URGENT! CEASE USING C.A.R. DRE FORMS DUE TO NEW STATUTORY LAW The following forms are no longer legally valid and should not be used:
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. As a result, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting 1-4 unit residential dwellings. There are substantial administrative and criminal penalties for violations. IF YOU ARE A REAL ESTATE BROKER, OR THE DESIGNATED OFFICER OF A LICENSED CORPORATION, WHO HAS BEEN ISSUED A 'NO OBJECTION' LETTER BY THE DEPARTMENT OF REAL ESTATE FOR LOAN MODIFICATION OR OTHER MORTGAGE LOAN FOREBEARANCE SERVICES, YOU CAN NO LONGER ENTER INTO THESE AGREEMENTS EFFECTIVE AS OF OCTOBER 11, 2009, NOR CAN YOU COLLECT ANY ADVANCE FEES FOR SUCH SERVICES. Agreements entered into and advance fees collected prior to October 11, 2009 are not affected. Advance fees inadvertently collected after October 11, 2009 must be fully refunded. NOVEMBER 2009 FORMS RELEASE It's that time of year again, time for the Fall Standard Forms release. The forms release is a result of input from members, membership committee evaluations and statutory changes. The following forms will be revised and available via WINForms® and zipForm® 6, your local Associations and online at www.store.car.org the week of November 16th:
Please click here for details http://www.car.org/legal/standard-forms/nov-2009-form-releases/. If you have any further questions, contact Joy Alafia at joya@car.org.
You're in the middle of a complicated transaction that's uncharted territory for both you and the agent on the other side of the deal. Wouldn't it be great if you had a little expert guidance to help take the guesswork out of which standard forms you need to use? Forms Advisor™ is a free C.A.R. Member Benefit which guides users to the proper standard form(s) needed for a specific real estate transaction. Based on user input, Forms Advisor™ directs users to relevant forms for a specific transaction. Questions about the transaction are organized in four categories where an agent will be asked to provide information about themselves, their client, the property, and the transaction-and it's easy to respond. Choosing answers from drop-down menu or selecting a Yes/No option makes the process fast and simple to use. Once you allow Forms Advisor™ to advise you on which forms you'll need for your transaction, you might also want a little help on how to fill out those forms. This is where the companion product C.A.R. Forms Tutor®, can help. Forms Tutor® is an educational online service that explains how to fill out the standard forms via field-by-field audio and text instructions. You can take advantage of these two free C.A.R. member benefits from www.car.org or directly from your WINForms Online® account. If you're curious about how Forms Advisor™ or C.A.R. Forms Tutor® can help you, sign up for a free webinar here:http://www.car.org/winforms/FormsAdvisor/. For a PDF version of the November 2009, WINForms® Today, click:http://www.car.org/3550/pdf/WF_Today_November_2009_v2.pdf |
Monday, November 9, 2009
Fall 2009 CAR Form Release & Cease
