Spotlight on Contracts, Forms & Guides
CABR has a library of contract clauses and more than 40 contracts, forms and guides available for use by CABR members. The Ohio Association (OAR) and National Association (NAR) also provide many useful tools for REALTOR® members.
CABR/DABR Contract to Purchase
The Cincinnati Area Board of REALTORS® and Dayton Area Board of REALTORS® have a new purchase contract on the way. The new CABR/DABR Contract to Purchase will be available November 1, 2017.
A CE class on the new contract will be held on October 25 at 1:00 p.m. And, there will be a guide to the use and changes on the CABR secure website. Below are some of the sections that have been changed:
Earnest Money: A time-frame for submitting earnest money for deposit is provided. Also, a requirement of proof of collection/deposit of earnest money is included. Contract Acceptance Date has been defined. (Note: Definition included throughout the Contract.)
Cash: Alternate language for funds verification that describes acceptable documentation.
Financing: The section has been rearranged and clarified.
Appraisal: Language added to require that utilities be turned on for the appraisal.
Seller Certifications and Homeowner Association: Seller certifications regarding HOA status moved to this section.
Property Disclosure: Addition of option to indicate that the seller is exempt from completing the form.
Buyer’s Off-Site Acknowledgement/Inspections: Separated into two sections to clarify that only the property inspections are subject to the contingency.
Title Insurance: Clarified.
Wire Fraud: A clause has been added to advise parties to be cautious.
Contract Acceptance Date: This section defines the Contract
Acceptance Date and provides a new term used throughout the contract.
Get ready! Sign up for the class and be prepared.