FORM CHANGES - FEBRUARY 2011

Overview of 2011 Form Changes

New & Revised Forms Will Launch February 28, 2011

By AAR General Counsel K. Michelle Lind
Arizona REALTOR® Magazine - February 2011

Form revision and development is within the purview of the AAR Risk Management Committee (“RMC”). If a form revision request is approved by the RMC, a chair is selected and a work group is formed to draft the language to implement the requested change. Once the workgroup finalizes the draft form, it is submitted for approval by the RMC. Once approved by the RMC, the forms are submitted for final approval by the AAR Executive Committee. AAR’s form revision and development process may sound unduly burdensome. However, the process is intended to ensure that the forms are fully vetted, practical for use by the members and legally sound.

AAR member volunteers have collectively invested hundreds of hours of their time in the creation of these forms. AAR owes a debt of gratitude to all of the members involved and a special thanks to 2010 RMC Chair John Foltz, Residential Forms Workgroup Chair Jim Sexton and Miscellaneous Forms Workgroup Chair Martha Appel.

AAR continually strives to provide its members with the best real estate forms available so that they can achieve the association’s vision: REALTORS® . . . the best prepared real estate professionals with the highest standards.

2011 Residential Resale Real Estate Purchase Contract

• Article: Revisions to the Residential Resale Real Estate Purchase Contract
  • Webinar on the Revisions (42 min 14 sec)
    NOTE: After the recording of this webinar “mortgage insurance” was added to line 18 of the Pre-Qualification form and line 27 of the Loan Status Update.
    Having trouble viewing the webinar? You may need to download the GoToWebinar codec.  
• FAQ: Financing Section of the Residential Resale Real Estate Purchase Contract
• Sample Form: Residential Resale Real Estate Purchase Contract
  • Sample Form – with Additions Highlighted in Yellow
  • Sample Form – with Deletions Noted in Red

• FAQ: Pre-Qualification Form
• Sample Form: Pre-Qualification Form

• FAQ: Loan Status Update
• Sample Form: Loan Status Update

2011 Miscellaneous New and Revised Forms

• Article: Miscellaneous New and Revised Forms

• Sample Form: Multiple Counter Offer
• Sample Form: Multiple Offer/Counter Offer
• Sample Form: Counter Offer
• Sample Form: Residential Buyer's Inspection Notice and Seller's Response (BINSR)
• Sample Form: Short Sale Addendum to the Residential Resale Real Estate Purchase Contract

 
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