Standard Forms Committee updates, new forms for vacant land and manufactured housing

Twelve new and revised forms were approved by the Standard Forms Committee at the Business Meetings in January. Included today are batch are forms for vacant land and manufactured housing. Tomorrow, look for residential addenda forms.

While you can see all of the changes for yourself on PARealtors.org, here are some highlights of what will be hitting the market on Wednesday, March 7, for vacant land and manufactured housing transactions:

Manufactured Housing

• The Standard Agreement for the Sale of a Manufactured Home on Leased Land (PAR Form ASMH) has been revised to reflect the updated format of all standard agreements, including the integration of several notices into the body of the Agreement itself. Other changes include a new name, the addition of more “standard” inspections in the Contingency Paragraph, and more terms specific to manufactured home communities.
• The Manufactured Home Addendum to Listing Contract (PAR Form MAX) is a new form which contains information specific to manufactured homes that is not in the current listing contracts. This is an addendum that is intended to be attached to a listing agreement, not a stand-alone form.
• The Manufactured Home Addendum to the Standard Agreement of Sale (PAR Form MHA) is another new form which can be used to supplement currently-existing forms. This form will be used with a general Standard Agreement of Sale (PAR Form ASR) in those instances where a manufactured home is being sold with the real estate.
• The Manufactured Home Community Rights Act Notice (PAR Form MN) is a notice that is required to be given to potential purchasers by the Manufactured Home Community Rights Act. The Notice should be provided with a fee disclosure and informs the buyer about his or her rights under the Act.

Vacant Land

• The Standard Agreement for the Sale of Vacant Land (PAR Form ASVL) has been revised to look like the new standard agreements in the PAR library. Additionally, changes were made to clarify the provisions on individual on-lot sewage systems and to comply with the Know Before You Owe regulations of the Consumer Financial Protection Bureau.
• The Property Description Addendum for Vacant Land (PAR Form PDA) has been created for use with Form ASVL when less than the whole parcel will be sold (for example, five of 20 acres) and subdivision has not yet been completed or approved.
• The Vacant Land Information Sheet (PAR Form VLI) was created to provide Brokers with more information to assist in marketing the property. This form is intended to be used as an addendum to a listing contract and contains questions specific to vacant land.

Guidelines for preparation and use for each of these forms are being drafted and revised as necessary. The guidelines are accessible only by PAR members, and will walk you through the use of the form step-by-step and contain many helpful notes and practice tips. It is recommended that you review the guidelines prior to using the forms for the first time (especially the new forms), either with your office or alone. I am happy to answer any questions you have about these forms or any others.