November 7th, 2022 at 4:18 pm
It’s that time of year again when we are going to have legal holidays in rapid succession! So it’s also a good time to double-check that you know how to handle the various timing issues for Notices to Buyer to Perform (NBP).
Multiple Choice Question: Let’s say that a seller and buyer have entered into a C.A.R. Residential Purchase Agreement (RPA). The seller properly serves the buyer with a 2-day NBP to remove applicable contingencies. Which one of the following statements is false? Pick the best answer:
A. The seller can serve the NBP on a legal holiday.
B. Before service of the NBP, the buyer’s 17-day contingency period can end on a legal holiday.
C. After service of a 2-day NBP, if the last day for the buyer to remove contingencies falls on a legal holiday, the buyer can wait until the next business day to remove such contingencies.
D. A seller cannot cancel on a legal holiday.
E. None of the above. (more…)
October 31st, 2022 at 4:10 pm
Issue Presented: Our clients often ask us for help with landlord-tenant matters. As the agent, you generally want to help. Yet, you know that you might say the wrong thing, given how complicated landlord-tenant matters are in California. You also know that you cannot give any legal advice to clients anyway. To top it off, our company does not allow you to perform any property management services (after a landlord and tenant have already entered into a lease agreement). So how do you help your clients, especially when sometimes their request to you is: “Just tell me what I need to know about being a landlord!” (more…)
October 24th, 2022 at 2:41 pm
Multiple Choice Question: Another agent in our company has a listing for a property offered for sale. You and the listing agent agree that you will handle the listing while the listing agent goes away on vacation for a week. The listing agent will be doing an Agent Visual Inspection Disclosure (AVID). Are you, as the substitute agent, legally required to do your own AVID? Pick the best answer:
A. Yes.
B. Yes, if you are added as another “Listing Agent” to the listing agreement.
C. Yes, if you help the seller respond to a submitted offer.
D. No. (more…)
October 17th, 2022 at 3:32 pm
Multiple Choice Question: You are a buyer’s agent for a pending condo purchase. Your 2 buyer-clients have 2 emotional support animals (ESAs). You’ve just discovered that the homeowners’ association (HOA) only allows one pet per unit. What should you tell your clients? Pick the best answer:
A. Just have one ESA, or cancel the purchase under their HOA Disclosures contingency.
B. Don’t worry because the HOA may never discover the second ESA.
C. Don’t worry because an ESA is not a pet.
D. Don’t worry because the 2 ESAs are protected by law.
E. Ask the seller to get a letter from the HOA agreeing to the buyers’ ESAs. (more…)
October 11th, 2022 at 9:43 am
Last Week’s Fact Pattern: Last week’s Legal Tip involved what a buyer’s agent should do upon receiving a Seller Counter Offer (SCO) that fails to address the fact that the buyer’s underlying offer had already expired. In summary, the buyer’s agent should point that fact out to the buyer, and let the buyer decide whether to just counter-sign the SCO, issue a Buyer Counter Offer (BCO), or otherwise try to clarify that the parties have a valid contract despite the fact that the buyer’s underlying offer had already expired. If the buyer does not address this issue with the seller’s side, it’s possible that the seller will try to later argue that there’s no valid contract. But what if the tables are turned? (more…)
