July 6th, 2020 at 12:48 pm
Fact Pattern: You are the listing agent for a pending sales transaction. The seller fills in the seller’s Sections I and II of the TDS. You fill in the listing agent’s Section III of the TDS by checking the box for the buyer to refer to your Agent Visual Inspection Disclosure (AVID). You then email only the TDS to the buyer’s agent on July 6. You do not email your AVID to the buyer’s agent until July 12.
Multiple Choice Question: Under the TDS law, the buyer has a 5-day right to cancel upon delivery of the TDS by email. In this situation, on what day does the buyer’s 5 days begin to run? Pick the best answer:
A. July 6.
B. July 12.
C. When the buyer’s agent delivers the TDS and AVID to the buyer.
D. When the buyer’s agent fills in Section IV of the TDS, and delivers the TDS and 2 AVIDs to the buyer. (more…)
June 29th, 2020 at 1:25 pm
Question: Last week, you advised us that sellers must check one of the 3 boxes in Section I of the TDS. Otherwise, a buyer who has removed all contingencies may nevertheless try to cancel and retain the deposit by claiming that the TDS is not complete. Which of the 3 boxes should a seller check in Section I? (more…)
June 22nd, 2020 at 2:21 pm
C.A.R. is scheduled to release its biannual standard forms update this week, including 2 new and 11 revised forms. None of these forms are COVID-related forms. Here are some of the highlights of C.A.R.’s Forms Release: (more…)
June 15th, 2020 at 1:12 pm
Fact Pattern: You are the listing agent. You receive an offer from a buyer who is working with a buyer’s agent from another brokerage. The buyer’s offer includes the C.A.R. Coronavirus Addendum or Amendment (CVA) (revised 4/30/20), but none of the boxes on the CVA form have been checked.
Multiple Choice Question: What should you do in this situation? Pick the best answer:
A. Ask the buyer’s agent to resubmit the offer with the appropriate boxes checked.
B. Advise the seller to reject the buyer’s offer.
C. Advise the seller to counter the CVA out.
D. Advise the seller to leave the CVA as part of the final agreement, given that paragraph 1 of the CVA, which has no checkboxes, does provide helpful information about the coronavirus pandemic anyway. (more…)
June 8th, 2020 at 11:47 am
Question: I am the buyer’s agent. I’d like to show my buyer a new listing that just came on the market. The listing agent works for another company. My buyer and I both signed the C.A.R. Coronavirus Property Entry Advisory and Declaration – Visitor or PEAD-V form. I forwarded the signed PEAD-V to the listing agent as requested. The listing agent, however, has flatly refused to allow us entry into the property unless I also provide my initials as an acknowledgment of receipt at the bottom of the form. What should I do? (more…)