Do I need to switch my existing contracts over to the new forms?

QUESTION: My buyer is under contract to purchase a home, and the contract has the old version of Form 220 attached to it. Now that the new version of Form 220 (Buyer Agency Compensation Addendum) has come out, my compliance department wants me to amend the contract and use the new addendum. Do I need to get the buyer and seller to sign a new Form 220? Do I need to replace all my existing forms with new forms, like my agency agreements?

ANSWER: As a general rule, you have 60 days after July 1 to use both old forms and new forms. Beginning on August 31, you can no longer use the old forms under the NC REALTORS® Forms Policy. When new forms are released, NCR’s Forms Policy does not require you to re-execute and replace old forms. Instead, once old forms are retired after the 60-day grace period, you simply need to use the new forms going forward. Depending on your circumstances, there may be times where is best to leave the current forms in place, and other times where re-executing a document to the new form is a good idea.

In your case, it might be a good idea to ask your compliance department why they wish to update Form 220 in your transaction. Updating Form 220 as they are suggesting is not without risk. A buyer and seller have no obligation to sign a new form, because they already have a binding contract in place. And, it is certainly possible that if you ask the seller to replace this document, they may only be willing to do so if your buyer makes a significant concession. This would negatively impact your buyer and possibly make them upset for no reason. So, unless your compliance department has a compelling reason to put your buyer at risk, then leaving the current contract in place and undisturbed is likely the best decision.

As for your existing agency agreements or any other old forms you are using, the same reasoning applies. However, if you have a buyer client who is shopping for new construction homes on an old version of the Exclusive Buyer Agency Agreement (Form 201), then you may consider asking if the buyer will sign a new Form 201 that has edits this year specifically addressing that kind of purchase. Or, if you are currently working with a client and using the old version of the Professional Services Disclosure and Election (Form 760), then you may want to replace that with the new version, which is much more comprehensive and is a better risk management tool. Again, you do not have to replace these forms, but it may make sense in these sorts of scenarios.

Finally, as a reminder, the Working With Real Estate Agents Disclosure, the Residential Property and Owners’ Association Disclosure Statement, and the Mineral and Oil and Gas Rights Mandatory Disclosure Statement forms are not NC REALTORS® standard forms. Those forms are created by the NC Real Estate Commission, and they have their own update schedule. They are republished in NCR’s forms library for member convenience.

Release Date: 7/16/2026

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