New & Revised Forms Released

On Dec. 10, 2018, C.A.R. and zipForm® released 2 new forms and 32 revised forms.

The new forms: 

• The Buyer Pre-Occupancy Storage Agreement (POSA) 
• The Summary of Offer RIPA (SUM-RIPA)

The revised forms:

• 12 were revised to make them easier to understand and use.

• The remaining 20 revised forms include statutory changes set to take effect Jan. 1, 2019.

The new laws pertaining to the agency disclosure and confirmation of agency forms required revisions to 10 purchase agreements, 6 listing agreements, and 3 agency disclosure forms.  Essentially all of these forms had the same statutory changes. 

The final revised form, the Trust Advisory, had one word removed, reflecting a change in the law pertaining to the disclosure obligations of sellers who are co-trustees of revocable living trusts. Under the changed law these sellers would not be exempt from having to complete a TDS.   

Summary chart: New & Revised Forms

New and Revised forms (sign-in required)

 

Agency Disclosure – One More Time

Finally, and as indicated above, the agency disclosure and confirmation law will change Jan. 1, 2019.  During the December webinar presentation of the new and revised forms, the changes to the agency disclosure and confirmation process generated the most questions.  In response to that we have included the Dec. 3, 2018 Realegal® (sign-in required) which discussed the 2019 Agency Law changes.  

Recap: The new agency confirmation will require:

• The names of the brokerage firms and license numbers
• The names of each agent and their license numbers
• Each agent’s status as a dual or exclusive agent must match their broker’s

Don’t make the mistake of indicating the listing agent as an exclusive agent while the brokerage firm is a dual agent. If the brokerage firm is a dual agent, then all of the other agents are also dual agents. This will be indicated automatically on zipForm®. But if the transaction is in hard copy then you must be careful to indicate the agency relationship correctly. 

Remember: If the broker is a dual agent, the agents are dual agents as well.

Source: C.A.R.