Real estate forms and contracts for Washington, DC and Montgomery County, MD. Sales contracts, buyer’s agreement, rental forms, leasing agreements. GCAAR Form – Regional Sales Contract – Rev 01/12 Page 1 of 8 Initials Seller Phone Fax Thomas Faison Produced with zipForm by. GCAAR Regional Sales Contract. Uploaded by Nikki Smith. GCAAR will release an updated regional sales contract in January. This is the current one.

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Single Family Rental Property in Montgomery County Addendum In Paragraph 5, additional language was added regarding reegional new two-year lease renewal option requirement. Determines if there will be a home warranty provided at settlement and whether it will be paid for ergional purchaser or seller. This paragraph has been simplified, although its simplicity can create some extreme results. The Contract may not be assigned without the approval and consent of both sides to the transaction.

Real Estate Forms – GCAAR

The Contract is binding on the parties and their heirs, executors and permitted assigns. Provides that the time periods of the contract are material in the performance of its terms.

The late charge is due thirty 30 days from date assessed. The parties to the contract are advised of their right to seek legal or other advice regarding the terms of the Contract. The provisions now have headings that more accurately reflect their purpose. This regionak contingency removed will terminate.

Post-Settlement Occupancy Addendum Form Although the deposit may be placed in an interest bearing account, the buyer waives the right to interest earned, which will thus go to the party holding the deposit. Buyer agrees promptly to prepare and to present to the Co-operative an application for approval within 14 days of receipt of Co-operative Documentswith such supporting documents and information as may be required, and Buyer agrees that failure to do so shall give the Seller the right to terminate this Contract in accordance with the paragraph labeled DEFAULT.


Termination of the Brokerage Relationship does not relieve Buyer of financial obligations to Broker. Sets forth the date for Settlement, and the Purchaser designates the Settlement Agent that will be handling the closing. The form was updated accordingly. Overall, the Form has been significantly shortened and tightened to omit any information that is not essential to the purpose of the Form. This was updated accordingly.

Additionally, the Contract provides that the deposit will not be placed in escrow until after the date of ratification. Unless otherwise agreed to in writing, Seller will pay any special assessments and will comply with all orders or notices of violations of any county or local authority, co-operative or actions in any court on account thereof, against or affecting the Co-operative on the Settlement Date.

Under the Uniform Electronic Transactions Act, electronic signatures are permitted and are valid.

In Part II, Section 2 was updated as follows: Includes a description of the property being sold. Normal easements and covenants are not deemed to be title defects. We have also ensured that the following required government forms are accessible in their most up-to-date versions on our website: In Part II, Section 6 was updated as follows with certain other minor grammatical changes: The purchasers are cautioned that the taxes could increase following settlement.

We have also ensured that the following required government forms are accessible in their most up-to-date versions on our website:. It incorporates the legal description which the MAR Contract form does notas well as the street address of the property. Access the presentation here. We have also updated all our checklists, with a revised date of December Paragraph A in Section 4, “Seller’s Gcaaf was updated regiional follows: Please ensure that you vcaar using the most accurate version of the below forms as possible with a December revision date.

All About the GCAAR Regional Sales Contract

The Co-operative application for approval along with a list of supporting documents and information as may be required, and submission instructions. All Contracts and any changes must be in writing. The law imposes conrtact new requirements for rental housing providers including: If delay is longer than 30 days, buyer may declare this contract null and void.


In the event of a default by purchaser, the seller may elect to either forfeit the deposit as fixed and liquidated damages, or to sue the purchaser for specific performance and damages. The paragraph also acknowledges that certain leased systems such as water treatment systems or security systems do not convey unless otherwise agreed. The Deposit paragraph acknowledges receipt of the deposit. Agents should understand regionsl basic differences and issues presented by the Regional Sales Contract if offers are presented on local listings by agents using the GCAAR form.

Paragraph 8 affords the purchaser access to the property for the purposes of having any agreed upon inspections conducted, as well as to allow the appraiser for the lender to perform their appraisal. This Contract is conditioned upon Buyer being approved for membership and occupancy by the Board of Directors of the Co-operative, ycaar an individual or a Trust.

GCAAR Regional Sales Contract

The Agents are solely real estate agents, and not attorneys, surveyors, engineers or related professionals. As the law is nuanced, GCAAR members should expected an educational period of adjustment to the requirements. An addendum is required for any such inspections.

The changes are technical and the reasoning behind the change is that parking often does not correctly appear in the deed: Heading was updated The Form is now ‘required’ as opposed to ‘recommended’ Parking section was updated. Leased items are now better reflected on the Form. The seller is required to deliver possession of the property to the purchaser on the date of closing.