Addressing issues raised by membership, SFAR’s Standard Forms Committee introduces the following revised or updated forms now available in the San Francisco zipForm® library. _________________
SIX REVISED OR UPDATED FORMS
CONDOMINIUM/COOPERATIVE FINANCIAL DISCLOSURE
· Item 6 - “HOA dues include ….” It has been expanded to include several check boxes so the person completing the form on behalf of the HOA can easily indicate what is included in the dues.
· The text summarizing Civil Code 5300 has been removed from Page 1 allowing more space for the questions on that page. The full text of the code is still on Page 2.
CONTINGENCY REMOVAL # _____
· Item 1 (removal of Financing) - A reference has been added to Paragraph 3 of the Purchase Agreement which is where the timeframe is established.
· Item 19A (removal of Real Estate Transfer Disclosure Statement) - A clause has been added to point out that removal of the contract condition does not affect the Buyer’s statutory cancellation rights.
NOTICE TO PERFORM, REMOVE CONTINGENCIES OR CLOSE ESCROW
· A minor change reversed the sequence of “Waive or Remove” to “Remove or Waive”.
SELLER LICENSE TO USE PROPERTY AFTER CLOSE OF ESCROW ADDENDUM
· Paragraph 2 – Clarification was made that in returning held-back funds to the Seller, if deductions are being made for any damage incurred after close of escrow, the amount must be mutually agreed and the Escrow Holder shall be so instructed by the Parties.
RENT INCREASE AND SECURITY DEPOSIT CALCULATION FORMS
The applicable San Francisco 2022 percentages have been incorporated in these forms. _________________
The Association thanks the Standard Forms Committee and its Chair and Vice-Chair, David Parry and Mike Yrazabal, who, along with SFAR’s Marivic Cuevas, ensure the forms library is kept up to date.