Click above to download the complete 2022 Form Changes Packet from the Tennessee Association of Realtors.
Genovations Realty is pleased to announce that its annual 2022 TAR form changes review session over lunch went excellently. Here is a summary of the changes that were discussed!
Changes to Tennessee REALTORS® Forms (2021 to 2022)
Note all forms have version dates listed in the bottom right corner of each form. RED text denotes deletions and BLUE text denotes add
itions. These documented changes consist of significant content change and do not include minor edits (e.g. punctuation, spelling, etc.). ALL FORMS: Version Dates have changed on the footer of every page to: 1/01/2021 1/01/2022 (located on the right-hand side of the footer on every page) This date signifies the date of the correct version to use for the current year! Changes listed by Residential Forms (RF) and then Commercial Forms(CF) ============================================================= RESIDENTIAL FORMS ============================================================= NEW FORMS: RF111 CO-LISTING AGREEMENT(BETWEEN TWO FIRMS) RF635 MINIMUM APPRAISED VALUE CONTINGENCY ADDENDUM Edits: RF101 Exclusive Right to Sell Listing Agreement (Designated Agency)
RF102 Exclusive Right to Sell Listing Agreement (SellerAgency) Line 18 all window treatments (e.g. shutters, blinds, shades, curtains, draperies) and hardware; RF141 ExclusiveBuyer Representation Agreement(Designated Agency) Line 40
RF142 Exclusive Buyer Representation Agreement (Buyer Agency) Line 45 In the event the buyer broker compensation herein is considered a non-allowable pursuant to VA guidelines and thus cannot be paid by buyer, this obligation is waived by Broker. RF151 Listing/Agency Buyer’s Representation Mutual Release Agreement Line 5-19 Whereas, the Client/Customer and Firm/Company have entered into a marketing / listing / and/or agency listing/buyer’s representation agreement (“Agreement”) with an Effective Date of and all parties desire to terminate the Agreement(s) regarding the Property (if applicable) listed above. NOW, THEREFORE, it is hereby agreed by and among the parties as follows (select one box): □ If the Client/Customer enters into an agreement for the sale or exchange or contract to lease with option to buy within days after the date of this Mutual Release of the Listing/Marketing Agreement with any buyer (or anyone acting on buyer’s behalf) who has been introduced to the property directly or indirectly, during the term of the Listing/Marketing Agreement and any extensions thereof without the services of a licensed broker or agent, the Client/Customer agrees to pay compensation for a total of $ or % of the purchase price to the Firm/Company. This includes but is not limited to any introduction or exposure to Property by advertisements or postings appearing in any medium which originated as a result of listing the Property with Firm/Company. Client/Customer agrees to pay a cancellation fee of $ , receipt of which is hereby acknowledged. This paragraph shall not apply if the Property is listed with another licensed real estate broker at the time of such contract. OR □ Agency Listing Agreement in conjunction with the aforementioned Client and Firm/Company is hereby mutually canceled.
Line 25-34 and obligations of the Agreement(s), with the following exception: If the Client/Customer enters into an agreement for the sale or exchange or contract to lease with option to buy within days after the date of this Mutual Release of the Listing/Marketing Agreement with any buyer (or anyone acting on buyer’s behalf) who has been introduced to the property directly or indirectly, during the term of the Listing/Marketing Agreement and any extensions thereof without the services of a licensed broker or agent, the Client/Customer agrees to pay compensation for a total of $ or % of the purchase price to the Firm/Company. This includes but is not limited to any introduction or exposure to Property by advertisements or postings appearing in any medium which originated as a result of listing the Property with Firm/Company. Client/Customer agrees to pay a cancellation fee of $ , receipt of which is hereby acknowledged. This paragraph shall not apply if the Property is listed with another licensed real estate broker at the time of such contract. RF304 Disclaimer Notice Line 98-99 17. RELIANCE. You understand that it is your responsibility to determine whether the size, location and condition of the property are acceptable prior to signing a contract submitting an Offer on a property. RF401 Purchase and Sale Agreement Line 14 all window treatments (e.g., shutters, blinds, shades, curtains, draperies) and hardware; Line 54-55 The loan shall be of the type selected below (Select the appropriate boxes. Unselected items will not be part of this Agreement):
Line 110-117 2. terminate the agreement Agreement by giving notice to seller Seller via the Notification form or equivalent written notice. Upon timely termination, Buyer is entitled to a refund of the Earnest money Money.
In the event Buyer fails to either waive the appraisal contingency or terminate the agreement Agreement as set forth above, this contingency shall be deemed satisfied. Thereafter, failure to appraise shall not be used as the basis for loan denial or termination of contract Agreement. Seller shall have the right to request any supporting documentation showing appraised value did not equal or exceed the agreed upon purchase price Purchase Price.
Line 253-261 6. Public Water or Public Sewer Systems. In the event it is discovered that Public Water or Public Sewer System is accessible to the Property and connection to the Property is required by a governmental agency/ authority or Lender, Buyer shall promptly notify the Seller via the Notification form or equivalent written notice. Seller and Buyer shall have five (5) days following such written notice but not later than the Closing Date to negotiate in good faith the payment for the cost and the connection to the Public Water or Public Sewer System. In the event Seller and Buyer do not reach a mutual written agreement for the payment of such cost or a mutually agreeable written extension of such time period as evidenced in an Amendment to this Agreement signed by both parties within such period of time, this Agreement is hereby terminated. If terminated the Buyer is entitled to a refund of the Earnest Money/Trust Money.
