The Cincinnati Area Board of REALTORS® Board of Directors has approved a few changes to the CABR Contract to Purchase for use by REALTOR® members. Below is an explanation of the changes to the Contract to Purchase. The updated Contract to Purchase-Ohio is available under Contracts in Virtual Office>Agent Tools. Because we had depleted our printed inventory of the former Contract to Purchase-Ohio, the updated version is at the printers now and should be available in a couple of weeks. I’ve attached a copy of the updated version to this message. HOWEVER, the changes made WERE NOT significant to the point that your current supply is outdated. PLEASE CONTINUE TO USE YOUR SUPPLY OF CONTRACT TO PURCHASE-OHIO UNTIL YOUR SUPPLY IS DEPLETED.
Changes in the Contract to Purchase
Clause 3, Financing Contingency has been revised, to clarify that the settlement charges the seller is agreeing to pay are those allowed by the buyer’s lender – not the seller’s (in the event it is a short-sale, lender-owned, etc.).
Clause 7, Seller’s Certification the seller is no longer required to certify the municipality in which the real estate resides. This has been added as a buyer’s responsibility under Clause 15, Buyer’s Inspections.
Clause 8, Homeowner Association/Condominium Declarations, Bylaws and Articles has been expanded to include the Association’s schedule of monthly, annual and special assessments/fees.
Clause 17, Title Insurance has been amended to provide more flexibility in payment options for owner’s title insurance. Previously, if the buyer checked the box indicating that he chose to purchase owner’s title insurance, the seller was obligated to pay the entire cost of the premium. The clause has been changed to allow the parties to agree on an amount that the seller will pay up to, but not to exceed.
Clause 19, Conveyance and Closing “homeowner/condominium association fees” has been added to this clause.
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