MD Realtors – Forms Updates

Maryland Realtors (MR) has done a major renovation to their statewide forms. They have reorganized the entire contract body, revised 7 residential forms, and added 7 new residential forms. As a result of the updates, a few forms have been removed as they are now obsolete. This refresh was a joint effort between a Contracts Review Task Force and the MR Statewide Forms Committee. They have obviously worked long and hard on these MR forms updates!

A Major Reorg!

The Residential Contract of Sale is now organized into 7 sections. For ease of understanding, it is now organized by subject matter. The 7 sections are:

1. General Contract Provisions
2. Payment of the Purchase Price
3. Property Condition and Inspections
4. Property-Specific Disclosures
5. General Disclosures
6. Transfer of Title and Closing
7. Breach of Contract and Dispute Resolution

Within the contract, several clauses have been updated as well.

Updated Forms and Addenda

Several addenda have been updated to conform with the new contract and other updates.

1. VA Financing Addendum (buyers can now pay for their own WDI inspection!)
2. USDA Financing Addendum (‘termite’ changed to WDI)
3. FHA Financing Addendum (‘termite’ changed to WDI)
4. Conventional Financing Addendum (appraisal verbiage updated)
5. Property Inspections Notice (updated to conform with new PI addendum)
6. Listing Agreement (verbiage updated because of other form changes)
7. Unimproved Land Contract of Sale (updated to mirror the residential contact of sale)

New forms

Several forms were added, and/or revamped so considerably they are deemed ‘new’!

1. (Substantially different) Residential Contract of Sale
2. (Substantially different) Property Inspections Addendum
3. Additional As-Is Provisions Addendum
4. Disclosure of Inclusions/Exclusions, Leased Items and Utilities Addendum
5. Disclosure of ATU/BAT On-Site Sewage Disposal System
6. Change in Terms Addendum to Brokerage Agreement
7. Post-settlement Occupancy Agreement

Retired forms

These forms are no longer needed because they have been incorporated into the body of the other forms.

1. Disclosure of Leased Items addendum (now a separate form)
2. Inclusions/Exclusions Addendum to Listing Agreement (now a separate form)
3. As-Is Addendum (different addendum now)
4. First Time Homebuyer Addendum (now part of contract body)

Please review the October 2022 MR Explanation of Changes and Practice Tips and visit mdrealtor.org for more information.