Summary of Form Revisions - Oct. 2005

Summary of Changes to the
MAR Residential Contract of Sale - Form 1300
October, 2005

Revisions from: Revision #9 10/04 to 10/05

General Changes

  • Form has eliminated "revision #'s." Now only lists date (Month/Year)
  • The date changes from "10/04" to "10/05" noted on all pages
  • The copyright has changed from 2004 to 2005.

Paragraph Changes

  • NEW Paragraph #33 - Criminal Activity and Sexual Offenders - This paragraph has been added to provide information to the Buyer on how to ascertain criminal activity or the presence of registered sexual offenders in the vicinity of the property.

  • Old Paragraphs # 33 through 50 - Now become paragraphs #34 through 51 due to the inclusion of the new paragraph #33.

  • Old Paragraph #44 - Lead-Based Paint Hazards - Now new paragraph #45. This paragraph is now broken down into two separate sections. Attempts were made to help clarify this section by formatting information in a more readable format. Old paragraphs B & C have been changed and reworded for a more logical sequence and readability.

 

Summary of Form Revisions
October 26, 2005

Home Owners Association forms:

HOA - Sellers Delivery and Buyers Receipt of Substantial Amendments Form 906(formerly Form 1325)

  • Title of the form makes it clear as to its purpose
  • The form now becomes a Disclosure from the Seller, who must now initiate delivery of any HOA changes to the Buyer
  • Paragraph #4 clearly lays out Buyer's right to cancel
  • Acknowledgement of receipt now made by the buyer and not by the agent

Home Owners Association Resale Addendum for Maryland Form 1323 

  • Title of the form changed to clearly indicate its purpose
  • States Buyer's right in the sub-heading of the form

HOA - Sellers Disclosure and Transmittal of Documents to Buyer for Resale Homes in Maryland Form 904(formerly Form 1324)

  • Title of the form changed to clearly indicate its purpose
  • Paragraphs #4 and #5 have check boxes
  • Paragraph #12, Right to Cancel, is added

 
Condominium Association forms:

Condominium Resale Addendum for Washington DC Form 1354(formerly Form 122)

  • Paragraph #3, Assessments, has been amended to include more information on any special assessments which may exist
  • The paragraph provides for check boxes to indicate whether buyer or seller will pay these assessments
  • Paragraph heading for new Paragraph #7, Right to Cancel, has been added and the wording shortened and simplified
  • Seller and Buyer signature lines replace initials

Condominium Resale Addendum for Maryland Form 1328(formerly Form 1304E)

  • Paragraph names, numbering, and format have been added to parallel that of the Washington DC Condo resale addendum
  • Paragraph #1, Condition of Property, has been added
  • Paragraph #2, Deed and Title, has been added
  • Paragraph #3, Assessments, has been amended to provide disclosure of special assessment information and check boxes to indicate who will be responsible for them
  • Cancellation paragraph title has been added

Sellers Statement and Buyers Receipt of Information for Maryland Resale Condominiums Form 922(formerly Forms 1304A and 1304D)

  • By combining two previously separate forms, this condominium form parallels the format of Form 904 (old Form 1324) which provides for a Seller to disclose HOA information and for a Buyer to acknowledge its receipt.
  • The form now becomes a Seller's Disclosure of knowledge regarding the Condominium
  • Seller's Disclosure is signed prior to Buyer's receipt of the condo documents
  • Buyer must acknowledge receipt of both the Disclosure and the documents
  • Paragraph #4, Right to Cancel, is added

 
Cooperative form:

Cooperative Resale Addendum for Maryland and Washington DC Form 1356(formerly Form 126)

  • Paragraph #4, Price and Financing, has been amended slightly for layout and clarification
  • Paragraph #5, Recognition Agreement, has been re-written to provide a contingency for the Seller to void the contract in the event Buyer does not secure financing in the agreed-upon time period with a lender which has failed to secure a Recognition Agreement with the Coop Association. It also provides for the Buyer to void the contract after the financing deadline if no lender has entered into a Recognition Agreement.
  • Paragraph #6, Assessments, has been re-written to parallel those of the condominium forms and provides for full information on special Assessments and who shall be responsible for them
  • Paragraph #9, Cooperative Documents and Statements, adds a 10-day deadline for Seller to provide the Coop documents
  • Paragraph #10, Right to Cancel, is added using language previously in Paragraph #9
  • In addition to existing language allowing a 3-business day right to review the documents, Paragraph #10 also provides for the time period for Buyer's review to begin at contract ratification if the documents were provided to him prior to entering into the contract.

 

Summary of Form Revisions
October 6, 2005

Montgomery County Jurisdictional Addendum New Form #1312(Formerly #1300A)

  • Notices Paragraph - Added a sentence stating that the provisions of the Notices paragraph apply to condominiums, cooperatives and homeowner associations.
  • Added a Paragraph on Critical Areas requirements (new paragraph #20. A separate critical areas addendum is no longer needed when using the Regional Contract.)

Washington, DC Jurisdictional Addendum New Form #1313(Formerly #114)

  • Notices Paragraph - Added a sentence stating that the provisions of the Notices paragraph apply to condominiums, cooperatives and homeowner associations.
  • Deleted Paragraph # 10 - Interest Bearing Account. The paragraph was redundant with paragraph #9 in the Addendum of Clauses.

Addendum of Clauses Form #1332

  • Paragraph #1 - Home Inspection Contingency - Added reference to GCAAR Home Inspection Notice form so agents know there is a standardized form that can be used
  • Paragraph # 8 - Changed title of Paragraph to "Holding Deposit Check"
  • Paragraph # 9 - Interest Bearing Account - Deleted reference to Social Security Number; Added a sentence pertaining to W-9 forms
  • Paragraph #10 - Appraisal Contingency - Revised language and added reference to GCAAR Buyer's Appraisal Notice
  • Notices Paragraph - Added a sentence stating that the provisions of the Notices paragraph apply to condominiums, cooperatives and homeowner associations.

Buyer's Appraisal Notice Form #1334

  • This form is designed to facilitate initial negotiations when certain terms of the Appraisal Contingency have been invoked.