October 2022 Form Updates and Release Will Be Live in Remine Docs+ and TransactionDesk® on Monday, October 24, 2022

New and updated forms will be available on Monday, October 24, 2022. In collaboration with the Board of Directors, the Forms Committee diligently works throughout the year to improve and update LVR’s library of forms. Additionally, all new and updated forms are reviewed and prepared by legal and industry professionals to ensure the clarity and legality of the documents.

As a reminder, Form updates occur semi-annually, in April and October, unless the change is due to legal, legislative, or NAR mandate. Forms are released immediately. Additional revisions may result from changes in the law or suggestions from the community regarding how to improve the everyday use of the forms.

You can submit form revision requests to the Chair, Vice-Chair, and Staff Liaison of the Forms Committee by clicking the link below.

<strong><span style="text-decoration:underline">Suggest a Form Revision</span></strong>

New Forms

<strong><span style="text-decoration:underline">Probate FAQ</span></strong>: The Probate FAQ document was created to provide support and guidance for Brokers and Agents looking to take on Listing A Probate Property or Representing A Buyer in Probate.

<strong><span style="text-decoration:underline">Addendum to Listing Agreement - Name Affidavit</span></strong>: The Addendum to Listing Agreement - Name Affidavit Form was created to support Brokers and Agents preparing a Listing Agreement(s) to clarify the extended name(s) of Seller(s).

<strong><span style="text-decoration:underline">Addendum to Residential Purchase Agreement - Name Affidavit</span></strong>: The Addendum to Residential Purchase Agreement - Name Affidavit form was created to support Brokers and Agents preparing a Residential Purchase Agreement to clarify the extended name(s) of Buyer(s).

Updated Forms

<strong><span style="text-decoration:underline">Exclusive Agency to Sell, Exchange or Lease Unimproved Property Listing Agreement (EA)</span></strong> and <span style="text-decoration:underline">Exclusive Authorization and Right to Sell, Exchange or Lease Unimproved Property Listing Agreement (ER)</span>: Similar changes made to both the Exclusive Agency to Sell, Exchange or Lease Unimproved Property Listing Agreement (EA) and Exclusive Authorization and Right to Sell, Exchange or Lease Unimproved Property Listing Agreement (ER) forms. You will find that on both of these forms, elimination and use of Section 3(d) on the EA for Unimproved Property and Section 3(c) of the ER for Unimproved Property “the following utilities are available to property line at the subject property:” Upgrading Section 3(e) to become new Section 3(d) on the EA for Unimproved Property and 3(d) to become new Section 3(c) on the ER for Unimproved Property. Added Section 37. 1031 Exchange verbiage to align with other Listing Agreements for consistency, as well as Seller(s) may be doing a 1031 Exchange.

<strong><span style="text-decoration:underline">Vacant Land Purchase Agreement</span></strong>: Changes were made to the Vacant Land Purchase Agreement, changes made were the addition of Sections 2(B) through 2(D) to mimic the Residential Purchase Agreement, referencing “Additional Financial Terms and Contingencies” to coincide with Sections 1(D) and 1(E). Replaced “Addendum(s)” to “Addendum/Addenda” for grammatical/spelling correction and added extra lines to Section 28 Additional Terms.

<strong><span style="text-decoration:underline">Residential Property Management Agreement</span></strong>: Updated verbiage to Section 11, “Owner Opt-Outs” and updated verbiage on pages 13 and 14 relating to Insurance Policies and Insurance Company. Added information for Common Interest Community and Inventory/Appliances Provided by Owner. 

<strong><span style="text-decoration:underline">Financing Addendum</span></strong>: Refresh and restructuring to the Financing Addendum, explicitly updating verbiage and layout, creating an easier workflow, and reducing confusion when completing the form. Introduced labeling of sections 2A through 2M. Lastly, added Buyers initials into “Principal and interest,”“interest only,” and “straight note.”

Buyer’s Notice of Disclosure: A new section was added to the Buyer’s Notice of Disclosure form regarding the i11 Extension. For more information on the i11 Corridor extension, please use the following website to visit the Nevada DOT to get the latest news, information, and map on the project. www.i11nv.com/landing

Estimated Costs / Net Proceeds: Some changes were made to the Estimate Costs/Net Proceeds form, specifically removing unnecessary asterisks and eliminating the verbiage “consult with your lender regarding VA non-allowable costs and possible required interested party contributions.” On page 2, streamlined “Summary” cost/proceeds breakdown to simplify and added initial spaces and signature lines to reflect four (4) clients. 

Notice of Broker Compensation and Invoice: Eliminated the verbiage “HUD-1”, as it is no longer called “HUD-1.” Also, updated signature lines to reflect four (4) Clients.

Contingent Upon Sale Addendum: Added the word “if” to section (f). “Buyer’s Right to Cancel: Buyer may cancel this Agreement in writing prior to Buyer’s removal of the contingency for the sale of Buyer’s Property, “if” the buyer for the Buyer’s property gives notice of intent to cancel escrow for Buyer’s Property or the Buyer is unable to secure a buyer for Buyer’s property.” Plus, updated signature lines to reflect four (4) Clients.

Commission Agreement for FSBO/NON-MLS: Updated the verbiage to the first sentence of the fourth paragraph starting at “Seller shall pay the Broker “$____ or ____% of the purchase price” as commission solely introducing Seller to Buyer.” Eliminated and replaced the word “Listing” with “Commission Agreement” in the second paragraph on page 2, as the form is not a Listing Agreement. Added initial spaces to reflect four (4) Clients. 

Residential Purchase Agreement: Added to Section 10(A) “Final Inspection Fee” and “Open/Close Fee.” Additional HOA fees are being added to the final HUD; the latter “open/close” is New Regulation Form 910. Also, replaced “Addendum(s)” to “Addendum/Addenda” for grammatical/spelling correction.

Property Condition Report: Added section “Technology,” cleaned up formatting of document for consistency, and added additional lines and spaces for comments. 

Housekeeping

<span style="text-decoration:underline">Request for Repairs</span>: Additional lines were added in Section 1 to accommodate the need for extra space.

<span style="text-decoration:underline">Addendum to Listing Agreement - Coming Soon</span>: Additional signature lines and initial spaces were added to reflect four (4) Sellers.

<span style="text-decoration:underline">Exclusive Authorization and Right to Sell, Exchange, or Lease Brokerage Listing Agreement (ER)</span>: Replaced Smart Home “Technology Addendum” to Smart Home “Disclosure” to align with other Listing Agreements and the Smart Home Disclosure Form, found on page 1.