New Forms Available to Help You Navigate Today's Market
July 27, 2021 Legal Updates
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The Massachusetts Association of REALTORS® has recently released five new forms to the MassForms™ Library for use by members. The forms are a direct result of advocacy by the Cape Cod & Islands Association of REALTORS® to create these forms that adapt to today's real estate market to create better informed consumers and protect real estate agents and brokerages.
The forms are:
- Seller to Find Suitable Housing Addendum
This addendum is one where the buyer and seller agree the seller’s sale of the property depends upon the seller’s ability to purchase or lease suitable housing. The suitability is at the sole discretion of the seller; however, there is a date where the addendum is no longer enforced and the sale proceeds if the seller has not found suitable housing by that date.
Waiver of Inspection Rights Addendum
This form serves to remind buyers of their right to condition their offer upon a home inspection, and that in waiving this contingency, conditions may exist with the property which would have likely been revealed by a home inspection. Further, by signing the Waiver of Inspection Rights Addendum, the buyer acknowledges that they assume this risk and waive any claims against the Broker associated with the waiver.
Sight Unseen Addendum
This Addendum may be used in situations where a buyer chooses to submit an offer on a property without having physically seen the property. The Sight Unseen Addendum advises buyers that there may be aspects of the property that are different from what was expected, and which may have been revealed by viewing the property in person. This Addendum also releases the buyer’s broker, the listing broker, and the seller from any claims arising out of conditions that would have been apparent through an in person viewing of the property.
Seller Instructions Regarding Buyer Letters & Fair Housing Considerations Regarding Buyer Letters
MAR developed these two forms to help REALTORS® navigate conversations with buyers and sellers regarding personal letters from buyers. Each form serves to educate the client regarding the Fair Housing concerns related to the use of these letters.
The Seller Instructions Regarding Buyer Letters provides a streamlined approach for the seller to instruct their REALTOR® to not present personal letters from buyers.
The Fair Housing Considerations Regarding Buyer Letters allows a brokerage to provide notice to their buyer clients that they will not participate in the drafting or passing of personal letters from buyers.
Please Note: MassForms™ are available on a number of platforms, each of which have different processes for updates to the library. As a result, updates to the forms library may appear at different times. Questions related to these updates, or about any of MAR’s forms, may be sent to Catherine Taylor, firstname.lastname@example.org.