Summary of Form Revisions - Oct. 2006

Form #911 — Inclusions/Exclusions Addendum
Summary of Revisions
October 2006

  • New Part I includes a checklist of items which mirrors the list in the Personal Property and Fixtures paragraph of the Regional Contract (GCAAR Form #1301).

  • New Part II can now be used to create an addendum to the sales contract. Use of this section creates an addendum that overrides the Personal Property and Fixtures paragraph in the Regional Contract or the Inclusions/Exclusions paragraph of the MAR Contract (GCAAR Form #1300).

 

Form #914 — Seller's Estimated Settlement Costs
Summary of Revisions
October 2006

Under Transfer and Recordation Charges

  • Changed Washington DC Transfer Tax Rate to reflect legislative change

  • Added verbiage to clarify that rates apply to residential use properties

 

Form #1300 — MAR Residential Contract of Sale
Summary of Revisions
October 2006

  • The format has been revised. A chart below details old/new sections. Some substantive changes have been incorporated, and a separate chart contains those particular emendations. Of particular note, the Broker information is moved from the front of the contract to the back, and is expressly made for informational purposes only. Those former paragraphs that required the parties to fill in, sign, or initial have all been moved to the front of the contract. The remaining notices have been reorganized according to relevance and are located after the provisions requiring action.

  • The date changes from "10/05" to "10/06" noted on all pages

    Paragraph Changes:
       Old Paragraph    New Paragraph
    1 1
    2 2
    3 3
    4 4
    5 6
    6 8
    7 5
    8 23
    9 24
    10 22
    11 18
    12 21
    13 31
    14 28
    15 27
    16 33
    17 34
    18 7
    19 9
    20 10
    21 11
    22 19
    23 9 (incorporated into)
    24 13
    25 Deleted
    26 26
    27 25
    28 35
    29 50
    30 32
    31 27 and 38
    32 49
    33 47
    34 40
    35 43
    36 20
    37 44
    38 29
    39 46
    40 14
    41 42
    42 41
    43 39
    44 12
    45 16
    46 15
    47 45
    48 17
    49 51
    50 53
    51 54
  • Substantive changes within Contract (references to new paragraphs):
    • Para.9 - Expressly makes Buyer's obligation to purchase contingent on obtaining financing.
    • Para. 10 - Clarifies that Buyer only required to make "a" written application for financing.
    • Para. 10 - Buyer, upon written verification and notice to Seller, may declare Contract null and void upon failure to obtain financing.
    • Para. 23 - Deleted FHA language to conform to new FHA rules.
    • Para. 48 - Added Notice of Military Installation to comply with new law.
    • Para. 52 - Added Computation of Days as numbered paragraph.
    • Para. 54 - Added digital image as accepted form of electronic delivery.

  • The copyright has changed from 2005 to 2006.

  • Equivalent changes made to Unimproved Land Contract and paragraph numbers are consistent to extent possible.

 

Form #1336 — Buyer's Estimated Settlement Costs
Summary of Revisions
October 2006

  • Changed Washington DC Transfer Tax Rate to reflect legislative change
  • Added verbiage to clarify that rates apply to residential use properties