February 18th, 2019 at 10:19 am
Agent’s Question: I have recently been asked to represent some investors who have said they will be buying a property in the name of an LLC that they have already established. I want to add that I do feel a little suspicious and somewhat hesitant to represent these buyers. One of the investors says that he is the president of the LLC, and that he will be signing everything on the LLC’s behalf. What do you think? (more…)
February 11th, 2019 at 9:06 am
Multiple Choice Question: This question somewhat qualifies as Valentine’s Day themed, given that it involves a couple who were once in love. Unfortunately, however, the husband and wife are currently divorced. They still hold title to a home together as 50-50 owners. The ex-husband wants to hire me as his listing agent to sell his 50% interest in the home. Is that something I can do? Pick the best answer:
B. Yes, if the couple holds title together as tenants in common, but not if they hold title as joint tenants or community property.
C. Yes, but it’s probably a bad idea.
D. No. (more…)
February 4th, 2019 at 2:20 pm
Multiple Choice Question: I know that, over the last several weeks, you have been discussing how to complete a trust listing agreement. In my situation, 2 separate trusts hold title together as 50-50 owners. However, both trusts use the same business manager as the trustee of that trust. How should I have the business manager sign the listing agreement and the Representative Signature Disclosure Statement (RCSD)? Pick the best answer:
A. Use 2 RCSDs, one for each trust, and have the business manager sign the listing agreement once as the seller.
B. Use 2 RCSDs, one for each trust, and have the business manager sign the listing agreement twice as 2 sellers.
C. Use one RCSD for both trusts, and have the business manager sign the listing agreement once as the seller.
D. Any of the above. (more…)
January 28th, 2019 at 10:29 am
Question: In last week’s legal tip, you gave us a 4-step approach as one possible way for completing a trust listing agreement. Step 1 was to insert, for example, “Martin King, trustee” as the seller. Step 2 was to check the Representative Capacity box above his signature line. Step 3 was to attach a Representative Capacity Signature Disclosure (RCSD-S). Step 4 was to obtain a copy of his trust certificate as soon as possible. Before reading your legal tip, I had just entered into a trust listing agreement. For Step 1, I inserted the name of the trust instead of the trustee as the seller, but I had the trustee sign her own name in the signature line followed by the word “trustee.” I didn’t do Steps 2, 3, or 4. I don’t have a buyer yet. Should I redo the listing agreement? (more…)
January 19th, 2019 at 7:29 am
Question: I see agents fill out the C.A.R. forms in all sorts of different ways when the seller or buyer is a trust. Let’s say, for example, that Martin King, Jr. is the trustee of the Martin Luther King, Jr. and Coretta Scott King Family Trust dated January 15, 2009. What is the proper way to complete the C.A.R. forms if the trust is selling or buying property? (more…)