The NVAR Board of Directors has approved the following new forms and forms changes, as proposed by the NVAR Standard Forms Committee, effective January 1, 2023.
K1391 – New Home Sales Addendum. This form has been updated consistent with relevant changes to the Residential Sales Contract.
K1359 – Conventional Financing & Appraisal Contingency. This form has been modified to include an option for an “Appraisal Contingency Plus Gap Guaranty.” This form was also revised to clarify that Buyer must deliver Lender Rejection Letter for Specified Financing in order to Void the Contract.
K1340 – FHA Financing Contingency & K1372 – USDA Financing Contingency. These forms were revised to clarify that Buyer must deliver Lender Rejection Letter for Specified Financing in order to Void the Contract.
K1339 – VA Financing Contingency. This form has been modified to address the new VA regulations specifying that Veterans are not prohibited from being charged wood destroying pest inspection fees or from paying the cost of repairs. This form was also revised to clarify that Buyer must deliver Lender Rejection Letter for Specified Financing in order to Void the Contract.
K1017 – Property Management Agreement. This form has been substantially rewritten to ensure consistency with current Virginia law and modern practice. The form has also been modified for clarity and concision. Combined and streamlined disclosures for Professional Advice and Service Provider Referrals. Revised language in Fair Housing paragraph to be consistent with language in VRLTA Lease. Replaced “shall” with “will” and “Agent with “Managing Agent”. Removed repetitive language. Added language that Agreement terminates automatically upon sale of Premises. Included Property Management Information Form as Exhibit to Agreement instead of a separate form.
K1354 – Lease – VRLTA. This form has been substantially revised to streamline language, consistently use defined terms, and replace “shall” with “will”. Re-organized paragraphs for consistency and logical flow. Significantly, the “Rent” paragraph has been re-organized and re-structured to promote clarity and to ensure that all relevant information is provided. Added space to list 8 Occupants, consistent with Rental Application. Revised “Utilities and Services” and “Fixtures and Appliances” paragraphs to include additional language consistent with similar paragraphs in Residential Sales Contract. Revised Move-Out Inspection paragraph to make optional whether Tenant performs move-out cleaning/maintenance responsibilities or Landlord performs and withholds costs from Security Deposit. Combined Default & Enforcement clauses into one paragraph. Revised the SCRA paragraph to include U.S. Dept. of State employees, consistent with protections under Federal law. Streamlined list of attachments. Removed non-contractual language.
K1020 – Seller’s Post-Settlement Occupancy Agreement. This form has been substantially revised to modify several areas of conflict and frequently addressed issues on the Legal Hotline:
duration of Seller’s occupancy. Clarified that 24-hours notice is reasonable notice.
The following forms are added to the Standard Forms Library:
K1397 – Landlord/Tenant Move In/Move Out Inspection Report (Optional). This new form is optional but is provided to assist the parties in fulfilling their move-in and move- out inspection responsibilities under the Lease and VRLTA.
General change: Initials have been removed from the bottom of each page of forms. We will continue this practice for remaining forms as they are updated. Initials need only be added where there is a strikethrough or handwritten change to the printed forms content.