Be sure to watch the webinar on the 2011 form revisions (42 min 14 sec) after downloading and printing the sample PDFs.
UPDATE 01/25/11: After a tremendous amount of work from AAR member volunteers and staff, the AAR Risk Management Committee is proud to announce new and revised forms for 2011!
Although the revised forms are scheduled to be released through zipForm® on February 28, the committee has issued an Overview of 2011 Form Changes along with PDF samples — and these are available for your review now!
The Risk Management Committee (RMC) will be making a recommendation at the January 21, 2011 Executive Committee meeting for the approval of eight new/revised 2011 forms and request that the release of the all the forms be pushed back to February 28, 2011. The February 28th release date will provide adequate time for our members to familiarize themselves with the changes to forms, including the Residential Purchase Contract (Contract) and new Pre-Qualification (Pre-Qual) and Loan Status Update (LSU) forms. The primary substantive changes to the Contract are concentrated in the financing section.
I will present a webinar that will review the changes to the Contract and give an overview of the new Pre-Qual and LSU forms. In addition to the webinar, AAR will post accompanying educational information, such as sample forms highlighting the exact changes to the Contract, an article and answers to “Frequently Asked Questions.”
Provided that the RMC recommendations are approved, it is AAR’s intention to have the educational materials available on our website no later than Tuesday, January 25, 2011. We will encourage all educators and brokerages to download and view the webinar as a group to help facilitate the learning process.
For additional information, please contact Christina Smalls or Jan Steward.
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Michelle Lind K. Michelle Lind, Esq. is General Counsel/Assistant CEO to the Arizona Association of REALTORS® (AAR). She serves as the primary legal advisor to the association. Michelle oversees AAR’s Risk Management Committee, which includes professional standards administration for twenty of the state’s local REALTOR® associations, and the development of standard real estate forms. She is the author of Arizona Real Estate: A Professional’s Guide to Law & Practice and a regular contributor to Arizona REALTOR® Magazine and the Arizona Journal of Real Estate & Business. Please note that this article is of a general nature and may not be updated or revised for accuracy as statutory or case law changes following the date of first publication. Further, this article reflects only the opinion of the author, is not intended as definitive legal advice and you should not act upon it without seeking independent legal counsel. To see more posts by this author, click here. |
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Michelle, I am looking forward to the Webinar. Thanks for your continuous hard work in our industry.
Happy Holidays.
I am glad the ‘LSR’ is going back to a ‘Pre-Qual’. You wouldn’t believe the hoops I have jumped through on short sales trying to get banks reps in other states to accept our ‘LSR’ as the buyer’s pre-qualification letter. Can’t wait to see the new forms.
Michelle-Thanks for your expertise and patience as the Task Force worked through the issues and agreed on the revisions. The Task Force included John Foltz, Jerome King, Martha Appel, Holly Mabery, Kerry Melcher, Kelly Hand, Paula Monthofer, and Industry Reps- Amy Swaney (Lender) and John Lotardo (Title) with AAR support from Christina Smalls and Jan Steward. Great job folks! Thanks for all your thoughtful input.
Thank you Jim! And thank you for your leadership as the Workgroup Chair!
Our industry owes so much to all the leadership for their tireless and outstanding work to improve our transactions and minimize problems. KUDOs to all for your contributions to professionalism!
Can I pull up the webinar, personally, at ANY time?
Mr. McVay:
You sure can. The webinar is live on our site here:
http://www.aaronline.com/legal/forms/webinar_ResidentialPurchaseContract_February2011.wmv
Thank you for asking!
A lease is a legally enforceable contract which defines the relationship between one party (“Lessor”) and another party (“Lessee”), giving the Lessee the exclusive right to use and possess the Lessor’s equipment for a specific period of time. The Lessee is responsible for all ancillary costs associated with the use and upkeep of the equipment. Taxes and insurance are also the Lessee’s responsibility during the term of the lease.
Equipment leasing companies. The lease contract requires the Lessee to make periodic payments, or rentals, to the Lessor for the use of the equipment. At the end of the lease term, the Lessee may have the option to purchase the equipment based upon a predetermined purchase option which can be as little as $1.00.