Dear SAR REALTOR®and Affiliate Members,
Forms, forms, forms! You may have noticed logging into your ZipForm account that as of this week C.A.R. has released several new and updated forms. Probably one of the most notable new forms is the Fair Appraisal Act Addendum, aka form FAAA.
Form FAAA was born from Assembly Bill 948 (Holden) which passed last year. The bill requires, among other things, that real estate purchase contracts include notice stating that any appraisal of the property is required to be unbiased, objective, and not influenced by improper or illegal considerations. Form FAAA satisfies this notice requirement and also contains a link and hotline number to report suspected violations to the California Bureau of Real Estate Appraisers.
You will notice in the RPA that in paragraph 8B(3) the form is now by default added into the purchase agreement and should be bundled with the RPA in ZipForm. As of July 1, 2022 our purchase agreements need to incorporate in the state law-required language.
There are several other new and updated forms. C.A.R. has published a handy matrix summarizing all new forms and updates here.