New and Revised CAR Forms June 2019

The CAR forms are standard real estate transaction documents created by the California Association of Realtors.

The CAR forms are standard real estate transaction documents created by the California Association of Realtors. These forms are constantly updated to reflect all recent California laws and rules. The Standard Forms Advisory Committee (SFAC) released three new and several revised forms this June. Below is a summary of the recently created or modified CAR forms.

New Forms

  1. Purchase Agreement Probate Addendum (PAPA)
    This addendum can be used with any purchase agreement for any type of property being sold through probate. It has the principals identify the type of probate and disclose whether the court’s confirmation is required.
  2. Photo and Video Agreement and Release (PVR)
    The PVR is a release protecting the salesperson when using images or videos marketing the property and/or promoting the salesperson’s business.
  3. Wildfire Advisory (WDFA)

This advisory discloses and advises buyers and tenants on issues of purchasing and renting properties in zones with potential wildfire threats. It additionally provides information and contacts of appropriate public agencies.

REVISED FORMS

  1. Seller’s Affidavit of Nonforeign Status (AS)
    The AS now clarifies the process where a qualified substitute can obtain seller’s tax information without having to put such information in the AS form provided to the buyer.
  2. Agent Visual Inspection Disclosure (AVID)
    The AVID adds a new checkbox to reference an addendum to the AVID if additional disclosure is needed.
  3. Buyer’s Inspection Election (BIE)
    The BIE adds language advising buyer that this form is not intended to be a contract between seller and buyer.
  4. Buyer’s Inspection Waiver (BIW)
    Similar to BIE, BIW adds language that states the form is intended to be used between buyer and broker. Also, the BIW clarifies that by electing no inspection, the buyer waives all additional investigations recommended by other inspection reports.
  5. Trust Advisory (TA)
    The TA is revised so the trustee only needs to sign the form once for both the listing agreement and the purchase agreement.
  6. Representative Capacity Signature Disclosure (For Buyer Representatives) (RCSD-B), Representative Capacity Signature Disclosure (For Landlord Representatives) (RCSD-LL), Representative Capacity Signature Disclosure (For Seller Representatives) (RCSD-S), Representative Capacity Signature Disclosure (For Tenant Representatives) (RCSD-T),
    The RCSDs are reformatted so the buyer representative only needs to sign one form for both the listing agreement and the purchase agreement
  7. Tenant in Possession Addendum (TIP)
    The TIP has been revised so it gives the buyer the right to prevent seller from making changes to existing lease agreements.
  8. Buyer Pre-Occupancy Storage Addendum (POSA)
    The POSA adds language to require buyer to pay for damages caused to both the real property and seller’s personal property.

Additional information can be found on the CAR website.

 

 

 

Posted on July 5, 2019 at 7:28 pm
Intero | Category: Pivot

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