What is car form FLD?
The lead based paint and lead based paint hazards disclosure is also known as the lead based paint disclosure and for some as the “FLD” C.A.R. form.
When it comes to buying or selling real estate, there are many terms and forms that can be confusing. One such form is the car form. This article aims to explain what a car form is in real estate and its significance.
What is a Car Form?
A car form, short for “Contingency for Attorney Review,” is a clause added to a real estate contract that allows the buyer’s attorney to review and approve the contract within a specified time frame. This clause gives the buyer’s attorney the opportunity to make any necessary changes or recommendations before the contract becomes legally binding.
Why is a Car Form Important?
The car form is essential because it protects the buyer’s interests. It allows the buyer’s attorney to review the contract and ensure that all terms and conditions are fair and reasonable. If any issues are found, the attorney can negotiate with the seller’s attorney to make necessary changes. Without the car form, the buyer may be stuck with a contract that is not in their best interest.
- Who prepares the car form?
- What is the time frame for attorney review?
- Can the buyer back out of the contract during attorney review?
- Is the car form necessary for all real estate transactions?
The car form is typically prepared by the buyer’s attorney and added to the real estate contract.
The time frame for attorney review is usually three to five business days, but it can vary depending on the terms of the contract.
Yes, the buyer can back out of the contract during attorney review if they are not satisfied with the terms or if their attorney finds any issues that cannot be resolved.
No, the car form is not necessary for all real estate transactions. However, it is recommended for buyers who want to protect their interests and ensure that they are getting a fair deal.
In conclusion, a car form is an important clause that should be included in a real estate contract. It allows the buyer’s attorney to review and approve the contract before it becomes legally binding, protecting the buyer’s interests. If you are buying or selling real estate, make sure to discuss the car form with your attorney.