June 20th, 2022 at 2:02 pm
On June 21, 2022, C.A.R. plans to roll out its biannual standard-forms update, including 6 new forms and 36 revised forms. Here are some of the highlights: (more…)
June 13th, 2022 at 1:24 pm
Multiple Choice Question: You are the listing agent for a pending sales transaction using the C.A.R. Residential Purchase Agreement (RPA). Escrow is about to close. The seller will be remaining in possession of the property for 14 days after close of escrow, as documented by a Seller in Possession Addendum (SIP). None of the “optional” boxes in the SIP have been checked. Are you required to give the house keys to the buyer at close of escrow? Pick the best answer:
A. Yes, the RPA requires you to give the keys to the buyer at close of escrow.
B. Yes, the SIP requires you to give the keys to the buyer at close of escrow.
C. Yes, the landlord-tenant laws require you to give the keys to the buyer, regardless of what the RPA and SIP say.
D. No, you have no legal nor contractual obligation to the buyer to give the keys. (more…)
June 5th, 2022 at 6:16 pm
Question: In last week’s Legal Tip, you said that, in a non-contingent sale, “circumstances could arise during escrow that may allow a buyer to cancel and get the deposit back.” You also said that those situations tend to be complicated, and should be considered on a case-by-case basis as they arise. Can you at least tell us what the “circumstances” could be? (more…)
May 31st, 2022 at 3:30 pm
Fact Pattern: You are the buyer’s agent. Your clients want to write an offer with no buyer contingencies. The seller is not exempt from the TDS requirement. Your clients want your assurance that they will be able to cancel and keep their deposit, if needed, after they receive your section of the Transfer Disclosure Statement (TDS) and your Agent Visual Inspection Disclosure (AVID).
Multiple Choice Question: Can you give the buyers your assurance? Pick the best answer:
A. Yes, you have a fiduciary obligation to your clients.
B. Yes, you will surely be able to detect a new material fact during your visual inspection of the property.
C. No, the law does not allow you to do that.
D. No, although it would be legal to do, it would nevertheless be a bad idea. (more…)
May 23rd, 2022 at 3:42 pm
Be on the Alert! Procuring cause claims are on the rise. Make sure that you understand procuring cause matters, so you can protect your commission and avoid disputes with other agents. How many of the following Procuring Cause Dos and Don’t can you agree with? Let’s see how well you score: (more…)
