Real Estate Articles
New buyers and sellers advisory just 14 pages
The Silicon Valley Association of REALTORS® recently announced the release of a new 14-page San Mateo/Santa Clara Counties Advisory, which is now on online and available for Silicon Valley REALTORS® and their clients.
"This form is essential for all of your residential sales transactions. It has everything right down to city and municipal website references," said Mark Burns, president of the PRDS Board of Directors. "Instead of using 53 pages of forms, including individual company disclosures, it's all here in one convenient and consistent form."
PRDS is an extensive line of paper and online forms for residential purchase and sales transactions. These forms are available online free of charge as a member benefit to all REALTOR® members of the Silicon Valley Association of REALTORS® and the San Mateo County Association of REALTORS®.
The new PRDS advisory replaces the following documents: normal San Mateo and Santa Clara County disclosures; Mold Advisory; High Speed Rail; Supplemental Tax Bill Notice and Advisory; Half Moon Bay Disclosure; Unincorporated County Information; Non-confidentiality of Offers form; Retrofit and Litigation advisories; and the 10-page California Association of Realtors statewide buyers and sellers advisory.
Burns said the new PRDS advisory was developed to make a transaction as up to the minute as possible in terms of general and local disclosure issues for buyers and sellers. "It is a great means of clearly explaining the disclosure and investigation obligations of the principals and their agents. It also saves a lot of paper and time. You only have to reach for one form instead of making sure you have the nine different forms mentioned," said Burns.
Written with the help of local brokers, managers, agents, and very experienced attorneys who are all members of the PRDS Standard Forms Committee, the new advisory is endorsed and recommended by large and small companies alike who are members of the San Mateo County Association of REALTORS® and the Silicon Valley Association of REALTORS®, the two REALTOR® associations on the Peninsula and in the South Bay. Composed of 25 members from the two trade associations, the committee meets every other week and works to make sure all forms are current and reflective of local practice, recent laws passed, and requirements in surrounding areas.
"The committee seeks to help REALTORS® do a better transaction by being more thorough on their disclosures," Burns said.
The National Association of REALTORS® has included disclosure in its code of ethics, regardless of state law. Silicon Valley REALTORS® adhere to this strict code of ethics, said Burns. At least 32 states require some type of formal seller disclosure, according to NAR.
"Disclosure benefits everyone – the seller, the buyer and the real estate agent because it eliminates confrontation and brings peace of mind to all parties," Burns said. "Buyers want to know what they're buying, and sellers want to disclose what they know about their property in order to eliminate future confrontation and lawsuits."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.