Forms (Version 2): #2104, #5140, #5144, #2200

NMAR has released revised versions (labeled October 2022) for members. The forms have been provided to Instanet but there will be a delay until the Forms Library. 

 

CHANGES EXPLAINED:

NEW OBJECTION, RESPONSE & RESOLUTION (ORR) FORMS

(replaces #5109 Objection, Resolution, and Waiver to Purchase Agreement)

NOTE: These new forms will REPLACE the ORW Form (Form 5109). If you are using a Purchase Agreement that references the ORW Form and that form is no longer available in the NMAR Forms Library, then the buyer should use the new Notice of Objection Form (Form 5141) to make their objections. The seller should then use the new Response to Notice of Objections Form (Form 5142) to respond to the buyer's objections. If the buyer needs to further respond, the buyer will create their own Response to Notice of Objections Form (Form 5142) and so on and so forth until the parties come to an agreement, at which time the agreement will be written-up on the Resolution Addendum Form (Form 5143), signed by all parties and delivered to the lender (if the buyer is getting a loan).  PLEASE REMEMBER THAT THE OBJECTIONS FORM AND THE RESPONSE FORM ARE ONLY SIGNED BY ONE PARTY OR THE OTHER, NOT BOTH. ONLY THE RESOLUTION ADDENDUM IS SIGNED BY BOTH PARTIES. Because the Objection Form and the Response Form are not agreements and therefore do not amend the Purchase Agreement, they do not have to be delivered to the buyer's lender, unless, of course, the lender asks for them.

ORR EXPLAINED

If you want to hear more, register for the NMAR Legal Update on October 18th.