Vacant Land Contract, Seller's Property Disclosure, Extension Addendum and Contract for Residential Sale and Purchase Updates

Henrique · August 20, 2019, 11:44am

The following forms have been updated and changes will take effect on August 20, 2019.

Vacant Land Contract (VAC-12) – This contract had several changes, including the addition of Consumer Financial Protection Bureau (CFPB) language and municipal lien and estoppel fee(s) costs allocation.

Additionally, a new addendum, “Back-Up Contract,” was created for use with the VAC. As a result of creating a Back-Up Contract addendum for the VAC, a new section was included in the contract for Addenda, which includes the “Back-Up Contract” addendum and “Other” as options.

Seller’s Property Disclosure – Residential – Two sections were updated with additional questions. One section’s update asks about any defects to the water systems, septic system, drain fields or wells. Another section asks whether the property is subject to any Property Assessed Clean Energy (PACE) assessment.
Extension Addendum – This form was clarified to refer to the “effective date” of a contract instead of a “contract dated” date, as the contract could have been dated by the parties on different dates. Additionally, the contract names were corrected/updated as some terms within the contracts have changed (i.e., loan commitment was changed to loan approval).
Contract for Residential Sale and Purchase (CRSP), Addendum L – This addendum for the CRSP contract was updated to clarify that, in the event the buyer timely terminates, the deposit is to be returned to the buyer.