denied changed to defined F1 Exclusive Seller Listing Agreement A(2) Listing Period added parentheticals for Starting Date and Ending Date, eliminated the unless otherwise terminated in accordance with this agreement A(5) Brochures list is now section C(8) added GAR before each brochure and added new form Retainer Fee Exhibit to list A(8) Retainer Fee Paid by Seller section removed; all subsequent s in section renumbered B(2)(a) Initial Listing Period eliminated the unless otherwise terminated in accordance with this agreement B(5) Brochures moved to C(8) B(6)(a) Marketing Generally modified and added language regarding right to use media to market property B(6)(c) Marketing Consent of Seller to be Called section modified to reflect that Seller consents only to calls from Broker related to sale of Property A(8) Retainer Fee section removed C(4)(h) Limits on Broker s Authority, Responsibility and Liability changed periods to semicolons; under (5) changed or to and C(6)(f) Miscellaneous GAR Forms Section moved to B(4) Negotiations subsection (e) all subsequent s renumbered *** New C(7) Beware of Cyber Fraud F2 A(2) A(5) A(8) Non-Exclusive Seller Listing Agreement Listing Period added parentheticals for Starting Date and Ending Date, eliminated the unless otherwise terminated in accordance with this agreement Brochures list is now section C(8) added GAR before each brochure and added new form Retainer Fee Exhibit to list Retainer Fee Paid by Seller section removed; all subsequent s in section renumbered B(2)(a) Initial Listing Period eliminated the unless otherwise terminated in accordance with this agreement B(5) Brochures moved to C(8) B(6)(a) Marketing Generally now B(5)(a) modified and added language regarding right to use media to market property B(6)(c) Marketing Consent of Seller to be Called now B(5)(c) section modified to reflect that Seller consents only to calls from Broker related to sale of Property B(9) Retainer Fee section removed B(11) Agency and Brokerage now B(9); subsection (a) Broker s Policy on Agency moved to A(9) C(4)(h) Limits on Broker s Authority, Responsibility and Liability changed periods to semicolons; under (5) changed or to and C(6)(g) Miscellaneous GAR Forms Section moved to B(4) Negotiations subsection (e) all subsequent s renumbered *** New C(7) Beware of Cyber Fraud Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 1 of 7, 01/01/18

2 F3 Authorization to Show Unlisted Property *** Removed Listing from Broker line in Signature section *** New 15 Beware of Cyber Fraud 15 Receipt by Owner of Consumer Protection Brochures now 16 language and formatting modified F4 Exclusive Buyer Brokerage Agreement *** Moved all blanks to first page 1 Exclusive Agreement now A(1) and B(1) in B(1) added language that buyer has right to enter into agreement 2 Term now A(2) added parentheticals for Starting Date and Ending Date, eliminated the unless otherwise terminated in accordance with this agreement 3(D) Brokers Duties to Buyer now C(1)(d) removed checkbox options only have option to assist buyer in negotiations 6 Retainer Fee removed from form 8 Protected Period and Commissions now A(7) and B(7) re-titled section to Protected Period 10 Disclosures now C(5) removed customers from subsections (b) and (c) 17 Extension now B(2)(b) 18 Referrals now C(8) add language that includes buying or selling 26 Receipt by Buyer of Consumer Protection Brochures re-titled Brochures now C(17); modified formatting, added form numbers, added F19 Retainer Fee Exhibit to list *** New section C(16) Beware of Cyber Fraud F5 Non-Exclusive Buyer Brokerage Agreement *** Moved all blanks to first page 2 Term now A(2) added parentheticals for Starting Date and Ending Date, eliminated the unless otherwise terminated in accordance with this agreement 3(D) Brokers Duties to Buyer now C(1)(d) removed checkbox options only have option to assist buyer in negotiations 6 Retainer Fee removed from form 8 Protected Period and Commissions now A(7) and B(7) re-titled section to Protected Period 10 Disclosures now C(5) removed customers from subsections (b) and (c) 17 Extension now B(2)(b) 18 Referrals now C(8) add language that includes buying or selling 26 Receipt by Buyer of Consumer Protection Brochures re-titled Brochures now C(17); modified formatting, added form numbers, added F19 Retainer Fee Exhibit to list *** New section C(16) Beware of Cyber Fraud F6 Agreement to Work with Buyer as a Customer 5 Receipt by Buyer of Consumer Protection Brochures language and formatting modified; added Retainer Fee Exhibit *** New 7 Beware of Cyber Fraud F7 Exclusive Leasing Listing Agreement 