Ancillary Forms Roll Out in February 2017
On February 1, 2017, the Arizona Association of REALTORS® will release for use a revised Residential Resale Real Estate Purchase Contract (RPC), a sample of which has already been published for educational purposes. As a result of the revisions made to the RPC, changes will be made to a number of ancillary forms. An explanation of how those revised ancillary forms will be rolled-out is set forth below.
There are eleven (11) ancillary forms which have been revised in conjunction with the release of the February 2017 RPC and which will be replaced with an updated version as of February 1, 2017. Stated differently, effective February 1, 2017, the older version of the following ancillary forms will be removed and replaced with a revised version dated February 2017.
These ancillary forms are:
- Additional Clause Addendum
- Appraisal Contingency Notice
- Buyer-Broker Exclusive Employment Agreement
- Counter Offer
- Multiple Counter Offer
- Multiple Offer/Counter Offer
- Pre-Qualification Form
- Short Sale Addendum to Residential Purchase Contract
- Short Sale Addendum to Listing Contract
- Unfulfilled Loan Contingency Notice
- Critical Date List
The AS-IS Addendum dated September 2015 will be permanently removed on April 2, 2017 and will not be replaced with a revised version. After February 1, 2017, the AS-IS Addendum should only be used as a counter offer if: (i) the buyer mistakenly submits their offer via an outdated version of the RPC; and (ii) the seller wishes to proceed with an as-is sale.
While the eleven (11) aforementioned forms will simply be replaced with a revised version as of February 1, 2017, there are four forms for which the older version and the revised version will appear simultaneously in AAR’s various forms platforms.
Those four ancillary forms are as follows:
- Residential Seller’s Property Disclosure Statement
- Residential Buyer’s Inspection Notice and Seller’s Response
Two different versions of the Residential Seller’s Property Disclosure Statement (SPDS) and Residential Buyer’s Inspection Notice and Seller’s Response (BINSR) will be available for use from February 1 through February 15, 2017.
- The SPDS dated June 2014 should be used in conjunction with the February 2016 RPC
- The BINSR dated February 2011 should be used with the February 2016 RPC.
- Loan Status Update
- Buyer Pre-Closing Walkthrough
Two different versions of the Loan Status Update (LSU) and Buyer Pre-Closing Walkthrough (Walkthrough) will be available for use from February 1 through April 1, 2017.
- The LSU dated September 2015 should be used in conjunction with the February 2016 RPC
- The Walkthrough dated February 2013 should be used with the February 2016 RPC.
Two different versions of each of these four forms will be active within AAR’s forms platforms for the above-mentioned period of time. In order to assist REALTORS® while the two versions exist simultaneously, each form will have a cover page advising REALTORS® under what circumstances that particular version of the form should be used.
The older versions of the SPDS (2014) and BINSR (2011) will be removed from AAR’s forms platforms on February 16, 2017. Thereafter, the older versions of the LSU (2015) and Walkthrough (2013) will be removed on April 2, 2017.
To ensure that the February 2017 roll-out of the revised RPC and ancillary forms goes smoothly, please take the time to ensure that you are using the correct form. Use of the proper form and its most current version will best protect your interests, and those of your client.