Car Loan Release Form

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Car Loan Release Form Powered By Docstoc
					                         April 2009 Form Release
                                         Quick Summary
This chart is a quick summary of the new and revised standard forms scheduled for release the week of April 27,
2009. For further information, please refer to the C.A.R. web page at http://www.car.org/legal/standard-forms/.

                                                                       Brief description                          OK to use
Form Code           Form Name             Replaces
                                                                  of how the form was revised                   prior version?
                                                           Documents the transfer of personal property
                                             New           accompanying the sale of real estate or a
  BOS                Bill of Sale          Commercial      business. Addresses value, an inventory list,             N/A
                                             Form          and whether any warranty applies. May be
                                                           accompanied by a notary acknowledgment.
                       Notary                              This form can be used to verify the signature
                                             New
                 Acknowledgement                           of the selling party. Provides greater comfort
   NA                                      Commercial                                                                N/A
               (attached to BOS; not                       level even though the transfer is not required
                                             Form          to be recorded
                  sold separately)
                                                           This form allows buyer or seller or both, to give
                                                           information to the other with a contractual
                                             New           assurance that the information will be kept
              Confidentiality and Non-
CML-CNDA                                   Commercial      confidential. The confidentiality provisions only         N/A
              Disclosure Agreements                        apply to designated information and extend to
                                             Form
                                                           agents of the parties. Provisions deal with
                                                           legal exceptions and compelled disclosure.
                                                           This form addresses how environmental
                                             New           inspections will be conducted, minimum
               Environmental Issues
 CML-EIA                                   Commercial      insurance requirements, confidentiality, liens,           N/A
                    Addendum                               indemnification and return of property to its
                                             Form
                                                           pre-inspection condition.
             Landlord’s Environmental        New           Landlord permission form when environmental
CML-LEC        Consent (attached to        Commercial      inspections are included property is leased or            N/A
             EIA; not sold separately)       Form          rented.
                                                           Formal release and waiver of liability
                                                           agreement to be used in association with
                                             New
                                                           requests for repair of defects or price credits or
CML-REL         Release Agreement          Commercial                                                                N/A
                                                           with the cancellation of an entire agreement.
                                             Form          Can be a buyer release, seller release or
                                                           mutual release.
                                             New           This chart identifies where certain contingency
                Contract Paragraph
  CPM                                      Commercial      and covenant paragraphs can be located in                 N/A
                      Matrix                               any of the CAR purchase agreements.
                                             Form
              Advance Fee Agreement                        Advance fee agreements must be pre-
*DRE-AFL       for Loan Modification     New DRE Form      approved by DRE. This form uses                           N/A
                     Services                              recommended language from DRE sample.

              Advance Fee Agreement                        Instruction sheet for how to complete and
*DRE-AFI                                 New DRE Form                                                                N/A
                   Instructions                            submit form to DRE.

                                                           DRE has special accounting rules for advance
               Verified Accounting for
*DRE-AFVA                                New DRE Form      fees. This form uses recommended language                 N/A
                   Advance Fees                            from DRE sample.
                                                           Agreement between owner of property
                                                           following foreclosure sale and occupant
  CFK              Cash For Keys           New Form        (existing tenant or former owner). Used to try            N/A
                                                           to get occupant to move out without the need
                                                           to pursue a legal eviction.
April 2009 Form Release – Quick Summary




                                                                         Brief description                        OK to use
Form Code              Form Name             Replaces
                                                                    of how the form was revised                 prior version?
                   Qualified Substitute
                                                             Optional form used by escrow or title to
                     Declaration of
                                                             demonstrate to buyer that no withholding is
   QS                Possession of           New Form                                                                N/A
                                                             required on sale because seller is not a foreign
                 Transferor’s Affidavit of                   person.
                   Nonforeign Status
                                                             New law (B&P 10177.6) requires a broker to
                                                             disclose within 24 hours if the broker is acting
                                                             in the capacity of both a loan broker and a
                   Loan Broker-Sales                         sales broker on the same transaction. Existing
  LBSB                                       New Form                                                                N/A
                   Broker Disclosure                         law (DRE Reg 2904) already requires such a
                                                             broker to reveal the amount source and form
                                                             of compensation before close of escrow.

