On July 1, 2020, Virginia REALTORS^® will update five forms and add two new forms.

1.    Form 600 – Residential Contract of Purchase

The Condominium Disclosure (Paragraph 22) and Property Owners’ Association Disclosure (Paragraph 23) paragraphs were updated in light of a law passed by the 2020 General Assembly.

2.    Form 600A – Release of Contract

A new paragraph for additional terms was added. This allows for the parties to include any other negotiated terms or limitations as part of the release of contract.

3.    Form 600K – Walk-Through Inspection Form (Purchase) – NEW

This new form is intended to help during the buyer’s pre-settlement walk-through. The form reminds the parties of the obligations set out in the contract, including where in the contract such obligations can be found, allows the buyer to indicate what was inspected, and then agree that the property is in the correct condition or indicate what items need to be repaired.

4.    Form 600L – Limited Access Addendum – NEW

This new form is intended to grant the buyer limited access to the property prior to settlement to begin decorations or to store personal property in the house. The form starts with a bold paragraph clearly stating that the addendum does not give the purchaser the right to occupy or take possession of the property.

5.    Form 650 – Unimproved Land Contract

The Condominium Disclosure (Paragraph 22) and Property Owners’ Association Disclosure (Paragraph 23) paragraphs were updated in light of a law passed by the 2020 General Assembly.

6.    Form 1700 – Independent Contractor Agreement

This form has been extensively updated in light of recent court cases, changes in the law, and industry best practices. Because of the extensive changes and some of the new changes, a cover page was added to the form to provide brokers with additional information to ensure that the necessary policies were in place for the firm.

This form is intended for use between real estate licensees and firms. Changes were made throughout the form to make it clear that the salesperson is not an employee of the firm.

7.    Form SUM1 – Summary of Rights & Obligations Under RPDA

This form was updated with changes made to the Virginia Residential Property Disclosure Act.

For a complete description of the changes to these forms, and to see redline versions, please visit the Virginia REALTORS^® website: https://www.virginiarealtors.org/for-members/legal/standard-forms/updated-forms/