Скачать или смотреть 2026 NVAR Contract Updates with Steve Lefave & Mike Briggs - January 2026 Samson Properties

2026 NVAR Contract Updates with Steve Lefave & Mike Briggs - January 2026 Samson Properties

2026 NVAR Contract Updates Summary
Residential Sales Contract Updates
Paragraph 9: Buyer must conduct a final walkthrough within seven days prior to settlement or occupancy, whichever occurs first. Multiple walkthroughs are allowed if agreed upon, accommodating pre-settlement occupancy situations 00:01:24
Paragraph 27: Clarifies ratification occurs anytime between 12 a.m. and 11:59 p.m. on the delivery date. Defines required forms: Notice Voiding Contract and Notice Removing Financing Contingency 00:04:19
Financing Contingency Changes
Buyers must deliver a Notice Voiding Contract with a lender rejection letter to void the contract.
To remove the financing contingency, buyers must provide a Notice Removing Financing Contingency with either a loan commitment letter or evidence of funds sufficient to close without financing 00:08:28
Loan denial letters must be specific, including loan type, amount, and interest rate; vague terms like "market rate" are discouraged 00:14:59
Buyers must apply for a loan within seven days of ratification; denials from subsequent lenders are valid only if a full application was made within this timeframe 00:16:52
The Notice Removing Financing Contingency form was reinstated as a standalone form to formalize removal of the contingency 00:12:44
Lease Addendum and Tenant Protections
A new Sale of Property Subject to Lease addendum requires the seller to provide a copy of the lease within two days of ratification or execution 00:28:10
The contract removes the requirement for the property to be free of trash/debris at settlement and clarifies reasonable access for buyers, respecting tenant rights under Virginia law 00:35:40
Seller must notify tenants and property managers of the sale, transfer prorated rent and security deposits to the buyer at settlement 00:37:31
Buyer assumes landlord responsibilities under the existing lease; no requirement for tenants to sign new leases 00:39:11
Buyers may request updated rental applications during lease renewal but cannot compel tenants to provide them during the lease term 01:00:49
Lead-Based Paint Disclosure
Updated to include purchaser acknowledgment that the seller has no knowledge or records of lead-based paint or hazards in the property 00:41:17
Listing Information Sheet
Now includes a clear section specifying the name and email address for submitting offers, reducing ambiguity 00:44:11
Brokerage Agreements and Compensation
The Exclusive Right to Represent Buyer agreement’s compensation section is streamlined to accept only numerical values, preventing unconventional terms 00:45:53
When combining fees (e.g., percentage plus team fees), the brokerage fee must be entered separately to avoid duplication 00:47:17
Additional fees (team, marketing, etc.) should be added in the third checkbox line; the $3.95 brokerage service fee is separate 00:48:29
The Brokerage Service Fee Explained form is recommended to clarify fees and avoid accounting issues 00:49:30
Title Company Documentation
Title companies require documentation for the $3.95 brokerage service fee and any rebates; agents should provide this well before settlement 00:58:39
Amendments to brokerage agreements can add fees if not included initially 01:00:14
Client Transparency and Education
Emphasizes the importance of educating buyers about agent compensation and transaction details during buyer interviews 01:09:50
Bright MLS Updates (Effective December 10, 2025)
Listing agents and brokers now have control to remove listing photos upon buyer request for a limited time after closing 01:10:31
Photos can be suppressed from syndication to third-party sites but remain on Bright MLS 01:10:31
Concession and seller subsidy fields are now required to be completed, including seller-paid buyer broker compensation, though some system conflicts remain 01:12:00
Office Exclusive Form
A new mandatory form for office exclusive listings requires client signature and includes statistics showing office exclusives often take longer to sell without price advantage 01:19:29
Additional Forms and Tools
New color-coded buyer tenant (blue) and seller landlord (red) forms are available in SkySlope and auto-populate with templates 01:22:56
Sellers are cautioned about the potential downsides of office exclusives and encouraged to consider market realities 01:22:19
This summary captures the essential 2026 NVAR contract updates, focusing on financing contingencies, lease addenda, disclosures, brokerage agreements, title documentation, and Bright MLS system changes, providing agents with a clear overview for smooth transactions.

If you need further details on any section, feel free to ask!