North Carolina Contingent Sales Addenda Revised Completely in 2011

By
Real Estate Broker/Owner with Realty Arts

Putting the good stuff right up front:

1.  For once, a two-page real estate form has been reduced to one page!

2.  Something else new?  There is no longer a kickout provision in NC Association of REALTORS® Standard Form, 2A2-T, Contingent Sale Addendum, which is a major switch from 2010.

If Buyer and Seller come to terms on a property, the Standard Form no longer provides the Seller with the right to demand Buyer to vacate sale contingency to remain under contract.

As changes come and go, in the general scheme of things, that's a big one.

Will Martin, General Counsel for NCAR goes into the details of the Contingent Sale Addendum in the April-June Insight magazine.
It is a good read, and reveals much of the thought process in the design of the forms. 
While most of the new forms make pretty good sense to a layperson like myself, several of us agreed that the Contingent Sale Addendum seemed to be an afterthought.  Will Martin clears it up well.

Bottom line?  REALTOR® Members of NCAR, read your magazine, and particularly the "Forms Guy" article on pages 20-21, in the April-June, 2011 issue.  It might help you be ahead of the curve and offer better service to your clients.

Posted by

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Scan the QR Code with your Smartphone to Email MeQR CodeMike Jaquish, REALTOR®

919-880-2769 www.RealtyArts.com

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Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

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Show All Comments
Rainmaker
311,259
Glenn Roberts
Retired - Seattle, WA

No matter how long we do something, there is always an idea maker with the power to change things. I tried to read what the forms guy said, but our language is a little different. We can kick out the first buyer with a five (or other by negotiating) day bump notice. That might be your do dilligence clause.

April 14, 2011 05:51 PM #1
Rainmaker
765,582
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Glenn,

You should have been in class the other day.  Lots of puzzlement there.  Contingent Sales will be interesting for a while.

We had major revisions that simplified and clarified a great deal of what we are doing, and this is one form that sort of had to be forced to fit.

April 14, 2011 06:02 PM #2
Rainmaker
564,383
Diane McDermott
RealtorĀ®, GRI, Landis e2 Real Estate, LLC - Charlotte, NC
Charlotte NC Real Estate Market

With all the other changes that took effect this one hasn't gotten much attention but removal of the kickout clause is a BIG change - and I agree, shocking to see a form get shorter!!!

April 15, 2011 09:03 AM #3
Rainmaker
765,582
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Diane,

It is a little scary that so many agents have yet to take their CE mandatory, which obviously focuses on the forms changes.

April 15, 2011 11:21 AM #4
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Rainmaker
765,582

Mike Jaquish

919-880-2769 Cary, NC, Real Estate
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