Changes in forms for California REALTORS!


C.A.R. is releasing new forms today. They are available in WINForms or zipFORM or at your local board this week.  California REALTORS® pay attention!

Most notable among the forms is a revised Disclosure Regarding Real Estate Agency Relationships (Form AD).  The revised AD form aims at ending the confusion surrounding the form by allowing a buyer’s agent to use just one form for both the seller and buyer to sign.  According to C.A.R., “REALTORS® may now handle the delivery of the AD form in either of two ways

Alternative A: Agents may continue the existing practice of generating three AD forms in a typical transaction. The first AD form is generally signed by the listing agent and seller before entering into a listing agreement.  Absent dual agency, the second AD form is generally signed by a buyer’s agent and buyer before writing an offer.  The third AD form is generally signed by the buyer’s agent and seller.  An AD form signed by the buyer’s agent and seller does not create an agency relationship between the buyer’s agent and seller because the AD form is merely an information sheet.  The actual confirmation of agency is stated separately in paragraph 27C of the C.A.R. Residential Purchase Agreement (RPA).

Alternative B: The procedure for Alternative B is stated in the explanation box at the bottom of the newly revised AD (revised 11/09).  Agents will still prepare the first and second AD forms stated in Alternative A.  The buyer’s agent, however, may now deliver to the seller the second AD form signed by the buyer’s agent and buyer.  The seller may sign acknowledgement of receipt of that AD form on the signature line in the explanation box.  No third AD form is needed under Alternative B.”

Other new and newly revised C.A.R. standard forms include the following: REO Advisories (Forms REO and REOL) and Property Management Addendum.

For a complete summary of these and other forms in C.A.R.’s November 2009 Forms Release, click here.

And Thank You For Making Me Your Orange Count Real Estate Connection!

Best Regards,

Michael Caruso

2007 President, Orange County Association of Realtors

http://www.michaelcarusorealestate.com

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s