Putting the good stuff right up front:
1. For once, a two-page real estate form has been reduced to one page!
2. Something else new? There is no longer a kickout provision in NC Association of REALTORS® Standard Form, 2A2-T, Contingent Sale Addendum, which is a major switch from 2010.
If Buyer and Seller come to terms on a property, the Standard Form no longer provides the Seller with the right to demand Buyer to vacate sale contingency to remain under contract.
As changes come and go, in the general scheme of things, that's a big one.
Will Martin, General Counsel for NCAR goes into the details of the Contingent Sale Addendum in the April-June Insight magazine.
It is a good read, and reveals much of the thought process in the design of the forms.
While most of the new forms make pretty good sense to a layperson like myself, several of us agreed that the Contingent Sale Addendum seemed to be an afterthought. Will Martin clears it up well.
Bottom line? REALTOR® Members of NCAR, read your magazine, and particularly the "Forms Guy" article on pages 20-21, in the April-June, 2011 issue. It might help you be ahead of the curve and offer better service to your clients.