SMAR's New Home Contract of Sale has been revised as of June 2017. It is active in DotLoop, SMAR's Member Site and Maryland REALTORS®' Website. The form has also been sent to ZipLogix, we are just awaiting the update.
Brokers and Agents--Just a few thoughts from the SMAR Forms Committee
- Please review in detail the SMAR New Homes Contract of Sale.
- The revised SMAR New Home Contract of Sale is to be used on a lot owned by the seller. It is not the same as a Custom Home Contract where a home is built on the buyer's lot.
- The SMAR New Home Contract of sale is for use in the Southern Maryland Area only. Other Counties may have additional requirements and disclosures.
- Make sure you include all required addenda and make amendments to any extensions for time frames in the contract. The Builder/Seller will need to insert information on various forms and provide information required.
- Make sure the Seller/Builder completes proper disclosures before all parties sign the agreement and collect deposits.
- The New Home Contract of Sale and required disclosures may carry penalties if not included or completed properly should an issue arise. Please make sure to review the paperwork with all parties.
- As always, please see your Broker or Manager for review and consult with an Attorney for legal advice if needed.