Summary of Form Changes, May 2005

Withdraw from Market (Form #918) 

This form should be used when a Seller wishes to take a property off the market prior to the termination of the listing agreement.

Listing Agreement (Form #910) 

Paragraph #21 - Authority to Disclose Existing Offers
  • Added "the existence of" to both checkbox options

Takoma Park Lease Addendum (Form #1212) 

  • Added Paragraph #14 to comply with recent legal changes regarding air conditioning in rental units in Takoma Park

Some Information Relative to the Purchase of Real Estate (Form #1318) 

Added Paragraph #5 - Property Taxes
  • Added language to advise buyers of possible significant increase in property taxes

Buyer Agency Agreement (Form #1341) 

  • After this form was approved in December 2004, there was some concern that the form was inconsistent with how some agents charge for their services. Upon further review by the committee, it was determined that GCAAR could not establish listing and buyer agency agreements that address all the various fee structures.
  • Title - Slight change to indicate jurisdictions to which this form applies.
  • Paragraph #1 changed "terminates" to "expires" to be consistent with language in the listing agreement.
  • Paragraph 7 (A) - Eliminated wording which required advance fees to be refunded if settlement did not occur.
  • Paragraph 7 (B) - Removed hourly fee provision from methods of paying broker.
  • Paragraph 7 (D) - Added a provision to difference in compensation agreed upon and compensation received whereby broker would retain any amounts above agreed-upon amount as paid by seller.
  • Paragraph 7(F) - Administrative Fee was deleted based on legal counsel's advice and potential antitrust concerns.

First Time Maryland Hombuyer Transfer and Recordation Tax Addendum (Form #1335) 

  • We made a few general modifications to help with the flow of language and to bring the format into compliance with GCAAR protocol.
  • We added the language, "THE SELLER SHALL STILL PAY THE NON-WAIVED PORTION OF THE STATE TRANSFER TAX", to paragraph III, to address the confusion in many transactions wherein some of the parties or agents believe that the election made in this paragraph governs who will pay the Maryland State Transfer Tax. In fact, the payment of that tax is governed by paragraph II by virtue of a recital of the law. Thus, we hope that with this modification there will be no mistake that whatever the parties agree to in paragraph III, the seller, absent a modification to this addendum, will still pay the 1/4% non-waived portion of the Maryland State Transfer Tax.