July 2023 - CVR MLS New and Revised Forms Reference Guide
Below is a list of the forms that have been revised, renamed or will be made available in the TransactionDesk library on June 29, 2023 for use on July 1, 2023.
We also encourage you to access the Forms Reference Guide and a Forms and Legal Update video featuring CVR MLS Legal Counsel Michael Lafayette for a full explanation of the forms changes and the new laws.
New Forms
- CVR 329 | Release of Seller Deposit Under the Possession by Seller Agreement
- CVR 336 | Earnest Money Deposit Confirmation
Revised Forms
- CVR 305 | Exclusive Right to Represent Buyer Agreement – Short Form
- CVR 306 | Exclusive Right to Represent Buyer Agreement – Independent Contractor
- CVR 310 | Exclusive Right to Represent Buyer Agreement – Standard Agency
- CVR 330 | CVR MLS Possession by Seller Agreement
- CVR 333 | CIC Seven (7) Day Cancellation Addendum
- CVR 335 | CVR MLS Purchase Agreement
- CVR 337 | CVR MLS Purchase Agreement for Unimproved Land
- CVR 340 | Residential Listing Agreement – Limited Service
- CVR 345 | Residential Listing Agreement – Standard Agency
- CVR 350 | Residential Listing Agreement – Independent Contractor
- CVR 356 | Residential Listing Agreement for Unimproved Land
- CVR 450 | Receipt of POA or COA Resale Certificate
- CVR 455 | Request for POA or COA Resale Certificate
Renamed Forms
- CVR 106 | (BLANK) Addendum to Residential Listing Agreement
- CVR 357 | Listing Modification Addendum
The majority of the changes to the revised forms were necessitated by the new Residential Resale Disclosure Act (RRDA).
Effective July 1, 2023, this new act replaces the Property Owners Association (POA) and the Condominium Owners Association (COA) Acts. The new RRDA consolidates most of the provisions of the POA and COA acts, but there are some key differences licensees need to be aware of:
- The following terms have been removed from the act:
- Property Owners Association
- Condominium Owners Association
- Association disclosure packet
Property Owner’s and Condo Owner’s Associations are now collectively referred to as Common Interest Communities (CIC). The CIC disclosure information that sellers are required to provide to purchasers is now called the Resale Certificate.
- The format and content of the Resale Certificate has been changed.
NOTE: If you have a residential property listed for sale that is not under contract by July 1, 2023, you or your seller will need to order a Resale Certificate for the listing to comply with the new law.
- All resale certificate fees are now due when the item is ordered. This means that when a seller orders the resale certificate, they will have to pay for the certificate at that time, not at settlement, unless the association adopts a different policy.
- IV. Language was added to the RRD Act clarifying that any reference to “days” in the act means calendar days, not business days.
- Under the new RRD Act, the seller is still required to order and provide a Resale Certificate to the purchaser. However, as of July 1, 2023, the purchaser may waive their right to the 3-day right of termination.
If you have any questions concerning the new Residential Resale Disclosure Act or the changes to the CVR MLS forms, you may contact Peggy Lynch, Vice President of Risk Management and Broker Services by calling 804.422.5006 or emailing [email protected].
