Today, the Cincinnati Area Board of Realtors/Dayton Realtors announced that it will be issuing a new form purchase agreement for residential transactions on September 1. The new form has been in the works for more than a year now.
From their release, here are some of the major changes in the new form:
Time is of the Essence: All dates and time-frames are “of the essence” throughout the contract, with a special provision for the closing date.
Earnest Money: No more separate dates for submitting the earnest money for deposit and notifying the listing agent. There is one time-frame for doing both (default is 3 days). There is also a provision to address non-real estate brokers holding the earnest money, as the laws pertaining to its handling by real estate brokers does not apply to non-real estate brokers.
Inclusions/Exclusions: The default for appliances, such as refrigerators, ovens, etc. is for all to be included in the sale, unless they are specifically excluded in Section 6b. Surveillance, monitoring and security system items are also addressed, including cameras and controls. Doorbells are also specifically listed as being included in the sale.
Seller’s Certification: The Seller’s certification has a new look and a new item pertaining to the Foreign Investments in Real Property Tax Act.
There are changes to the HOA and financing sections that clarify seller and buyer responsibilities and timing.
A significant change has been made to the Inspection Contingency. The buyer will no longer be able to “walk away” without providing the seller the opportunity to correct material defects – with few, specifically defined exceptions. And, the seller is required to respond to the buyer’s request for repairs within the time-frame specified or be deemed to have agreed to make all requested corrections.