Team Max: 2015 Missouri REALTORS® ("MR") Standard Forms Revisions

Happy Monday everyone! MAR has changed some forms and added a few new ones to the mix. Below explains the form changes/adds and has links to get more information. The one form that you use all the time that has minor updated is the Residential Contract. I have attached a copy of the changes to the form for your review. Please let us know if you have any questions. Betty is updating the forms bin now.

Thanks!!!

Revisions to the MR standard forms from this past year will be effective January 1, 2015 and will soon be available through our approved vendors - FormsRus (PCF) and ZipLogix. Early next week information will be sent to all Missouri REALTORS^® regarding the upcoming changes to our standard forms. Please take some time to review the following information and make sure that the agents in your office are aware of these changes and how they may affect business practices.

Missouri REALTORS^® has tools available to help you and your agents become familiar with the changes to the standard forms for the upcoming year.

Redlines detailing the changes are available on the MR website, here.
The standard forms Instruction Manual is also being updated to account for all changes made and will be available next week, here. (Under "Additional Standard Forms Resources").
Watch the latest edition of Keeping It Legal, which covers many of the standard forms revisions in detail.
Call 573-447-5278 to ask one of our Legal Line attorneys about MR standard forms.

Here is an overview of what's new and changed for 2015:

Four new forms were developed for 2015. COM-5000 and COM-5010 are both letters of intent that can be used for commercial properties (for sale and for lease transactions, respectively). Letters of Intent can help assist preliminary negotiations between parties regarding the possibility of entering into a binding agreement for a sale or lease of commercial property. These two new forms are made available for such purposes.

COM-3000 ("Commercial Lease-Single Tenant") was essentially rewritten. It is designed for use in situations where a single tenant will occupy a building on a "stand-alone" basis. It includes (among other things) multiple rent structure options, as well as for the collection of taxes, insurance and other operating expenses.

The third new form is RES-3000A ("Option Notice"). It is designed for use in situations where the MR standard form Residential Lease (RES-3000) includes an "Option to Purchase Lease Rider" (RES-3000). RES-3000A provides a vehicle by which the holder of the Option may exercise that purchase right in a "Lease/Purchase" transaction (i.e., by sending a completed "Option Notice").

The fourth new form created for 2015 is MSC-2520 ("Notice of Taking"). It is designed to work in connection with the MR standard form contracts (e.g., RES-2000) if a condemnation occurs prior to closing. MR form MSC-2510 ("Notice of Property Damage") has been available for a few years, but was really geared towards situations involving physical property damage following a casualty. We now have a separate form to specifically address eminent domain and condemnation actions (which are now referenced as a "Taking").

New Forms

COM-5000: Letter of Intent to Purchase Commercial Property
COM-5010: Letter of Intent to Lease Commercial Property
MSC-2520 Notice of Taking
RES-3000A: Option Notice

Revised Forms

CND-2000: Condominium Resale Certificate
CND-2010: Condominium Rider to Sale Contract
COM-3000: Commercial Lease (Single Tenant)
COM-3010: Commercial Lease (Multi-Tenant)

MSC-2510: Notice of Property Damage
MSC-4015: Referral Agreement

RES-2000: Contract for Sale of Real Estate
RES-3000: Option to Purchase Rider
RES-3010: Residential Lease
RES-3015: Residential Lease Amendment

If you have questions regarding revisions, contact Opal Evans at 800-403-0101 ext. 122 or call LEGAL LINE at 573-447-5278.