New, Updates Forms from Florida Realtors

ORLANDO, Fla. — Florida Realtors® released new and updated forms Monday to help Realtors® as they incorporate the practice changes required for the proposed National Association of Realtors® settlement agreement following the Sitzer-Burnett verdict.

Updated forms:  

• Qualifying Improvement Addendum to Contract – (QIC-1): Previously called PACE Addendum to Contract (PACE-2). Qualifying Improvements is the new term by law and the disclosure now applies to residential and commercial transactions. This updated form can be used with both residential and commercial contracts. Click here to preview changes.

• Prospective Tenant Retainer Agreement – (PRA-2)” Updated to be applicable to tenants only. This form is now compliant with the NAR settlement as other forms have been and includes the statement for compensation being negotiable and not set by law. Click here to preview changes.

In the following four forms, the compensation section has been updated to include the settlement language, “Brokerage commissions are not set by law and are fully negotiable.” The language was added to keep the forms consistent across the board:

New form:

• Milestone Inspection and Structural Integrity Reserve Study – (MISIRS-1): New form to assist sellers provide in more detail what inspections or studies have been conducted and the current status of the association’s process.

The forms are available on Form Simplicity.