Friday, December 10, 2010

RRAR Hosts Seminar on Changes to the Offer to Purchase and Contract Dec. 14

The Raleigh Regional Association of REALTORS® Education Department will host a FREE two-hour seminar for members regarding the new form changes that take effect January 1, 2011. George Bell will discuss the changes to the residential Offer to Purchase and Contract (OTP&C) form along with related addendum. The seminar will be held on Tuesday, Dec. 14 from 9 a.m. to 11 a.m. at the RRAR headquarters: 111 Realtors Way in Cary.

One of the most significant modifications is the elimination of both Alternative 1 and Alternative 2, including the concepts of “Repair Notice Date,” “Cost of Repair Contingency” and the phrase “shall be performing the function for which intended and shall not in need of immediate repair.” These Alternatives and concepts have been replaced with a period of time in which the buyer may perform any due diligence they desire. The OTP&C form has been reorganized so as to “group-related” provisions in a more logical presentation.

A list of the 10 new and revised forms is now available via NCAR. Click on the link, then log in using your e-mail address as your username and your NRDS number for the password. The sample form PDFs are readily available. For a brief summary highlighting the most significant changes to these forms, visit here.

You can register online for this event at http://www.rrar.com/event-registration.cfm/event/197/date/632, or call Sonya at (919) 654-5400 ext. 212. Seating is limited and filling up fast, so you are encouraged to sign up as soon as possible. Please note that this seminar will not give you elective credit.

If you cannot make this seminar, there will be one more held on Feb. 2, 2011. We look forward to seeing you at either of them.

Photo Source: Wikimedia Commons

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