FORMS UPDATE—OCTOBER 2019: One New COPA Form and Four Updated Forms
To address an issue brought to the attention of SFAR’s Standard Forms Committee since the initial release of forms to implement the COPA legislation, one new form has been created and four forms have been updated. These forms are available for membership use now in the San Francisco zipForm SFCA library.
NEW FORM
A simplified form has been created to satisfy the Ordinance requirement to provide rental unit identification and the rent paid when notifying the Qualified Nonprofit Organizations (QNPs) that a building with 3+ residential units is listed for sale. The form name is COPA – Required Rental Information. Its code is COPA3-REQ.
This form allows for up to 4 units to be described and is therefore ideal for 3- and 4-unit buildings, which the QNPs are not expected to be interested in anyway. Fields in the rent paid column are text, i.e. they allow entries such as ‘Vacant’ or ‘Owner-occupied’, not just dollar amounts. In the event an agent wishes to use this form for 5 or more units, the Page n of n at the bottom left allows agent control over the page numbering and the form can be re-used (after creating a .pdf of the first use) for units above 4.
REVISED FORMS
The original Property Description form has been renamed as COPA – Optional Property Description with a code of COPA3-OPT. This form provides not just for the minimally required rental information, but allows an asking price and expense information to be entered, as well as more detail on the (up to) 18 units that the form handles. If a price is entered, the form will calculate the GRM and CAP rate of the offering. A 19th line allows for the total income from units in excess of 18 to be entered and a box at the foot of the form gives the ability to explain or disclose additional information about the Property. Note that only one of the two COPA3 forms are required to be submitted along with the COPA – Intent to Sell Notification (COPA4), although they could be used together for, say, a 22-unit building. The default Property Tax rate on the Expense side of COPA3-OPT has been updated to the 2019-20 rate of 1.1801%.
Other COPA form updates: The release of COPA3-REQ triggered some minor wording changes in COPA1, COPA4 and COPA7, and COPA6 was revised to make it clear that the expression of interest by a QNP in a Property has to result in an actual offer being made for that QNP to benefit from the right of first refusal. All changed forms bear a revision date of 10/19. To get the current version of the forms in a Template or Transaction, delete them, and then re-add them from the SFCA library. Any data you have already entered on a form will be saved.
2020 SFAR Board Election Results
With a great voter turnout, three REALTOR®/Designated REALTOR® members have been elected/reelected to the Association's 2020 Board of Directors to serve three-year terms commencing on January 1, 2020. Directors elections are held annually and involve the election/reelection of REALTOR®/Designated REALTOR®/Affiliate members to replace outgoing directors completing their terms of office. This year's ballot count produced the following results:
- Vanessa R. Gamp - Zephyr Real Estate
- Randall N. Kostick - Zephyr Real Estate
- Rebecca White - Intero Real Estate Services
The Association extends its congratulations to the newly elected and reelected Directors and its best wishes that their service on the Board of Directors will be most rewarding. Expressions of appreciation are due to those who were not elected/reelected at this time for their interest in serving as directors.
The continued success of the Association is dependent upon the willingness of REALTOR®/Designated REALTOR®/Affiliate members to serve on policy-making bodies, such as the Board of Directors, and we should all be grateful to the candidates for manifesting that willingness.
September is REALTOR® Safety Month
Thank you to Lee Goldstein, founder and CEO of Real Safe Agent, for leading an informative session this week on staying safe while doing business. Lee has generously shared his book Safe Selling: A Practical Guide for Preventing Crime without Sacrificing the Sale with SFAR's members. Please download the PDF and use it as a resource. Also, here are links to 50 of Lee's videos to provide further information. Stay safe!
