Goldstein & Levy, P.A., General Counsel
February 8, 2016 | MAR Residential Contract of Sale Changes…
Please note the following changes that have been made to the MAR Residential Contract of Sale as of February 8, 2016:
- Paragraph 38 – Paragraph 38 was added to the Contract because some lenders are refusing to provide copies of the closing disclosure/settlement statement to the real estate licensees involved in the transaction.
Here is the new paragraph 38:
- 38. AUTHORIZATION TO PROVIDE TILA-RESPA INTEGRATED DISCLOSURES: Buyer and Seller hereby authorize the lender, title company, escrow agent, and/or their representatives to disclose and provide copies of the closing disclosure(s) and/or other settlement statement to the real estate licensees involved in the transaction at the time these documents are provided to Buyer and Seller.
- Paragraph 57 – In line 3 of Paragraph 57, the number zero was inserted in place of the number one to correct an error. Additionally, the initials “E.S.T.” were replaced with the words “Eastern Time Zone” to account for both standard time and daylight-saving time.
- Page 10 – On Page 10 of the Contract lines have been inserted to incorporate the license numbers of the real estate brokers of record and sales associates involved in the transaction. This was done because lenders are requesting that the license numbers of the real estate brokers of record and sales associates involved in the transaction be recorded on the closing disclosure. The contract has also been revised to re-insert the check boxes for intra-company agents.
Practice Tip: You may go to the Maryland Real Estate Commission (MREC)
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