FLOOD RISK DISCLOSURE AND NAR PROPOSED SETTLEMENT MAR FORMS

MEMBER REVIEW PERIOD UNTIL JUNE 7:

The MAR Contract Review Committee has made its preliminary recommendations for forms changes because of Maine’s new flood risk disclosure law and the NAR proposed litigation settlement. The next step is for member review before the recommendations go back to the Contract Review Committee and then to the MAR Board of Directors for approval.

Please review and offer any comments on these proposed changes for flood risk disclosure and the NAR litigation settlement only by end of day Friday, June 7.

The proposed changes (highlighted in yellow) can be accessed here

Read Maine’s new flood risk disclosure law

Read the NAR proposed settlement agreement (practice changes are on pages 27-31)

We are working toward an implementation date of July 31 for these modified legal forms. This allows for a transition time prior to the August 9 deadline for flood risk disclosure and August 17 deadline for practice changes under the NAR proposed settlement agreement.

The MAR Contract Review Committee will soon begin its work on legal forms changes for January 2025 based on member feedback that you’ve already provided. Thank you!