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Real Estate Alert – Did you know…that GCAAR released revised forms on October 1, 2021?

October 21, 2021


On October 1, 2021, the following changes were made to the Greater Capital Area Association of Realtors (GCAAR) forms:

Conventional Financing Addendum [Form 1352]

  • Paragraph 5 [Removal of Contingency] – This paragraph was updated to clarify when and how the Buyer may remove the Financing Contingency. Previously, the Buyer could remove the Financing Contingency by delivering notice to Seller that Buyer has applied for alternate financing. The updated paragraph deletes the reference to “alternate financing.” Now, the only way in which the Buyer can voluntarily and pro-actively remove the Financing Contingency is to deliver notice to Seller that Buyer can complete Settlement without obtaining the Specified Financing. Specifically, the updated paragraph provides that at any time prior to Seller delivering notice declaring the Contract void, Buyer may remove the Financing Contingency by delivering to Seller evidence of Buyer’s ability to complete Settlement without obtaining the Specified Financing.

Regulations, Easements and Assessments (REA) Disclosure and Addendum [Form 900]

  • Paragraph 22 [School Boundary Notice] – In order to comply with recently passed legislation, this new paragraph was added to disclose to the Buyer that Montgomery County Public School (MCPS) boundaries are subject to change by the Montgomery County Board of Education. Further, the Buyer is advised to verify current school assignments with MCPS.

Montgomery County Jurisdictional Addendum to GCAAR Sales Contract [Form 1312]

  • Paragraph 8 [Homestead Property Tax Credit Notice to Buyer] – In order to comply with recently passed legislation, this new paragraph was added to provide notice to the Buyer that if Buyer plans to live in the home as Buyer’s principal residence, then Buyer may qualify for the Homestead Property Tax Credit, which may reduce the amount of property taxes owed. Further, the Buyer is directed to the Maryland Department of Assessments and Taxation website for more information.
  • The remaining paragraphs of Form 1312 were renumbered accordingly.

NAR Pamphlets (What Everyone Should Know About Equal Opportunity in Housing) – These pamphlets were updated, replacing the previous versions.

 

MORE INFORMATION


The contents of this Alert are for informational purposes only and do not constitute legal advice. If you have any questions about this Alert, please contact the Shulman Rogers attorney with whom you regularly work or a member of the Shulman Rogers Real Estate Group.