The CVR MLS Board of Directors approved the form CVR 426 Summary of Residential Property Disclosure Act which is available in Instanet as of July 1, 2021.
Frequently asked questions about this new form and the VR SUM 1 – Summary of Rights & Obligations Under the Residential Property Disclosure Act form are available below.
What is the purpose of the CVR 426 Residential Property Disclosure Act summary form?
The purpose of a summary form is to document that an agent representing a seller and/or purchaser has informed their respective client about the disclosures listed on DPOR’s website.
Why did CVR MLS create the CVR 426 Summary of the Residential Property Disclosure Act form?
CVR MLS is committed to providing a comprehensive library of forms for use in your real estate transactions. We received numerous requests from users to add a residential property disclosure act summary form to the CVR MLS suite of forms for simplicity and ease of access.
Which form should I use – the CVR 426 Summary of the Residential Property Disclosure Act form the VR SUM 1 Summary of Rights & Obligations
Agents may use either form. Consult your broker or their office policies to determine if one form is preferred over another.
Am I required to use one of these forms in my transactions?
Neither of these forms are required by law. It is a recommended best practice to use one of these forms in your transactions. However, your broker may require the use of a summary form.
Does this form replace the Residential Property Disclosures Acknowledgement Form?
No. Sellers are still required to complete the Residential Property Disclosures Acknowledgement Form.
What changes became effective July 1, 2021 related to the Residential Property Disclosure Act?
Effective July 1, 2021, Item 1. Condition was updated to include a recommendation that purchasers consider a mold assessment as part of their due diligence inspections. This change is reflected in both summary forms.
If you have any questions about these forms, contact plynch@RARealtors.com or at 804.422.5006.