For example, the form attempts to examine how the property can be shown, i.e. only by virtual performances or only by the admission of live performances in person after certain conditions have been met (i.e. the buyer confirms that he has already made a virtual visit and/or proves that they have their financial purchasing capacity). The form contains a checklist of a number of action items that the list agent can or cannot do, and also allows the marketing plan to be tailored in response to the pandemic. The final form that has just been published is the PEAD – Coronavirus Property Advisory and Declaration. This form is essentially a form to inform the seller/owner of some of COVID-19`s concerns and also serves as protection for agents. In particular, the form explains the risks and potential precautions to be taken. The form also includes the agreement and the owner of the land to take care of the risks associated with the potential problems that VOCD-19 may pose. Agency Disclosure Form (No. 2079.14 and 2079.16) – No standardized form. California agents must disclose to potential clients the agency relationship or the type of representation established at the end of the real estate transaction.
This information must be provided by the agent in the form of written information in accordance with national law. Disclosure must be signed by the seller and attached to the listing agreement. The CVA is accompanied by a separate form, the NUCC – Notice of Unforeseen Circumstances, which triggers the possibility of renewing or terminating the contract. Depending on the options selected, the parties may, in the event of an «unforeseen circumstance», be granted the right to extend the period until the contract is terminated. The form also allows some options for removing temporary property from the market, which includes options to extend the list deadline for the duration of the withdrawal or keep it as it is (note, the listing agent should always make sure they comply with local MLS rules). The third form is RLA-CAA – Listing Agreement Coronavirus Addendum. The goal is to modify or complete the standard list agreement. This agreement attempts to clarify what an agent can and cannot do, based on what the seller decides when marketing the property. It is understandable that the real estate agent/broker wants to use this form and probably needs it. From an owner`s point of view, if this form were signed, he or she could obtain certain obligations from the agent/broker to minimize the owner`s risks.
It is therefore a form that may lead to certain negotiations and possible other agreements between the parties, including possible clarifications of the listing agreement on whether or not the broker is authorized to do so. This form must be used either as an amendment to an existing contract or as a complement to the proposed agreement. The form adds a language indicating that the standard housing purchase contract form («RPA») is the contingency risk, alliances and disclosures, but refers to the fact that the RPA does NOT contain a «force majeure» clause (this is a problem we mention in another article, but the main point is that many contracts have a language that deals with the possibility of some kind of Gottakt or other event that makes it impossible to perform in a timely manner, and what happens in that scenario). The agreement of the list of California real estate agents is a contract that gives a broker the power to sell an owner`s property on his behalf. The agreement allows them to list the property and, in most cases, to offer them the exclusivity of the real estate transaction and the potential commission won.