- This event has passed.
Contract to Purchase Training – NO CE – Virtual Only
September 15 @ 1:00 pm - 3:30 pm
The Cincinnati Area Board of REALTORS® and Dayton REALTORS® have a new purchase contract on the way. The CABR/DR Contract to Purchase will be available for use beginning October 1, 2021. To prepare for the changes, CABR will be offering classes that will go over the changes, as well as, the current provisions. Register for this course below.
A guide to using the contract, a summary of the changes, a form with highlighted changes and a sample form are now available on the CABR website. The new contract will be available in an interactive format on the CABR website, Dotloop, Skyslope and Zipform beginning October 1, 2021.
Below are just a few of the changes:
Time is of the Essence: All dates and time-frames are “of the essence” throughout the contract, with a special provision for the closing date.
Earnest Money: No more separate dates for submitting the earnest money for deposit and notifying the listing agent. There is one time-frame for doing both (default is 3 days). There is also a provision to address non-real estate brokers holding the earnest money, as the laws pertaining to its handling by real estate brokers does not apply to non-real estate brokers.
Inclusions/Exclusions: The default for appliances, such as refrigerators, ovens, etc. is for all to be included in the sale, unless they are specifically excluded in Section 6b. Surveillance, monitoring and security system items are also addressed, including cameras and controls. Doorbells are also specifically listed as being included in the sale.
Seller’s Certification: The Seller’s certification has a new look and a new item pertaining to the Foreign Investments in Real Property Tax Act.
There are changes to the HOA and financing sections that clarify seller and buyer responsibilities and timing.
A significant change has been made to the Inspection Contingency. The buyer will no longer be able to “walk away” without providing the seller the opportunity to correct material defects – with few, specifically defined exceptions. And, the seller is required to respond to the buyer’s request for repairs within the time-frame specified or be deemed to have agreed to make all requested corrections.
Additional changes have been made throughout the contract and it is HIGHLY RECOMMENDED that every agent take a class before using it.
Cincinnati Area Board of REALTORS is inviting you to a scheduled Zoom meeting.
Topic: Contract to Purchase Training
Time: Sep 15, 2021 01:00 PM Eastern Time (US and Canada)
Join Zoom Meeting
Meeting ID: 872 4821 8574