[ 4 ]

More documents

Recommendations

Info

LEGAL 2012 FORMS IN REVIEW [ BY DEANNE M. RYMAROWICZ, ESQ. ] Several GLVAR forms were added, amended or deleted in 2012 to address member requests, reflect market realities and for periodic updates. This article is a brief recap of those changes. RESIDENTIAL LISTING/SALE TRANSACTIONS The Buyer Brokerage Agreement received a periodic update including a new, shorter title for easier understanding and retrieval in ZipForm ® . Other refinements were: (1) clarifying language for the flat fee portion of the broker’s commission to avoid any RESPA traps that may be lurking with an open, free-verse field; and (2) giving specific permission and agreement to use digital signatures as required by NRS 720. Additionally, the form was reduced from three pages to two, per Member requests. Due to the recent shift from non-judicial to judicial foreclosure proceedings, the Short Sale Addendum to Purchase Agreement has been updated to reflect the potential for a court action. The seller will now have to indicate whether a [ 16 ] SOUTHERN NEVADA REALTOR ® DECEMBER 2012 www.LasVegasRealtor.com
Notice of Default has been served, and whether a summons and complaint has been served. Both scenarios must be addressed, since it is impossible to determine which route the lender will take. Click here to read more about the ➠ differences between judicial and non-judicial foreclosure. The form was also updated to allow for an automatic return of the earnest money deposit to the buyer without further instructions from the parties where (1) the buyer chooses to wait a specified amount of time before Lender Approval is received, and (2) cancels when the approval is not timely received. This section previously required the seller to execute cancellation instructions, which in practice was causing major delays in the rightful return of earnest money. Both the Counter Offer and Addendum to Purchase Agreement offered too little space to write requested or necessary terms for today’s market. To provide more space in those transactions where it’s needed, both the Counter Offer and the Addendum forms now refer to additional page(s). The idea is this: where more space is needed on the form, the agent writing the counter or addendum will check the new box labeled, “ADDITIONAL PAGE(S) ATTACHED.” This new language specifies that the counter offer/addendum is not complete without the additional terms on the attached pages. The revised forms provide a blank to indicate the number of attached pages. In tandem with this change, two new forms were created— Counter Offer No. _____ Additional Page and Addendum No. ______to Purchase Agreement Additional Page. The additional pages each provide more than 30 lines of space to write as many terms as the parties may like. Please note, a warning at the top of the page indicates it is not valid without the first page of the Counter Offer or Addendum. There are no signatures on the additional page, but the parties must initial at the bottom of the page. The additional pages for both the Counter Offer and the Addendum appear in line with the respective parent form. LAND TRANSACTION FORMS Most recently, two forms related to vacant land transactions have been revised. The Vacant Land Purchase Agreement, which had not been updated since 2007, was substantially updated where applicable to reflect the changes made to the Residential Purchase Agreement in 2009 and 2011 to ensure consistency across GLVAR purchase forms. Changes include: • Providing for a cash purchase; • Expanding information regarding the Foreign Investment in Real Property Tax Act (FIRPTA), including a seller’s declaration; • Clarifying and separating the licensee disclosure for buyer’s side and seller’s side; • Disclosing the existence of a buyer’s broker flat fee portion of commission payable by the buyer; • Consolidating signatures, delivery and notice provisions in one section, and allowing for digital signatures; and • Relocating the Confirmation of Representation to the signature page. Click here for a version of the agreement showing all ➠ the changes. The optional Vacant Land Disclosure form was slightly tweaked with a few changes in line with the SRPD, upon which the form is based. The additions include: (1) identifying the type of seller; (2) asking if there is a Private Transfer Fee obligation; and (3) asking whether the property was used for the production of methamphetamine. Click here for a copy of the disclosure showing all the ➠ changes. PROPERTY MANAGEMENT FORMS The Residential Lease Agreement (RLA) was tweaked to more closely follow statutory language regarding security deposits. NRS 118A.240 defines “security” as any payment that is to be used for: (1) remedying any default of the tenant in the payment of rents; (2) repairing damages to the premises other than normal wear and tear; and (3) cleaning the unit. Therefore, rather than calling for a forfeiture of the security deposit upon early termination, the lease agreement now reads (in Section 9) that any early termination of the lease or improper notice of termination is “a default in the payment of rent for the remainder of the lease term, which may be offset by the Security Deposit.” DISCLOSURES & INFORMATION Based on broker demand, GLVAR published a new form, Buyer’s Acknowledgement and Release for use in those transactions where no Seller Real Property Disclosure (SRPD) is provided or the SRPD is incomplete. These are the only situations where this form should be used! CONTINUED ON NEXT PAGE [ 17 ] SOUTHERN NEVADA REALTOR ® DECEMBER 2012 www.LasVegasRealtor.com
Page 4 and 5: [ 4 ] SOUTHERN NEVADA REALTOR® DEC
Page 6 and 7: PRESIDENT’S MESSAGE [ BY KOLLEEN
Page 8 and 9: [ 8 ] SOUTHERN NEVADA REALTOR ® DE
Page 10 and 11: BOARD OF DIRECTORS PRESIDENT Kollee
Page 12 and 13: COMMUNICATIONS CONGRATULATIONS TO T
Page 14 and 15: BUZZ THE COMMUNICATIONS REAL ESTATE
Page 18 and 19: LEGAL CONTINUED FROM PAGE 17 Design
Page 20 and 21: MLS MLS RECAP OF 2012 [ BY KRYSTAL
Page 22 and 23: [ 22 ] SOUTHERN NEVADA REALTOR® DE
Page 24 and 25: 2013 ADOPTED BUDGET • LAS VEGAS H
Page 26 and 27: 2013 ADOPTED BUDGET REVENUE Dues $2
Page 28 and 29: 2013 ADOPTED BUDGET SUMMARY BY DEPA
Page 30 and 31: [ 30 ] SOUTHERN NEVADA REALTOR ® D
Page 34 and 35: MEMBERSHIP CONGRATULATIONS NOVEMBER
Page 36 and 37: COMMERCIAL ALLIANCE PHOTO OPPS COMM
Page 40 and 41: SINGLE FAMILY HOME REPORT [ OCTOBER
Page 42 and 43: ANNUAL MLS STATISTICS 4000 SINGLE F
Page 44 and 45: SUNDAY MONDAY TUESDAY WEDNESDAY THU
Page 46: [ 46 ] SOUTHERN NEVADA REALTOR ® D

[ 4 ]

Create successful ePaper yourself

Delete template?

Save as template?