Effective October 1, 2020, the California Association of REALTORS®, released an important new form – the Fair Housing & Discrimination Advisory (CAR form FHDA). SFAR recommends that this form be included in transactions. Therefore, brokerages and agents should add the form to their templates and the SFAR Standard Forms Committee has added it to its Template Creation form, TEMPC-SF, which provides a rapid method for creating new templates.
The second forms change is a simplification to the second bullet point on the COPA Intent to Sell Notification form (COPA4-SF), to emphasize that when the timeframe (5 days) for response by a Qualified NonProfit Organization (QNP) to receiving the form has expired, the Seller may offer the property to third parties.
Finally, the third forms change is to the Summary of Offer form (SUMM-SF). An "all cash" checkbox has been added. If an offer is "all cash," the software will automatically check this box. Note: Agents cannot enter data on this form; it is completed by the zipForm® software using the information from the Purchase Agreement.
Coming in December – An update to the Association’s General Disclosure and Disclaimers Advisory Booklet (GIBS-SF), formerly the General Information for Buyers and Sellers of Residential Real Property in San Francisco.
For agents who use the California Association of REALTORS® RPA form, note that its scheduled major revision every 5 years has been deferred to December 2021 due to COVID-19. A task force has been diligently working on the next revision however, and training on the new form will begin in the Spring of 2021. At the present time, the form appears to be expanding to 15 pages from its present 10 pages, with the highlights of the deal presented in an easy-to-read summary chart on the first page.