BFI, SSP-CM:

Forms Updated

Buyer’s Financial Information Form (Form BFI)

The Buyer’s Financial Information form (Form BFI) has been reformatted as an

8½ x 11 and is now available in print from all PAR e-forms vendors. Other changes to Form BFI include: 

•  Elimination of the buyer’s Social Security number. (See the article titled “Data Security: It’s Not Just for IT Guys Anymore” on page 1 of this issue for more information on the importance of limiting access to Social Security numbers.)

•  Addition of a “release and hold harmless” clause. This protects the broker from liability in the event that the buyer’s information is disclosed by the broker to a third party who misuses or subsequently discloses it.

•  Expanded explanation of the various types of credit information resources that may be accessed to obtain the buyer’s financial qualifications. 

Agreement of Sale Contingency Forms

In practice many Agreements of Sale are contingent on the sale and settlement of the buyer’s other property. PAR offers a number of forms relating to this contingency, including:

•  Sale & Settlement of Other Property Contingency (Form SSP)

•  Sale & Settlement of Other Property Contingency (with right to continue marketing) (Form SSP-CM)  

•  Settlement of Other Property Contingency Addendum to Agreement of Sale, (Form SOP)

•  Seller’s Reply to Proposed Agreement of Sale for Buyer’s Property (Form SRA). 

A new Form SSP-CM is now available that allows the seller to designate a date by which the buyer must obtain an agreement of sale on his property. If the buyer doesn’t have a seller-approved agreement by that date, the seller may terminate the agreement by written notice. This change has no effect on the seller’s right to continue marketing the property or the seller’s right to accept a second offer while the buyer is still trying to procure a buyer for his other property.   

More information can be found in the Standard Forms section of the web site and click the Articles, Guidelines, & FAQs link to access the PAR Guidelines for Preparation and Use. Members will need their PRO-Web password to access this members-only resource.