Forms Changes and Training
The North Carolina Association of Realtors® (NCAR) Forms Committee has worked with the N.C. Bar Association over the past few years to create a "new and improved" residential Offer to Purchase and Contract form for use by N.C. Realtors®. This new form must be used by licensees beginning Jan. 1, 2011.
One of the most significant modifications is the elimination of both Alternative 1 and Alternative 2, including the concepts of “Repair Notice Date,” “Cost of Repair Contingency” and the phrase “shall be performing the function for which intended and shall not in need of immediate repair.” These 'Alternatives' and concepts have been replaced with a period of time in which the buyer may perform any due diligence they desire. The Offer to Purchase and Contract form has been reorganized so as to group related provisions in a more logical presentation.
For more details about the revised Offer to Purchase and Contract form, see the July-September 2010 issue of NCAR’s Insight magazine.
View a copy of the revised Offer to Purchase and Contract form.
Watch a video by Will Martin, NCAR General Counsel, discussing changes to the Offer to Purchase and Contract.
The Mandatory Update course for the current continuing-education (CE) season addresses the changes to the Offer to Purchase and Contract form in detail.
View information on the new “Active Due Diligence” status and other new fields which came to TEMPO™ in mid-Dec. in response to changes in the contract.
If you have questions regarding NCAR’s standard forms and the new Offer to Purchase and Contract, NCAR legal counsel can provide general guidance through Risk Watch. Call NCAR’s office and ask for Risk Watch from 2-5 p.m., Monday through Friday. Call 1-800-443-9965 or 336-714-0331.
The Joint Forms Task Force has released profession-specific informational documents regarding the changes to the Offer to Purchase and Contract: Attorneys, Lenders, Appraisers, Home Inspectors
Language regarding loan as part of Buyer Due Diligence Period vs. Language regarding loan as part of Paragraph 5(c)