DOES THE LIABILITY EVERY END?
The Seller's Agent is liable for a transaction 3 years after the close of escrow. The Buyer's Agent is liable for a transaction 3 years after the point of discovery. Think about it. The Buyer can discover a defect or a misrepresentation 10, 15 years or more after close of escrow and has 3 years to investigate and build a case against his Agent. Can you remember the details of a sale you made 13 years ago? The Buyer can. It's the only one he had in the last 13 years. He is living with that sale everyday.

Your best protection is to correctly use all the disclaimers, disclosures and addenda available through C.A.R., your Board and your office. Embrace the new forms. They are designed to protect you from the Buyers and the Seller.

ADDENDA in GENERAL
Addenda spell out additional terms, conditions and/or disclosures to the main contract to which the Buyer and the Seller must agree. Addenda items may make a difference as to how the Buyer and Seller negotiate their transaction and/or how they negotiate the commission due the Agent(s). It cannot be overstated that if you want to include Addenda to the Listing Agreement or Purchase Agreement they must be written and signed by the Seller or Buyer respectively, as a page of the original contract and at the same time as the contracts.

4 NEW C.A.R. FORMS as of 4/2004
C.A.R. usually does major form revisions in October of every year. New forms respond to problems that arise repeatedly especially from the purchase agreement. Some situations cannot wait until October. Following are the 4 new C.A.R. forms that couldn't wait. These forms are available on WinForms or from your board since April 2004. They are "patches" to the listing and purchase agreements.

Do you use a transaction coordinator? escrow company? termite inspector? Are you giving your client's personal information to a third party? Use this form.
ARC: Authorization to Receive and Convey Information
The ARC is a new form created to facilitate release of information about your principals or property. It authorizes the Agent to receive and convey information to a third party regarding the Agent's principal in regard to the sale or purchase of the identified property.

Establish the rules of communication as part of the negotiations.
RDN: Receipt and Delivery Of Notices to Perform
The RDN is a new form that was created to allow parties to agree on how, where, when and to whom Notices to Perform are to be delivered and deemed received. The parties agree to allow delivery by fax or e-mail in addition to personal receipt and that the delivery of Notices to Perform may be made to an Agent. Although the parties can agree to use this form any time, it should be used at the offer or counter offer stage.

Let the Agents and principals in the transaction know your client needs more time as soon as it is apparent. Use this form before your contractual time frames run out.
ETA: Extension of Time Addendum
The ETA is a new form created to extend the time frames. It includes preprinted formats for extending the Close of Escrow, Buyer's investigations, loan contingencies and other time frames.

Every transaction requires closure. Remember to charge cancellation invoices that are submitted to escrow to the appropriate party. Use this form to clarify the terms of cancellation.
CC: Cancellation of Contract, Release of Deposit and Joint Escrow Instructions
This CC is a new form that allows The Buyer and the Seller to document that the contract is being canceled and to document mutual agreement on the release of deposit.

Contracts, addenda, disclosures and disclaimers are the tools of the real estate trade. It is important to be aware of new C.A.R. forms as they become available and to the revisions that have been made to existing forms. Study and learn each form of the real estate transaction such that you can paraphrase every one to your client. Learn how and when to use forms properly.

As a real estate Agent, you are very familiar with C.A.R. and other real estate forms. That's not the case for your Buyers and Sellers! Take the time to explain the real estate listing and sale process and ensuing paperwork to your clients. Your clients will be impressed with your professionalism, feel at ease and have confidence in selecting you to be involved in the sale or purchase of their most valuable and personal investment - their home.

REMERGE TC TRANSACTION FILES
The REMERGE TC Basic service includes on complete and D.R.E. compliant transaction file that is delivered to the Broker at the close of escrow. That way, we insure that you get paid as quickly as possible.

We have had many requests from Agents, Co-op Agents, Buyer and Sellers for a copy of the REMERGE TC Transaction File at the close of escrow. We are happy to fill this request.

REMERGE TC includes an order form for a REMERGE TC Transaction File with the SDP to the Seller, the SDP to the Co-op Agent and the Buyer. Agents using REMERGE TC service can order a REMERGE TC Transaction File when they register a NEW SALE or LISTING SOLD.

The cost for a REMERGE TC Transaction File is only $25. It can be paid separately by check or cash or invoiced to escrow. Order forms and payment must be received and finalized by the close of escrow for the order to be filled.

The transaction remains on line in "Closed" status at www.remerge.com forever after the close of escrow. It is your best resource for accessing what paperwork is included in the final REMERGE TC Transaction File.

NEED HELP WITH THE WEB SITE?
If you need help entering or accessing information from the web site or if you want to link the Buyer and Seller Report to your web site, contact REMERGE TC Tech Support directly. Charles at remerge@cox.net.

COMMENTS? CONTRIBUTIONS?
Don't be shy! Contact REMERGE TC Gazette Editor: Shelly Gorenstein at shelly@remerge.com