Legal Hotline: MAR Updates Offer Forms and Adds New Ones
December 3, 2018 Legal Updates MAR Legal Hotline
The Massachusetts Association of REALTORS recently made changes to their standard forms at the request of the MAR Forms Content Advisory Committee.
The following changes have already been implemented, or will be available to members imminently:
Form 501: Contract to Purchase Real Estate – A section has been added to identify the agent submitting the offer and disclose the capacity in which they are operating in the transaction. This does not eliminate or replace the Mandatory Agency Disclosure. This new language ensures compliance with Standard of Practice 16-10 of the REALTOR Code of Ethics, which requires buyer representatives to disclose their relationship with the buyer to the seller or their representative in writing not later than the execution of a purchase agreement.
Forms 707, 708, 709, 715, 718, 721: Exclusive Right to Sell Listing Agreement – In the section relating to the Broker’s Fee, we have included the option to select whether the percent due is of the net or gross selling price of the property.
Form 712: Notice of Dual Agency – We have added two additional signature lines to accommodate those transactions that have more than one buyer and seller.
Form 713: Notice of Designated Agency – We have added two additional signature lines to accommodate those transactions that have more than one buyer and seller.
Form 521: Referral Fee Agreement – This is a brand-new form. Use this to memorialize the details of your referral agreements.