                                                             Documents rights in a safety clause in listing
                  Notice of Prospective                      agreement. Broker gives this form to seller to
   NPB                                       New Form                                                                N/A
                   Buyers/Transferees                        protect broker commission rights if named
                                                             buyer purchases property.
                                                             Documents rights in a safety clause in a buyer
                   Notice of Identified                      representation agreement. Broker gives this
   NIP                                       New Form                                                                N/A
                       Properties                            form to buyer to protect broker commission
                                                             rights if buyer purchases named property.
                Confidentiality and Non-                     Simple form to document that price or terms of
  CND                                        New Form                                                                N/A
                 Disclosure Agreement                        offer or names of principal is confidential.
                                                             This form can be used when a borrower hires
                                                             a real estate broker to negotiate a loan
                                                             modification with the borrower’s existing
                                                             lender. It does NOT provide for advance fees.
                Loan Modification Listing
  LMLA                                       New Form        Fees may only be collected after the broker             N/A
                      Agreement                              performs specified services divided into two
                                                             categories: (1) Document collection and
                                                             presentation to lender, and (2) Completion of
                                                             loan modification agreement.
                                                             Language was added to clarify that
   CA           Commission Agreement          CA 10/00       compensation applies not just to sales but              Yes
                                                             leases and options as well.
                  Cooperating Broker                         Adds language requiring listing broker
                                                             management approval if the MLS offer of
                     Compensation
   CBC                                        CBC 4/08       compensation is being modified or                       Yes
                 Agreement and Escrow                        compensation is being offered to non-MLS
                      Instructions                           members
                                                             Refers to matrix for paragraph references for
   CR            Contingency Removal          CR 10/03                                                               Yes
                                                             non-RPA CAR purchases agreements.

                                                             Clarify language referring to salesperson’s
                Independent Contractor
   ICA                                        ICA 4/07       obligation to notify broker in the event of             Yes
                      Agreement                              litigation against the salesperson
                                                             Paragraph 5B added to address new spa/pool
                 Property Management
  PMA                                         PMA 4/03       law                                                     Yes
                      Agreement                              DRE License number added to sig block
                   Notice to Buyer to                        Refers to matrix for paragraph references for
   NBP                                       NBP 10/02                                                               Yes
                        Perform                              non-RPA CAR purchases agreements.
                   Notice to Seller to                       Refers to matrix for paragraph references for
   NSP                                       NSP 10/02                                                               Yes
                        Perform                              non-RPA CAR purchases agreements.
                   Residential Income                        Add check boxes to Paragraph 36 for SBSA
                   Property Purchase                         and SPQ
  RIPA                                       RIPA 1/06                                                               Yes
                  Agreement and Joint                        New Paragraph 5C(4) addresses new spa/pool
                  Escrow Instructions                        law




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April 2009 Form Release – Quick Summary




                                                                            Brief description                    OK to use
Form Code              Form Name           Replaces
                                                                      of how the form was revised              prior version?
                                                              Updated to comply with NAR/Department
                   Residential Listing                        of Justice VOW agreement informing
  **RLA                                      RLA 4/07                                                               Yes
                      Agreement                               seller of right to opt-out of certain internet
                                                              listings
                                                              Gives options for seller to both make
   RR             Request for Repairs          11/07                                                                Yes
                                                              repairs and provide dollar credit to buyer.
                                                              Updated to comply with NAR/Department             Yes for MLS
                  Seller Instruction to
                                                              of Justice VOW agreement by adding                 Exclusion.
  **SEL         Exclude Listing from the       4/07
                                                              optional seller opt-outs                         No for internet
                          MLS
                                                                                                                  options.
                                                          Clarification that lender approval does not
                                                          require borrower to remain liable for loan.
                                                          Gives Buyer the right to cancel if not
   SSA         Short Sale Addendum            11/07                                                                 Yes
                                                          provided lender written consent. Clarifies
                                                          that loan preapproval not delayed even if
                                                          other time periods are.
*Released in March 2009 in conjunction with the DRE Loan Modification forms release.
**Released in February 2009 as part of an NAR-D.O.J. agreement

C.A.R. no longer monitors the legal validity of any prior form version and the C.A.R. User Protection Agreement only
applies to the most current version of a form. See http://www.car.org/legal/standard-forms/user-protection-agreement/
for full text of the User Protection Agreement.




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Description: Car Loan Release Form document sample