Committee Description: Develops and updates commercial forms and contracts for voluntary use by the membership. All forms proposed by the Commercial Standard Forms Committee are subject to review by legal counsel, the Commercial Advisory Board and final approval by the Columbus REALTORS® Board of Directors.
The Commercial Standard Forms Committee approved these goals for 2017 at our first meeting:
To revise and/or create the following forms:
- Contract Amendment Form
- Contract Addendum FormCommercial Referral Form
- Buyer’s Notice of Contract Termination
- Other forms suggested by committee members
At our second meeting, committee member Christine Beckman suggested the creation of a commercial lease checklist and she volunteered to review the existing commercial purchase checklist, and bring recommendations for establishing a commercial lease checklist back to the committee for review.
At our third and fourth meetings, the commercial lease checklist was revised. There also arose a discussion on creating a standard drop-in clause that would assure that the property was to be conveyed by the buyer in “as is” condition, with all faults. Ted Oatts also recommended that the committee create a standard drop-in clause that would establish warranties by the seller.
Jim Maniace, an attorney and a member of the Commercial Standard Forms Committee, undertook the task of drafting clauses that would achieve either of these goals, depending on whether the REALTOR® represents the buyer’s best interests or the seller’s best interests.
By our June meeting, these clauses were drafted, recommended by the committee and approved by legal counsel, the Commercial Advisory Board and the Columbus REALTORS® Board of Directors.
For the balance of the 2017, the Commercial Standard Forms Committee will focus on a contract amendment form, commercial referral form, contract addendum form, and the buyer’s notice of contract termination. The committee will engage vice chair Shawn Parker to lead the process of establishing committee goals for 2018.