Here is some important information to help you prepare for the upcoming changes:
CAR CONTRACTS
CAR is not making any changes to the CAR purchase contracts at this time. Until further notice, please continue to use the CAR contracts you use today. We will alert you of any changes well in advance so you can prepare accordingly.
MULTIBOARD RESIDENTIAL REAL ESTATE CONTRACT
The Multiboard 6.0 contract will soon be replaced with the Multiboard 6.1 contract. There are only two changes reflected in the 6.1 version:
1. Page #2, Paragraph #8 Mortgage Contingency: Language will comply with new TRID requirements.
2. Page #13 Contact Information: Under TRID, state license numbers are now required for the listing and selling agents and their respective brokerage offices. Both numbers are available on your license Pocket Card (your license number is located in the top left corner; your office’s license number is toward the bottom, in parentheses to the right of the “Sponsor” name).
Here are some tips to help you with the Multiboard contract transition:
• Below is an example of the 6.1 contract pages 2 and 13 so you may preview the changes.
• The 6.1 contract should be used for any offers written as of October 3, 2015.
• Effective October 2, 2015 the 6.1 contract will replace the 6.0 contract in Cabernet Corner’s Online Forms Library, DocuAgent, and your branch office form bins.
• Be sure to replace any electronic copies of the Multiboard contract saved on your computer and printed copies located in your desk, home office or car.
If you have any questions about these TRID-specific contract changes, consult your Branch Manager or HomeServices Lending Loan Officer.
