SFAR’s Standard Forms Committee has updated three existing forms, including the San Francisco Purchase Agreement. The San Francisco Seller Disclosure has been restructured and the recently released (March 2020) COVID-19 Emergency Amendment form, for use with a ratified contract, has been clarified and enhanced. All of these forms will be available for membership use on June 22, 2020 in the zipForm® SFCA library.
Paragraph 22 of the San Francisco Purchase Agreement (PA-SF) form has been rewritten to reflect recent changes in local and statewide rent and eviction control regulations. The new text reads:
RESIDENTIAL RENT AND EVICTION CONTROLS: Local and statewide rent and eviction control laws severely impact the rights of residential property owners, including regulating: 1) the rent which may be charged and subsequent increases; 2) the duration and terms of the tenancy; 3) the number of occupants; 4) the ability to recover possession of the Property; 5) the right to move into the Property; and 6) the ability to subdivide, expand, improve or reconfigure the Property after commencing certain types of evictions. Buyer is advised to research documents filed with the San Francisco Rent Board pertaining to the Property and to seek legal advice from a qualified San Francisco landlord-tenant attorney prior to removing any contingencies established in Paragraphs 12 and 14.
The San Francisco Seller Disclosure (SFSD-SF) form has increased from five to six pages and has been organized into three sections:
The first three pages apply to all properties, the next two pages to condos/co-ops/other HOAs/TICs and the last page to tenant-occupied and multi-unit buildings. Many questions have been updated since the form was last revised.
The local COVID-19 Emergency Amendment (COVAM-SF) form has been improved.
This form is for use with a ratified contract if the Buyer’s performance is being impacted by an unforeseen delay due to the Coronavirus. By now Buyer’s agents know well enough that certain delays and limitations can occur and they are taking those into account when drafting an offer. But if the timeframes they have committed to cannot be met, this form provides a mechanism for requesting additional time for contingency removal(s) or for the closing of the escrow.
For users who take advantage of Templates in zipForm®, it is good practice (although not strictly necessary) to remove and then add back forms such as the Purchase Agreement and the Seller Disclosure to Templates. zipForm® does not do this automatically, although when a Template is applied to a Transaction it does always use the latest version of any form in that Template. However, if you copy an existing transaction to create a new one, say because the clients are the same, old versions of forms will be copied across, in which case the ‘remove and add back’ process should definitely be followed. No data will be lost in that process.
Did you know that you can split and rotate PDFs from inside zipFormPlus? Watch this video to learn how. http://tinyurl.com/zipSplit or search YouTube for zipTips, by the zipGuys, where you will find many useful zipForm® tips developed by CAR’s Jackson Beaudelaire and Ed Charboneau.