July 29th, 2024 at 1:11 pm
This week’s Legal Tip is a reminder that, starting on July 1, 2024, the maximum security deposit that a residential landlord can generally demand is the dollar equivalent of only one month’s rent for either a furnished or unfurnished property. Certain small-time landlords can still collect a security deposit up to 2 months’ rent (furnished or unfurnished) if all of the following 3 requirements are met: (1) The landlord is a natural person, a family trust as defined, or an LLC as long as every LLC member is a natural person; (2) The landlord owns no more than 2 residential rental properties with a collective total of no more than 4 units offered for rent; and (3) The tenant is not an active military service member. (more…)
July 22nd, 2024 at 4:20 pm
On July 24, 2024, C.A.R. plans to roll out its July Standard Forms Release, including about 30 new and newly-revised forms that comply with the recent NAR Settlement Agreement. Here are some of the highlights of C.A.R.’s July 2024 Forms Release: (more…)
July 15th, 2024 at 1:54 pm
Multiple Choice Question: You are the buyer’s agent helping your client write a new offer. Your client is buying a property to effectuate a 1031 tax-deferred exchange. What form or forms do you use to address the 1031 exchange? Pick the best answer:
A. C.A.R.’s Contingency for Sale of Buyer’s Property (COP).
B. C.A.R.’s Buyer’s Intent to Exchange Addendum (BXA).
C. Both A and B.
D. Either A or B. (more…)
July 8th, 2024 at 1:39 pm
While you are planning for your Open Houses this summer, keep a watchful eye over safety issues too. Here are some Open House safety tips to consider: (more…)
July 1st, 2024 at 4:03 pm
When NAR’s Settlement Agreement goes into effect, buyers’ agents who are MLS participants will be required to enter into a written agreement with their buyer-clients, before touring a home. This change is expected to go into effect on August 17, 2024.
However, even before the change takes place, you are, as a buyer’s agent, well-advised to go ahead and use buyer-broker agreements for your buyer-clients. C.A.R.’s current Buyer Representation and Broker Compensation Agreement (BRBC) was revised in December 2022. C.A.R. has delayed for now the release of its proposed June 2024 revisions that was previously slated to go into effect on June 25, 2024.
Here are 5 good reasons to use BRBCs before NAR’s Settlement Agreement goes into effect in mid-August: (more…)
