November 6th, 2017 at 11:53 am
Please join Stella Ling for an online legal webinar on Agent Disclosures on Wednesday, November 8, 2017, from 12 noon to 1 p.m. In this interactive and fast-paced presentation, Stella will cover both the legal and practical issues concerning agent disclosures. What items should or should not be disclosed? What’s the proper wording? What if the seller forbids you from disclosing something? We’ll cover these topics, along with case studies, real-life examples, and much more. Click here to register now to attend this webinar.
Link is https://training.bhhscalifornia.com/events/agent-disclosures-with-stella-ling-webinar/.
Copyright© 2017 Berkshire Hathaway HomeServices California Properties (BHHSCP). All rights reserved. Any unauthorized reproduction or use of this material is strictly prohibited. This information is believed to be accurate as of November 6, 2017. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals.
October 30th, 2017 at 11:50 am
Question #1: It may be Halloween, but this is a real situation. We are the listing agent. The seller says the house is haunted, and that they even captured a ghost on camera. Does this information have to be disclosed?
Answer #1: Yes, that’s a good idea. Whether the presence of ghosts is a “material fact” requiring disclosure is highly debatable, of course. However, a recent realtor.com survey shows that 42% of 1,000 people asked would not live in a haunted house. Hence, it makes more sense to just disclose upfront, rather than leave it to a judge, jury, or arbitrator to decide whether the alleged presence of ghosts is a material fact affecting the value or desirability of the property.
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October 23rd, 2017 at 11:48 am
Question: I am the buyer’s agent for a pending sales transaction. The listing agent wants the buyer to complete and sign a C.A.R. standard-form Buyer’s Inspection Elections. Frankly, I have never seen this form before. Is my buyer required to sign this form?
Answer: No, but it’s a good idea. The Buyer’s Inspection Elections (Form BIE) explain the importance of conducting inspections of a property being purchased. Unlike the more commonly used Buyer’s Inspection Waiver (BIW), the BIE includes a long list of 37 possible inspections that buyers may conduct, such as wood-destroying pests, electrical, plumbing, pool/spa, etc. Each itemized inspection has a “Yes” or “No” checkbox for the buyer to select. Even if a buyer checks “No” for any inspection, the BIE states that the buyer may still elect to do that particular inspection at a later time (during the buyer’s inspection period).
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October 16th, 2017 at 11:46 am
On October 15, 2017, Governor Brown signed into law a bill that reverts the California Bureau of Real Estate (CalBRE) back to the California Department of Real Estate (DRE) starting on July 1, 2018. Back in 2013, the DRE became CalBRE as part of a major reorganization plan to streamline California’s governmental agencies. As a result, CalBRE became a bureau within the Department of Consumer Affairs (DCA), which in turn, is under the Business, Consumer Services, and Housing Agency (BCSH). In July of next year, CalBRE will return to its previous standing as a full-fledged department directly under the BCSH, and it will no longer be under the DCA. Agents who use the terms “CalBRE” or “BRE” for their license numbers in their advertising and marketing materials should eventually switch over to “DRE.”
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October 9th, 2017 at 11:42 am
The California Legislature recently enacted a new law imposing a $75 fee when recording a real estate document, but not those involving a real estate sale. Under the new Building Homes and Jobs Act (Senate Bill 2) effective January 1, 2018, a $75 fee must be paid when recording a real estate document, not to exceed a total of $225 for any real estate transaction. This law, however, exempts real estate sales with a documentary transfer tax, and transfers of a single-family dwelling to an owner-occupier. Examples of transactions where the fee will be imposed are refinances, gift transfers (except owner-occupier SFR), judgment liens, mechanics liens, and foreclosure notices. Examples of documents that are subject to the $75 fee (unless exempt) are a grant deed, quitclaim deed, deed of trust, notice of default, notice of trustee’s sale, reconveyance, easement, and other real estate instruments, papers, and notices.
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