As noted in last week’s Broker Corner2021-gar-contract-changes-part-1.html, the 2021 GAR contract changes are final. Last week the changes to the Listing Agreement were summarized. This week we will cover the changes to the Buyer Brokerage Agreement and the Purchase and sale Agreement. For additional detail, please see the RMAA Hub Resources Library for a Power Point of Missy Robinson’ s class on the changes. The new forms can also be found in the Resources Library. There will be additional classes on the changes to the forms. We highly recommend that you register and attend!
Important changes to the Buyer Brokerage Agreement:
Important Changes to the Purchase and Sale Agreement:
Note that there are other miscellaneous changes in the Purchase and Sale Agreement, including renumbering and content location changes. Please review the new Purchase and Sale Agreement before using it.
There are miscellaneous changes and updates to the New Construction PSA and the New Construction Exhibit.
There are several new forms that are welcome additions to the GAR Forms. Please review them.
Next week we will summarize changes to Disclosures, Exhibits and Authorization.
The January 2021 GAR contract changes are final. A Power Point of the changes, written by Missy Robinson of Chicago Title, is posted in the RMAA Hub in the Resources Library. There are new forms as well which can also be found in the Resources Library. Important changes to the agreements will be covered here over the remaining weeks of December. Please be sure to review the changes and new forms before using them for details.
Important changes to the (former) Listing Agreement:
Next week we will summarize changes to the Buyer Brokerage Agreement and the Purchase and Sale Agreement.
Low inventory and high demand have driven highly competitive multiple offer situations. To distinguish themselves, buyers often send sentimental letters and photographs to sellers to promote and distinguish their offer as the one to accept. It is important to keep Fair Housing laws in mind, however, whenever your client either sends or receives a letter.
Do not allow a photo to be included.
Including a photo of a buyer with a letter to a seller almost inherently violates fair housing laws. A photo can pull the Seller’s heartstrings, but it can also show race, color, family status or other features of being in a protected class. This does not just impact the sellers who viewed the photo or the buyers who submitted it, but the real estate licensees who are involved in the transaction. All are culpable under state and federal laws. If you receive a letter to a seller with a photo, inform the sender that the photo cannot be included. If the buyer won’t remove it, you should.
A letter itself may not violate fair housing laws – unless it does.