Forms Update:

C.A.R. released seven new forms the first week of November 2006 (one was released in July 2006.)  Below is a description of the new forms, and information on which old forms may still be used.

New Forms:
Vacant Land Questionnaire (VLQ)
Provides sellers of vacant land with a means to make material disclosures, similar to the TDS for residential properties.  The form has a list of questions about the seller’s knowledge of the property.

Buyer Inspection Waiver (BIW)
When the buyer decides not to have inspections done,  this form documents that the buyer has been advised to obtain the inspections but declined to do so.

REALTORS® Acknowledgment  (RA)
Promotes the value offered to a client when working with a REALTOR®.
Okay to use old form until December 31, 2007

Notice of Termination of Tenancy (NTT)
Landlords must give 60 days’ notice to terminate a periodic tenancy, except that 30 days’ notice may be given if the tenant has resided in the property for less than a year or a tenant-occupied single family home or condo is being sold to a buyer who intends to live in the property.  Okay to use old form.

Cooperating Broker Compensation Agreement and Escrow Instructions  (CBC)
Now contains language regarding the listing broker’s obligation to pay the cooperating broker that mirrors the requirements in the MLS for MLS listed property as well as a section allowing a cooperating broker on a lease transaction to receive compensation if the tenant purchases the property.

Disclosure and Consent for Representation of More Than One Buyer or Seller   (DA)
To conform to NAR Standard of Practice 1-13, now contains a notice to a buyer that the offer may not be kept confidential.

Cancellation of Listing  (COL)
To conform to the listing agreement, language has been modified.

Seller’s Affidavit of Nonforeign Status and/or California Withholding Exemption  (AS)
If the property is sold at a small gain and withholding will be limited, there is now a paragraph that can be checked.