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Streamlined Form Descriptions for Florida Realtors

Streamlined form descriptions for florida realtors

Stay Updated: Recent Changes to Real Estate Forms and Contracts

In the ever-evolving landscape of real estate, it’s crucial for business owners to stay informed about recent updates to the forms, contracts, and manuals used in their transactions. Keeping up with these changes can streamline your operations and ensure compliance with the latest regulations.

Access Essential Forms on Form Simplicity

Members of Florida Realtors can easily access a comprehensive library of real estate forms through Form Simplicity (password required). Below are some of the key categories of forms that you will find valuable for your business:

Commercial Forms

  • Commercial Contract (CC-6): Ideal for the sale of commercial property, this form is not suitable for complex transactions or sales involving businesses without land.

  • Optional Clauses for Commercial Contracts (OC-5): Adds extra clauses to customize your commercial contract.

  • Confidentiality and Non-Disclosure Agreement (CNA-1): This form helps to protect sensitive information provided by the listing broker.

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  • Designated Sales Associate (DS-5): For transactions where buyers and sellers possess assets exceeding $1 million, allowing designation of different salespersons as single agents.

  • Exclusive Right of Sale for Commercial Property (ERS-9xcp): Grants the listing broker exclusive rights to sell the property.

Escrow Forms

  • Escrow Deposit Receipt Verification (EDRV-1): Ensures compliance with FREC rules regarding deposits held by attorneys or title companies.

  • Monthly Reconciliation Statement (MSR-5): Useful for reconciling brokers’ trust accounts monthly.

  • Notice of Escrow Dispute/Good Faith Doubt (NED-6): Notifies FREC about conflicting demands for held deposits.

Residential Contracts and Disclosures

  • Contract for Residential Sale and Purchase (CRSP-17): Covers residential transactions and includes provisions for arbitration.

  • “AS IS” Contract for Residential Sale (FloridaRealtors/FloridaBar-ASIS-7): Allows sellers to avoid obligations for repairs while giving the buyer the right to cancel based on inspection results.

  • Buyer’s Disclosure Statement (BDS-2): Aids sellers in evaluating a buyer’s capability to proceed with the purchase.

Miscellaneous Addenda and Agreements

  • Community Development District Addendum (CDDA-2): Necessary for properties affected by additional taxes imposed by community development districts.

  • Counter Offer (CO-3): Allows sellers or buyers to specify their counter-offer terms.

  • Showing Agreement (SA-4): Establishes a buyer’s commission agreement based on a one-time property showing.

Property Management Forms

  • Exclusive Property Management Agreement (EPM-6x): Authorizes a real estate licensee to manage an owner’s property.

  • Notice from Landlord to Tenant – Termination for Non-Payment (FPR-4): A formal notice to tenants regarding overdue rent.

Important Legal Disclosures

  • Lead-Based Paint Warning Statement for Rental Housing (LBPR-2): Includes federally mandated language for leases of properties built before 1978.

  • Flood Disclosure (FD-1): This newly required form ensures that buyers are informed of flood-related risks prior to entering a sale.

  • Sinkhole Disclosure (SD-2): Informs buyers about any known sinkhole issues.

Conclusion

Staying updated with the latest forms and contracts in real estate is essential for optimizing your business workflow and minimizing legal risks. For further details and to access the forms mentioned, visit Form Simplicity.

For more insights into real estate regulations and best practices, check out links on Florida Realtors and FREC.

Make sure to utilize these resources for a smoother and compliant real estate transaction experience!

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