Published: August 20, 2007

<strong></strong>The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) released yesterday a new standard-form Short Sale Listing Addendum (SSL). Listing agents may attach this addendum to their listing agreements to advise sellers of various aspects of short sale transactions. Key provisions of the Short Sale Listing Addendum include the following:<br /><br />- Advises that the seller may be required to bring in funds to close escrow or to obtain lenders' agreement to accept less than what's owed.<br />- Advises that alternatives to a short sale may be more appropriate, such as refinancing, bankruptcy, or foreclosure, depending on the seller's own circumstances.<br />- Authorizes the listing agent to advertise a property as a short sale.<br />- Authorizes the listing agent to contact lenders concerning their approval of a short sale.<br />- Advises the seller that a short sale has possible tax, credit, and other legal consequences.<br /><br />C.A.R. has two regularly scheduled forms releases each year, which typically occur in April and November. Due to popular demand, however, the Short Sale Listing Addendum has been rolled out on a special release date. The Short Sale Listing Addendum and other C.A.R. forms are available at local boards and associations, through C.A.R.'s product mall at <a title="http://www.rebs.com/" href="http://www.rebs.com/">www.rebs.com</a>, and through WINForms®.<br /><br />C.A.R.'s Legal Department provides REALTORS® with many legal articles covering a wide range of topics of interest. Here are some of our new or newly revised legal articles available through <em>C.A.R. Online</em>:<br /><br />- <a title="http://www.car.org/index.php?id=MzYwNDk" href="http://www.car.org/index.php?id=MzYwNDk">SB 800: California's Construction Defect Law</a>.<br />- <a title="http://www.car.org/index.php?id=MzA1MjI" href="http://www.car.org/index.php?id=MzA1MjI">Mobilehomes</a>.<br /> 

Last modified: August 20, 2007 at 10:56 am | Originally published: August 20, 2007 at 10:56 am
Printed: September 29, 2020