Form Revision Release on February 1, 2018
In the January 25, 2018 edition of the Arizona REALTOR® Voice e-newsletter, we advised that the Indoor Environmental Concerns section of the Buyer Advisory will be updated in zipForm® and DotLoop® on February 1, 2018.
In addition to the Buyer Advisory, new or revised versions of the following forms will also be released February 1:
- Wire Fraud Advisory;
- Additional Clause Addendum; and
- Residential Lease Owner’s Property Disclosure Statement.
Wire Fraud Advisory
The Wire Fraud Advisory is a new form which advises clients about the threat of criminals targeting social media and email in an attempt to steal sensitive information. This new Advisory also warns clients about wire transfer fraud, whereby hackers instruct money to be electronically wired to fraudulent accounts. This form is not copyrighted by Arizona REALTORS® and may be branded and/or revised by your Broker.
Because your Broker may have already customized this form, please check with your Broker prior to using the Wire Fraud Advisory located in zipForm® or DotLoop®.
Additional Clause Addendum
The FHA/VA Amendatory Clause essentially provides that the purchaser will not lose their earnest money deposit, if a property does not appraise for the purchase price. Because of this, the section titled Non-Refundable Earnest Money now includes the verbiage “unless prohibited by federal law” at the end of line 30.
Residential Lease Owner’s Property Disclosure Statement
The Arizona law pursuant to which the government maintained a list of properties previously utilized as a clandestine drug laboratory was repealed. Due to the repeal of this law, lines 112-114 addressing where to find such a list was removed from the form.