Friday, January 3, 2014

Changes to the Contract for sale of Residential Real Estate in 2014

Thanks to Kenny Hubble for providing this helpful bullet list of all the changes in the 2014 Contract for sale of residential real estate!

Contract for sale of residential real estate: 2013

Tenant occupied properties:
Line 46 – “If the Property is to remain tenant occupied, then the parties should complete and attaché Rental Property Contract Rider MSC -2035”

Appraisal is not part of contract unless you attach rider MSC 2020:
Line 67 – “If Buyer’s performance under this contract is to be independently conditioned upon the Property appraising at a specified value, then Buyer should complete and attach to this Contract rider MSC – 2020”

Is a survey being asked for?:
Line 88 -  “MSC  2500 (Survey/Elevation Certificate Order Form) may be used...”

Line 115 – The term independent has been removed from the description of the inspector.  This should mean that as long as uncle Bob is a qualified electrician it does not matter that he is doing the inspection for his niece or nephew. 

Home Warranty:
Line 152 –MSC 2025  “A limited warranty or service agreement may also be available for purchase regarding the Property.” MSC 2025 

Line 168 – MSC 2045 “Buyer is encouraged to utilize form MSC 2045 Buyers Inspection Authorization to facilitate and coordinate the inspection process”

Section 9.  Loss; Condemnation:
Line 206 – Language added to direct you to use MSC 2510 if notice of property damage is needed.

Section 23.  Principals(s) Involved:
Lines 356-359  - Language added to include inserting the name of the licensee who is a real estate broker or salesperson, that is either party to this transaction, a principal of and/or has a direct or indirect ownership interest in Seller or Buyer, and/or is an immediate family member of Seller or Buyer.

Lines 380 and 381 -- Licensee assisting Seller license disclosure boxes have been changed:  Just an FYI this might be a hard change to get use to, please review.
Contract for sale of residential real estate: 2014 *with changes!*


Property Site: Classic 2 story colonial nestled...