On Tuesday, December 31, Florida Realtors made notable updates to four important forms, to make it easier for both buyers and sellers to comply with new requirements, and make transactions more efficient. Florida Realtors sent out the following communications regarding the changes made:
Dear Florida Realtors® member:
Today, Florida Realtors released updates to four key forms that will help streamline transactions and ensure compliance with new requirements. These updates are designed to improve the clarity and efficiency of your transactions. As always, please consult the full forms for detailed information and reach out to the Florida Realtors Legal Hotline if you have any questions.
Available now on Form Simplicity:
CRSP Condominium Addendum F (CRSP16xxxx_F)
Updated to comply with the changes to section 718.503, Florida Statutes, of the Florida Condominium Act, that go into effect on December 31, 2024.This form helps sellers to disclose pertinent information about the condominium association, adhere to disclosure requirements and document production. Newly added to this form are conspicuous statements with checkboxes that address the milestone inspection, turnover inspection report and structural integrity reserve study and whether the association has or has not completed them or is not required to do so. (Click here to preview changes)
Residential Contract For Sale And Purchase (Florida Realtors/Florida Bar-7), “AS IS” Residential Contract For Sale And Purchase ( Florida Realtors/Florida Bar-ASIS-7)
The Florida Realtor®/Florida Bar Joint Contract Committee made three changes to version 7 of the Florida Realtors/Florida Bar’s Residential Contract for Sale and Purchase and the “AS IS” Residential Contract for Sale and Purchase. The three changes are the same in both contracts, as follows: Updated to better define “Closing Services” in paragraph 9 and clarify that each party to the transaction shall bear their own costs for Closing Services related to their respective role in the transaction (buyer or seller). Paragraph 15(a) was revised to remove the provision that allowed the cooperating broker to request half of a listing broker’s retained deposit (if any) in the event of a buyer default. Paragraph 19 was changed to add check boxes for the previously approved riders FF and GG. (Click here to preview changes to Florida Realtors/Florida Bar-7) (Click here to preview changes to Florida Realtors/Florida Bar-ASIS-7)
Comprehensive Rider to the Residential Contract for Sale and Purchase A-Condominium Rider (CR-7_A)
Updated to comply with the changes to section 718.503, Florida Statutes, of the Florida Condominium Act, that go into effect on December 31, 2024. The revisions to the form allow a seller to comply with the disclosure requirements of the Condominium Act concerning the Structural Integrity Reserve Study, Milestone Inspection and Turnover Inspection reports. The seller can use checkboxes to customize the form according to which inspection reports their condominium association has completed. (Click here to preview changes).
Florida Realtors® Legal Hotline is here if you have questions. Call: 407-438-1409, 9 a.m. to 4:45 p.m., Monday through Friday Or click here to submit a question online
