What is a Resale Certificate?  Every transaction that involves a common interest community such as a Homeowner's Association or Condominium will require a Resale Certificate to be obtained by the Seller and provided to the Purchaser. This document will outline the financial and legal standing of the property and the community.  The Residential Resale Disclosure Act gives the Purchaser a statutory right to terminate the Purchase Agreement at any time before receiving the Resale Certificate or notice that the certificate is unavailable, and during the applicable review period after receipt of the certificate or notice.   Paragraph 14 of the Purchase Agreement incorporates [...]

As of July 1, 2026, Paragraph 24G in the CVR MLS Purchase Agreement contains updated language regarding wood infestation. The contract now clarifies that only active wood infestation requires treatment. If there is damage from a prior infestation, it must be repaired. But treatment is only required if there is evidence of active infestation. Key Considerations Paragraph 24G requires that any and all damage caused by wood-destroying insects be repaired, regardless of whether it is recent damage or damage from a previous infestation  The CVR MLS As Is Addendum deletes paragraph 24G in its entirety, rendering the paragraph of [...]

As of July 1, 2026, Paragraph 24E now contains language requiring Sellers to have all utilities supplied to all systems from the date of ratification until settlement. While Paragraph 16 states that all utilities must be supplied for the property inspection, this update to Paragraph 24E establishes the timeframe for this obligation.  This means that all utilities such as electricity, gas, water, and any other services required to operate the home must be connected and functioning from the date of contract ratification until closing.  Listing agents should discuss this requirement with the Seller, and if the Seller is unwilling or unable to comply with this requirement, the purchase agreement will need to be modified accordingly.   Here is the [...]

The CVR MLS Purchase Agreement contains numerous deadlines that require accurate tracking of the days required to comply with each contractual obligation. One of the most frequently asked questions about deadlines in the CVR MLS Purchase Agreement is identifying when "Day 1" is.  "Day 1" is the day following the triggering event.   For example, Day 1 of the home inspection period is the day after contract ratification. If the contract is ratified by all parties on March 1, then March 2 is Day 1.   Here are a few examples of the actual language used in the Purchase Agreement concerning deadlines:  Purchaser shall make written application for [...]