MAR works diligently to ensure that the forms we produce are accurate, effective, and legally compliant. Highlighted below are some recent changes to the forms library. Be sure to check them out to confirm you are using the latest versions.
Exclusive Right to Sell-Broker’s Fee
Paragraph 4 pertaining to the Broker’s Fee has been amended to reduce the confusion in situations where a property is sold during the term of one listing broker’s agreement to a buyer introduced to the property during the term of a previous listing broker’s agreement. Members noted that the existing clause caused some confusion and was particularly difficult to explain to prospective clients. The form now clarifies that a fee will be due to the individual who was the listing broker at the time the buyer was introduced to the property, unless the seller has entered into an exclusive agreement with another broker in good faith. The form no longer includes a provision that entitles the original listing broker to the difference between that broker’s fee and any lesser fee owed to the subsequent listing broker.
Prospective Tenant Information Form
We recently made a few edits to this form based on member feedback and changes in the law. The form now includes space for a prospective tenant to identify a legal name, as well as any aliases used. This allows a housing provider to appropriately address a prospective tenant, but also have the person’s legal name. Additionally, the form no longer includes the sections seeking bank account information and felony convictions.
Exclusive Right to Lease
The form now mirrors the recording device disclosure added to the Exclusive Right to Sell Listing Agreement last year. Make sure you are having conversations with your clients about disclosing any recording devices in or on the property.
We welcome member feedback on the forms we provide. If you have questions or concerns regarding any of MAR’s forms or these new changes, do not hesitate to contact the MAR Legal Hotline at 1-800-370-5342.