New and Revised California Forms are in the Works

Global Services



New and Revised California Forms are in the Works

Written By: Bob Hunt

In the scheduled >

1. Pre-Occupancy Storage Addendum. This form addresses a situation that has been around for years. The house in escrow may be substantially or completely vacant. The buyer is already or about to be out of his previous accommodation. Comes the request: ldquo;May we store an amount of our belongings in your now-empty garage or some other parts of the property? If the answer is lsquo;yesrsquo;, the new form provides a way of spelling it out.

bull; It lists a period of time for the storage, and provides for a time extension if there is mutual agreement.
bull; It provides for monetary consideration.
bull; It specifies the areas where items may be stored.
bull; It specifies that the buyerrsquo;s property is not insured by the seller.
bull; And, perhaps most importantly, it spells out in bold print that the brokers do not recommend this, and that the parties should seek advice from legal counsel.

2. Summary of Offer This form borrows from the well-received recent form that allows for comparisons of offers. On one page, in a simple and clear format, the salient terms of an offer may be conveniently summarized. It is clear on the form that this is a summary; it is not the offer itself.

3. Seller Common Interest and Homeowners Association HOA Questionnaire. This is something like the now-familiar Seller Property Questionnaire, except that its questions are confined to items >In its current draft form, this questionnaire is four pages in length. It will not be something that most sellers could just breeze through. And itrsquo;s certainly not something that the agent should volunteer to do.

California Realtorsreg; can take a look at these draft forms on the CAR website. Comments and suggestions will be taken until 12 pm, Thursday, October 11. Questions may be directed to Cecilia Matias, REBS Real Estate Business Services Coordinator, at .





Copyright© 2018 Realty Times®. All Rights Reserved

Caribbean Real Estate

Caribbean Luxury Real Estate

Featured Projects

Product
APR
Change
30 Year Fixed
3.81%
0.004%
15 Year Fixed
3.13%
0.015%
3/1 ARM
3.07%
0.079%
5/1 ARM
3.05%
0.047%
Real Estate Web Design
Copyright© 2008 GLOBAL FINANCING SERVICES CORPORATION | 407 Lincoln Road, Suite 6J Miami Beach, FL 33139
Phone: (786) 462-3488 | Fax: (305) 397-2177 | info@globalFinancingServices.com