NEW CABR Contract to Purchase and Accompanying Forms – Implementation Date October 1, 2021
It’s almost here!
Beginning October 1, 2021, purchase offers are not to be submitted on the November 2017 CABR/DR Contract to Purchase. That contract will no longer be a Board-approved contract and, according to legal counsel opinion, continued use of an outdated association contract could subject one to disciplinary action, as it may be considered the unauthorized practice of law.
In the event you receive an offer on the old contract, you must still present it to your client. But, it would be appropriate to counter-offer on the new contract.
For a sample copy of the new contract, a summary of the changes, a marked-up copy showing the changes, a guide to the contract, and presentation slides, click here and sign in to cabr.org.
CABR has updated 3 forms that go along with the Contract to Purchase. The Post Inspection Agreement has been changed to the Defect Notice, the Notice of Termination has been updated to address changes in termination points and the Contract to Purchase Worksheet has also been updated.
We have a new Information for Purchase Offer form that can be used to convey important information to cooperating agents/brokers about the listing as follows:
1) Address access by non-real estate licensees/brokers (inspectors/buyers at inspection)
2) Notify buyer agents of items that the seller intends to specifically exclude from the sale of the real estate (even those that are pre-printed in the contract and may or may not currently be present on the property)
3) Provide a list of the seller certifications that are addressed in the contract, so the buyer will be able to complete that section correctly
4) Provide any additional information that can assist in the preparation of the offer, so as to avoid the necessity for the seller to counter back with corrections
This form is not an addendum and is not a part of the purchase contract. It can be provided to cooperating agents via email or uploaded as an attachment to MLS.
The FINAL CE class prior to the implementation of the new Contract to Purchase is September 29 from 1:00 – 4:10 p.m. This class provides 3 hours of CE credit and will help you become prepared for using the new contract. Register at cabr.org.
All of the new forms will be available beginning October 1, 2021.
Samples of these forms are currently available at www.cabr.org, along with the CABR Clause Library and over 40 other forms.