Line 324-333 The parties agree to negotiate repairs in good faith during the Resolution Period. Buyer retains the ability to accept the Property in its present “AS IS” condition during the Resolution Period. In the event Seller and Buyer do not reach a mutual written resolution during such ResolutionPeriod or a mutually agreeable written extension thereof as evidenced in an Amendment to this Agreement signed by both parties within said period of time, this Agreement is hereby terminated. If terminated, Buyer is entitled to a refund of the Earnest Money/Trust Money. □ Buyer waives the option to request items to be repaired and/or replaced under D (3) above and there shall be no Resolution Period. Buyer retains the right to perform Buyer’sInspections and to timely furnish Seller with a list of written specified objections and immediately terminate this Agreement as provided in D(1) above or accept the Property in its present AS IS condition as provided under D(2) above. Line 467-468 16. Seller’s Additional Obligations. In addition to any other disclosure required by law, the Seller shall, prior to entering into a contract an Agreement with a Buyer, disclose in writing including acknowledgement of receipt: RF481 Mutual Release of Purchase and Sale Agreement and Disbursement of Earnest Money/Trust Money Line 13-14 If applicable, Buyer(s)have provided Seller(s)with any requested all required documentation which supports Buyer’s right to terminate pursuant to any specific Buyer’s contingency contained within the Agreement.
Line 26-28 □ e. Inspection contingencies. □ f. Appraisal contingencies. □ g. Other:
RF601 Amendment to the Listing Agreement Line 10 □ Marketing of Property Commencement date changed to: RF622 Back-up Agreement Contingency Addendum
Line 18-23 6. In the event that the Primary Agreement is terminated or becomes null and void, Seller or Seller’s Representative shall deliver to Buyer or Buyer’s Representative written notice thereof, at which time the contingency provided in this Addendum is satisfied and this Agreement shall move into a primary position. All time periods specified in days in this Agreement, shall commence from the date Buyer receives written notice that the Primary Agreement has been terminated or is null and void. The date Buyer or Buyer’s Representative receives written notice that the Primary Agreement has been terminated or is null and void will serve as the start date for all time periods specified in days in this Agreement. RF625 VA/FHA Loan Addendum
6. PUBLIC WATER OR PUBLIC SEWER SYSTEMS. See Public Water or Public Sewer Systems section in Purchase and Sale Agreement. As required by VA/FHA, both the Buyer and Seller agree that if public water or a public sewer system is available at the street, the Property must be connected. If available and Property is not connected, select one:
□ A. $ .agrees to pay the cost of said connection not to exceed
□ B. Buyer to pay $ and Seller to pay $ for the cost of connection.
CERTIFICATION. At the time of Closing shall provide certification, from the proper authority, that the Property is connected to and servicedby the public system. Line 41-45 8. NON-ALLOWABLE SETTLEMENT CHARGES OR CLOSING COSTS. In the event of settlement charges or closing costs at time of closing which are deemed to be non-allowable and not chargeable to the Buyer pursuant to the governmental guidelines, Seller agrees to pay at closing (evidenced by delivery of warranty deed and payment of purchase price) such non-allowable settlement charges or closing costs on behalf of Buyer at a sum not to exceed $ (shall be deemed to be zero if left blank). RF634 Investment Property Addendum
Line 15-18 □ For properties used as a short-term rental unit as defined in Tenn. Code Ann. §13-7-602, this Agreement is contingent upon Buyer’s receipt, review, inspection, and satisfactory approval of accounting statements for the past months showing the occupancy rate for each month, the average nightly rental rate, and any applicable fees and taxes. RF656 Notification
Line 125 □ 35. For Back-Up Agreement Contingencies only, Seller hereby notifies Buyer that the Primary Agreement has been terminated or is null and void. Buyer’s Back-Up Agreement has moved into a primary position. RF707 Additional Contract Language
Line 272-274 21. CO-LISTING AGREEMENT Seller hereby authorizes Broker to enter into a Co-Listing Agreement for Property. Seller grants the Co-Listing Broker the authority to conduct every activity Broker is authorized to pursuant to this Agreement. RF708 Purchase and Sale AgreementTimeline Checklist
Line 8 Closing Date:
□ Contract Agreement sent to ClosingAgency
□ Time Scheduled
Line 33 APPRAISAL Purchase contingent conditioned upon appraisal □ Yes □No COMMERCIAL FORMS =============================================================
NEW FORM: CF604 SUBLEASE LISTING ADDENDUM TO THE COMMERCIAL OPEN LISTING AGREEMENT(FOR LEASE) Edits:
CF121 Commercial ExclusiveLeasing Agreement (Not a Property ManagementAgreement) CF401Commercial Purchase and Sale Agreement
Line 85-92 6. Closing. A. Closing Date. This transaction shall be consummated at the office of on , , (the “Closing Date”) or at such other time and place(s) the parties may agree upon in writing.
B. Closing Agency for Buyer & Contact Information:
Closing Agency for Seller & Contact Information: