September 19th, 2022 at 2:14 pm
Any time the housing market cools down from blazing hot is a good time to brush up on the safe harbor clause in the C.A.R. Residential Listing Agreement (RLA). Inserting a timeframe in paragraph 3A(2) of the RLA generally entitles you to compensation if certain prospective buyers purchase the listed property after your listing period has already expired.
Multiple Choice Question: Which of the following statements concerning the RLA’s safe harbor clause is false? Pick the best answer:
A. You should try to get as long of a timeframe as possible.
B. You can protect a prospective buyer who has physically entered into and previewed the property, or who has written an offer.
C. You can use the C.A.R. Notice of Prospective Buyers (NPB) for your list of names.
D. You must give the list of the prospective buyers’ names to the seller within 3 days after your listing expires.
E. None of the above. (more…)
September 12th, 2022 at 11:37 am
Multiple Choice Question: Last week’s Legal Tip addressed how a landlord’s best course of action is to disclose a recent death that occurred on the premises within the last 3 years (except for a death from AIDS-related complications). Which C.A.R. form should be used to disclose this information to a tenant? Pick the best answer:
A. Seller Property Questionnaire (SPQ).
B. Lease Listing Agreement (LL).
C. Residential Lease Agreement (LR).
D. Addendum (ADM) to the lease agreement. (more…)
September 6th, 2022 at 3:33 pm
Multiple Choice Question: Is a residential landlord required to disclose to a prospective tenant that a death occurred on the leased premises within the last 3 years? Pick the best answer:
A. Yes, disclosure is required by law (except for a death from AIDS-related complications).
B. Yes, disclosure is a landlord’s best course of action (except for a death from AIDS-related complications).
C. No, unless the tenant specifically asks.
D. No, disclosure is only required for sales, not leases. (more…)
August 29th, 2022 at 4:11 pm
Multiple Choice Question: A seller selling a home wants to remain in possession rent-free for one month after close of escrow. In this situation, what is the maximum security deposit that the buyer can require the seller to pay? Pick the best answer:
A. Whatever the buyer can successfully negotiate with the seller.
B. No more than the equivalent of 2 months of the market rent for the property.
C. It depends on whether the parties use a Seller License to Remain in Possession Addendum (SIP) or a Residential Lease After Sale (RLAS).
D. Zero. (more…)
August 22nd, 2022 at 2:42 pm
Summary of New Law: Starting July 1, 2022, any real estate agent who knows of a possibly discriminatory restrictive covenant in a deed, CC&Rs, or other instrument, should notify the seller and buyer accordingly, and inform them that they can have the language redacted through a new Restrictive Covenant Modification (RCM) process. (more…)
