SDAR’s Risk Management Committee is dedicated to proactively creating cutting edge forms to address the local needs of our members. To this end, SDAR is excited to announce the release of FOUR (4)l updated and improved forms into your SDAR Risk Management Forms Library (RMF) on Zipforms, free benefit to members of SDAR.
These are four updated RMF Forms:
1. Local Area Disclosure (LAD)
As a complement to C.A.R.’s – Statewide Buyer and Seller Advisory, (SBSA), SDAR’s Local Area Disclosure (LAD) provides buyers and sellers with specific disclosures and information unique to the San Diego market. The 2018 revision of the LAD most notably adds disclosures on Golf Course Closures, Short-Term Rental Restrictions, On-Street Parking Restrictions, Carlsbad Airport Runway Expansion.
Should you know of any issues that should be included in the Local Area Disclosure, please submit the suggested information to Legal@SDAR.com for consideration by the Risk Management Committee’s Forms working group.
2. Advisory Regarding “Subject To” and “AITD” Transactions (AITD)
Changed in name only, formerly entitled as a “Disclosure” the 2018 Advisory Regarding “Subject to” and “AITD” Transactions is used by an agent in these rare situations to ensure that buyers and sellers are aware of the inherent risks involved in these transactions.
3. Mold Advisory (MA)
The most used SDAR Risk Management Form, the Mold Advisory (MA) emphasizes the important for a buyer to consider an environmental inspection or testing. The 2018 Mold Advisory (MA) updates the contact information for the California Department of Public Health (CDPH) as well the U.S. Environmental Protection Agency (EPA).
4. Letter of Intent (LOI)
Most often used in commercial transactions, the Letter of Intent (LOI), with certain limitations, can be a strategic tool for a buyer’s agent. The 2018 Letter of Intent (LOI), was revised to correspond with the C.A.R. sponsored Real Estate Law Clean-Up attempting to use plain language to identify parties to the transaction.
SDAR’s Risk Management Forms (RMF) is an add-on library within your zipForm® account. The library includes risk management forms and disclosures, designed specifically for Realtors® in San Diego County. For information on accessing the RMF library please contact Legal@SDAR.com or SDAR Risk Management at (858)715-8020.