Key Changes in Multi-Board 8.0
Version 8.0 rearranges several sections from version 7.0. The goal was to improve transparency and streamline transactions for sellers and buyers:
| Section | Change(s) |
| Purchase Price and Payment | Moved up to Section 3 |
| Personal Property | Moved down to Section 7Includes expanded options (e.g., video doorbell, smart thermostats, home theater) for what Seller intends to convey to Buyer as part of the transaction |
| Home Warranty | Election moved to Section 3 |
| Homeowner Insurance and Flood Insurance | Moved up to Sections 9 and 10, respectively |
| Inspections | Inspection-related sections now included sequentially (Sections 15 and 16)Buyer now has three inspection options to choose from (as opposed to two in Version 7.0)Buyer can now elect to inspect the property without making any inspection requests |
| As-Is Condition | Section 14 specifically defines what “as-is” sale means |
In addition to reformatting, version 8.0 includes some additions and revisions.
| Section | Change(s) |
| Real Estate | Section 2 includes boxes to select type of property being sold:single family attachedsingle family detachedmulti-unit |
| Seller Contribution | Section 4 allows parties to select Seller’s obligation to contribute to compensating Buyer’s broker as part of contract rather than separate addendum |
| Seller Representations | Section 24 revised to clarify representations Seller is making to BuyerRemoved need for parties to initial certain representations for those representations to be applicable |
| Financing | Section 8 –uses the term “financing” rather than “loan”allows for secondary financing (e.g., government grants)updated to simplify notice requirements for extending or terminating transaction based on inability of Buyer to obtain financing |
| Alternative Energy | Version 8.0 includes optional Section 34 regarding alternative energy systems to account for a home’s solar panel or similar system that’s being conveyed as part of the transaction |
| Addendums | Version 8.0 includes these new or updated addendums:Repair AgreementIntent to Escalate AppraisalReverse ContingencyMulti-UnitShort Sale |