What is a PAR form?


#1

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.


#2

Well if the park is in Pennsylvania it might be Pennsylvania Association of Realtors? Otherwise no clue.


#3

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.


#4

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.