February 2009 Revised Forms

The following are the changes that were made to the revised forms released on February 1, 2009:

• Added language to line 3 (in bold): Before a Seller or Landlord (hereinafter referred to as “Seller”) or a Buyer or Tenant (hereinafter referred to as “Buyer”).
• Added language to line 33 (in bold): Buyer or Tenant Election
• Added language to line 39 (in bold): Seller or Landlord Election

• Language added to lines 18-19: In the event of a breach of contract, review Section 7b through 7e and consult independent legal counsel.

• Added line 12 in the Documentation section: Buyer has locked the interest rate and points by written agreement.
• Added line 15: If yes, list conditions:_________________________________
• Added additional lines 16-19.
• Added section for lender name, address, phone number, fax number and email address.

• Changed the format.
• Added line numbers.
• Added “Buyer’s Initial’s Required” lines to the Buyer’s Acknowledgment section on lines 28, 30, and 36.
• Seller’s/Buyer’s/Agent’s Initials sections moved to the right hand margin.

• Changed the format.
• Added line numbers.
• Landlord’s/Tenant’s/Agent’s initial lines moved to the right hand margin.

 

The following disclaimer will be added to all AAR forms:

The pre-printed portion of this form has been drafted by the Arizona Association of REALTORS®. Any change in the pre-printed language of this form must be made in a prominent manner. No representations are made as to the legal validity, adequacy and/or effects of any provision, including tax consequences thereof. If you desire legal, tax or other professional advice, please consult your attorney, tax advisor or professional consultant.