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 forms@varealtor.com

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: forms@varealtor.com

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Questions &Answers