Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | LinkedIn
Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | LinkedIn
The REALTOR Alliance of Greater Cincinnati has announced updates to two of its legal forms: the Exclusive Right to Sell Listing Agreement for Vacant Land and the Escalation Addendum. The revisions have been approved by legal counsel and the Board of Directors, ensuring all modifications are legally sound.
The updated documents are designed to enhance clarity and consistency. They are available on the organization's Legal Library and through various electronic platforms such as Dotloop, Skyslope, and Lone Wolf.
The changes to the Escalation Addendum specifically address the inclusion of Buyer’s Brokerage Fees within the Net Offer section at the form's conclusion. This clarification aims to eliminate confusion around fee inclusions.
For the Exclusive Right to Sell Listing Agreement for Vacant Land, the definition of "Vacant Land" has been revised to specify that the primary value is in the land itself. Additionally, the form now includes compensation language aligned with that used for residential properties, and the seller certifications have been updated to reflect the residential format, with additions specific to vacant land situations.
Further adjustments include simplifying terminology from “Condominium or HOA Association” to “Association” and adding a new clause that ensures transparency regarding material defects. This clause authorizes the Listing Brokerage to market the property, sell it, and disclose information in the Seller’s Certification to potential buyers and their agents.
In the spirit of greater protection, the forms have expanded indemnification language and improved formatting for better readability.
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