2011 AAR Miscellaneous New and Revised Forms

By AAR General Counsel K. Michelle Lind
Posted January 2011

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
These forms will go live on zipForm® as of February 28, 2011.

The Miscellaneous Forms Workgroup was chaired by Martha Appel and included Larry Hibler, Jim Amdahl, Kathy Sanford, Paula Serven, Liz Echeverria and AAR staff Christina Smalls and Jan Steward. This group worked on five miscellaneous forms: Multiple Counter Offer, Multiple Offer/Counter Offer, Counter Offer, Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) and Short Sale Addendum to the Residential Resale Real Estate Purchase Contract.

TheMultiple Counter Offer form was revised to clarify when the seller was agreeing to the terms of the Multiple Counter Offer or submitting an additional counter offer. The Multiple Offer/Counter Offer form is a new form that essentially mirrors the Multiple Counter Offer form. This form is intended for use by buyers making offers on multiple properties.The Counter Offer form, which has remained unchanged since 1996, was revised for consistency with the Multiple Offer/Counter Offerand Multiple Counter Offerforms. The acceptance language in all three forms now references the Notice section of the Contract (Section 8m) for acceptance delivery purposes.

The Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) form was expanded to three pages by adding additional lines. The additional lines were added to respond to members comments that more space was needed for a seller to respond to a buyer’s notice of items disapproved.

A small but significant revision was made to the Short Sale Addendum to the Residential Resale Real Estate Purchase Contract.The line in the Short Sale Addendumrequiring the buyer to pay all loan costs was removed because it is becoming more common that the seller will pay some loan costs in a short sale transaction. As a result, the parties responsible for paying loan costs in a short sale transaction will be as set forth in the Contract. As an aside, a short sale workgroup will be formed in the near future to again discuss AAR’s short sale forms, as well as other issues arising from this type of transaction, and recommend any actions that AAR might take to make a positive impact on the industry in this regard. 

AAR General Counsel Michelle Lind is a State Bar of Arizona board certified real estate specialist and the author of Arizona Real Estate: A Professional’s Guide to Law and Practice. 

This article is of a general nature and may not be updated or revised for accuracy as statutory or case law changes following the date of first publication. Further, this article reflects only the opinion of the author, is not intended as definitive legal advice and you should not act upon it without seeking independent legal counsel.