January 1 is normally a day for football, black-eyed peas, and greens (if you follow southern traditions). It’s also the day for standard forms updates!
Virginia REALTORS® typically releases forms updates twice a year: once on January 1, and again on July 1. The July 1 releases typically include any changes that resulted from that year’s General Assembly session, as most new laws take effect on July 1.
This year we had 14 forms that changed, and we had no brand-new forms. Below, you’ll find a synopsis of what’s new. If you want to see the actual redline changes, click here.
- We updated all of our amendment documents (1810A through 1810D) with a new field to show the date the amendment was entered into. Previously, the only date field was for the date the original agreement was entered into.
- We also updated both of our lead-based paint acknowledgement forms (1300 for rentals, 1350 for purchases) to spell out the URL where you can access the EPA’s pamphlet on lead poisoning prevention. If you are viewing the form online in a PDF, you can also just click on the link to take you directly to the website.
- We updated the lease, form 200, to add a new section in Paragraph 34 that allows the parties to agree on a guarantor for the lease. The parties can put down the guarantor’s name and initial that they agree with the choice.
- Speaking of guarantors, we edited the Guaranty of Lease form (Form 230) so that the Electronic Signature paragraph reflects that only the guarantor needs to initial. Previously it asked for both parties’ initials when there is only one party to the agreement, so we wanted to clean up the grammar.
- Form 600, our Residential Contract of Purchase, got two updates. First, we added language to paragraph 5(b)—the financing paragraph—clarifying that if the Purchaser doesn’t default under that paragraph but still does not obtain financing, the Purchaser will receive the deposit back. We also added sections for the agent’s cell number on the information page at the end of the form.
- We updated the Notice of Termination of Contract form (Form 660) to clarify that the parties may execute a release to disburse the deposit, but it is no longer required to do so. This reflects a law change in 2018 that allowed for a broker to disburse an EMD if it was allowed under the clear terms of the contract.
- The New Home Contract now has a notice to the purchaser that he or she has a choice of settlement agent and settlement services. This requirement from the code brings Form 670 in line with our purchase contract, as we used the same language.
- Form 1000B, Possession by Seller Agreement, now clearly states that the seller will deliver keys and/or access codes and alarm codes to the Purchaser at settlement. We also added an electronic signature paragraph.
- There were two updates to property management forms. First, the residential PM agreement (Form 900) now has language regarding audio and/or video surveillance in the property. The paragraph protects the broker from any liability resulting from a recording.
- The Termination of PM Agreement (Form 900A) has two updates. There are now fields to show the effective date of the termination, in case that is different than the date the termination is signed. Second, we added language clarifying that the Agent may use funds left in the Owner’s Maintenance Account to satisfy any obligations incurred under the Property Management Agreement, not just the ones listed in the termination.
Remember that most of these updates came as the result of requested from our members. If you have an idea for a new form, or for an edit to a current form, please email us at email@example.com. We review every request with the Standard Forms subcommittee.