Will Martin, NCAR Attorney, was our guest speaker for the August 14th Nuts & Bolts program.  He spoke about the updates for the NCAR Contract Forms.  There are numerous changes to the forms this year and everyone should be informed on what these changes are to protect themselves and their buyers and sellers.  Below you will find the handouts that were given out at the training session. 

2007 Forms Update Outline  (PDF)
Offer to Purchase DRAFT Changes  (PDF)

This is a response from Will Martin to a question about new construction and concerns by builders about the application of an interest penalty for delayed closings.  The paragraph is from the New Construction Addendum that takes into account construction delays and allows for flexibility in the closing date.

3.   COMPLETION OF CONSTRUCTION.  Seller shall diligently pursue the construction of the House, and shall complete construction of the House as a “turn-key” job on or before the Closing.  If Seller is delayed at any time in the progress of construction by (a) any act or neglect of Buyer, (b) any changes ordered in the construction, (c) material shortages, adverse weather conditions, or delays in transportation which were not reasonably anticipated or (d) acts of God, then the time for completion of construction of the House and the Closing shall be extended automatically by a reasonable time to account for the delay experienced.  Seller shall notify Buyer in writing within ten (10) days after the commencement of the delay; otherwise the right to an extension shall be waived.  The construction of the House shall be deemed completed when (i) the House has been completed in accordance with the Plans and Specifications and is broom-clean; and (ii) a certificate of compliance has been issued by the appropriate governmental authority having jurisdiction over the construction of the House

These forms are in Adobe Portable Document Format (PDF). To view them you must have the free Adobe Acrobat Reader installed on your computer.