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The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) will be releasing new and newly revised standard forms next week. The April 2008 Forms Release is the first of two regularly scheduled releases every year. Some of the new changes are as follows:

- REO Advisories (Forms REO and REOL): REALTORS® may use these new forms to supplement a listing agreement (Form REOL) or purchase agreement (Form REO) to address issues pertaining to bank-owned properties. These advisories inform sellers and buyers of the REO disclosure requirements and exemptions. The advisories also state that brokers cannot give legal advice on lender-prepared agreements and other documents, and that the sellers and buyers should seek legal counsel regarding those documents.

- Trust Advisories (Forms TA and TAL): REALTORS® may use these new forms when executing a listing agreement (Form TAL) or sales agreement (Form TA) for a property held in the name of a trust. These advisories inform sellers and buyers of the disclosure requirements and other issues concerning properties held in trusts.

- Cancellation of Listing (Form COL): This form has been revised to require the signature of the real estate broker or office manager to cancel the listing.

- Notice of Default Purchase Agreement (Form NOPDA) and Declaration and Proof of Real Estate License (Form DPL): C.A.R. has already released a revised NODPA and a new DPL to accommodate a buyer's agent representing an investor buying one-to-four residential units from an owner-occupied seller when a notice of default has been filed. To comply with the home equity sales contracts law, the buyer's agent should also use the preexisting Notice of Cancellation of Notice of Default Purchase Agreement (Form HENC) (revised 1/06). C.A.R.'s Home Equity Explanation and Agency Agreement (Form HEAA) has been eliminated. These changes were made to comport with a recent California Court of Appeal decision in Schweitzer v. Westminster Investments, ruling that the bond requirement for buyers' agents under the home equity sales contracts law is unconstitutional and unenforceable.

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