As previously announced, revisions to the following four forms have now been released and are ready for use in zipForms, docusign and Dotloop, effective immediately:
- Purchase and Sale Agreement
- Purchase and Sale Agreement – Land
- Purchase and Sale Termination
- Contact Worksheet
Purchase and Sale Agreement
- Paragraph 3 has been updated to reflect how business is typically be conducted with the advent of electronic signatures. Check boxes have been included for how the initial deposit will be delivered and within what time frame.
- delivered herewith to the Escrow Agent named below
- shall be delivered to the Escrow Agent no more than ___ days from acceptance
- delivery of the deposit by cash has been removed
- Paragraph 18 a typographical error has been corrected to reflect reference back to paragraph 16
- Seller’s Acknowledgement of Offer – A NEW Section has been added below the signature lines whereby the seller can acknowledge receipt and review of the offer presented by _____________________(listing agent)
Purchase and Sale Agreement – Land
- Paragraph 3 has been modified as above to mirror the Purchase and Sale Agreement
- Paragraph 5 has been modified to mirror changes previously made to the Purchase and Sale Agreement
- Re-ordering 5.1 – 5.6 and adding 5.1a for cash offers
- Paragraph 8 has been updated to include language about septic / other systems as outlined in paragraph 30
- Betterment Assessment language directly mirroring the Purchase and Sale Agreement has been added as paragraph 13 with following paragraphs renumbered.
- Seller’s Real Estate Agent Name and License #, Seller’s Real Estate Firm Name and License # and Buyer’s Agent and Firm information have been added to the signature section, as has been in the Purchase and Sale Agreement for a while.
- The Seller’s Acknowledgement of Offer section has also been added to this form.
Purchase and Sale Agreement – Termination
- Paragraph 3, Release of Deposits, has been reworded to: The undersigned authorize, assent and instruct the Escrow Agent to release all monies paid or deposited into escrow, including any interest earned, if any to the… with a check box for either the buyer or the seller.
- Informational / Instructional / Introductory language was added to the top of this worksheet to help clarify who should complete each section, and that this document is for informational purposes only.
- A Property Address line has been added.
- Seller and Buyer Address lines have been added.
- Buyers should verify Approved Attorney List with Mortgage Lender language has been stricken
- Fuels to Be Adjusted has been added.
Thank you to our Contracts and Forms Committee for reviewing suggestions from the members and from attorneys in the Berkshires and developing these contract changes to help streamline the process for all. They welcome your input on these forms, or any others.