2(A) Marketing Advertisements modified and added language regarding right to use media to market property *** New 18 Beware of Cyber Fraud F8 Exclusive Leasing/Management Agreement 6(c) Receipt of Payment and Funds Owner to Maintain Minimum Required Amount in Trust Account added language regarding maintaining funds in the broker s account for repairs *** New 36 Beware of Cyber Fraud all subsequent s renumbered F9 Exclusive Tenant Brokerage Agreement 6 Removed Retainer Fee section all subsequent s renumbered 7 Commission now 6 added language that a commission is owed if a tenant purchases or contracts to purchase the leased property *** New 24 Beware of Cyber Fraud *** New 25 Exhibits F10 Non-Exclusive Tenant Brokerage Agreement 6 Removed Retainer Fee section all subsequent s renumbered 7 Commission now 6 added language that a commission is owed if a tenant purchases or contracts to purchase the leased property *** New 24 Beware of Cyber Fraud *** New 25 Exhibits Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 2 of 7, 01/01/18

3 F13 Agreement to Work with Tenant as a Customer *** New 25 Beware of Cyber Fraud F17 Non-Exclusive Leasing Listing Agreement *** New 18 Beware of Cyber Fraud F19 F20 Retainer Fee Exhibit NEW FORM Purchase and Sale Agreement A(4) Closing and Possession combined (a) and (b) A(5) Holder of Earnest Money added language regarding when to use F84(A) and F84(B) A(9) Lead-Based Paint added GAR Form to use A(10) Brokerage Relationships in this Transaction modified language in subsections (a)(2) and (b)(2) A(12) Consent to Share Non-Public Information eliminated B(3)(a) Items Paid by Buyer now B(3)(b) B(3)(b) Items Paid by Seller re-titled to Seller s Contribution at Closing now B(3)(a) B(4)(b) Keys and Openers added additional language about providing keys to property at time of possession *** New C(5) Beware of Cyber Fraud all subsequent s renumbered C(5) Exhibits and Addenda now C(6) modified list of Exhibits and added Form Numbers where applicable; added Closing Attorney Acting as Holder of Earnest Money Exhibit to list F22 Counteroffer to or Modification of Unaccepted Original Offer *** Closing and Possession combined (a) and (b) *** Holder of Earnest Money added language regarding when to use F84(A) and F84(B) *** Closing Law Firm changed to Closing Attorney/Law Firm *** Added extra page to form F23 New Construction Purchase and Sale Agreement A(6) Closing Attorney/Law Firm now A(7) A(7) Holder of Earnest Money now A(6) added language regarding when to use F84(A) and F84(B) A(8) Earnest Money added option C A(14) Brokerage Relationships in this Transaction modified language in subsections (a)(2) and (b)(2) A(17) Consent to Share Non-Public Information section eliminated B(4)(a) Items Paid by Buyer now B(4)(b) B(4)(b) Items Paid by Seller re-titled to Seller s Contribution at Closing now B(4)(a) B(8)(b) Return and Disbursement of Earnest Money Disbursement of Earnest Money When Held by Holder added along with any construction deposit being held by Seller to paragraph *** New C(8) Beware of Cyber Fraud all subsequent s renumbered C(8) Exhibits and Addenda now C(9) modified list of Exhibits and added Form Numbers where applicable; added Seller s Property Disclosure Statement (New Construction), New Construction Seller Disclosures and Closing Attorney Acting as Holder of Earnest Money Exhibit to list F27 Lot Purchase and Sale Agreement A(4) Closing and Possession combined (a) and (b) A(5) Holder of Earnest Money added language regarding when to use F84(A) and F84(B) A(9) Brokerage Relationships in this Transaction modified language in subsections (a)(2) and (b)(2) B(3)(a) Items Paid by Buyer now B(3)(b) B(3)(b) Items Paid by Seller re-titled to Seller s Contribution at Closing now B(3)(a) B(4)(b) Keys and Openers added additional language about providing keys to property at time of possession *** New C(5) Beware of Cyber Fraud all subsequent s renumbered C(5) Exhibits and Addenda now C(6) modified list of Exhibits and added Form Numbers where applicable; added Closing Attorney Acting as Holder of Earnest Money Exhibit and Temporary Occupancy Agreement for Seller after Closing Exhibit; removed FHA Loan Contingency Exhibit and VA Loan Contingency Exhibit Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 3 of 7, 01/01/18

