August 6th, 2018 at 5:01 am
Question: I have a client who is considering the purchase of a brand-new home in a new development. If I register my buyer’s name, some builders will pay me as a buyer’s agent, whereas others will pay me as a referral agent. I was told that if I’m submitting an offer on a C.A.R. purchase agreement, then I am the buyer’s agent, but if the builder writes up the offer, then I am a referral agent. Is that correct? (more…)
July 27th, 2018 at 5:02 pm
Question: I am the listing agent in a pending sales transaction. All of the buyer’s contingency timeframes have expired. The sellers have now received an outstanding backup offer. The sellers understand that, if they serve the existing buyer with a Notice to Buyer to Perform to remove all contingencies, the buyer may remove all contingencies and the sellers will not be able to cancel. The sellers have nevertheless asked me to do whatever I can to help them cancel. With that in mind, can you go over all the steps with me? (more…)
July 23rd, 2018 at 2:22 pm
Question: I am the buyer’s agent. In a Seller Multiple Counter Offer (SMCO), the seller required my buyers to agree to keep the property’s status in the MLS as “Active.” My buyers were very worried about losing the deal to another buyer, so they signed the SMCO. The seller accepted my buyers. Based on this agreement, is the listing agent allowed to keep the MLS status as “Active”? (more…)
July 16th, 2018 at 11:45 am
Fact Pattern: I am the listing agent. We received 2 offers. Buyer #1 offered $805,000 with an escalation clause of $5,000 over the highest and best offer not to exceed $840,000. The seller wants to accept Buyer #2 who offered $810,000 with an escalation clause of $10,000 over the highest verifiable offer not to exceed $850,000.
Multiple Choice Question: What is the purchase price? Pick the best answer:
A. $810,000.
B. $815,000.
C. $825,000.
D. $850,000. (more…)
July 9th, 2018 at 10:51 am
Question: I am the buyer’s agent for a pending sales transaction. My buyer has already removed all contingencies. The listing agent has now called to tell me that someone just broke in and ransacked the home. My buyer wants to cancel. The Residential Purchase Agreement (RPA) requires the seller to disclose any new material fact on an amended Transfer Disclosure Statement (TDS), which then allows my buyer to cancel and keep the deposit as provided in paragraphs 10A(6) and (7). But in our situation, the seller refuses to provide an amended TDS. He claims that the existing TDS stating “yes” he was aware of “neighborhood noise problems or other nuisances” is adequate, despite the fact that the break-in occurred after he gave us that TDS. Can my buyer cancel and keep the deposit? (more…)
