🚨Revised Residential Purchase Contract Available! 

Columbus REALTORS® and the Columbus Bar Association have updated the residential real estate purchase contract. The new form will be available October 1 through the forms section of the Columbus REALTORS® website and the member portal. It will begin appearing on the other real estate forms sites over the next 7-14 days.

Please review the entire contract before use. Be aware that any changes impacting how you prepare an offer might include, but are not limited to, the following:

• Buyer broker compensation, Section 1.2: Statement added wherein parties acknowledge broker fees are negotiable and are not set by law.

• Current Agricultural Use Value (CAUV) recoupment, Section 4.1: A new selection records whether the buyer will assume agricultural use tax recoupment. 

• Fixtures and Equipment, Section 5.1: The fixture “Mirrors” has been clarified to indicate “if attached”.

• Inspections, Section 6: Unless the parties agree otherwise in writing, the buyer is responsible for obtaining inspections and tests. Pay close attention to the inspection period and the requirements for requesting a remedy or terminating the contract.

• Earnest money, Section 12: The separate deposit receipt box from the working draft is gone. The contract still sets out deposit timing, notice and disbursement procedures.

• Closing and possession, Section 15: States that the seller retains possession until the later of the date and time entered in the contract or the actual closing. 

Talk with your broker about how to use the new purchase contract and refer legal questions to an attorney.