REINCheck

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VO [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source REIN MLS.

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Andrea Rice [00:00:20] Hello and welcome to REINCheck. I am your host, Andrea Rice, and today we are checking in with REIN Sales Manager Advisory Committee member Becky Clagget to discuss the form changes that are scheduled to be released on January 3rd. Becky, thank you so much for being here today.

Becky Clagget [00:00:36] Thanks for having me.

Andrea Rice [00:00:38] And so let's get right into it, because we do have 20 forms that are going to be updated and released on January 3rd. And I know that seems like a lot, but most of the changes are actually pretty minor. Well, with the exception of the Condo and POA forms. So let's start there. Can you just walk us through what members can expect to see with those forms?

Becky Clagget [00:01:00] Absolutely. So let's start with the CONRES-1 and the POA-1. This is actually the biggest change. These forms were completely reworked in order to reflect the Virginia Code more accurately and to be more user friendly. The POA and the CONRES-1 are now basically a request for the condo or POA packet. The forms are very user friendly as they lay out the instructions very clearly for delivery of the docs in accordance with the Virginia Code and then the subsequent POA-2 to and CONRES-2 forms acknowledge the receipt. They've also been simplified as well. In addition, paragraph 14A and 14B of the purchase agreement now hold the language from the Virginia code. So to make it just a little easier and clearer for everybody.

Andrea Rice [00:01:57] Yeah. And those are the big changes that our members want to take a look at, because those are those look completely different than they did before. But I think something that our members will really appreciate is that with this change, that means that the CONRES-1 and POA-1 no longer have to be uploaded to the listing upon input.

Becky Clagget [00:02:17] Absolutely. So in a listing, as Andrea said, is put in is input, there's no longer any need to upload the CONRES-1 and the POA-1. And when you're writing that purchase agreement, the language from the code is now contained in paragraph 14A and 14B of the purchase agreement. So the selling agent will simply add the POA-1 or the CONRES-1 as applicable to request your packet when preparing your offer to purchase.

Andrea Rice [00:02:50] Great. Yeah. Thanks for clarifying the how that's going to work, Becky. And agents and brokers can take a look at these forms on REINMLS.com, ahead of the January 3rd release to get familiar. So that's really the biggest change. So let's touch on some of the other changes now that are coming in January. The buyer and seller contact information was added to the Buyer's Possession Agreement, Sellers Possession Agreement and the Limited Access Addendum. So can you tell us what the reasoning was behind adding the buyer and seller contact information to these forms?

Becky Clagget [00:03:24] Sure, the Seller's Possession Agreement, the Buyer's Possession Agreement and the Limited Access Addendum are all agreements made between the buyer and the seller. The Seller Possession Agreement, even initiated and is initiated and carried out beyond settlement. It's just common sense that if the seller is in the buyer's house or the buyer is in the seller's house, for the parties to be able to contact each other if needed.

Andrea Rice [00:03:52] Yeah. So hopefully this will be really useful for our members. And then, you know, the data input forms were also updated. Just a couple of minor changes there. LVP was added to the flooring category, covenants was added to the disclosures category and electric vehicle charging station was added under equipment. And I would like to mention that all of these additions came as a direct result of member feedback. So I want to thank everyone who reached out to SMAC and PMAC with these suggestions. Becky, can you touch really quickly on some of the other changes that they're going to see January 3rd?

Becky Clagget [00:04:29] Sure. Minor edits were made to the Purchase Agreement, to the New Construction Agreement and the Unimproved Lot Agreement. You'll notice that the lines were inadvertently dropped from the agency interest disclosure section and they've been added back in. I know members have been really eager for that. There were additions to the the New Construction, the Purchase Agreement and the Seller's Possession Agreement to bring all the forms in line with the new condo and POA forms just trying to make everything consistent across the board. You will also want to take a look at the CDF, the Consumer Disclosure Information Form. The changes were made to address leans and clarify that appraisers may not count the square footage of an area and a property where the ceiling height is not at least seven feet. We also added lines to the standard listing agreement for both agent and firm REIN ID numbers and VA license number to make everything easier for the members.

Andrea Rice [00:05:32] Yeah. Thanks, Becky. A lot of great changes coming out of SMAC this year. PMAC did have a few changes as well that I'd like to mention real quick. There was a minor change to the lease replacing the code reference in paragraph five. That's the military clause paragraph, and they just replaced the code reference with the appropriate service member terminology. And a new paragraph was added to the Property Management and Leasing Agreement to address maintenance obligations as outlined in Virginia Code. So you'll want to take a look at those two forms that PMAC is updating as well. And again, red lines of all of these changes can be found on REINMLS.com right now for brokers and starting on December 15th for all agents. So be sure to take a look and get familiar with all these changes before January 3rd. Becky, do you have anything else that you would like to add before we sign off?

Becky Clagget [00:06:27] I just want to reiterate that you'll find that the condo and POA documents should be much simpler and easier to use as the Virginia Code language is now moved to the purchase agreement. And no more uploading of condo or POA docs when inputting a listing.

Andrea Rice [00:06:45] Yes. Thank you. I hope all of our members will really, really like those changes. And thank you, Becky. Thank all of you for listening. As always, I really appreciate you taking the time to listen and stay informed. And if you have any suggestions for SMAC or PMAC, please submit them to SMAC@reininc.com and I will make sure that your suggestion gets on an upcoming meeting agenda. If you missed any of the previous episodes of REINCheck, I do invite you to go to REINMLS.com and take a listen. And make sure you subscribe so that you can get future episodes delivered directly to you when they are released. Thank you and have a great rest of your day.

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VO [00:07:23] You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.

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