It's back! VAR's Standard Clause Booklet

A well-crafted library of standard clauses can save time, frustration and legal fees. VAR last updated its Standard Clauses Booklet in 2003; as you can imagine, a lot has changed since then. Therefore, Standard Forms Working Group Chairman Al Patel appointed a Standard Clauses Working Group that consisted of members from around the Commonwealth and Michael Lafayette, Counsel for the Richmond Association of Realtors, to develop an updated Booklet.

The Booklet is now posted on in VAR's Forms Center (password protected) and contains the following clauses:

Standard Clause Topics

Subsections

Agency

• Acknowledgement of Licensure, Ownership
• Agency Disclosure

Appraisal

• Reimbursement for Appraisal

Contingencies

• Backup offers – non contingent backup
• Contingency upon sale of Real Property
• Sale of Purchaser’s Property
• Replace Home for Seller
• Income and Expense Statement for 1-4 unit Leased Property
• Proof of CO
• Third Party Approval

Financing / Escrow

• Escalation Clause
• Like-Kind Exchange Clause (1031 Exchange)
• Seller Pays Closing Costs
• Transfer of Deposit to New Purchase Contract (interoffice)

Home Inspection

• As-is
• Radon Test Clause – Alternate Language
• Radon Contingency Addendum
• Simple Inspection and Right to Terminate

Property / Legal Description

• Legal Description
• Parcel Size

Miscellaneous

• Home Warranty Contract
• For Sale By Owner

Settlement / Possession

• Settlement to Coincide

Risk Management Acknowledgements:

(not part of K)

• EMD Not Held by Agent

Click here to go to VAR's Forms Center to peruse and download the Standard Clause Booklet today! Please note that this is a members-only resource that requires login to access.