Weekly Recap- June 3rd

by Domain Realty

Weekly Recap!!

News and updates in and out of office.

Little Things, Big Impact

Welcome to our Weekly Tips!

Today’s Tip: Direct Pay Processes

Reminder! You do NOT send your own Direct Pay for signature. You need to send it to staff to process and get signed. We will notify you when Parker has completed the signature and you can proceed with it from there.

If you have any other questions, please contact Parker

Compliance and Email Updates

Happy 4th of July- Office Closure and Door Rundown

Happy Thursday!! Just a reminder we will be closed tomorrow, July 4th. We will resume normal hours on Monday, July 7th! The door will be deadbolted like a normal holiday weekend but there will be a Supra box on the door for access!! Please call Parker if you have any questions! Have a great weekend!

Direct Pay Forms Process

I’m reaching out to clarify the process for submitting Broker Authorization for Direct Pay forms, as we’ve recently seen an increase in agents sending them directly to Parker for signature. Please remember that these forms must first come to me for review. I complete the "Office Use Only" section and verify that all calculations are correct before forwarding the form to Parker for signature. Following this process is important; I’ve caught several instances where agents were unintentionally shorting themselves on commission or miscalculating the broker fee. Thank you for your attention to this and for helping us maintain accuracy and efficiency in our transactions! -Hilary

GREAT WEBINAR VIDEO: NEW CONDO BILL AND LEGISLATION

You should watch this 100%

WATCH WEBINAR HERE

Condo 4.0 Legislation (HB 913 – Effective July 1, 2025)

Rescission Period Extended: Buyer’s right to cancel increased from 3 to 7 business days.
Association Website Requirement (Effective Jan 1, 2026):
- Required for all associations with 25+ units (up from 150).
- Must include: declarations, bylaws, financials, meeting minutes, SIRS, milestone inspections, permits, budgets, etc.
Transparency in Reserves & Financing:
- Reserve funding now allowed via loans or lines of credit.
- Financial documents must include details on funding sources and obligations.
Milestone & SIRS Scope Narrowed:
- Applies only to buildings with 3 or more habitable stories.
- Clarifies garages/non-habitable spaces don’t count.
SIRS Deadline Extended: Now Dec 31, 2025 for pre-2022 condos.
Waiving/Reducing Reserves:
- Owner-controlled associations can pause/reduce reserves for 2 consecutive budgets (until 2028).
- Nonstructural reserve item threshold increased from $10K to $25K (indexed for inflation).

Condominium Rider A Revisions (Form CR-7)

Structural Rework & Clarifications:
- New intro section clarifies responsibilities for master associations.
- Adds fields to list association and management contacts + website.
Buyer Approval Section:
- Seller must now provide the application.
- Buyer must promptly apply.
Right of First Refusal:
- Refined structure for clarity.
- Removed “procuring cause” language due to NAR settlement.
- Use compensation agreement to protect agent commissions in these scenarios.
Assessment Section Overhauled:
- Seller or buyer must pay assessments levied before/after effective date (negotiable).
- Strong warning: Association rules override contract terms re: assessment payment at closing.
- Buyers can now request 12-months of meeting minutes and other docs to verify hidden assessments.
Special Assessments:
- Seller must disclose known assessments.
- But no longer required to research minutes—burden shifted to buyer (if desired).
Financial Documents:
- Now must include new financing-related disclosures (as required by HB 913).
Buyer's Document Request (New Paragraph 6):
- Simplified request: buyer gets standard docs automatically.
- Buyer may request additional items, including SIRS, minutes, etc.
- Includes clause: if any requested docs later become available, buyer gets 7-day rescission right.

Vertical Subdivisions (Condotels, Resorts, etc.)

Clarifies that common areas may be owned by a third party.
Buyer does not control the costs or management.
No right of rescission, but now requires specific disclosure (paragraph 11).

Other Notables

CRSP-17 and CO-OP Addenda also updated to reflect 7-day rescission and new statutory references.
RCD-7 Form still available for receipt of condo/co-op documents.
RCD-8 Form (coming soon) will include acknowledgment of turnover inspection reports.