January 31st, 2022 at 1:23 pm
Agents Beware! Whether you are the listing agent or buyer’s agent for a sales transaction, try your best to get the final agreement concerning repair requests memorialized using the C.A.R. Seller’s Response to the Request for Repair (Form RRRR), rather than the Request for Repair (Form RR). (more…)
January 24th, 2022 at 3:44 pm
Fact Pattern: You are the buyer’s agent for a pending sales transaction using the newly revised 12/21 C.A.R. Residential Purchase Agreement (RPA). The parties did not alter any of the 17-day timeframes on page 2 of the “Grid” in the RPA. At the end of the 17-day contingency period, the buyer removed all buyer contingencies. The buyer then requested the seller’s consent to the buyer’s assignment of the contract to a third party. The buyer submitted the request using a properly-completed C.A.R. Assignment of Agreement Addendum (AOAA) with all pertinent documents attached.
Multiple Choice Question: Can the seller reject the assignment? Pick the best answer:
A. Yes.
B. Yes, as long as the seller’s rejection is reasonable.
C. Yes, unless the buyer is requesting an assignment to the buyer’s own trust or wholly-owned entity.
D. No. (more…)
January 18th, 2022 at 3:38 pm
The newly revised C.A.R. Residential Purchase Agreement (RPA) released in December 2021 contained some significant changes to the items included and excluded in a sale. (more…)
January 10th, 2022 at 2:44 pm
Agents Beware! When escrow officers complete the “Escrow Holder Acknowledgment” at the bottom of the last page of the newly revised RPA, they are asked to identify the person who advised them of the date of “Acceptance” of the RPA. This is a new field in the revised RPA, given that there is no longer a “Confirmation of Acceptance” paragraph in the RPA or counteroffer forms. If you are that person identified by the escrow officer in the “Escrow Holder Acknowledgment” as vouching for the date of “Acceptance,” you should make sure that the date is correct!
Here are some helpful guidelines: (more…)
January 3rd, 2022 at 2:23 pm
Happy New Year Everyone! Ringing in the New Year also means the start of newly enacted California laws that may affect your real estate practice. Here are some highlights for 2022: (more…)
