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.
NEW AND UPDATED FORMS AVAILABLE!
- Back-Up Contract Addendum
- Notice of Termination of the Contract to Purchase
- Receipt of Earnest Money Deposit
The Cincinnati Area Board of REALTORS® has approved revisions to two forms and one new form related to the purchase contract.
The Back-Up Contract Addendum has been modified to include a section that can be used for the buyer to notify the seller that they are exercising their right to terminate the [back-up] contract. This form is to be used in the event the buyer want to terminate prior to receiving notice from the seller that their contract has become the primary contract.
The Notice of Termination of the Contract to Purchase has been modified to include a provision for termination of the purchase contract due to failure to provide notice of receipt/submission for deposit of the earnest money. It also added the word “CONTINGENCY’ to the “OTHER” selection to clarify that a party cannot terminate the contract due to a reason that is not provided for in the contract.
A new form – Receipt of Earnest Money Deposit – has been approved to provide a method for fulfilling the obligation to verify that the earnest money has been collected and submitted for deposit, as required by the purchase contract. Note: That obligation can be satisfied by using the newly-approved form, the receipt section of the purchase contract, an email or some other written notification.
All of these forms are available for use at www.cabr.org.