A committee of the Cincinnati Area Board of Realtors has worked overtime to develop yet another version of the standard Board Contract, this one containing primarily technical changes to the form instrument used by most Realtors in the greater Cincinnati area. This new version is effective and in circulation August 1, 2015. It is a solid product.
The prior version of the Board Contract was effective January 1 of this year. All of the material changes in that contract (discussed in this blog entry) have survived into this version.
The new changes include:
- Language changes to reflect the Closing Disclosure requirements in the new CFPB regulations effective October 1;
- Clarification as to Homeowners Association Fee amounts;
- A checkbox now accompanies the option for buyer’s funding $300 towards the cost of an Owner’s Policy of Title Insurance;
- A checkbox has been added for waiver of seller payment of Current Agricultural Recoupment;
- A detailed clarification of the tax proration; and
- The contract now includes the deed grantee name.
The Board has spent a tremendous amount of time on revising the form contract for use throughout the Cincinnati-Dayton marketplace, and most Realtors are now using this current form.