Form Changes

Approved Changes to the Exclusive Right to Sell Contract
Add “front view photograph” to Section 1. Grant of Exclusive Right to Sell/term of listing:
To read: “Owner also authorizes the distribution of information on the property, including as set forth below in #4 and a front view photograph, to potential buyers, real estate licensees, and on the Internet.”

Change the lead-in to definitions:
To read: “The following definitions are offered in compliance with Regulation 175.24 under Article 12-A of the Real Property Law.”

Under Section 5. Owner’s Authorization and Obligations, add “of the Interior”:
To read: ___l____ additional photographing of Interior and/or exterior of the property and the use of such photographs in promoting its sale.

#2 Agency, Cooperation and Negotiation section deleted and incorporated into Brokerage Fee section under Amount of Brokerage fee and Cooperation, and renamed Subsequent Contracts to Purchase to Negotiation and Subsequent Contracts to Purchase.

Amount of Brokerage fee and Cooperation will read:
Amount of Brokerage fee and Cooperation: Owner agrees that the Brokerage fee will be_________% of the purchase price or $______________________, whichever is the greater sum (in the event of a transfer or exchange, "fair market value" rather than purchase price shall apply).

_____I_____Subagency: By Initialing the line preceding this paragraph, Owner hereby authorizes Broker to make an offer of subagency to all participants in the MLS. Owner is aware that Owner could be liable for the misrepresentation, if any, of agents and subagents. If Owner incurs a loss, as a result of misrepresentation of the agent and subagents, Owner may be entitled for reimbursement of such loss. The commission offered by Broker to subagents shall be _________% of the purchase price or $_____________________, whichever is the greater sum.

_____I_____ Buyer Agency: By Initialing the line preceding this paragraph, Owner hereby authorizes Broker to cooperate with agents who represent buyers with the understanding that such buyer’s agents will be representing only the interests of the prospective buyer. The commission offered by Broker to buyer agents shall be _________% of the purchase price or $_____________________, whichever is the greater sum.

_____I_____Broker Agency: By initialing the line preceding this paragraph, Owner hereby authorizes Broker to make an offer of broker agency to all participants in the MLS. As a general rule, those agents owe fiduciary duties to your agent and to you. However, unlike subagency, you are not vicariously liable for their conduct. The commission offered by Broker to Broker Agency shall be _________% of the purchase price or $ _________________, whichever is the greater sum.

One Commission: In authorizing Subagency, Buyer Agency, Broker Agency or Dual Agency, Owner will not be liable for more than one commission totaling ____________% of the purchase price or $___________________, whichever is the greater sum.

Negotiation and Subsequent Contracts to Purchase will read:
Negotiation and Subsequent Contracts to Purchase:
Owner authorizes all negotiations of contracts by ______ Listing Broker Only _______Any CNYIS member directly.

Once Owner accepts and signs a written Contract to Purchase, Broker has an obligation to disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.

Broker shall continue to submit to Owner all offers and counter-offers until closing or execution of a lease unless Owner waives this obligation in writing. Broker shall not be obligated to continue to market the property after an offer has been accepted by Owner.

Consult with your attorney before accepting any subsequent Contracts to Purchase as you may have additional liability on both Contracts to Purchase.

The contract had to be re-numbered.

Section 1. Grant of Exclusive Right to Sell/term of listing, “set forth below in #2.” has been changed to “set forth below in #10.”. Also “including as set forth below in #4” has been changed to “including as set forth below in #3”. This change reflects the re- numbering of the contract.There is a new Office Exclusive Exclusive Right to Sell Contract

Approved Changes to the Contract to Purchase

Section 4: Added “Broker Agent”

Section 6: Added “(in accordance with Onondaga County Bar Association Standards if the property is within Onondaga County)”

Section 7: Remove check box from “Indian Land Claims.”

Section 11: Add “Luxury Tax” language to the end of Section 11. Recording Expenses.

