The publication of the new PAR Standard Agreement for the Sale of Real Estate ^[1] (ASR) has had some delays but the form is now at the printer and is expected to begin shipping March 1.

“We’ve had some last-minute changes and we want to ensure the form is legally compliant and meets the needs of our members,” said Mike Barth, PAR’s standard forms specialist.

Electronic vendors have started to post the e-forms and all vendors are expected to have the new form online by March 1. The previous ASR is still acceptable to use for transactions.

A sample of the new form and the Guidelines for Preparation and Use ^[2] (PAR login required) are available on PAR’s web site.

The revised Agreement of Sale incorporates some major changes: an expanded broker box; updated mortgage contingency paragraph and a new format for handling inspections. It also has a reduced default time for inspections of 10 days. In response to the new Real Estate Licensing Registration Act (RELRA) changes, the form incorporates a change in language to dictate what will happen to escrow monies in the event of a dispute.

The Lead-Based Paint Disclosure Form (PAR Form LPD ^[3]) is being released with the Agreement of Sale and replaces the previous Lead Paint Addendum. The Oil, Gas and Mineral Rights Addendum (PAR Form OGM ^[4]), which was developed to explain what surface and subsurface rights are included in the sale, is available now.

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