WASHINGTON, D.C. – September 16, 2013 – (RealEstateRama) — The Michigan Association of REALTORS® (MAR) will debut comprehensive REALTOR® forms revisions at next week’s Annual Convention and Expo in Mt. Pleasant. The forms revisions conclude several years of compiling member, legal and association contributions to update, improve and standardize the forms.
Spearheading the project were Gail Anderson, an attorney with McClelland & Anderson, LLP and Brian Westrin, the MAR’s Legal Affairs Manager. According to Westrin, the impetus for the forms revamp was prompted by both the many changes in the industry over the past several years and REALTOR® comments.
“More than anything, the evolution of the way business is done required that revisions be made. For instance, all revised forms have now been set up for potential electronic signature and electronic delivery,” Westrin noted, adding, “MAR and its Legal Counsel have also been documenting member input regarding MAR forms so when it came time for a large scale revision to the forms, the MAR Forms Committee implemented many of the suggested changes.”
The new forms offer several changes that enhance and simplify use including:
1. A uniform format from one form to another.
2. All forms are now “plain English” eliminating the legalese and referring to statutes by the commonly used description rather than citation.
3. Clarification of form language that members indicated was confusing.
4. Design of all forms for electronic signature and electronic delivery.
5. Elimination of outdated witness requirements.
6. Creation of separate “designated agency” versions of listing contract, buyers agency contract, short form of buyers agency contract, and dual agency contract, eliminating the cumbersome use of addenda with the other conventional forms.
Overall, Westrin explained, all of the changes and additions were made to improve ease-of-use for REALTORS® helping them to better serve their clients. “It is our hope that the form revisions will go a long way to address many of the questions raised by members since the last revision. We believe the new forms are cleaner and clearer – which is better for business.”
The new forms include:
BB – Exclusive Listing Contract – Designated Agency
JJ – Exclusive Buyer Agency Contract – Designated Agency
UU – Exclusive Buyer Agency – Short Form – Designated Agency
PP – Dual Agency Agreement – Designated Agency
The updated existing forms include:
A – Buy and Sell Agreement
E – Mutual Release of Buy and Sell Agreement
B – Exclusive Listing Contract – Traditional Agency
J – Exclusive Buyer Agency Contract – Traditional Agency
U – Exclusive Buyer Agency – Short Form – Traditional Agency
M – Notice of Buyer Agency
P – Dual Agency Agreement – Traditional Agency
SS – A – Short Sale Addendum to Buy and Sell Agreement
SS – B – Short Sale Addendum to Listing Contract
The electronic versions of the forms will be rolled out on October 1 by MAR exclusively on ZipForm at http://www.mirealtors.com/content/MemberBenefits.htm#ZipForms with printed forms phased in by January 1, 2014. In the interim, the new and revised forms are not mandatory and render no forms obsolete so REALTORS® can continue using forms they have in stock until their supplies run out.
