Greater Las Vegas Association of REALTORS®

Breaking News on New Version

Residential Purchase Agreement

From the GLVAR: http://www.lasvegasrealtor.com/

“The 2013 Forms Committee worked hard to provide GLVAR Members forms that comply with NV Law. Please find below revisions on the Residential Purchase Agreement (RPA), Supplemental Property Disclosure Form, and see information on the new FIRPTA Affidavit form. If you have any questions please email the Forms Committee at forms@glvar.org.

“Due to a formatting error the initial section on pages 2-11 of the Residential Purchase Agreement have been omitted. While zipForm fixes the issue we suggest that Members have both parties initial each page even if there is no pre-printed area.”

Residential Purchase Agreement (RPA):

  1. P.      2 – Section 2(A) removed the line regarding ordering of an appraisal.
  2. P.      3 – Section 5(E) moved and redrafted the FIRPTA compliance provision, the      updated language is now on pg. 13.
  3. P.      3 – Section 6- revised the title insurance language as requested by the      SNEA.
  4. P.      3 – Section 70 moved the trash services fee provision from subsection B to      subsection A and added phrase “to be paid current through COE.”
  5. P.      7 – Removed the Licensee Disclosure of Interest provision as it is a      duplicate provision and is addressed on p. 12.
  6. P.      8 – Section 18 (A) added language required by recent changes in Nevada law      regarding arbitration and mediation provisions.
  7. P.      12 – Revamped the Buyer’s Acknowledgement of Offer provision.
  8. P.      13 – Revamped the Seller’s Response and included FIRPTA language.
  9. Various      editing and grammatical changes.”
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