A new paragraph referring to the Fair Appraisal Act Addendum (C.A.R. Form FAAA) is being added to each of the purchase agreements in the appraisal paragraph (8B(3) in the RPA). The only exception is that since the NCPA does not have an appraisal contingency, the new language referring to the addendum was instead added to paragraph 4U in the grid in that form. The paragraph referring to SB 800 requires that a buyer be provided with the entire statute addressing new home builder statutory warranty and repair requirements. The statute is bundled with the forms and doubles the number of pages. The clause has been made optional so it does not need to be checked, and the extra language does not need to be provided, if seller has previously provided buyer the statutory language or has created their own addendum to do so. If checked, zipForm will add the statutory language to the transaction from the ePubs library.
Revised June 2022