GCAAR Forms Updates for February 2021
The GCAAR forms committee has answered the call for some welcome updates! A new form is provided for well and septic inspections. And financing contingency addenda have been updated to include more appraisal guidance.
Well & Septic Inspection Addendum – New form!
The GCAAR forms committee is excited to provide detailed well & septic addenda to better serve our clients. This clause used to be part of the Addendum of Clauses. Instead, they will now provide separate a form to be able to provide more detailed information.
Form 1390 provides more information to buyers as to their rights, and expectations for testing, related to well and septic systems. It also provides a framework for how buyer and seller will negotiate repairs, if concerns are found by the inspector.
Forms 1391 and 1392 are the new notices provided to address such concerns after the inspection.
Financing Contingency Addendums – Updates!
And finally! Verbiage was added to the appraisal provisions of the VA and FHA Financing Addenda. The forms now identify the procedure to follow in the event of a low appraisal. These addendums will now work better together with the Appraisal Notice/Addendum.
Thank you to GCAAR for continually striving to serve the needs of our Realtors & Clients!