August 24th, 2020 at 2:49 pm
Fact Pattern: We were the buyers’ agent. After close of escrow, the buyers discovered that the next-door neighbor is a sober living facility, and the residents are constantly smoking cigarettes near the property line. The sellers were over 90 years old.
Multiple Choice Question: What were the sellers required to disclose to the buyers? Pick the best answer:
A. Their actual knowledge of a sober living facility next door.
B. Their actual knowledge that the people next door constantly smoke cigarettes next to the property line.
C. Both A and B.
D. Any material fact that affects the value or desirability of the property. (more…)
August 17th, 2020 at 9:48 am
Question: I am the buyer’s agent for a pending sales transaction. At the final walk-thru, we discovered that the seller took the large framed mirror in the bathroom. Apparently, the mirror was not attached to the real property because it was just hanging on a nail. But we didn’t know that, so we did not think to mention it in the contract. Also, the mirror was heavy, difficult to remove, and it at least appeared to be custom-made for the space. People also expect a mirror in the bathroom vanity area. Was the seller allowed to take the mirror? (more…)
August 10th, 2020 at 3:10 pm
Question: Is there truly such a thing as a non-contingent offer? (more…)
August 3rd, 2020 at 2:12 pm
Fact Pattern: You are the buyers’ agent. Your buyers have written a number of offers, but they have lost out on all of them to other buyers. Your buyers now want to write a non-contingent offer.
Multiple Choice Question: What should be your advice to your buyers? Pick the best answer:
A. Tell them that you highly recommend a non-contingent offer.
B. Make sure they understand the legal risks and consequences.
C. Tell them you won’t help them write a non-contingent offer.
D. Tell them there’s no such thing as a true non-contingent offer. (more…)
July 27th, 2020 at 2:21 pm
Fact Pattern: You are the buyers’ agent. Your buyers do not want to lose out on yet another property in a multiple offer situation, and so they agree to everything on the seller’s Seller Multiple Counter Offer (SMCO). The SMCO, however, states that the seller will provide the buyers with a Transfer Disclosure Statement (TDS) as required by law, but not the Seller Property Questionnaire (SPQ). The seller accepts your buyers.
Multiple Choice Question: During escrow, is the seller required to provide your buyers with an SPQ? Pick the best answer:
A. Yes, because the seller cannot waive the SPQ requirement.
B. No.
C. No, but the seller is required to provide an Exempt Seller Disclosure (ESD).
D. No, but the seller must disclose if the answer to any of the questions on the first page of the SPQ is “Yes.” (more…)
