An Express Article from the California Land Title Association
Bulletin 09/10-68 - March 2, 2010
The California Association of Realtors has released final drafts of its revised Purchase Agreement documents. The forms are to go into use in late April without further comments or suggestions.
While the CLTA did not have an opportunity to provide input on these forms while they were being drafted, we have urged CAR to provide us with an opportunity to provide comments and suggestions in any upcoming revisions.
Among other revisions, there is a new provision for withholding taxes requiring the seller to provide the buyer or qualified substitute with the FIRPTA Affidavit. The title and vesting provision has also been amended to specify that the preliminary report given to the buyer “shall include a search of the general index “and that within 3 days after acceptance the seller shall give the escrow holder a completed Statement of Information.
The following forms (PDF) can be found on the CLTA’s website: