Webinar: Time for Change 2014 TREC Contract Changes July 25, 2014 Sponsored By:
New TREC Form Changes Provider: Alliant National Title Ins. Co. 1
Page 1 first item Page 1-2nd item 2
Page 2 Item 1 6. Title Policy & Survey: (8) Exception as to discrepancies, conflicts, shortages in area or boundary lines Page 2 Item 2 3
Page 4 Item 1 Paragraph 9 regarding Propane Gas System Service Area is added to E. Title Notices Page 4 item 2 & 3 Made a change to as is condition, from in its present condition in Paragraph 7 Property Condition. Deleted Paragraph E. Leases 4
Page 4 item 4 Paragraph F. Completion Of Repairs & Treatments: took out otherwise authorized by law. Extension form 15 days to 5 days. Also, changed Page 5 Item 1 & 2 Added the word Residential and took out deliver to buyer the Lease(s) and the move in condition form signed by the tenant if any. 5
Page 5 - item 3 Paragraph 10. Possession: (A) is now labeled as Buyer s Possession (B) Added in total. Page 6 Item 1 16: Mediation: Gives no choice Mediation is required! 6
Page 7 Item 1 Addendum for Property in Propane Gas System Service Area added to Paragraph 22. Page 8 Item 1 23. Termination Option: Time frame changed from 2 days to 3 days. 7
1-4 Family Page 8 Item 2 24. Consult an Attorney has a change in the verbiage, but still says to the client consult an attorney before signing. Page 9 Items Several additions adding Name of Associate s Licensed Supervisor or Associate s Name 8
Contract Resale Page 1 Item 1 Mention of Satellite Dish System and Equipment has been removed from Paragraph 2 Property and Condominium Documents: (2) and (3) 9
Page 1 Item 2 Box Choice 3 has been removed from B. the Declaration, bylaws and any rules of the Association are called Documents. Page 2 Item 1 4. Financing: Added Not for use with Reverse Mortgage financing 10
Page 2 Item 2 6. Title Policy: B. Commitment: Added 3 days before the closing date Page 3 Item 1 6. Title Policy: D. Title Notices Paragraph 7 regarding Propane Gas System Service Area is added 11
Page 3 Item 2 Made a change to as is condition, from in its present condition in Paragraph 7 Property Condition. Deleted Paragraph E. Leases Page 4 Item 1 Paragraph F. Completion Of Repairs & Treatments: took out otherwise authorized by law. Also, changed Extension form 15 days to 5 days. 12
Page 4 Item 2 9. Closing: Added the word Residential and took out deliver to buyer the Lease(s) and the move in condition form signed by the tenant if any Page 4 Item 3 Paragraph 10. Possession: (A) is now labeled as Buyer s Possession (B) added in total 13
Page 6 Item 1 16. Mediation: Changed to make mediation mandatory Page 7 Item 1 22. Agreement of Parties: Addendum for Property in a Propane Gas System Service Area Added. 14
Page 7 Item 2 23: Termination Option: 2 days changed to 3 days Page 7 Item 2 24. Consult an Attorney: has a verbiage change but still notifies the client to consult an attorney before signing. 15
Page 8 Item 1 Several additions adding Name of Associate s Licensed Supervisor or Associate s Name Farm and Ranch 16
Farm and Ranch Changes in addition to 1-4 Family 2. Property: (F) Reservations 7.Property Condition (H) Environment Farm and Ranch Page 1 Item 1 2. Property: (F) Reservations wording is changed to allow reservations to be placed on an attached addendum or in special provisions. 17
Farm and Ranch Page 5 Item 1 7. Property Condition: (H) (3) Changed to read adversely affects the property. Farm and Ranch Page 8 Item 1 22. Agreement of Parties: Addendum for Reservation of oil, gas and other Minerals has been removed. 18
New Home Incomplete New Homes Incomplete Changes not a part of 1-4 Family 7.Property Condition: (I) Seller s Disclosure (3) Environmental 19
New Home Incomplete Page 4 Item 1 7. Property Condition: (I) Seller s Disclosure (3) Environmental New Home Complete 20
New Home Complete Changes not a part of 1-4 Family New Home Complete Page 4 Item 1 7. Property Condition: (H) Seller s Disclosure: (3) Environment. 21
Unimproved Property Unimproved Property Changes not included in 1-4 Family 7 Property Condition: (E) Seller s Disclosure (1) Flooding (3) Environmental 22
Unimproved Property Page 4 Item 1 7. Property Condition: (E) Seller s disclosures: (1) Flooding (3)Environmental Out litigious society makes a small change in words a large difference in legal meaning when there is dispute. Third Party Financing Addendum 23
Third Party Finance Addendum Page 2 Paragraph E added Subdivision Information, Including Resale Cert. 24
Subdivision Information Form Page one Paragrap H Change Reverse Mortgage Financing Addendum New Form 25
Addendum for Property In a Propane Gas System Service Area New Form Thank You For Participating In Today s Webinar! 26