Dec 05, 2011
VAR introduces commercial forms
05 Dec 2011
Posted by Blake Hegeman, Deputy General Counsel
NOTE: The phone number originally given for the Richmond Association of Realtors was incorrect. It has been corrected in this version.
The Virginia Association of Realtors is pleased to announce the addition of commercial forms to its Forms Center! Through a licensing agreement with Central Virginia Regional MLS, VAR will now provide the following forms:
- Commercial Purchase Agreement – Form 700;
- Commercial Listing Agreement – Form 710;
- Commercial Letter of Intent for Purchase – Form 720; and
- Commercial Letter of Intent for Lease – Form 730.
We offer these forms as a resource that will improve basic commercial deals by providing you a template for structuring and moving forward in these transactions.
We strongly encourage agents who lack commercial experience to obtain training before engaging in these often complicated transactions. Remember, Code of Ethics Article 11 requires competence to engage in a specific real estate discipline such as commercial real estate, and you could subject yourself and your firm to discipline if you are unprepared.
COE Article 11:
The services which REALTORS®provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.
REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/10)
General training concerning commercial transactions can be found throughout Virginia; specific training concerning these forms may be obtained by contacting the Richmond Association of Realtors at (804) 422-5000; ask for “Education.”
Click here to go to VAR’s Forms Center. We hope these forms are helpful to you. Happy Holidays!