Industry News

NWMLS revises, clarifies various forms

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Northwest Multiple Listing Service revised several forms and unveiled various new forms on March 3. In some cases, MLS officials said there are significant revisions, while in other cases the revisions include minor clarifications and updates to outdated vernacular.

Documents with significant revisions include the Purchase and Sale Agreements, the Financing Addendum, the Inspection Addendum, and the Escalation Addendum.

Legal Bulletin 219 summarizes the forms revisions. Links to sample versions of the revised forms (in both clean and redline formats) are available online for review purposes.  The forms were published for use on Transaction Desk and Xpress Forms on March 3. Many forms are also available to order as hard copies. Brokers should allow extra time for printing and shipping.

NWMLS is holding several virtual 2021 Forms Update classes focusing on the March 3rd changes. Instructors will also discuss several current industry issues.

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