August 9th, 2021 at 3:18 pm
Question: Last week’s Legal Tip pointed out that, under the C.A.R. Residential Purchase Agreement (RPA), a seller promises to provide the buyer with a warranty of marketable title at closing, but not necessarily at the time the seller enters into the purchase agreement. But if the owners on title do not match exactly with the sellers who sign the purchase agreement, aren’t the sellers required to immediately disclose that fact to the buyer anyway? (more…)
August 2nd, 2021 at 3:21 pm
Fact Pattern: Last week, we discussed who can sign a listing for a property owned by 2 people. This week, we move on to the sales contract. Let’s say you are the buyer’s agent for a new sales transaction. The owners of the property are John and Paul, who own the property together in their individual names.
Multiple Choice Question: Which one of the following statements is true for creating a valid sales contract? Pick the best answer:
A. It must be signed by both John and Paul as the “Sellers.”
B. It must be signed by either John or Paul as the “Seller.”
C. Who must sign as the “Seller” depends on whether John and Paul are married to each other.
D. It can be signed by Ringo as the “Seller.” (more…)
July 26th, 2021 at 3:03 pm
Multiple Choice Question: You are the listing agent for a new listing. The owners, John and Paul, own the property together in their individual names. Which of the following statements concerning your listing agreement is true? Pick the best answer:
A. It must be signed by both John and Paul.
B. It must be signed by either John or Paul.
C. Who must sign depends on whether John and Paul are married to each other.
D. It can be signed by Ringo. (more…)
July 19th, 2021 at 4:08 pm
Fact Pattern: You are the buyer’s agent in a pending sales transaction. Without any warning, the seller has refused to perform on the contract, whereas your buyer still wants to buy the property. You have tried your best to resolve the situation with the listing agent, but to no avail. You have also informed your buyer in writing that this has become a legal matter, and that you strongly recommend that your buyer consults with the buyer’s own attorney as the buyer deems appropriate.
Multiple Choice Question: Which of the following is a good suggestion for you to give to your client? Pick the best answer:
A. Serve the seller with a Notice to Seller to Perform.
B. Serve the seller with a Demand to Close Escrow.
C. Serve the seller with a letter drafted by the buyer.
D. Serve the seller with a letter from the C.A.R. Sample Letters Library. (more…)
July 12th, 2021 at 2:34 pm
Question: I am an agent taking a new listing, and the seller wants to know how to go about terminating the tenancy of the existing tenants in the property. What do I do? (more…)
