March 6th, 2023 at 3:56 pm
Question: What can buyers’ agents do to protect themselves against “serial home visitors,” or people who act like they are interested in buying a property, but actually have no intent on buying anything. (more…)
February 27th, 2023 at 2:27 pm
Fact Pattern: You are the buyer’s agent for a pending sales transaction. You submit a Request for Repair (RR) for a $10,000 credit. You do not alter the RR with respect to paragraph 4A. It basically says that, if the seller agrees to all of the buyer’s requests (or some of the buyer’s requests and the buyer accepts the seller’s partial agreement), “Buyer removes the Investigation of Property Contingency.” In the “Seller’s Response” on page 2 of the RR, the seller agrees to the buyer’s request for $10,000.
Multiple Choice Question: Has the buyer removed the Investigation of Property Contingency? Pick the best answer:
A. Yes.
B. No, the seller must serve a Notice to Buyer to Perform.
C. No, the buyer must sign a separate Contingency Removal form.
D. It depends on how the RR was completed. (more…)
February 20th, 2023 at 3:40 pm
Fact Pattern: You are the listing agent for a pending sales transaction. The buyer submits to you as follows: (1) A Request for Repair (RR) form requesting a $20,000 credit; and (2) A Contingency Removal (CR) form removing all contingencies. The seller responds with a “Partial Agreement” for a $12,000 credit (as indicated in paragraph 1B on page 2 of the RR). The buyer is now planning to cancel under the buyer’s contingencies and get the deposit back, whereas the seller claims entitlement to the deposit because the buyer’s contingencies have been removed.
Multiple Choice Question: Are the buyer’s contingencies removed? Pick the best answer:
A. Yes.
B. Yes, if the buyer had accepted the seller’s $12,000 credit.
C. No.
D. It depends on how the forms were completed. (more…)
February 13th, 2023 at 2:02 pm
Summary: C.A.R. recently released a new Rental Property Owner Disclosure (RPOD) form to be used for lease transactions. Here are 6 frequently-asked questions about the RPOD:
1. What is the RPOD? The RPOD is a list of questions for a landlord to answer concerning the condition and other aspects of the property being leased or rented. It is formatted the same way as the Seller Property Questionnaire (SPQ). The RPOD is auto-bundled in zipForms with the C.A.R. Lease Listing Agreement. (more…)
February 6th, 2023 at 2:40 pm
Background: As a buyer’s agent, you should thoroughly understand your entitlement to compensation in any given situation. One way to help seal the deal is to enter into a C.A.R. Buyer Representation and Broker Compensation Agreement (BRBC) with your buyer-client. The new BRBC form uses a new term, “Broker Involvement,” which means certain tasks that you may be required to perform to claim your commission (see paragraph 4B(1)). It’s a very low threshold that you will satisfy for a certain piece of property by acting on your buyer’s behalf, such as by showing the property, providing your buyer with a written broker analysis, or submitting the buyer’s offer. However, merely sending a list of properties to your buyer, absent more, is not considered to be “Broker Involvement” under the BRBC.
Multiple Choice Question: When are you, as the buyer’s agent, required to have “Broker Involvement” to be entitled to compensation under the BRBC? Pick the best answer:
A. When you have a non-exclusive BRBC.
B. Both Answer A and when identifying properties to protect under your safe harbor period.
C. When you have a procuring cause claim.
D. All of the above. (more…)
