June 2014 Purchase Contract Revisions

by Scott M. Drucker, Esq. on June 17, 2014

Previously, AAR eliminated the Assumption/Carryback Addendum from its library of forms.  It has since been replaced by three new seller financing addenda, along with a fourth form titled Loan Assumption Addendum.  To reflect these changes, the Risk Management Committee and the Executive Committee have approved minor revisions to the “Addenda Incorporated” paragraphs of the Residential Resale Real Estate Purchase Contract and the Vacant Land/Lot Purchase Contract.

Specifically, lines 27-29 of the  Residential Resale Real Estate Purchase Contract and lines 35-38 of the Vacant Land/Lot Purchase Contract have been revised to eliminate reference to “Assumption/Carryback” as a potentially incorporated addendum and add references to two new addenda: (1) “Loan Assumption”; and (2) “Seller Financing.”

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