CAR Form Changes and Revisions - December 2024

C.A.R. released new forms on December 2024.
The forms consist of six new forms, the revision of 60 existing forms, and the retirement of two forms.

• NEW:The new forms include Cancellation of Agency Confirmation, Estimated Closing Costs worksheets for the buyer and the seller, Increased Deposit Addendum, Transfer of Buyer Representation Agreement, and Offer of Tenant Positive Rental Payment Reporting.
  
• REVISED: The revisions include an update to the RPA and all the conforming purchase agreements, as well as an update to older forms in order to comply with the policy to review all forms that are more than four years old, among other changes. The update to the RPA includes moving the increased deposit language into its own separate addendum since it is rarely used and incorporating the concepts for the seller paying the buyer’s broker into the terms of the RPA, rather than having to bring in the separate SPRP form. Additionally, the MLSA has been modified to contain the necessary provisions related to complying with the model MLS rules for excluding a property from the MLS.
  
• RETIRED:Because of the changes made to the RPA and MLSA, two forms have been retired. The SPBB was retired, and the relevant provisions have been modified and incorporated into paragraph 3G(3) of the RPA. The SELM has also been retired since it is duplicative of the information and instructions contained within the MLSA, which should be able to be used in its place.

Host or Publisher CRMLS / Nuvision Credit Union