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GAR Form of the Month
F-316 Lead Based Paint Exhibit
When to Use F316: The Lead Based Paint Exhibit should be used for all homes built prior to 1978. Some brokerages use it for all of their properties just in case any antique fixtures exists in the property such as vintage doors or antique mantles. The wording at the top of the form, in bold. states that it must be signed prior to binding, so most brokerages do not allow special stipulations requesting to add this form to the contract after binding.
Who Signs the F316? The new form released 7/1/2024 requires the Buyer Agent to provide notification to the Seller if Seller is paying the Buyer Agent's compensation.
Issues we are seeing with this form: The most common mistake is leaving (d) blank. Some agents think that it's optional to provide the Buyer with the Pamphlet referenced below. In all of the trainings I've attended, the pamphlet is mandatory and can not be skipped. I actually recommend that agents share that pamphlet with all of their buyers when they get their Buyer Brokerage Engagement Agreement signed. In that case, agents have two confirmations from their Buyer that they received the pamphlet, in the BBA and again in the LBP exhibit.
Note: The information provided in this newsletter is for general informational purposes only and should not be construed as legal or brokerage advice.
SS 640 TAX ID AS DESCRIPTION
If, after a diligent search by the Seller, there is no acceptable legal description available; the County Tax Identification Number is
recognized by all parties to be sufficient for this Agreement. The Tax ID Number is ______________________________________.
Monday, November 11, 2024
Veterans Day
Thursday, November 28, 2024
Thanksgiving Day
(Note : Most attorneys and RHRE also close Friday Nov 29, which is a state, not federal holiday)
Tuesday, December 24, 2024
Wednesday, December 25, 2024
Christmas Eve and Christmas Day
(Christmas Day is a Federal holiday but most closing attorneys are not open on Christmas Eve. If you have a 24th closing, you'll need to do an amendment.)
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