Revised Purchase Agreement, Back-up Offer Addendum, Seller Occupancy Addendum, Acknowledgement of Receipt and Soft Story Advisory
SFAR is pleased to announce that the following revised forms are now available on the zipForm® and Instanet electronic platforms. The forms have been updated and now incorporate the Association’s new style guidelines which are designed to enhance clarity and improve the overall look of the forms. In addition to these non-substantive changes, SFAR has made the following key substantive revisions:
“Contract for the Sale and Purchase of Real Property”: Paragraph 1 now provides for a time-period of three business days in which to deliver the deposit; Paragraph 10 regarding personal property now includes as a final reference before the blank lines “and these additional items”; Paragraph 17 has been revised to delete the reference to the statutorily required TDS because that is a pre-existing legal obligation hence there is no need for a contractual requirement for it (the reference to the local Supplement to the TDS remains); and Paragraph 21 deletes the first sentence (“Seller represents to Buyer and Broker(s) that Seller has no knowledge or notice that the Property has any material defects other than as disclosed by Seller in the TDS,” etc.);
“Back-Up Offer Addendum”: At the “Notice of Intent to Elevate Back-Up Offer” section, paragraph 1 has been revised to trigger elevation on receipt of a “Cancellation of Contract” signed from the buyer in first (or prior) position;
“Contract Addendum: Seller to Occupy After Close of Escrow”: At its paragraph 1, a checkbox has been added to allow for occupancy for “29 or ___ days” after closing; Paragraph 2, sub-paragraph A regarding Seller retaining possession as Buyer’s guest is deleted, and a deposit provision has been added to prior sub-paragraph B which now is simply a part of paragraph 2;
“Acknowledgement of Receipt of Documents”: Updated at the first checkbox for the “Combined Hazard Disclosure Booklets”; last checkbox on “Disclosure Concerning Limitations on Owner and Relative Move-In Evictions” deleted as now covered in the SFAR General Information Statement; and,
“Soft Story Building Mandatory Seismic Retrofit Ordinance Advisory”: The revision to this form, which was previously released to members this year to address the applicable local ordinance, is refined by adding a reference to the first sentence of its (a) second paragraph regarding the type of structure on the property that is subject to this law (“wood-frame”) and (b) third paragraph regarding the buyer’s obligation to pay for any compliance costs post-close of escrow, including for the entire building if it is a condo or TIC.