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News FlashRESIDENTIAL AND SPECIAL SALE CONTRACTS - CLOSING AND POSSESSION TIME (Line 3 Revised 09/01/2010)
It has been brought to the attention of the Contracts and Forms Committee that Paragraph 5 of the Residential and Special Sale Contracts is at times completed incorrectly by some members. The Contracts and Forms Committee has discussed this issue and decided to post the appropriate options to our membership. Please read the following for instructions to complete Paragraph 5 of the Residential and Special Sale Contracts.
Filling in the blanks in Paragraph 5 of the Residential and Special Sale Contract: Paragraph 5 of the residential sale contract establishes the closing and the time of possession of the transaction. Agents should keep the following in mind: 1. The closing (defined in line 69) is the exchange of the seller's deed for the buyer's money-it is not complete until both parties have performed, and that performance may be at more than one location.
2. Line 77 should be filled out with the date and the time on that date when possession and keys are to be delivered to the buyer. The time should not be on a day other than closing, and should not to be prior to the scheduled completion of closing requirements by both sides. 3. It is permissible to put "at closing" in the first blank on line 77. You should not fill in anything other than either a) the exact time and date or b) "at closing" in the first blank of line 77. For example, using the phrase "at funding," might end up being prior to closing (if the buyer closes first), and should not be used. You should also be sure that the "time" you fill in on line 77 is realistic based on when the parties plan to close, whether more than one title company is participating in the closing, and so on. Under line 78 the parties agree to facilitate the time of possession in their scheduling of the signing of documents.
ONLINE FORMS UPDATE
Effective August 16, 2010, Professional Computer Forms (www.formsrus.com) will be enhancing their system! Now you will be able to create packages of forms. This new feature, will auto fill client data into all of the forms within the package and allows all of the forms to be open at once. For the tutorial go to: http://online.formsrus.com/formsrus/kb.cfm?zAID=167 Beginning August 28, 2009, Missouri law requires that all home builders provide consumers with the option of having a fire sprinkler system installed in their new home.
The HBA website includes two forms that they are encouraging home builders to use: a short mandatory option form that helps show that builders have been compliant with the law and also helps gather data regarding consumer awareness and interest in fire sprinklers; the other is an informational brochure about fire sprinklers.
Please see: http://www.stlhba.com/PageLoader.aspx?PageId=176 Both forms were a collaborative effort between the HBA St. Louis and the FSA.
Check Your Forms Stock!
Withdrawn Forms: Forms that are no longer approved for use and have been removed from the standard form library of the St. Louis Association of REALTORS®. Valid Forms: Forms that are currently approved for use as part of the standard form library of the St. Louis Association of REALTORS®. Use of withdrawn forms: Use of withdrawn forms is in violation of the copyright, it is a violation of the Missouri law to use forms for which the approval has been withdrawn and the St. Louis Association will not defend the use of withdrawn forms. Generally E&O insurance policies require the use of approved forms. |
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