December 23rd, 2024 at 3:46 pm
1. Seller Payment to Buyer’s Broker (SPBB): Most of the language in the SPBB form has been incorporated directly into paragraph 3G(3) of the Residential Purchase Agreement (RPA). There is one notable exception. The SPBB had authorized the buyer’s broker or escrow holder to deliver to the seller written proof of the buyer’s broker compensation, such as page 5 of the Buyer Representation and Broker Compensation Agreement (BRBC). The RPA, as revised, does not expressly authorize or require such proof to be delivered to the seller. Instead, the revised RPA has a “Buyer Compensation Affirmation” that requires the buyer to affirm that the buyer has a valid buyer-broker agreement that includes the subject property, and provides for compensation that is not less than what the buyer is asking the seller to pay. If the “Buyer Compensation Affirmation” is untrue, the seller has no obligation to pay the buyer’s broker (see paragraph 18 of the RPA).
2. Seller Instruction to Exclude Listing From MLS (SELM): The SELM has also been discontinued. As a listing agent, you should use your local MLS’s exclusion form instead (if any). The C.A.R. Multiple Listing Service Addendum (MLSA) form was revised to alert the parties that the listing agent’s local MLS may require its own exclusion form to be completed if the property will not be publicly marketed until a certain date or not publicly marketed at all (see paragraph 3D of the MLSA). The MLSA is incorporated into C.A.R.’s Residential Listing Agreement (RLA) (see paragraph 2E(1) of the RLA). The MLSA is auto-bundled with the RLA in zipForms.
Source: More information about C.A.R.’s December 2024 Standard Forms Release is available on C.A.R.’s Standard Forms webpage (password-protected for C.A.R. members only). The webpage includes a Quick Summary Guide of the December 2024 forms, as well as draft copies of the new forms and redline versions of the newly-revised forms.
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