New Area Edition Residential Purchase Agreement Embraced by Northern California REALTORS(R)

Apr 10, 2001, 01:00 ET from California Association of REALTORS

    LOS ANGELES, April 10 /PRNewswire/ -- Late last year, the California
 Association of REALTORS(R) (C.A.R.) introduced an Area Edition Residential
 Purchase Agreement (AEPA) targeted to the needs of brokers operating in the
 greater San Francisco Bay Area.  Since its release, the AEPA standard form was
 quickly adopted in many areas of the region.  Most recently the largest firms
 in Marin and Sonoma counties announced that C.A.R.'s AEPA is the preferred
 form for use by REALTOR(R) associates at their firms.
     C.A.R. worked closely with Northern California firms developing the form
 to meet their specific needs.
     "Our mission was to create a vehicle that deals with the unique needs of
 our area and it looks like nearly everyone is pleased with the result," said
 Jill Morrow, executive vice president and general sales manager, Coldwell
 Banker Northern California.  "We couldn't be more pleased with the spirit of
 cooperation and collaboration that everyone exhibited in modifying this form
 to serve all our clients better.  Our efforts to provide clarity in the
 contract and promote consensus means all our clients -- buyers and sellers
 -- will benefit greatly."
     With C.A.R.'s purchase agreements already used in nearly 90 percent of all
 residential real estate transactions in California, the creation of the AEPA
 provides an additional opportunity for further industry standardization  "We
 all agreed the primary goal was to develop one form that we could all use.
 Use of a universal form increases our ability for thorough education and
 clarity with a consistent application of content and meaning," said Becky
 Gould, general manager at Novato-based Frank Howard Allen REALTORS(R).  "The
 benefits of using one form, the legal resources that go with using C.A.R.
 Standard Forms, and the prospect of using WINForms(R) were also important
 factors in our decision to adopt the AEPA."
     WINForms(R) is the official electronic forms for the California
 Association of REALTORS(R).
     "REALTORS(R) at our firm recently completed extensive training on using
 the new AEPA form as well as WINForms(R) software," said Sandy Schaefer, chief
 operating officer of Pacific Union.  "The use of technology in the real estate
 transaction is quickly becoming a 'given', and in fact consumers expect their
 REALTORS(R) to be tech savvy.  We felt it was critical for Pacific Union
 REALTORS(R) to stay ahead of the curve as the industry migrates to an
 electronic transaction platform.  WINForms(R) with the new Area Edition
 Residential Purchase Agreement allows them to do just that."
 
     The California Association of REALTORS(R) (http://www.car.org) is one of
 the largest state trade organizations in the United States, with more than
 97,000 members dedicated to the advancement of professionalism in real estate.
 C.A.R. is headquartered in Los Angeles.
 
     C.A.R. releases may also be retrieved by calling the PR Newswire
 fax-on-demand service at:  1-800-758-5804, ext. 131489
 
 

SOURCE California Association of REALTORS
    LOS ANGELES, April 10 /PRNewswire/ -- Late last year, the California
 Association of REALTORS(R) (C.A.R.) introduced an Area Edition Residential
 Purchase Agreement (AEPA) targeted to the needs of brokers operating in the
 greater San Francisco Bay Area.  Since its release, the AEPA standard form was
 quickly adopted in many areas of the region.  Most recently the largest firms
 in Marin and Sonoma counties announced that C.A.R.'s AEPA is the preferred
 form for use by REALTOR(R) associates at their firms.
     C.A.R. worked closely with Northern California firms developing the form
 to meet their specific needs.
     "Our mission was to create a vehicle that deals with the unique needs of
 our area and it looks like nearly everyone is pleased with the result," said
 Jill Morrow, executive vice president and general sales manager, Coldwell
 Banker Northern California.  "We couldn't be more pleased with the spirit of
 cooperation and collaboration that everyone exhibited in modifying this form
 to serve all our clients better.  Our efforts to provide clarity in the
 contract and promote consensus means all our clients -- buyers and sellers
 -- will benefit greatly."
     With C.A.R.'s purchase agreements already used in nearly 90 percent of all
 residential real estate transactions in California, the creation of the AEPA
 provides an additional opportunity for further industry standardization  "We
 all agreed the primary goal was to develop one form that we could all use.
 Use of a universal form increases our ability for thorough education and
 clarity with a consistent application of content and meaning," said Becky
 Gould, general manager at Novato-based Frank Howard Allen REALTORS(R).  "The
 benefits of using one form, the legal resources that go with using C.A.R.
 Standard Forms, and the prospect of using WINForms(R) were also important
 factors in our decision to adopt the AEPA."
     WINForms(R) is the official electronic forms for the California
 Association of REALTORS(R).
     "REALTORS(R) at our firm recently completed extensive training on using
 the new AEPA form as well as WINForms(R) software," said Sandy Schaefer, chief
 operating officer of Pacific Union.  "The use of technology in the real estate
 transaction is quickly becoming a 'given', and in fact consumers expect their
 REALTORS(R) to be tech savvy.  We felt it was critical for Pacific Union
 REALTORS(R) to stay ahead of the curve as the industry migrates to an
 electronic transaction platform.  WINForms(R) with the new Area Edition
 Residential Purchase Agreement allows them to do just that."
 
     The California Association of REALTORS(R) (http://www.car.org) is one of
 the largest state trade organizations in the United States, with more than
 97,000 members dedicated to the advancement of professionalism in real estate.
 C.A.R. is headquartered in Los Angeles.
 
     C.A.R. releases may also be retrieved by calling the PR Newswire
 fax-on-demand service at:  1-800-758-5804, ext. 131489
 
 SOURCE  California Association of REALTORS

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