At Ratified Title Group (RTG), we are committed to keeping our agents and clients informed of the latest industry changes and developments. That’s why we’re excited to share that the Northern Virginia Association of Realtors (NVAR) has made updates to their standard forms, effective January 1, 2023. Our team is here to help guide you through these changes and answer any questions you may have.
The updated forms have been approved by the NVAR Board of Directors and proposed by the NVAR Standard Forms Committee. Some of the key updates include:
-K1391 – New Home Sales Addendum: This form has been updated consistent with relevant changes to the Residential Sales Contract.
-K1359 – Conventional Financing & Appraisal Contingency: This form has been modified to include an option for an “Appraisal Contingency Plus Gap Guaranty.”
-K1340 – FHA Financing Contingency & K1372 – USDA Financing Contingency: These forms were revised to clarify that Buyer must deliver Lender Rejection Letter for Specified Financing in order to Void the Contract.
-K1339 – VA Financing Contingency: This form has been modified to address the new VA regulations specifying that Veterans are not prohibited from being charged wood destroying pest inspection fees or from paying the cost of repairs.
-K1017 – Property Management Agreement: This form has been substantially rewritten to ensure consistency with current Virginia law and modern practice.
You can view the updated forms on the NVAR website. We recommend you to review the changes and update your forms accordingly. For more information about the NVAR standard forms changes, visit dullesarea.com
At RTG, we’re here to make your life easier and to make your transactions go as smoothly as possible. If you have any questions about these changes, please don’t hesitate to reach out to us. We’re always here to help.