Wow, loads of changes in the Commission approved contracts for '22. Here's a fun one: TIME OF DAY. That right, no more playing chicken until midnight for objection resolutions. Next year, we can set the fuse for a more reasonable time. I like it. I like it a LOT.
Likely due to abuse of the loan approval contingency, the Commish is getting more specific about by breaking it out into loan availability and loan terms. Smart. In '22, it will be harder for buyers to kill the deal by claiming they don't like the loan terms at the finish line.
Minor changes to how the inspection termination and objection process works. Mostly verbiage cleanup designed to end broker confusion about how these deadlines worked together.
For years, buyers and sellers have been putting up with hundreds of dollars of surprise fees tacked onto the deal by HOA MGT. The title company had to make the call about who pays, which caused disputes at the closing table. No longer...
§21.2 now contains a warning for sellers who fail to disclose adverse material facts under section 10.2 . Buyers right to pursue seller for liability survives Closing.
You'd be surprised how many brokers forget they also have a duty to disclose latent defects and adverse material facts. Rule of thumb: When it doubt, disclose and make sure the disclosure is in writing.

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