In January 2025, several important updates were made to NC REALTORS® Residential Forms. Below is a quick breakdown of the some of the most notable changes. These updates directly affect buyers and sellers in the Raleigh-Durham area.

1. Form 101 – Exclusive Listing Agreement

Streamlined for Clarity: Simplified to better meet member and consumer needs.

Grace Period: The new form can be used within 30 days instead of the usual 60.

New Features:

  • More detailed property descriptions.
  • Enhanced options for extra parcels or lots.
  • Existing agreements stay valid; but, it’s advisable to use the updated form for new listings.

2. Form 142 – Introduction of Vacant Land Disclosure Statement

A new rule mandates sellers of vacant land to supply a Vacant Land Disclosure Statement using Form 142. This form offers potential buyers detailed insights into the property’s condition. If the seller provides this disclosure before an offer is made, the buyer forfeits the right to end the contract. The buyer can’t end the contract. They lose the choice to back out. This must be done within three days of acceptance. Conversely, if the disclosure isn’t provided beforehand, buyers keep the right to cancel within this three-day window without penalties.

3. Form 201 – Exclusive Buyer Agency Agreement

In October 2024, the Exclusive Buyer Agency Agreement, or Form 201, was entirely revamped to enhance readability and comprehension. This overhaul balances simplicity with the necessity of outlining essential duties and obligations, benefiting both agents and clients. The updated form aims to foster clearer communication and set transparent expectations between buyers and their representatives.

Implications for Buyers and Sellers

For Sellers: It’s crucial to familiarize yourself with the revised Form 101. This ensures your property listings adhere to the latest standards. Additionally, if you’re selling vacant land, be prepared to give the new disclosure form to potential buyers promptly.

For Buyers: The updated forms are designed to offer clearer information, aiding in more informed decision-making. Understanding these changes can help you navigate the purchasing process more effectively and safeguard your rights during transactions.

These updates aim to simplify real estate transactions, improve clarity, and guarantee compliance with evolving industry practices.

Staying informed about these updates is essential for a seamless real estate experience. To keep abreast of the latest developments, consider signing up for the Brazoban Realty Group’s weekly newsletter. Our team is dedicated to providing you with prompt insights and guidance tailored to the Raleigh-Durham real estate market.

For more detailed information on these form changes, please refer to the official NC REALTORS® announcement. The summary is titled: Summary of January 2025 Changes to NC® Residential Forms, images courtesy of pexels.