Did You Know that You Have a Choice in Which Forms Are Used to Buy & Sell Homes in Silicon Valley?
There are two sets of forms in use in the greater San Jose area (Los Gatos, Saratoga, Campbell, Santa Clara, etc.) for residential real estate sales:
CAR or California Association of Realtors forms and
PRDS or Peninsula Regional Data Systems forms
Although the two contracts or purchase agreements are very similar in some ways, they are also unique in others. Depending on the property in question and your wants, needs and goals, as well as whether you are a buyer or seller in Silicon Valley, you may prefer one of these over the other.
If you are involved in a investor seller or distressed property transaction in Silicon Valley (such as a short sale or banked owned home), you may be required to use the CAR contract by the lender since it’s a strictly “as is” agreement. The banks may also force the purchaser to use a long addendum – best if that’s the case to read it very carefully and possibly even consult a real estate attorney to make sure you understand what you’re being asked to sign.
Tags: buyer tips, CAR, Contracts & Forms, forms, PRDS, Selling a home