August 13th, 2018 at 2:29 pm

Question: In your Legal Tip last week, you talked about clients who are purchasing a new home from a builder. You said that, regardless of whether the builder labeled us as the “buyer’s agent” or “referral agent,” we should clarify in writing with the buyer what our role in the transaction will be, and act accordingly. What form should we use for that?  (more…)

August 6th, 2018 at 5:01 am

Question: I have a client who is considering the purchase of a brand-new home in a new development. If I register my buyer’s name, some builders will pay me as a buyer’s agent, whereas others will pay me as a referral agent. I was told that if I’m submitting an offer on a C.A.R. purchase agreement, then I am the buyer’s agent, but if the builder writes up the offer, then I am a referral agent. Is that correct?  (more…)

July 27th, 2018 at 5:02 pm

Question: I am the listing agent in a pending sales transaction. All of the buyer’s contingency timeframes have expired. The sellers have now received an outstanding backup offer. The sellers understand that, if they serve the existing buyer with a Notice to Buyer to Perform to remove all contingencies, the buyer may remove all contingencies and the sellers will not be able to cancel. The sellers have nevertheless asked me to do whatever I can to help them cancel. With that in mind, can you go over all the steps with me?  (more…)

July 23rd, 2018 at 2:22 pm

Question: I am the buyer’s agent. In a Seller Multiple Counter Offer (SMCO), the seller required my buyers to agree to keep the property’s status in the MLS as “Active.” My buyers were very worried about losing the deal to another buyer, so they signed the SMCO. The seller accepted my buyers. Based on this agreement, is the listing agent allowed to keep the MLS status as “Active”?  (more…)

July 16th, 2018 at 11:45 am

Fact Pattern: I am the listing agent. We received 2 offers. Buyer #1 offered $805,000 with an escalation clause of $5,000 over the highest and best offer not to exceed $840,000. The seller wants to accept Buyer #2 who offered $810,000 with an escalation clause of $10,000 over the highest verifiable offer not to exceed $850,000.

Multiple Choice Question: What is the purchase price? Pick the best answer:

A. $810,000.
B. $815,000.
C. $825,000.
D. $850,000.  (more…)

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