After a week of calls and and document checking, here is what we know:

NEW BUYER MOD ON THE WAY:  The Board of Directors approved the creation of a new Exclusive Buyer Broker Representation Modification.  We do have a general addendum in the library right now, but for a quick check-off update of common terms (dates, fees, etc.) to mirror the Exclusive Right to Sell modification form, we will have a buyer option as well. Expect that soon.

BYE BYE RED: We heard member requests and sought legal counsel to make sure it was fine to change the disclosures in the agreement to black – and that has already taken place in REmine and is being worked on in Ziplogix and Dotloop as well.

DOTLOOP GLITCH: Dotloop Purchase and Sale agreement is an original version (we are unsure of the origin of that document) but it IS MISSING the 4th compensation option of “other”.  We have asked for an emergency fix for this, but in the meantime you can grab it from REmine or call our office.  Please note that this new agreement has the 8/21/24 revision date.

ZIP CATCHING UP: Ziplogix is still struggling with keeping updated, but our contracts should be operational now. We’re trying!

UPDATE TO COMPENSATION STATEMENT: We have updated the Compensation Statement for Closing Disclosure and encourage all to being using this form or a similar version to assist our legal and lending professionals be able to see what compensation needs to be paid and where it needs to originate.  We added a line that indicates if the buyer is bringing compensation to the closing table for direct payment.

MAR FORMS: Not all of the “3 important MAR forms” we told you about last week are in Ziplogix, so make sure you have reviewed and added to your forms packets as needed:

• Cooperating Compensation Agreement #311 – This is an agreement between the listing broker and the buyer broker with a binding offer of compensation to be paid if an offer is accepted by a seller. The MLS used to be a binding offer, but without that, this will do it! Please note that the brokers are not a party to the Purchase and Sale agreement so you need to establish this binding promise of payment outside of the P&S (this form!) and simply disclose it in the P&S.
• Seller Agreement to Compensate Cooperating Broker Addendum # 310 – We would like to clarify some confusion…. This form can be used in advance of an offer if the seller is choosing to pay the cooperating broker directly on behalf of the buyer – OR –  that promise can be made in the Berkshire P&S.  Note not all P&S agreements may have that option so this works well with MAR forms at the time of the P&S – it is not needed at the time of the Berkshire P&S because it is included in the actual contract signed by both parties to the promise, unlike the co-broke fee mentioned above.
• Disclosure – Unrepresented Buyer – #722 -This is a new tool for listing agents who represent the seller to make clear about their limitations in service if a buyer comes to them directly without representation.  Some users report not being able to locate this in the MAR forms library in Zip so seek it out and make sure you have it on hand!

CHEAT SHEET / CLIFF NOTES: Finally, we are working on a master list of forms, their purpose and when to use each. .  We will push hard to get that in your hands.  Even we are struggling with all of the options and trying to decipher what is needed in what circumstances.

Again, please keep asking questions and making suggestions. We are acting on them as fast as possible and we know it is a hard time. We will understand these new ways soon and this will be second nature so keep your chin up!