The state-approved (WB) listing contracts, buyer agency and tenant representation agreements, the offers to purchase and the option to purchase have been revised!
The National Association of REALTORS® (NAR) announced in March that it reached a proposed settlement agreement to resolve the litigation relating to federal antitrust conspiracy claims. To comply with the terms of the proposed settlement agreement, the Real Estate Examining Board (REEB) approved revisions to the WB listing contracts, buyer agency and tenant representation agreements, and the offers to purchase and the option to purchase.
These revisions include greater consumer transparency language regarding commission and compensation in the listing contracts and buyer agency and tenant representation agreements and an optional provision allowing the seller to pay the buyer’s firm’s fee in the offers to purchase and the option to purchase.
What is an optional and mandatory use date? When do licensees need to use the updated forms?
The optional use date is when the updated WB forms will become available and when licensees may choose to use the updated forms. The optional use date for the listing contracts, buyer agency and tenant representation agreements, and all the offers to purchase is July 1, 2024.
The mandatory use date is when licensees must use the updated WB forms. The mandatory use date for the listing contracts, buyer agency and tenant representation agreements, and all the offers to purchase is August 15, 2024.
Which forms were changed?
Listing contracts
- WB-1 Residential Listing Contract — Exclusive Right to Sell
- WB-2 Farm Listing Contract — Exclusive Right to Sell
- WB-3 Vacant Land Listing Contract — Exclusive Right to Sell
- WB-4 Residential Condominium Listing Contract — Exclusive Right to Sell
- WB-5 Commercial Listing Contract — Exclusive Right to Sell
- WB-6 Business Listing Contract — Exclusive Right to Sell
- WB-37 Residential Listing Contract — Exclusive Right to Rent
Buyer agency agreements
- WB-36 Buyer Agency Agreement
- WB-38 Commercial Buyer Agency/Tenant Representation Agreement
Tenant representation agreement
- WB-39 Tenant Representation Agreement
Offers to purchase
- WB-11 Residential Offer to Purchase
- WB-12 Farm Offer to Purchase
- WB-13 Vacant Land Offer to Purchase
- WB-14 Residential Condominium Offer to Purchase
- WB-15 Commercial Offer to Purchase
- WB-16 Offer to Purchase — Business With Real Estate Interest
- WB-17 Offer to Purchase — Business Without Real Estate Interest
- WB-24 Option to Purchase
Where can I get the updated WB forms?
WB forms are available in Transactions (zipForm Edition) as well as the WRA Forms Library. These products are free with WRA membership.
Stay updated on any changes to the forms on the WRA’s forms update resource webpage.