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The first change to PAR’s Agreement of Sale is the addition of a new paragraph 9 called Change in Buyer’s Financial Status. This new language requires a buyer to inform a seller if the buyer’s financial status has changed in any way that would affect the buyer’s ability to purchase the property.
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The new PAR Standard Agreement for the Sale of Real Estate (ASR) is set for release in mid-to-late January. Print forms are now available for preorder and the electronic version will be available from the electronic form vendors around January 15.
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The revised form was recently approved by the PA Association of REALTORS®’s Standard Forms Oversight Committee and will require final changes prior to its publication.
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The agency types have been moved to the beginning of the form and are now in a paragraph format to improve the readability of the form. A space to fill in the license number has been added to clearly identify the licensee. There has been no change to the Oral Consumer Notice or the...
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OK, PAR does not have a Seller Financial Information form similar to the familiar BFI, but…should we? At a time when so many sellers are “short” or “upside-down” aren’t there compelling reasons for listing and selling agents to qualify sellers at the threshold of a potential listing or transaction?
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Wednesday, Feb. 8, 2012
