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New and Revised Contracts and Forms

One of the benefits of using a Realtor is that the Realtor has access to contract forms provided by the California Association of Realtors. In the old days, the forms were printed and updated every few years but Realtors that had purchased a bunch would continue to use the old forms. Today, all the forms are available on the Internet and updated on a regular basis (and new forms added). If a Realtor isn’t Internet-savvy, they may not be using the most current forms!

For example, here are some changes that happened this month:

Buyer’s Inspection Elections –
This form is used by a buyer to identify which specific inspections or reports the buyer wants to order. It is to be kept by the buyer’s agent and does not need to be given to the seller or listing agent. The form may be used more than once in a transaction if buyer decides to order some items at one time and others later.

Septic Inspection, Well Inspection, Property Monument and Allocation of Cost Addendum –
This addendum to a purchase agreement identifies what is going to be ordered and who is going to pay for items related to septic systems, wells and property boundaries.

Contingency for Sale or Purchase of Other Property-
Paragraph A6 has been modified to clarify that seller should only accept back-up offers after a primary contract has been entered into and to distinguish when the seller can ask the primary buyer to remove the contingency for the sale of the primary buyer’s home.

Market Conditions Advisory-
Language was added to paragraph A informing the buyer that a real estate agent cannot predict with specificity the affect of distressed property sales on values of homes in the neighborhood.

Written by Keith Byrd - Go to Keith's Website/Profile