CABR/DABR Contract to Purchase

Posted on: October 30th, 2017 by Andrew Clark No Comments

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 new Contract to Purchase is almost here!

The Cincinnati Area Board of REALTORS® and Dayton Area Board of REALTORS® have a new purchase contract on the way.  The CABR/DABR Contract to Purchase will be available November 1, 2017.

A guide to using the contract, highlighted changes and a sample form are available on the CABR website.  The new contract will be available in an interactive format on the CABR website, Dotloop and Zipform beginning November 1, 2017.

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.

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 separate 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!  Visit cabr.org to review the materials!