CAR has just released an open house guide found below, as well as a new form called the Coronavirus Addendum/Amendment (Form CVA). It is now available in zipForm to use in your transactions. The form provides that when circumstances related to the coronavirus are affecting the closing date the Buyer and Seller agree to extend escrow for a default of 30 days. There is also an optional clause where the buyer and seller can mutually agree to cancel the Agreement and an additional optional clause where the buyer or seller can cancel even after removing the loan contingency if inability to fund is caused by Covid-19 related loss of income.
At C.A.R., we are trying to keep REALTORS® informed about how COVID-19 impacts you and your clients. Our biggest priority is making sure you are taking e...
While there are not any real changes as far as the basics and verbiage, the structure has changed quite a bit. Going from 10 to 16 pages, the new agreement has broken down the first few pages of the current purchase agreement into a dizzying amount of smaller sections and columns, each pertaining to a smaller and different portion of the current RPA, and also delving into more details of the s...
The year 2020 is now upon us—and word of advice, DO NOT abbreviate 2020 when signing any legal documents. Police have warned that anyone signing important documents or checks with an abbreviation of 2020, i.e. "20," could put themselves at a high risk of fraud. Writing out the date in full, as 2020, on legal documents and checks is highly recommended.
Why not abbreviate 2020?
By writing out the date as 01/01/20 (January 1, 2020), the date can be fraudulently changed to 2019, 2021, or any other date in this century.
Instead, make sure when you're dating documents in 2020 that you write the year out in full, to protect yourself against fraud.
This problem is specifically unique to year 2020, as abbreviating 2019 as "19" could only be changed to a date in the 1900s and abbreviating 2018 as...
*Below, you will find the latest 'redline' copy of the December 2019 draft forms. These forms will be released the week of December 16, 2019.
Unless you deal with rentals, there really aren't many changes this release. The Listing Agreement changes are some verbiage regarding photographs and 3rd party's hired or used to capture those photographs/images.
Seller instructions to exclude from MLS has a few changes as well. A paragraph explaining Days on market, and some new seller opt out verbiage.
I have been noticing quite often that a buyer or agent is forced to pay extra money for a Home Warranty as the coverage mentioned, chosen and the amount seller to cover in the Purchase Agreement just doesn't cover it.
My personal opinion is that this is the Buyer's Home Warranty and all options should be given them at writing of the contract. The company and coverage should never be seller's choice.