Summary of Form Revisions - March, 2007

Summary of Form Changes

March 30, 2007

Several new and revised forms have been made available as of March 30, 2007. Here is a summary of the changes.

Form #1313 - Washington, DC Jurisdictional Addendum

  • Most importantly, "Time is of the Essence" language has been added to this form. Time is of the Essence language is defined as language that "binds one party to performance at or by a specified time in order to bind the other party to performance." This language means that agents, buyer and sellers need to pay close attention to dates in the contract.
  • Additionally, a new paragraph will be added to clarify paragraph 26D ("Default") of the Regional Sales Contract. This language clarifies a situation in which there is no appraisal contingency or the appraisal contingency has been removed and the buyer then is turned down for financing based on a low appraisal.
  • The "Underground Storage Tank" paragraph is now relocated to the signature page.
  • The references to types of agency in the "Notices" paragraph have been changed to reflect agency as it exists in Washington, DC only.
  • A definitions paragraph has been added.

Form #1312 - MC Jurisdictional Addendum

  • The references to types of agency in the "Notices" paragraph have been changed to reflect agency as it exists in Maryland.
  • Paragraph 6 ("Buyer Agent") was deleted as it is unnecessary and legal counsel has recommended its removal.
  • A definitions paragraph has been added.
  • Paragraph 11 ("Loan Application and Approval") has been revised to conform to the language in the revised Regional Sales Contract. This also includes language for Seller Subsidy.
  • Additionally, a new paragraph will be added to clarify paragraph 26D ("Default") of the Regional Sales Contract. This language clarifies a situation in which there is no appraisal contingency or the appraisal contingency has been removed and the buyer then is turned down for financing based on a low appraisal.

Form #1350 - Multi Unit Sales Form

This form is a brand new form created to address the sale of 2 or more units in Montgomery County and DC. This form is not designed for use with commercial transactions. The form is an adaptation of the new Regional Sales Contract. The resulting document is meant to be free-standing without the need for a jurisdictional addendum.

Form #913 - Washington, DC HOA Addendum

While there is no statutory regulation in the District addressing homeowner's association information and documents, there are more HOAs being created in Washington, DC. This form gives buyers the right to essentially the same information they receive for a condominum, or for an HOA in MD. It is an issue of full disclosure from a seller to a buyer.