December 17th, 2018 at 2:31 pm
Effective January 1, 2019, the Transfer Disclosure Statement (TDS) law will be revised as follows: (more…)
December 10th, 2018 at 2:09 pm
C.A.R. released today its biannual standard forms update. Here are some highlights, including revisions made to comply with new 2019 laws: (more…)
December 3rd, 2018 at 2:35 pm
Multiple Choice Question: I am the listing agent for a pending sales transaction. My seller has a lot of pictures and paintings on the walls. When she removes the artwork, what is she supposed to do about the nails and walls as according to the Residential Purchase Agreement (RPA)? Pick the best answer:
A. The seller should leave the nails in the walls.
B. The seller should remove the nails.
C. The seller should remove the nails, and repair the holes in the walls.
D. The seller should remove the nails, and repair and paint the holes in the walls. (more…)
November 26th, 2018 at 10:55 am
Question: I was the listing agent for Seller Sally. After my listing expired, a buyer’s agent who represented Buyer Bob asked me to help present Bob’s offer to Sally. Bob was not a prospective buyer under the safe harbor clause of my listing agreement. I contacted Sally who said she would think about selling. So before presenting Bob’s offer to Sally, I submitted a Single Party Compensation Agreement (SP) for Sally to sign to make sure that both the buyer’s agent and I would get paid if Bob bought the property. As it turned out, Sally refused to sign the SP. She not only immediately listed the property with another brokerage, but she also sold the property to Bob. I know I am not entitled to any compensation because I do not have a signed commission agreement, but how do I make sure this doesn’t happen to me again in the future? (more…)
November 17th, 2018 at 8:50 am
Fact Pattern: You are a buyer’s agent. In discussing the liquidated damages clause with your buyer, he asks you whether there could be a liquidated damages clause protecting the buyer in the event that the seller defaults.
Multiple Choice Question: How should you respond to the buyer? Pick the best answer:
A. No, it’s illegal.
B. Yes, as the agent, you can draft one to include in the buyer’s offer.
C. Yes, but the buyer should hire his own attorney to draft it.
D. None of the above. (more…)