The changes will be released on August 1, 2016.
The Minnesota REALTORS® Forms Committee held six meetings, one Commercial Forms Sub-Committee meeting, and one Leasing Forms Task Force meeting this fiscal year. It covered many of the members’ suggested changes. A special thanks due to the Forms Committee Chair, Deb Richmond-Johnson, and all of the volunteer Forms Committee, Sub-Committee, and Task Force members for their efforts in accomplishing a very hefty agenda this fiscal year.
The Forms Committee made numerous forms changes, which are summarized in this article. These changes will be released on August 1, 2016. Please note that substantive changes were made to three main contingencies including the Addendum to Purchase Agreement: Inspection Contingency; Addendum to Purchase Agreement: Sale of Buyer’s Property Contingency; and the three Addendum to Purchase Agreement: Financing Contingencies (Conventional, FHA, and DVA). We strongly encourage you to thoroughly review these revised forms to ensure you understand how these changes affect the applicability, duration, and removal of these particular contingencies.
VIEW THE ENTIRE ARTICLE HERE
The Minnesota REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.