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 is due to the Forms Committee Chair, Deb Richmond-Johnson, and all of the volunteer Form Committee, Sub-Committee, and Task Force members for their effots in accomplishing a very hefty agenda this fiscal year.
The Forms Committee made numerous form changes, which were summarized in last month’s REsource (you can view the detailed summary HERE). The revised forms are now available on TransactionDesk.
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.
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.