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January 2016 Forms Update
Virginia Association of Realtors®
Legal Team
Before We Begin
Audience members will not have speaking capabilities on this webinar
We, however, encourage all attendees to submit questions through the question field on the Go To Meeting control panel
There will be a Q&A portion at the end of the presentation
All questions submitted through theGo To Meeting control panel are private; they cannot be seen by other audience members
Highlight significant changes to the forms that can affect your practice;
Provide you the web site address for a copy of the redline versions of the forms;
Answer a few FAQs we’ve received before the webinar; and,
Conduct a Q&A period for additional questions you may have.
What We’ll COVER
Background VAR generally releases forms twice a year: January 1 & July 1
Send suggestions to [email protected]
As forms are reviewed/updated, the footer date will be updated to include this information
The Standard Forms Subcommittee reviews all forms on a periodic basis.
If there are changes to the form, both the reviewed date & the revised date will be updated.
If there are no changes to the form, the reviewed date will be updated and the revised date will remain the same.
Revisions Available – VAR Website
Global Changes – Footers
Overview 12 forms were updated January 1, 2016:
The Listing Agreements:
1. 400 – Exclusive Authorization to Sell
2. 410 – Exclusive Authorization to Sell – Limited Service
3. 420 – Independent Contractor Listing Agreement
4. 975 – Exclusive Right to Lease
Overview 12 forms were updated January 1, 2016:
The Buyer Brokerage Agreements:
5. 450 – Exclusive Buyer Brokerage Agreement
6. 460 – Non-Exclusive Buyer Brokerage Agreement
7. 465 – Non-Exclusive Buyer Brokerage Agreement – Short
8. 920 – Tenant Representative – Independent Contractor
9. 980 – Exclusive Right to Represent Tenant
Overview 12 forms were updated January 1, 2016:
Others:
10. 800 – Referral Agreement
11. 1300 – Disclosure of Information for Lead Based Paint (Rental)
12. 1350 – Disclosure of Information for Lead Based Paint (Sale)
Listing Agreements
Standard Provisions – incorporated into body of agreement
Order of paragraphs
Opt Out of Internet – Social media marketing
Listing Agreements – Standard Provisions
Listing Agreements – Social Media
Buyer Brokerage Agreements
Order of paragraphs
Proofreading
Referral Agreement (Form 800)
Lead Based Paint (Rental)(Form 1300)
Lead Based Paint (Sale)(Form 1350)
Forms Update Resources
January 2016 Forms Update:
http://www.varealtor.com/forms-updates-January-2016
A summary of the changes;
Videos; and
Redline versions of the forms
Suggestions: [email protected]
®
Questions &Answers