“Buyer shall pay the applicable mortgage tax and deed and mortgage recording fees. Seller shall pay for the recording fees for any mortgage discharge, gains tax affidavit, and any title affidavit required, as well as the transfer tax, and any real property gains tax applicable to the transaction. For residential real property, the Buyer shall pay a tax of 1% of the purchase price if the purchase price is $1 million or more.”

Change to Section 17. Agricultural District Notice.
 Change to Read as:
17. New York State Agricultural and Market Law. Section 310: Disclosure Prior to the Sale of Real Property.“
It is the policy of this state and this community to conserve, protect and encourage the development and improvement of agricultural land for the production of food, and other products, and also for its natural and ecological value. This disclosure notice is to inform prospective residents that the property they are about to acquire lies partially or wholly within an agricultural district and that farming activities occur within the district. Such farming activities may include, but not be limited to, activities that cause noise, dust and odors. Prospective residents are also informed that the location of property within an agricultural district may impact the ability to access water and/or sewer services for such property under certain circumstances. Prospective purchasers are urged to contact the New York State Department of Agriculture and Markets to obtain additional information or clarification regarding their rights and obligations under article 25-AA of the Agriculture and Markets Law.”

Premises are not located partially or wholly within an agricultural district.

Change to Section 19:

Change to read:

19. New York State Real Property Law: Section 242: Disclosure Prior to the Sale of Real Property.

The above property does not have utility electric service available to it. This property is not subject to an electrical and/or gas utility surcharge. This type of surcharge is: _____________________. The purpose of the surcharge is ___________________. The amount of the surcharge is $ ______________. The surcharge is payable: Monthly, annually, other basis _____________.

The above property does not have uncapped natural gas wells.

Change Section #21 Home Inspection.

Change to Read:

#21. Home Inspection. This Contract is contingent upon the Buyer(s) obtaining, at Buyer(s) expense, a satisfactory Home Inspection by a New York State Licensed Home Inspector, Architect or Engineer within ______ calendar days of the last of the Buyer(s) and Seller(s) to accept the Contract (“Inspection Approval Period”). This contingency shall be deemed waived unless Notice that the Home Inspection is unsatisfactory is received within the “Inspection Approval Period”, in which case this Contract shall be deemed terminated. The Buyer(s) will supply the Seller(s), if requested, a copy of the Home Inspection Report.

Section #25 – less space to write

Section #28 – added to comply with the Home Equity Theft Protection Act

Combined some of the signature lines

Changed the font size to 10 (except in #28, it has to be done in 12). This changed the Contract to Purchase from a 4 page to a 5 page contract.

Two new addendums to use with the Home Equity Theft Protection Act

Approved Changes to the Buyer/Tenant Agency Agreement

Change to Read:

#5. Broker’s Obligations:

(c) Represent you on a confidential basis. I do not have to reveal anything about you to the Seller, except that which is required by law. Be advised that sellers or seller’s representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. If a confidentiality agreement is desired, seek the advice of your attorney.

Withdrawal Forms

Three New Forms:

Mutual Termination of Exclusive Right To Sell Contract

Conditional Release of Exclusive Right To Sell Contract

Modification of Exclusive Right To Sell Contract

Changes to MLXchange:

• When the status “W” is chosen, our current Withdrawn Reasons are “TO” and “UR”. They will now be Modification, Termination and Conditional Release

• User class “OM” or “HB” will be able to change a withdrawn listing (W) with the a withdrawn reason of “Modification” to another status ( W to A providing the listing expiration date is later than the day they are trying to reinstate the listing)

• All listings currently in the MLS with reasons of “TO” and “UR” will remain in the system with those reasons

MLS RULE VIOLATION REPORTING FORM

MLS Rule Violation Reporting Form –For the Members to use to report rules and regulation violations that staff would not be aware of by looking in the system. The form is not designed to take away ethics complaints or to report obvious violations (i.e. No photo or taxes appearing).