Regional Form Committee Changes
The West Michigan Regional Forms Committee, made up of multiple local REALTOR® Associations from across the region, has revised several forms to improve clarity and effectiveness. These changes are designed to enhance the real estate transaction process for both buyers and sellers. Here are some of the key revisions:
Purchase Agreement Changes:
- Binding Offer: An offer is binding once the seller accepts it and provides written notification to the buyer, or when a counter-offer is accepted.
- Title Insurance: The seller can no longer terminate the agreement based on the buyer’s proposal to correct title issues. This change preserves the option to proceed to closing.
- Offer Expiration: Language regarding offer expiration has been moved from Paragraph 24 to a more prominent location, Paragraph 31, for better clarity.
- Earnest Money Deposit: A new clause requires a written disbursement agreement for earnest money if a sale fails due to a contingency not being met.
- Seller Possession After Close: A new “Temporary Occupancy Amendment” clarifies details around seller possession after closing, including occupancy periods, fees, and responsibilities. It is now optional but recommended for clarity.
Form Updates:
- Temporary Occupancy Amendment: The form name has changed, and the signature blocks have been reformatted to align with the revised Purchase Agreement.
- Seller Impersonation Scams: A new educational document has been added to raise awareness about seller impersonation scams, providing guidance on identifying red flags and reporting fraudulent activity.
Look for these newly updated forms in the ‘West Michigan Regional Group’ form libraries in Zip and DotLoop.
