Wednesday, February 10th, 2010
Steve Goddard - 2010 C.A.R. President
Dear C.A.R. Member:
The C.A.R. Board of Directors meetings in Indian Wells concluded last weekend, and as always covered a lot of ground in a short period of time. More than 50 committee meetings during the week culminated in the official meetings of the full board on Friday afternoon and Saturday morning.
Your board of directors is a dedicated group of volunteers who give their time and expertise to your state association and to our industry. If you’re not directly involved in your local association, or aren’t yet a volunteer at the state or national level, I encourage you to do so. It’s an opportunity to give voice to the issues important to you and your peers, and to directly impact your livelihood and the future of our industry. My involvement over the years has enriched both my professional and personal life.
At the meetings, changes to the California Residential Purchase Agreement and Joint Escrow Instructions–most often referred to as the “RPA”–were approved by the board. The RPA is the standard form, produced by C.A.R., used in nearly every residential real estate transaction in the state. The RPA hasn’t been significantly modified since 2002, and the changes approved this past week followed nearly two years of effort by the RPA Study Group and the Standard Forms Advisory Committee, with over 1,000 comments from members helping inform the process.
Changes regarding the initial deposit; the notice to perform; FHA/VA loans; financing; the appraisal contingency; the wood pest inspection; home warranty coverage; and contingencies and cancellations; among others, were approved and will be incorporated in the revised form, scheduled for release April 28. For a complete timeline regarding the RPA release, visit http://www.car.org/legal/standard-forms/. Final Drafts will be posted Feb. 22. Classes will be held throughout the state and begin next month. Please click here for more details.
Continue reading: Your February Message from C.A.R. President Steve Goddard
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