THE NVAR STANDARD FORMS LIBRARY has been updated to provide Realtors® with new tools and to correct certain outdated forms. The following changes were approved by the Board of Directors effective April 1, 2020:

K1385 OPTIONAL LISTING INFORMATION SHEET

This new form is designed to assist buyer’s agents when submitting offers. It is prepared by the listing agent and contains a comprehensive collection of the information necessary to submit a clean offer. Listing agents can upload the form directly into the MLS for easy access. This form eliminates the need for the buyer’s agent to contact the listing agent for basic information concerning the property, such as party names, conveyances, fixtures and utilities. For simplicity, its sections mirror those in the Residential Sales Contract. It also contains language notifying buyers that it is not a disclosure or representation by the seller. This is an optional form which the parties may choose to incorporate into their agreement.

K1308 BUYER’S ACKNOWLEDGEMENT OF POTENTIAL ADVERSE CONSEQUENCES

This form was last updated in 2005. It provides brokers with written confirmation that their agents discussed the potentially adverse consequences associated with waiving certain contractual protections (home inspection, financing, etc.) with their buyer clients prior to submitting the offer. It has been modified to remove ambiguous provisions and to update formatting and terminology consistent with modern NVAR forms.

K0004 LISTING AGREEMENT AMENDMENT

This form has been substantially modified to comply with the current MLS statuses and the Bright MLS (Bright) Off-MLS and Office Exclusive Policies. There were concerns that the K0005 Listing Withdrawal form was being misused because of the change to the Bright definition of Withdrawn status. To address these concerns, relevant provisions of K0005 Listing Withdrawal have been incorporated into this form. By consolidating these two forms, brokers can now amend the listing agreement and/or update the MLS status with a single document.

The following form has been removed from the Forms Library:

K0005 LISTING WITHDRAWAL

This form is no longer necessary due to recent changes in Bright Rules and the relevant provisions having been incorporated into K0004 Listing Agreement Amendment.

COVID-19 FORMS

The Board of Directors approved the NVAR COVID-19 Addendum on March 19, 2020 and two new property management forms on April 17, 2020. The two property management forms assist property managers representing landlords with tenants impacted by COVID-19. They create a two-step process allowing tenants to request a rent deferment and landlords to either approve or deny that request.

K1386 COVID-19 ADDENDUM

This form can be used during or after contract ratification (like the Contingency Removal Addendum), and can be used to extend deadlines and the Settlement Date as many times as the parties agree during the transaction. This is an addendum, so it requires mutual consent of the parties. The Addendum may be used with all NVAR sale agreements, but is not intended for use with the VRLTA Lease.

K1386 REQUEST DUE TO ECONOMIC HARDSHIP

This form is provided by property managers upon request to a tenant requesting a lower rental amount due to temporary economic hardship. In this form, the tenant acknowledges that any misrepresentations on the form are a breach of the lease (like the NVAR Rental Application). The tenant is also advised that the total Rent is not being waived. The managing agent/ landlord is specifically authorized to verify the information provided. Like the Inspection Contingency Removal Addendum (ICRA) and COVID-19 Addendum, this form may be used multiple times depending on the length of the economic hardship, further change in circumstance, or if the tenant needs to provide an updated request.

K1387 NOTICE REGARDING REQUEST DUE TO ECONOMIC HARDSHIP

This form is used by the landlord/ property manager to respond to the tenant’s Request Due to Economic Hardship. The landlord has the option of accepting or denying the request. In the event of denial, there are several reasons listed for the landlord to select. In the event the request is approved, the approval is subject to important conditions. The rent is deferred, not waived. The form allows the landlord to identify a specific reduced amount that is due on the usual due dates. The remaining terms of the lease remain in full force and effect. The deferment period is open-ended so that the landlord can define the period, but also update the deferment period if the time period needs to be extended. Like the ICRA and COVID-19 Addendum, this notice could be issued as many times as necessary to extend the deferment period or revise the Deferment Period Rent amount.

The Notice includes payment plan options for the tenant to make up the partially deferred rent, but this is intended to be flexible. The form intentionally does not include a lump sum option (although, it could be specified in “Other” if the Landlord insisted) because it’s unrealistic to require the tenant to make up the deferred rent in one lump sum when there is no way to forecast how long the economic hardship will last or what the tenant’s financial condition will be at the end of the deferment period. Since this is a deferment and not a waiver, the deferred rent is specifically accepted with the statutory reservation of rights language, so that the landlord retains all authority under the lease to pursue damages and eviction if tenant breaches and is not able to catch up on rent at a later date.

This form is a notice, not an addendum. It does not modify the lease in any way. Instead, it provides maximum flexibility to the parties depending on the duration of the Deferment Period, the financial situation of the landlord and the amount of economic hardship experienced by the tenant.

Forms Changes Q&A

Q. What am I able to do with the updated Listing Agreement Amendment form? Why was the Listing Withdrawal form removed from the Standard Forms library?

A. The NVAR Standard Forms Library has been updated to provide Realtors® with new tools and to make necessary updates to outdated forms, particularly the Listing Agreement Amendment (K0004).

There are nine unique listing status options in Bright: Active, Active under Contract, Cancelled, Closed, Coming Soon, Expired, Temporarily Off Market, Pending, and Withdrawn. The definition for each status can be found in the Bright Rules & Regulations. The Listing Agreement Amendment has been updated consistent with these definitions and to comply with the Off-MLS Policy. Relevant provisions of the Listing Withdrawal Form (K0005) are now incorporated into the Listing Agreement Amendment. The Listing Withdrawal form has been removed from the Standard Forms library, as it is unnecessary and inconsistent with the current definition of Withdrawn in Bright. By consolidating these two forms, brokers can now amend key terms in the listing agreement such as Listing Price, Listing Period, and the various listing statuses with one document.

Q. As a listing agent, what options are available through Bright to safely and effectively represent my sellers during the COVID-19 pandemic?

A. Bright recently announced it has taken several steps in response to the COVID-19 pandemic, including relaxing showing requirements and providing additional guidance for virtual showings. Bright has also produced guidance materials for members regarding listing statuses in light of the pandemic.

Sellers wishing to temporarily suspend marketing have the option to update their listing status from Active to Temporarily Off-Market (TOM). Properties in TOM status are those which the seller has requested the listing broker to (i) temporarily suspend the marking of the property, and (ii) not set appointments for showings. The listing is off-market, but a listing contract still exists, and the listing is expected to come back on market. Days-on-Market (DOM) does not accrue while the property is in TOM status. However, the property will not be viewable on third-party websites. Sellers wishing to completely exit the market may choose between Withdrawn or Cancelled. Withdrawn status means the listing has been withdrawn from the market, there is no intention to bring the property back on the market, but a listing contract still exists with the Seller. With Cancelled listings, the listing agreement has been prematurely terminated. For both statutes, DOM will not accrue and will reset after 61 days. Showings are not permitted, and the property will not appear on any third-party sites.

Properties in either status could go Active again, but the DOM will only reset after 61 days. The Code of Ethics requires the MLS status to accurately reflect the seller’s instructions and the state of the listing agreement.

Finally, Expired listings are those in which the listing agreement has passed its contractually agreed upon expiration date, and the listing broker has not secured permission from the seller on or before that expiration date to extend the term of the listing for an additional period. In other words, the listing contract has expired as agreed with no extension.

If you have any questions about these changes, please contact the Legal Hotline at NVAR.com/Hotline.



Daniel B. Harris, Esq. is the NVAR staff attorney.

Matthew L. Troiani, Esq. is the NVAR vice president of professional development & chief counsel.