These revised forms can be used on a voluntary basis until March 1, 2019 at which time they become mandatory and the old forms will no longer be allowed. As of this time, the forms have not been updated on ZipForms. See attached samples with highlights.
The" Notice of Buyer's Termination of Contract" has had a statement added for #3 that "Buyer has delivered to Seller lender's written statement setting forth the reason(s) for lender's determination."
A new box #6 has been added to check if buyer is terminating under paragraph 3 of the " Addendum Concerning Right to Terminate Due to Lender's Appraisal."
A box #7 has been added to check if the buyer is terminating under Paragraph 6 D of the contract because timely objections were not cured by the end of the cure period.
The "Addendum Concerning Right to Terminate Due to Lender's Appraisal" has been reformatted for clarity and a statement added clarifying that this form is to be used only if the Third Party Financing Addendum is part of the contract (and the transaction still cannot involve FHA or VA financing).
The Third Party Financing Addendum has had some reformatting and added language in the Property Approval section to require that if the buyer wants to terminate the contract under this paragraph, the buyer must give the seller written notice not later than three days before the contract's closing date and must provide the seller written evidence of the lender's determination.
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