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February 2009 Revised Forms

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

Real Estate Agency Disclosure and Election Form (1/06)
  • 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

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

Loan Status Update
  • 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.

Lead-based Paint Disclosure (Sales)
  • 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.

Lead-based Paint Disclosure (Rental)
  • 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.



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