New CABR Contract to Purchase and the Effect of the New Closing Disclosure Regulations

Last year, a Joint Task Force comprised of members of the Cincinnati Area Board of REALTORS® and the Dayton Area Board of REALTORS® worked together to produce a regional purchase contract.  Although use of the contract by members is not mandatory, it is being widely used.

This year, the contract has been revised to accommodate requirements that will go into effect upon implementation of the Closing Disclosure regulations that have been in development by the Consumer Financial Protection Bureau for the past few years.  The regulations were originally set to commence on August 1, 2015.  However, the implementation date has been moved back until October 3, 2015.

The new CABR/DABR Contract to Purchase has a copyright date of August 1, 2015.  Orders are currently being taken.

There are no mandatory changes in the revised contract.  Therefore, it is not necessary to discard remaining stock of the November 2014 contract.  However, once the new Closing Disclosure regulations go into effect (proposed date of October 3, 2015), certain information will need to be provided that is not on the current contract and will have to be provided on a separate document, if the new contract is not used.  CABR will not endorse use of any previous version of the CABR purchase contract after the Closing Disclosure regulation implementation.

It is highly recommended that you attend the class on the new contract, so you are prepared to use it when the new regulations take effect.

Instructor: Marilou Butcher-Roth, REALTOR & Greg Tassone, REALTOR

CE Credit: 3 Ohio Elective

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