C.A.R. ROLLS OUT NEW STANDARD FORMS

Published: November 7, 2007

<strong></strong>The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is releasing new standard forms this week. The November 2007 Forms Release is the second of two regularly scheduled releases published every year. Highlights of the November 2007 Forms Release are as follows:<br /><br /><strong>- Short Sale Addendum (SSA):</strong> This new form may be used to make a sales transaction contingent upon the seller's lender accepting a loan payoff of less than the balance owed. This form also addresses other important issues pertaining to short sales, such as whether the seller can present other offers to the lender and whether the buyer may cancel during the short sale process. This form may be attached as an addendum to the California Residential Purchase Agreement (RPA-CA) or other C.A.R. purchase agreements.<br /><br /><strong>- Notice of Transfer Fee (NTF):</strong> This new form may be used to comply with a new law, currently slated to take effect on January 1, 2008, that requires the disclosure of private transfer fees. This disclosure law will generally apply to, without limitation, private transfer fees for newer homes built by developers. Exceptions include transactions exempt from the Transfer Disclosure Statement (TDS) law, transfer fees imposed by governmental agencies, and transfer fees authorized by the Davis-Stirling Common Interest Development Act.<br /><br /><strong>- California Residential Purchase Agreement and Joint Escrow Instructions (RPA-CA):</strong> The existing RPA-CA has been revised to include a new sentence under &quot;Other Terms and Conditions&quot; which, if checked, requires the seller to complete the Seller Property Questionnaire. The Vacant Land Purchase Agreement and Joint Escrow Instructions (VLPA) form has been similarly revised.<br /><br /><strong>- Request for Repairs (RR):</strong> This existing form has been revised to give both the buyer and seller the option of proposing a monetary credit from the seller in lieu of repairs to the property. Also under the revised RR, an agreement between the parties as to the items for repair will now include the buyer's agreement to release the seller and agents from any claims regarding those disclosed items.<br /><br /><strong>- Seller Property Questionnaire (SPQ):</strong> The existing SPQ has been revised to include the questions set forth in the Supplemental Statutory and Contractual Disclosures (SSD) form. REALTORS® using the newly revised SPQ will no longer need to use the SSD. However, a seller who opts not to use the SPQ may still use the SSD to disclose certain statutory or contractual disclosures where applicable.<br /><br /><strong>- Water Heater and Smoke Detector Statement of Compliance (WHSD):</strong> This existing form has been revised to state that the water heater strapping requirement is unlikely to apply to tankless water heaters.<br /><br />For more information on the November 2007 Forms Release, including other revisions, go to <a title="http://www.car.org/index.php?id=Mzc3NzU" href="http://www.car.org/index.php?id=Mzc3NzU">http://www.car.org/index.php?id=Mzc3NzU</a>. C.A.R.'s standard forms are available at local boards and associations, through C.A.R.'s online store at <a title="http://store.car.org/" href="http://store.car.org/">store.car.org</a>, and through WINForms®.<a title="http://store.car.org/" href="http://store.car.org/"></a><a title="outbind://11-000000009CDDEF1B7B0DB14796CE0295DC171082E49D3700/store.car.org" href="http://blog.srcar.org/store.car.org"></a>


Last modified: November 7, 2007 at 8:00 am | Originally published: November 7, 2007 at 8:00 am
Printed: September 25, 2020