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Updated Forms from DAR

Posted on 03-20-2019

 We have all been anxiously awaiting the use of the new DAR forms announced earlier this month. The new forms should now be used for all transactions going forward. You do not have to change any existing forms for any current fully ratified listing agreements or agreements of sale. This email will give you an update on the availability of the forms, an explanation of some of the changes and a link to videos explaining changes to two of the documents. 

The new forms are available via Dotloop. They are not available yet on Zipforms. These two services independently upload the forms as they are received. We will monitor the Zipforms status and inform you when they are available. If you currently use Zipforms and need assistance gaining access to Dotloop, please email your office administrator and request help. Additionally, they will be uploaded tomorrow as  files to our Agent Care Center. Please note that it is recommended that you use either Zipforms or Dotloop for your form access. The Agent Care Center forms section was initiated prior to these other services ever existing and, while it is a nice back up to use, the services of Dotloop and Zipforms are web based and offer additional services such as emailing functions. 
Below you will find summaries of the changes:
1. Exclusive Right To Sell Listing AgreementSection 3 adds screens (where present) and check boxes for owned or leased solar equipment. Section 9 adds cancellation to the protection period. Section 14 (E) notifies the seller that not only will real estate professionals be accessing the lock box, but other professionals involved in the transaction may have access (appraiser, inspectors, etc). It also acknowledges that placement of a lockbox on a tenant occupied property requires the tenants written consent. Those forms for tenant consent and waiver of 48 hour notices are already on Zipforms and Dotloop. Section 14 (I) informs the seller of the new requirements regarding withholding at settlement for non resident sellers (Form 5403). Section 15 clarifies release of liability for use of the lockbox and adds employees to those released from liability. The biggest addition in Section 15 is the yes or no check box regarding surveillance cameras. One of these two check boxes must be marked on every listing agreement going forward and the seller needs to comply with the posted notice provision in this section. Section 17 adds the new protected class by Delaware Law of Source of Income. Section 19 adds the DUCIOA addendum if the documents are not provided prior to ratification. Section 23 clarifies what constitutes an original document. 
2. Agreement of Sale for Delaware Residential Property: Throughout the agreement the word "calendar" is deleted and just the word "days" remains. However, at the end of the agreement it defines days as calendar days starting on the next day after ratification and ending at 11:59:59PM on the last day. The are other areas that had some word clean up done. I will highlight the main changes.Section 5(b) adds solar panels to the leased section. Section 6 regarding mortgage commitment. The big change here is that a mortgage denial does not need to be sent upon receipt as previously required. The new agreement states the buyer has until the mortgage commitment date to provide a mortgage commitment. That commitment shall include a statement that the appraisal is complete, but it does not require the buyer to provide a copy of the appraisal. If the buyer receives a mortgage denial, they will have the option of notifying the seller and requesting a release of the agreement of sale with all monies returned or continuing to attempt to secure a mortgage commitment without notice to the seller of any mortgage denial. If a mortgage commitment is not received by the due date, the seller shall have the right to terminate this agreement at any time up to the date the buyer provides a mortgage commitment (even after the due date). Section 7 adds a wire fraud alert to all parties. Section 13 defines what constitutes an original. Section 15 adds Source of Income as a protected class. Section 16 adds the non resident seller potential tax liability to the agreement of sale. Section 21 on Inspection gives default time frames for the 3 required dates if the blank is not filled. It states the seller is not responsible if items can't be inspected (snow on roof, A/C in winter, etc). It also states the seller is only potentially required to fix what is defined as a major defect. Section 22(a) states the seller can provide buyer with a septic system design if the system fails and buyer has 5 days to accept or reject. Please be careful here. It states the buyer has accepted if they fail to respond. If you represent a buyer, they should respond one way or the other. If you represent a seller, you may want to add language that states buyer's failure to respond shall constitute a rejection of the addendum. Every transaction is different, but the concern should be that the seller is now obligated to install a new septic system without the buyer's signature confirming the system.  Section 22(b) gives notice to a buyer that has not done a septic inspection that DNREC still requires one to be completed within 90 days of settlement. 
3. Exclusive Right to Sell Unimproved Land Listing Agreement and the Agreement of Sale for Unimproved Land: The changes made on these forms are mirrored in the changes mentioned above for the listing agreement and agreement of sale. 
Links to Andy Taylor's youtube videos explaining the changes:
Summary: Have questions? Fire away at me and I'll answer to the best of my ability. Please also note that you are the top professionals in our industry. Ask for the right compensation when you take a listing. Don't short yourself your hard earn money. The more our industry changes, the more you are needed and shine above the competition. 

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