Note from the MAR legal Team: Some state forms have been updated: Please be sure to confirm that you are using the latest versions of these forms in the MassForms™ Library. You can access these forms here. (please also note: the Berkshire Contract & Forms Committee is finalizing minimal changes and will submit shortly)
UPDATED: Listing Agreements (Forms 692, 693, 707, 708, 709, 715, 721)
All versions of the Listing Agreement in the Library have been updated to allow for the fee due to the broker to be entered as either a dollar amount or a percentage of the sale price.
Additionally, language in the dispute resolution paragraph has been updated to allow for a panel of at least three (3) arbitrators for consistency with the NAR’s Code of Ethics and Arbitration Manual and MAR’s policies for conducting arbitration proceedings.
UPDATED: Buyer Representation Agreements (Forms 701, 702, 703, 720, 714)
Language in the dispute resolution paragraph has been updated to allow for a panel of at least three (3) arbitrators for consistency with the NAR’s Code of Ethics and Arbitration Manual and MAR’s policies for conducting arbitration proceedings.
NEW: Confidentiality Agreement
This form may be used by prospective buyers who wish to have their identity, confidential information, and terms of their offer kept confidential. This form also protects the seller’s confidential information from being disseminated. This form should be submitted to a seller and agreed to prior to a buyer furnishing an offer or other details they wish to keep confidential.
NEW: Nitrogen Sensitive Area Disclosure
Updated Title 5 Regulations include new requirements for disclosure of whether a property services by an on-site sewage disposal system is in a designated nitrogen sensitive area and requirements for upgrades if the Town in which the property is situated has not obtained a Watershed Permit. This form facilitates the necessary disclosure and provides notice of what may be required of a property owner. Please note, while the Commonwealth has only designated certain areas of Cape Cod as nitrogen sensitive areas, the Regulations are written broadly to allow additional cities and towns to be subject to these provisions.
NEW: Seller Agreement to Compensate Cooperating Broker Addendum
This Addendum can be attached to either the Contract to Purchase or the Purchase and Sale Agreement and addresses the Seller paying a certain sum, either a percentage or dollar amount, to the Cooperating Broker at the time of closing. This form does not serve as a rejection of or otherwise modify any offer of compensation made by the Listing Agent to the Cooperating Agent. Further, this Addendum conditions the Buyer’s obligation to purchase on the Seller’s acceptance of the terms of the Addendum.
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We welcome member feedback on the forms we provide. If you have questions or concerns regarding any of MAR’s forms or these new changes, do not hesitate to contact Catherine Taylor, ctaylor@marealtor.com.
*Due to the variability in processing times of each forms provider, these updates may be available at different times on the varying platforms.