• In addition to increasing font size and spacing to assist with readability, some of the “bigger” changes made to RES-2000 include:
  • Section 3 “Purchase Price/Earnest Money” and Section 4 “Closing” have been moved to Sections 2 and 3 respectively as a result of increasing the font size and spacing. This allows for these terms to remain on Page 1 of the Contract, rather than being moved to Page 2. “Inclusions/Exclusions” has been relocated from Section 2 to Section 4 (on Page 2).
  • Changes were made at Section 4 “Inclusions/Exclusions” to remove “Radiator Shields” and adding various new items such as “Doorbells,” “Thermostats,” “Battery Backup Systems,” and “Electric Vehicle Charging Stations” to the laundry list of Inclusions.
  • The definition of “Seller Concessions” at Section 10 was revised to include “Buyer’s broker fees” rather than excluding said fees.
  • A reference and checkbox for the new “Compensation Agreement Rider” (MSC-4025) was added at Section 21 “Riders.”
  • At Section 24 “Source(s) of Broker(s) Compensation” a checkbox was added to indicate whether Buyer is requesting that Seller contribute funds from proceeds to Buyer’s broker fees. The instruction was revised to reflect the ability to check multiple boxes, and reference to compensation being negotiated was added to the “Note.”

MSC-4025R Compensation Agreement Rider (NEW FORM)

• This new form was created to assist the parties to a real estate transaction with the negotiation of broker compensation. This form allows for the parties to 1) establish or negotiate the amount of cooperating compensation being offered between a listing broker and cooperating broker; and/or 2) establish or negotiate an amount of compensation the Seller will pay to a broker assisting the Buyer from proceeds of the sale. 

MSC-4020: Cooperation Agreement Between Brokers
(Redline Version)

• Changes were made to this form to conform with verbiage and practice used in other MR forms. Substantively, the option “for exchange” was removed from the form as it was deemed not applicable in most scenarios. 

DSC-8000:  Seller’s Disclosure Statement for Residential Property
(Redline Version)

• To address a trend identified by the Committee and member feedback, at Section 14, an additional question was added requesting Seller to provide information related to “one-time fees” due upon transfer (i.e., capital serve fees, initiation fees, transfer fees, etc.).

DSC-8000C: Condominium/Co-Op/Shared Cost Development Disclosure
(Redline Version)

• The same question that was added in Section 14 of DSC-8000 was added to this form under Section 2(e).

COM-3025: Commercial Lease Amendment (NEW FORM)

• This new form was created to allow parties to a Commercial Lease (forms COM-3000 or COM-3010) to amend the terms of said lease. The form differs from the Residential Lease Amendment (PM-3011) as commercial lease terms vary greatly compared to residential leases. 

COM-3030: Tenant Estoppel Certificate (NEW FORM)

• Another new form from the Commercial Forms Committee. This form can be used in a commercial real estate transaction where the property being purchased has one or more tenant(s) and the Buyer wishes to establish the current status of any lease terms. The Commercial Sale Contract (COM-2000) has a place to request tenant estoppel certificates during due diligence, and now a MR standard form exists to use in conjunction with that request.

COM-3040: Commercial Non-Disclosure Agreement (NEW FORM)

• COM-3040 is the final new form implemented this year and can be used in commercial real estate transactions where the parties wish to agree not to disclose “confidential information” that they have shared/received with each other as a necessary part of working on the transaction. 

DSC-1100 “Non-Representation Disclaimer and Acknowledgement (for Sale)” (NEW FORM; Effective 9/6/24)
DSC-1100A “Non-Representation Disclaimer and Acknowledgement (for Lease)” (NEW FORM; Effective 9/6/24)

• This new form can be used as an additional tool for listing brokers who are approached by a prospective buyer wishing to remain unrepresented, but still wants to view the listed property and/or submit an offer on the property. It makes clear the buyer has chosen to remain unrepresented, any actions taken by the listing broker are being performed solely on behalf of the seller as a seller’s limited agent, and listing broker is being paid by the seller. It also confirms listing broker has provided the MREC Broker Disclosure Form as required by license law. This form does not qualify as a “written agreement” with the buyer under the terms of the NAR settlement, as in this scenario the listing is not “working with” the buyer (only the seller). Therefore, it cannot be used where the unrepresented buyer wishes to view properties other than those the listing broker has listed. DSC-1100A for leasing transactions will also be available.

Forms Sunsets  

In addition to the form revisions discussed above, several forms are being discontinued. The Committee ultimately decided that these forms (listed below) were no longer necessary and were not being used by the membership.

• MSC-1021 “Internet Opt-Out Supplement to Listing Contract”
• MSC-4060 “Prospective Buyer’s Service Record”
• MSC-4070 “Mortgage Verification Letter