Understanding the New Contract Riders
Florida Realtors® has just rolled out two new contract riders designed to streamline the home buying process. These updates are all about making things clearer and simpler for both Realtors and their clients. Let’s dive into what these new riders are all about and why they matter.
Buyer’s Broker Compensation Credit (CR-6 FF and CRSP16 DD)
This rider may be a game changer when it comes to handling broker compensation. It comes into play when a seller agrees to provide a credit to the buyer that can be used towards paying their broker. This form ensures that all financial terms are crystal clear from the get-go, reducing the risk of any misunderstandings or disputes later on.
Seller’s Agreement for Buyer’s Broker Compensation (CR-6 GG and CRSP16 EE)
This rider could be equally important, as it makes the purchase contract contingent on the seller agreeing to pay the buyer’s broker. If the seller isn’t on board with this arrangement, the buyer has the option to cancel the contract. This adds an extra layer of protection for buyers during negotiations.
Why These Riders Matter
These aren’t just additional pieces of paperwork. They’re essential tools that add clarity and build confidence in real estate transactions. By clearly outlining how the buyer’s broker will be compensated, these riders help prevent conflicts and foster trust between buyers and their agents.
Upcoming Webinar: Learn More About the New Riders
Curious to learn more? Florida Realtors is hosting a free legal webinar on September 16, led by Juana Watkins, Vice President of Law and Policy and General Counsel at Florida Realtors. It’s a fantastic opportunity for Realtors to get expert insights, ask questions, and get a handle on these new forms.
What to Do Next
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- Download the Riders: Head over to Form Simplicity to get your hands on the new forms.
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- Attend the Webinar: Mark your calendar for September 16 and join the webinar to get all the details you need.
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- Use the Riders: Start incorporating these new riders into your transactions to enhance transparency and efficiency for your clients.
By staying informed and using these new tools, you can make your real estate transactions smoother and more transparent.
