In regards to the last FAR/BAR training, I was informed that the Instructor stated that the last version of the FAR/BAR Contract was “illegal” to use due to E & O reasons. First off, per Margy Grant Chief Counsel for Florida REALTOR®, the form is not illegal. Furthermore she said, “while I appreciate that some like the old form, it will no longer be updated and does not contain the most current recommended language. Due to the changes, members should be encouraged to use the new form.” Therefore, the old version is legal to use, not just advisable per Margy. Now to be able to use the old form, you MUST ask your Broker if it is allowed per their Company policy and if it is compliant with their E & O Coverage. I think what was meant by the Instructor was that if your E & O Coverage necessitates that you must use the most current version of a certain contract, you should only use the new version. Again, that is a Broker question to answer if you E & O requires the newest version.
