At its September meeting, the MAR Forms Content Advisory Committee made several important updates to the MassForms™ Library. Three forms where changed, the Prospective Tenant Application, the Escalation Provision in offers and the Disclosure of
1. Prospective Tenant Application (#400) The Committee elected to rename this form from “Prospective Tenant Information Form” to “Prospective Tenant Application” so that the name more accurately depicts the nature of the form. The Committee also removed all references to “spouse” as well as asking the specific date of birth and social security number for other occupants. The removal of these items will help to protect our REALTOR® members from potential liability under the Fair Housing laws.
2. Escalation Provisions in Offers (#520A) The Committee adopted new language under Paragraph 3 that provides additional clarity to the process used when an escalation clause in an offer is invoked. Additional language was also added to a second page of the form for a seller to certify the date and amount of the competing bona fide offer and their acceptance of the initial buyer’s offer as escalated.
3. Disclosure of Conflicts of Interest (#527) This is a new form approved by the Committee to aid licensees in making the proper disclosure if they are operating in a transaction in which they or a family member has a personal financial interest in the property.
These forms will be available shortly wherever you access your MAR Forms. Offices that use “packages” in Remine should ensure that they upload the new version of the form to the package as it will not automatically update. Any questions about these changes may be sent to Catherine Taylor, MAR’s Associate Counsel and staff liaison to the Forms Content Advisory Committe