4 F30 Lease for Lease/Purchase Exhibit A(9) Smoking added in any form A(17) Propensity of Flooding added at least A(18) Lead- Based Paint added GAR Form to use A(20) Brokerage Relationships in this Transaction modified language in subsections (a)(1) & (2) and (b)(1) & (2) B(9) No Smoking added language that vaping and e-cigarettes are considered smoking B(23) Disclosure of Ownership and Agents combined with B(24) and separated into two subsections B(24) Manager now B(23)(b) added language that management agreement is incorporated by reference C(5)(c) Disclaimer Neighborhood Conditions - added National Clandestine Laboratory Register information *** New C(11) Beware of Cyber Fraud all subsequent s renumbered C(11) Exhibits now C(12) modified list of Exhibits and added Form Numbers where applicable; added Consent to Take Pictures and Video of Property F33 Condominium Resale Purchase and Sale Exhibit 2 Common Expense Assessments corrected pall to pay F34 Land Purchase and Sale Agreement A(2) Added section title A(5) Closing and Possession combined (a) and (b) A(6) Holder of Earnest Money added language regarding when to use F84(A) and F84(B) A(12) Brokerage Relationships in this Transaction modified language in subsections (a)(2) and (b)(2) A(13) Consent to Share Non-Public Information eliminated B(4)(a) Items Paid by Buyer now B(4)(b) B(4)(b) Items Paid by Seller re-titled to Seller s Contribution at Closing now B(4)(a) *** New C(6) Beware of Cyber Fraud all subsequent s renumbered B(5) Closing and Possession added subsections Keys and Openers. C(6) Exhibits and Addenda now C(7) modified list of Exhibits and added Form Numbers where applicable; added Closing Attorney Acting as Holder of Earnest Money Exhibit and Temporary Occupancy Agreement for Seller after Closing Exhibit F40 Lease for Residential Property A(9) Smoking added in any form A(19) Propensity of Flooding added at least A(20) Lead- Based Paint added GAR Form to use A(23) Brokerage Relationships in this Transaction modified language in subsections (a)(1) & (2) and (b)(1) & (2) B(9) No Smoking added language that vaping and e-cigarettes are considered smoking B(25) Disclosure of Ownership and Agents combined with B(26) and separated into two subsections B(26) Manager now B(25)(b) added language that management agreement is incorporated by reference C(5)(c) Disclaimer Neighborhood Conditions - added National Clandestine Laboratory Register information *** New C(11) Beware of Cyber Fraud all subsequent s renumbered C(11) Exhibits now C(12) modified list of Exhibits and added Form Numbers where applicable; added Consent to Take Pictures and Video of Property F45 F46 F50 Notice (To be used in Lease Transactions) NEW FORM Consent to Take Pictures and Video of Property NEW FORM Seller s Property Disclosure Statement Exhibit C2 Covenants, Fees and Assessments changed Community Association Disclosure Statement to Community Association Fees and Disclosure ; Changed F123 to F55 D Fixtures Checklist added w/o Freezer after Refrigerator ; added vanity (hanging) mirror to list F51 Seller s Property Disclosure Statement (New Construction) Exhibit C(2)(b) Disclosures Covenants, Fees and Assessments - changed Community Association Disclosure to Community Association Fees, Disclosure and Related Issues; changed 123 to 55 F52 A(5) Seller s Property Disclosure Statement (Condominium) Exhibit Instructions to Seller in Completing this Statement changed F123 to F55 ; changed Community Association Disclosure to Community Association Fees, Disclosure and Related Issues; Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 4 of 7, 01/01/18

5 F63 FHA Loan Contingency Exhibit 11 Added title Mortgage Insurance Premium now Added title When Mortgage Insurance Premium Is Paid now Added title Repairs Required in FHA Commitment now Added title Seller Pays for Certain Inspections now Added title Home Warranty now Added title May Be Obligated to Connect to Public Sewer now Added title Certification of Truthfulness and Completeness now Added title Certification of Arms Length Transaction now Added title Exhibit Controls now 21 F64 Conventional Loan Contingency Exhibit F65 VA Loan Contingency Exhibit 11 Added title VA Funding Fee now Added title Certain Repairs Paid by Seller now Added title Certain Fees Paid by Seller now 14 added language about seller fees that may exceed seller s contribution 14 Added title Home Warranty now 15 added language that it is the seller s cost 15 Added title Public Water and Sewer now 16 added additional language 16 Added title Exhibit Controls now 17 F78 USDA-RD Loan Contingency Exhibit 12 Added title Loan Guarantee Fee now Added title Home Warranty now 14 F79 All Cash Sale Exhibit 3 Second 3 Authorization and Security corrected to 4 all subsequent s renumbered F84(A) Closing Attorney Acting as Holder of Earnest Money Exhibit NEW FORM F84 Agreement for Escrow Agent to Serve as Holder of Earnest Money *** Renamed Agreement of Closing Attorney to Serve as Holder of Earnest Money ( Escrow Agreement ) *** Renumbered to F84(B) *** Added parentheticals regarding when form should be used *** Modified introduction paragraph *** Created A, B, C and D *** Modified list of Escrow Agent s obligations to fit those of the Closing Attorney F120 Additional Page *** Modified language to allow page to be attached to any form Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 5 of 7, 01/01/18

