REINCheck

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VO
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
Hello and welcome to REINCheck. I'm your host Andrea Rice, and today we are checking in with REIN Sales Managers Advisory Committee member Becky Claggett to discuss the form changes there scheduled for release on January 2nd, 2024. Becky, thank you so much for being here today.

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Becky Claggett
Thank you for having me. I'm really happy to be here.

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Andrea Rice
Yeah. And as many of you listening know, REIN updates forms on a semiannual basis, and that's typically done in July and January. So today we're going to go ahead and cover the changes that are coming your way on January 2nd.

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Becky Claggett
And I think our members are going to be really pleased to know that the changes in January are extremely minor compared to previous updates.

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Andrea Rice
Yeah, we were just talking about that. Normally, you know, we have 20, maybe more. There have been times there been more than 20 forms being updated, but you will all be glad to know that there are only two coming your way January 2nd. The forms being updated are the Standard Purchase Agreement and the General Disclosure Addendum and really very minor changes at that.

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Andrea Rice
So Becky, we started by going over the changes that are coming to the sStandard Purchase Agreement.

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Becky Claggett
Sure. On the Standard Purchase Agreement in paragraph six, A under loan application. There's just a typo there and we updated that reference from 14 D to 14 B. As well as paragraph 14 A2, the Common Interest Community Disclosure, actually on line 463 we deleted buyer's rights under this paragraph may not be waived. This is no longer an accurate statement per the VA code update of July 1st, 2023.

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Becky Claggett
And that's it.

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Andrea Rice
Yeah. And that's it for the Standard Purchase Agreement . So not much there. And the other form being updated is the General Disclosure Addendum. So, Becky, do you mind just covering that change real quick as well?

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Becky Claggett
Sure. The General Disclosure Addendum in paragraph three, Community Associations, we updated that language to align with the July 1st, 2023 edits to the common interest communities under the VA Code. So it'll look more like your like you see on your purchase agreement.

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Andrea Rice
Right. And that's it. Those are the changes that are coming January 2nd, 2024. And thank you, Becky, for going over those. Those are just really minor changes and SMAC is aware of changes happening in the real estate industry and still working to update forms to ensure transparency in all REIN forms and you can look for additional updates that will probably be coming out in early 2024.

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Andrea Rice
But for now, that's all we have. So keep in mind that you have, if you have any saved templates in Instanet, you will want to update these two forms, the Standard Purchase Agreement and the General Disclosure Addendum. If those are forms in your templates and you'll do that on January 2nd when those forms roll out.

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Becky Claggett
Okay. And I want to mention that SMAC and PMAC meet all year long to ensure our forms are up to date with the Virginia Code, and also from reviewing feedback from our members. So we always welcome feedback from our members.

00;03;31;26 - 00;03;52;23
Andrea Rice
Yes. And we got a lot of great feedback this year. And thank you, Becky, and 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 those to smac@reininc.com and I will make sure that your suggestion gets on an upcoming meeting agenda.

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Andrea Rice
And 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 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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You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.