What is a PAR form?
We are currently working with a real estate agent who sent us the following text:
“Hi Aman. The sellers side is asking if you want to have them draw up the agreement on a PAR form. I don’t recommend this with this type of property. Please let me know. Thank you.”
However, she LOVES LOIs. I think she is referring to a purchase contract, but I want to be perfectly clear regarding what she is talking about. There are a lot of new acronyms I haven’t encountered yet.
Well if the park is in Pennsylvania it might be Pennsylvania Association of Realtors? Otherwise no clue.
If the realtor is in Pennsylvania, the PAR is actually what Rhonda said, “Pennsylvania Association of Realtors” standard form which is the standard agreement of sale contract in PA.
Basically its a real estate contract approved in Pennsylvania. I have seen some advantages and disadvantages to using these standard forms. Advantages is that it speeds up the initial process. Its a standard contract and widely used. Bringing in some offshoot contract, even though they might read the same, can spook an owner. Disadvantage is that its a “standard” contract there is usually language you might like to see that is not in the contract. However, you can add it via addendum.
An LOI is not a contract.