6 F123 Payment of Community Association Fees and Disclosure *** Form renumbered to F55 *** Form renamed Community Association Fees, Disclosure and Related Issues I Directions for Filing Out This Disclosure language modification II(A) Type of Association removed a mandatory member and voluntary, replaced opportunity with right II(B) Size of Community re-titled to If Property is a Condominium Unit and modified wording of section II(E) Age Restrictions replaced Community with Association in both instances II(E) Contact Information for Association added line for the name of the Association III Information Regarding Who Pays Different Fees at Closing to the Association or the Manager of the Association retitled section to Information Regarding Who Pays Different Fees III(A) General re-titled to Disclosures Regarding Fees and modified wording of section III(B)(1) Account Statement or Clearance Letter made entire section uppercase; slight language modification III(B)(2) Assessments and Special Assessments slight language modification III(C)(1) Transfer and Initiation Fees added clarifying language regarding what fees buyers were responsible for IV Fees to be Paid to the Association Removed brackets that follow IV(C) Transfer and Initiation Fees now IV(A); added Transfer and Initiation and replaced community with Association, removed Move-in Fee line, added extra Other Fees line; added language that the Closing Letter cannot be Other Fee IV(C) Transfer and Initiation Fees subsection turned into V Seller Warranty with language slightly modified all subsequent s renumbered IV(D) Assessments Pay for Following Services and Amenities now IV(C) V Litigation renamed Litigation/Violations now VI replaced community with association, removed community, added language regarding any pending HOA violations *** New VII Consent of Buyer to Reveal Information to Association F127 Condominium Legal Description Exhibit DELETED FROM LIBRARY F140 Temporary Occupancy Agreement for Seller After Closing 8 Section Eliminated all subsequent s renumbered F151 Additional Signature Page (Brokerage Agreements) NEW FORM CF1 Exclusive Seller Listing Agreement A(2) Listing Period added parentheticals for Starting Date and Ending Date, eliminated the unless otherwise terminated in accordance with this agreement A(8) Retainer Fee Paid by Seller section removed; all subsequent s in section renumbered B(5)(a) Marketing Generally modified and added language regarding right to use media to market property B(5)(c) Marketing Consent of Seller to be Called section modified to reflect that Seller consents only to calls from Broker related to sale of Property C(5)(e) Miscellaneous GAR Forms Section moved to B(4) Negotiations subsection (h) all subsequent s renumbered *** New C(6) Beware of Cyber Fraud CF2 Commercial Purchase and Sale Agreement A(13) Brokerage Relationships in this Transaction modified language in subsections (a)(2) and (b)(2) A(14) Consent to Share Non-Public Information eliminated B(3)(a) Earnest Money Receipt modified language to match language in residential purchase and sale agreements *** New C(4) Beware of Cyber Fraud CF7 Commercial Open Listing Agreement (for Leases) *** New 23 Beware of Cyber Fraud CF8 Commercial Exclusive Leasing/Management Agreement *** New 27 Beware of Cyber Fraud CF9 Commercial Lease Agreement (Single-Tenant Facilities) *** New 27 Beware of Cyber Fraud CF10 Commercial Lease Agreement (Multi-Tenant Facilities) *** New 27 Beware of Cyber Fraud Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 6 of 7, 01/01/18

7 CF12 Commercial Sublease Agreement *** New 20 Beware of Cyber Fraud CO5 Broker Transaction Checklist and Contract Review *** Company Forms new 22 Referral Agreement (Broker to Builder) all subsequent s in section renumbered CO13 Acknowledgement of Person Contributing Earnest Money on Behalf of Buyer NEW FORM CO14 Referral Agreement (Broker to Builder) NEW FORM L1 Licensing Agreement *** Intro section changed all 2017 to A Changed 2017 to 2018 and changed 2018 to C Changed 2017 to F Changed Each page to The first page Copyright 2018 by Georgia Association of REALTORS 2018 GAR Form Changes, Page 7 of 7, 01/01/18