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When the California Legislature added a definition of what constitutes a "fully completed" Real Estate Transfer Disclosure Statement ("TDS") for purposes of starting a Buyer's rescission/cancellation right, the statute was changed to specify that a Seller must complete both Sections I and II. PRDS has changed its TDS to match the statutory form.

We are excited to announce that effective April 16, 2019, all 49 PRDS® forms for residential sales transactions are available on zipForm for REALTOR® members of the San Mateo County Association of REALTORS® (SAMCAR) and Silicon Valley Association of REALTORS® (SILVAR) in their zipFormPlus account. The forms also remain available on the Instanet/Lone Wolf platform at www.prdsforms.com and the SAMCAR and SILVAR Web sites.

SAMCAR is pleased to inform our members that you can now access SFAR forms on ZipForms at no extra cost. Read more for instructions.

CFPB (Consumer Financial Protection Bureau) Takes First Steps Toward Greater Clarity on TRID (TILA-RESPA Integrated Disclosure.) Although the CFPB will not delay implementing the complex TRID requirements that go into effect August 1, but there will be a good faith enforcement grace period that both the mortgage industry and a bipartisan coalition in Congress have asked for.

The introduction of the Loan Estimate and the Closing Disclosure forms is right around the corner. The new forms are designed to aid the consumer in comparison shopping, improve consumer understanding and prevent surprises at the closing table, but it's possible that the new forms may initially create delays in closing.