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Signatory car purchase agreement template

good morning everybody this is dan frigeria with the jrp group and we welcome you to this episode of contracts and disclosures you know today we're going to go over a form that i think sometimes it gets misconstrued as to what it's supposed to be able to do and it's the asa form it's the additional signature addendum and the main point is to look at on at the top of the page it says this form is not an assignment it should not be used to add new parties after a contract has been formed so we do see from our transaction coordinator sometimes that if there's an additional buyer that's going to be added in we end up seeing these things and this clearly points out from car that the asa form the additional signature addendum is not used as an assignment it should not be used to add new parties after a contract has been formed so what is this form exactly for this document is used when there are not enough signature blocks for all the parties to sign on another document such as a purchase agreement a disclosure a counter offer or lease for example most purchasing agreement and disclosure forms contain signature blocks for two principals on either side of the transaction oftentimes more than the two persons will already be on title or intend to acquire the property for sale in such a case this form will be helpful because unless a power of attorney is being used all parties need to sign to create a binding agreement so what you have is you have the additional signators is this going to be a residential purchase contract or a residential leasing agreement the definitions paragraph in the car contracts permits the contracts to be signed in counterpart basically they're talking about is all the signatures do not have to appear on the same physical piece of paper so as we go forward we'll put in the property address we're going to put in the parties as far as are they the buyer the seller the landlord the tenant or other and then they'll have party first and then party second and what's very interesting about this form is you'll find that right after each signature block on the asa form there are optional initial blocks to demonstrate whether the person who signs and also agrees or does not agree to certain or different paragraphs in the underlying document these paragraphs concern arbitration of disputes and liquidated damages agreement to one does not result in agreement of the other california law requires arbitration clauses and real estate contracts to be separately signed or initial in order to be binding similarly california law requires liquidated damages clause and real estate contracts to be separately signed or initialed so again we start we have our additional signatures we are not adding new parties to the contract and then after each signature block you can actually initial here as to whether or not they have a dispute regarding arbitration or they have a dispute regarding liquidated damages if there's multiple assigners then we have one two three four additional signature areas and that takes care of the form asa so we appreciate you tuning in to this episode if you have any questions within your own management firm contact your broker or the attorney we'll see you soon thank you