As a result of the recent passing of HB19-1098 (Deeds to Convey Real Estate), the Real Estate Commission has amended the purchase and sale agreement and the closing instruction forms.
Date of Implementation
You can use the current Contracts to Buy and Sell Real Estate or the newly adopted contracts prior to July 1, 2019. As of July 1, 2019, however, only the newly adopted mandatory CBS forms may be used.
What's New?
The only change to the purchase forms is Section 13, concerning how title will be conveyed. Below is a redline version alongside the new language. The real change has to do with the exceptions that are added to the different types of warranty deeds. The new law provides some clarity to a lot of questions and ambiguity about what exceptions should be included on the particular deed type. The new law defines the specific exceptions for each type of deed under the statute. Now, instead of listing lots of exceptions on the deed, the deeds will simply state that the conveyance is made “subject to statutory exceptions.”
