2010 Contracts may not be out till after Christmas!
Although the 2010 Contracts may arrive just in time for the New Year, that should not present much of a problem as there were not many changes.
Four of the changes had to do with the "Broker Service Fee." It was simply removed from that paragraph in the Agency contracts. It will be negotiated with the Commission. Companies that collect that additional fee will need a new script to explain the charge.
There will be no choices for a buyer or seller to make on a "Closing Protection Letter." It will simply be mentioned in the boiler plate that it may be required by a Lender.
The "Enhanced Title Policy" will be handled in much the same way. If a 50/50 split is chosen for a combination policy both buyer and seller will split the cost of the Enhanced Policy due to new HUD-1.
There will be a new paragraph in all listing agreements where by a seller can instruct their agent as to the use of the information on the Internet. If a seller wishes their listing to be shared with other Real Estate sites on the net, other than MLS, there will be four questions to do with Blogging, Address, and Automatic Valuations to be addressed.
In addition to a few other minor changes, there will be two new forms. There is now a "Sellers Property Disclosure (Commercial)" and a "Real Estate Contract (New Construction)." The New Construction Contract is 13 pages including the FTC Insulation Requirements. It is to be used when a house has never been lived in, with the exception of a builder's own house that has only been occupied a relatively short time. The discussion about a "Punch List" is much better than the paragraph 15, b.
There will be a CE, Salesperson, and Broker course on January 5, 6, &7 using the New Forms at the AIRE classroom in Lowell/Cave Springs (Ark Hwy 264). Register and pay by credit card on our web site www.aire.us or show up and bring a check.
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