February 12th, 2024 at 5:10 pm
Question: You are the buyer’s agent, and the seller will be staying in possession of the property for 32 days after close of escrow. To put that agreement in writing, C.A.R. has a long 8-page standard-form Residential Lease After Sale (RLAS) with a lot of supporting documents. It says at the top of the RLAS form that it is “Intended for possession of 30 or more days.” Instead of the RLAS, C.A.R. also has a simple one-page Seller License to Remain in Possession Addendum (SIP) form that is “Intended for Possession of 29 days or less.” Can you just use the SIP instead of the RLAS for this seller’s 32-day stay after close of escrow? (more…)
February 5th, 2024 at 3:07 pm
When it rains like it has, I will usually get questions from agents about storm-related damage during escrow. So here are some general guideposts if you encounter any storm-related damage during a pending sales transaction: (more…)
January 29th, 2024 at 2:57 pm
The start of the 2024 New Year is also the start of new California laws that may affect your real estate practice. Here are some of the highlights for 2024: (more…)
January 29th, 2024 at 2:25 pm
Multiple Choice Question: Under what circumstances is a trust not exempt from the Transfer Disclosure Statement (TDS) requirement? Pick the best answer:
A. A family trust with a trustee who is a natural person, and has personally owned or occupied the property within the last year.
B. A revocable trust with a trustee who is a natural person, and has personally occupied the property within the last year.
C. A family trust or revocable trust with a trustee who has personally owned and occupied the property within the last year.
D. A revocable trust with a trustee who is a natural person, and has personally owned or occupied the property within the last year. (more…)
January 22nd, 2024 at 3:49 pm
Multiple Choice Question: A buyer and seller have entered into a purchase agreement using C.A.R.’s Residential Purchase Agreement (RPA). You are an agent preparing a subsequent Request for Repair (RR) (or similar document). What date should you insert on Line 4 of the RR as the date of the Purchase Agreement? Pick the best answer:
A. “Date Prepared” on page 1 of the RPA.
B. Date that both the buyer and seller have signed on page 15 of the RPA.
C. Date of Acceptance.
D. Any of the above. (more…)
