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!
2007 President, Orange County Association of Realtors