February 2011 Forms Release

by Michelle Lind on December 21, 2010

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!


Cropped Image from AAR Purchase Contract

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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December 21, 2010 at 1:57 pm

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Timothy Theiss December 22, 2010 at 7:46 am

Michelle, I am looking forward to the Webinar. Thanks for your continuous hard work in our industry.
Happy Holidays.

Tiffany Cloud December 22, 2010 at 9:26 am

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.

Jim Sexton December 23, 2010 at 9:10 am

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.

Michelle Lind December 23, 2010 at 2:31 pm

Thank you Jim! And thank you for your leadership as the Workgroup Chair!

Robert Bass January 12, 2011 at 12:14 am

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!

C. David McVay January 24, 2011 at 9:15 am

Can I pull up the webinar, personally, at ANY time?

Sage Dillon January 25, 2011 at 9:35 am

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!

inareecag October 18, 2012 at 1:30 am

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.

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