BIC TIP #1255: 60 Days of Grace

The new forms are here, and with them come some major overhauls in the way North Carolina brokers do business. But do not panic. Stephen Long reminds agents that there are 60 days of grace, during which the old forms may continue to be used in conjunction with the new ones.

The Deadline to Circle on Your Calendar

According to Stephen, the grace period runs through August 31st. After that date, you will be expected to use the new forms in any new transactions.

Sixty days might sound like a lot of time, but between listings, showings, and closings, it will go by fast. Use this window wisely.

What About Deals Already in Motion?

If you have a transaction that has already started on the old forms, Stephen says you can continue on those forms. You do not necessarily have to redo everything just because the new versions came out.

That said, he notes it is not a bad idea to update to the new forms if you get the opportunity. Moving existing clients onto the new forms when it makes sense can reduce confusion later, but be sure to talk with your broker-in-charge about how your firm wants pending files handled.

Use the Grace Period to Get Fluent

The best use of these 60 days is practice. Read the new forms line by line. Compare them to the old versions. Fill out sample offers. Attend a class or watch the forms update videos so you understand what changed and why.

The agents who learn the new forms now will look confident and competent when August 31st arrives. The agents who wait will be learning on the fly, in front of their clients, with a deadline breathing down their necks. Do not be that agent.

The Practical Takeaway

You have a 60-day grace period to use the old forms alongside the new ones, ending August 31st. Transactions already underway can continue on the old forms, though updating is not a bad idea. After August 31st, use the new forms for every new transaction. Spend the grace period getting to know your forms.