C.A.R.’s new and newly revised forms are scheduled to be released on or about June 27, 2016. Here are some of the highlights:

• Representative Capacity Signature Disclosures (RCSD-S and RCSD-B): New revisions will make these forms much easier to use when someone signs an agreement in a representative capacity for a trust, power of attorney, or legal entity. First, the revised forms clarify that if a representative signs the RCSD for the listing agreement (or buyer broker agreement), that person need not sign another RCSD for the subsequent purchase agreement. Second, the revised forms clarify that, for a trust, the representative is the “Seller” or “Buyer”? (e.g. “John Doe, trustee”), whereas the full name of the trust is to be? inserted further below in paragraph 1A. Third, the signature lines have been simplified.
• Seller’s Purchase of Replacement Property (SPRP): This form now provides a seller with the option of having two contingencies – one for finding a replacement property within 17 days (unless another number is inserted) and another for closing escrow on the replacement property. The form also delays the commencement of the buyer’s time frames for inspections, contingencies, and depositing funds into escrow, until the seller removes in writing the “Finding Replacement Property” contingency. Alternatively, the seller can check the appropriate boxes for the buyer’s time frames to begin at contract acceptance.
• Notice to Seller to Perform (NSP) and Contingency Removal (CR): Given the 2 contingencies for a seller’s replacement property mentioned above, both the NSP and CR forms have been revised to allow the buyer to serve a Notice to Perform for the “finding replacement property” or “closing replacement property” contingency, and for the seller to remove those contingencies accordingly.
• Contingency for Sale of Buyer’s Property (COP): This form has been revised to clarify that the buyer’s time frames for inspections, contingencies, and depositing funds into escrow, begin at acceptance of the agreement (see paragraph 7). Alternatively, the buyer can check the appropriate boxes to delay the beginning of the time frames until after the buyer gives the seller a copy of the escrow instructions for the buyer’s property, removes the sale contingency, or gives the seller written notice of buyer’s election to begin the time frames. The COP form has also been revised to clarify that the seller has 4 (not 3) possible ways of cancelling if the buyer fails to perform as specified (see paragraph 5).

A full list of the new and revised forms are set forth in C.A.R.’s June 2016 Form Release Quick Summary Chart.

Copyright© 2016 Berkshire Hathaway HomeServices California Properties (BHHSCP). All rights reserved. Any unauthorized reproduction or use of this material is strictly prohibited. This information is believed to be accurate as of June 27, 2016. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals.