August 12th, 2024 at 3:09 pm
Question: I have a pending listing agreement on the older-version C.A.R. Residential Listing Agreement (RLA) (revised December 2023). With the changes to the MLS under the NAR Settlement, my client says that she is willing to just switch over to a newly-revised RLA form (with a July 2024 revision date). But I am worried that, right after we mutually sign a Cancellation of Listing (COL) for the old RLA, my client will somehow decide that she will not sign a new RLA with me after all. How do I protect myself? (more…)
August 5th, 2024 at 2:13 pm
Question: I have a pending listing agreement with a problematic seller. The listing agreement is written on the older-version C.A.R. Residential Listing Agreement (RLA) revised December 2023. If I ask the seller to sign the new Disclosure and Modification of Listing Agreement (DM-LA), can the seller use that as an excuse to cancel our listing? (more…)
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…)
