Attention CA Realtors: New Forms in Your Library
The California Association of Realtors released 7 new forms this month and made revisions to 23 existing forms. Here are a few of the new forms and changes that caught my attention.
NEW - Corporation/Limited Liability/Partnership Signature Addendum – Hooray! I’m happy to see this form which clarifies who can sign for the Corporation/LLC or Partnership.
NEW - Delivery of or Failure to Deliver Short Sale Lender Written Consent – Another useful form if you do short sale transactions. The form is signed by both buyer and seller and is used with the short sale approval letter(s) to evidence that all parties agree to the terms of the approval letter(s).
NEW – Pet Addendum – Landlords will love this one! The form is very specific about describing any pet(s) that will be allowed on the property and what is allowed / not allowed. It also provides an option for the landlord to require the renter to carry insurance that covers pet ownership.
NEW – Seller Multiple Counter Offer – Love this one! The old Counter Offer form was confusing at best when used in a situation of multiple counters. This new streamlined form is less complicated in terms of identifying the parties and much easier to understand.
Buyer’s Inspection Elections – This form was updated to include elections regarding inspection of vacant land.
Counter Offer – Revised to be used ONLY for single counter offer. If multiple counters are made, the new form described above is used.
Contingency Removal – Revised to make it clear that form can be used to remove either buyer or seller contingencies.
Residential Listing Agreement – All listing agreements have been modified to clarify duties and commissions when there are excluded parties.
And finally, my favorite…..
Seller Property Questionnaire – Sellers must now disclose whether or not they have knowledge of anyone smoking on the property.
To view the complete list of new and revised forms click here. If you use the web based version of ZipForm 6 the library is automatically updated.
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