New CABR Contract to Purchase
Copyright August 2015
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 new CABR/DABR Contract to Purchase has a copyright date of August 1, 2015. Orders are currently being taken.
There are no current, 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 given on a separate document, if the new contract is not used. CABR will not endorse use of any previous version of the purchase contract after the Closing Disclosure regulation implementation date.
The new contract will be available as an interactive pdf at cabr.org under the secure sign-on, in the CABR Contracts and Forms section beginning August 1. It is highly recommended that you review the Sample Contract and Guide to Revisions, currently viewable on the site, in order to prepare for its use. Even better….attend one of the classes on the new contract, scheduled for July 16 & 29.