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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
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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
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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
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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
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SOUTHERN NEVADA REALTOR ® DECEMBER 2012 www.LasVegasRealtor.com