What are real estate forms and how do I find them?

You’ll commonly hear the real estate contracts used to buy and sell homes referred to as forms. Many local and state associations have developed standard forms for many aspects of a property transaction, typically through a forms committee with the assistance of association legal counsel and/or local real estate attorneys. Forms can also be provided by Multiple Listing Services, or even your company. Talk to your broker to determine your office’s preferred source for forms.

The terms, deadlines and conditions specified on these forms will vary from state to state, depending on applicable laws and regulations in each jurisdiction. Forms may need to be updated from time to time due to changes in state laws or regulations.

The following are some examples of commonly used forms or contracts:

  • Listing agreement
  • Buyer representation agreement
  • Agency representation agreement
  • Property disclosure form
  • Contract to purchase a single-family home
  • Contract to purchase a condominium

Each form must be fully and accurately completed by the real estate professional to reflect a unique transaction.

Which forms should I use?

Your broker can advise you which forms are used in your office and how to acquire them and fill them out.

What are commonly used forms in Virginia?

Four forms commonly used in Virginia include the

  • NVAR: Northern Virginia Association of Realtors Residential Contract

  • VAR: Virginia Association of Realtors Contract

  • REIN: Residential Contract Real Estate Information Network

  • CVR: Central Virginia Regional Contract

How do the 4 main Virginia real estate forms differ?

These contracts differ in regards to Earnest Money Deposits, Settlement Date and Timing, Possession, the Financing Contingency, Home Inspection Contingency, and Appraisal Contingency. The contracts also differ when there is a title defect as well as some differ due to local customs particular to certain regions in Virginia.

If I’m attending a “Contracts” class, how do I know which forms the class covers?

The Contracts class within the CE/PL seminars offered every 2 months at FAAR cover the NVAR contract because it is the most widely used contract in the area. Any Contract classes hosted in conjunction with Virginia REALTORS® covers the Virginia REALTORS® forms. The other 2 contracts are not as commonly found in the Fredericksburg Area and not usually covered in classes at FAAR.

Why should agents be familiar with a variety of forms?

It is beneficial for REALTORS® to know the differences between forms because it is possible to receive offers on any of these forms so knowing how they compare is another way a knowledgeable REALTOR® can show their value.

Are there any forms included with my REALTOR® member benefits?

FAAR REALTOR® members are also members of the Virginia REALTORS® which provides members access to Virginia REALTORS® forms and transaction management software including Skyslope Forms and Skyslope Digisign. Learn more about these great member benefits at virginiarealtors.org/skyslope.

Note: FAAR does not offer contract forms so searching faarmembers.com for forms will lead you to faarmembers.com/forms where other membership-related forms are posted.

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