§16-99-3.1

Disclosure of Agency

§16-99-3.1 “Contract between buyer and seller” redefined to replace “deposit, receipt, offer and acceptance” with “purchase contract” because the former term is obsolete and no longer used by the industry.

New Rule

Old Rule
“Contract between the buyer and seller” includes a purchase contract, an option, an offer to purchase, a sales contract, an offer to lease, or a lease.
Contract between the buyer and seller includes a “deposit receipt, offer and acceptance”, an option, an offer to purchase, a sales contract, an offer to lease, or a lease.