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RE: Appraisal Contingency Newsletter
Posted on May 21, 2015 Leave a Comment
RE: APPRAISAL CONTINGENCY 1. Removal of the Loan Contingency does not automatically remove the Appraisal Contingency. Under the old RPA, removal of the Loan Contingency automatically removed the Appraisal Contingency. (Paragraph 31 of the old RPA). This means that once the Loan Contingency was removed, the buyer could not cancel if the Appraisal was low. […]
RE: Seller Pitfall: Government Inspections and Repairs
Posted on May 21, 2015 Leave a Comment
SELLER PITFALL: GOVERNMENT INSPECTIONS AND REPAIRS Nearly half of the cities in Los Angeles County have adopted ordinances that require a “pre-sale” property inspection conducted by the city. This means that seller is required to pay for a report from the city as to the status of permits, violations and building code compliance. Many of […]
RE: Fences & Walls Newsletter
Posted on March 26, 2015 Leave a Comment
FENCES AND WALLS Homeowners often ask whether they are obligated to split the cost to repair and/or replace property line fences with their neighbor. The law distinguishes between fences that are constructed on the property line from those constructed entirely on one of the properties. If the fence is constructed entirely on your property, then […]
RE: TERMITE INSPECTIONS/REPAIRS
Posted on February 19, 2015 Leave a Comment
RE: TERMITE INSPECTIONS/REPAIRS There has been lots of confusion as to how buyers and sellers should handle termite inspections, reports and Section I repairs now that the WPA form is not available. THE NEW RPA. Under the new RPA, the seller has no obligation to pay for the cost of the termite inspection or pay for […]
RE: Personal Assistants: What Can They Do?
Posted on January 7, 2015 Leave a Comment
PERSONAL ASSISTANTS: WHAT CAN THEY DO? Many agents hire personal assistants to help them with secretarial and/or organizational tasks. If the personal assistant is not licensed by the BRE, then that assistant cannot do anything that requires a California salesperson license. Business & Professions Code §10132. A personal assistant cannot […]
RE: RPA Deadlines
Posted on October 23, 2014 Leave a Comment
CALCULATING RPA DEADLINES How are deadlines in the RPA calculated? There are three major deadlines in the RPA: (i) a 7 day deadline for Seller to deliver all Reports to the Buyer; (ii) a 17 day deadline for Buyer to remove all Contingencies and (iii) a 2 day deadline for buyer/seller to respond […]
NEW 2014 RPA
Posted on September 10, 2014 Leave a Comment
RE: THE NEW RPA The RPA has been revised again and will be released in November 2014. The form has been increased from 8 pages to 10 pages and many of the changes are not for the best. The following is a summary of some of the more important changes that are likely to cause problems: […]
Can a California Agent Recover Commission on Out-of-State Transactions?
Posted on August 29, 2014 Leave a Comment
RE: Tip of the Week Can a California Agent Recover Commission on Out-of-State Transactions? An agent can earn a commission on out-of-state transactions, but must follow some simple rules set forth below. 1. Representing a Buyer in purchasing an out-of-state property. In this example, the California agent represents a Buyer in purchasing an […]
RELS – Disclosure of Home Inspection & Termite Reports
Posted on January 28, 2014 Leave a Comment
RE: Disclosure of Home Inspection and Termite Reports Are agents required to give Buyers all reports, or only the most recent report? Listing agents often find themselves in possession of multiple Home Inspection and/or Termite Reports for the same property. Sometimes the information in each report is different and the agent is encouraged to conceal […]
RE: LANDLORD/TENANT: ABANDONMENT, SURRENDER & PERSONAL PROPERTY
Posted on October 22, 2013 Leave a Comment
RE: Landlord/Tenant: Abandonment, Surrender and Personal Property A good portion of my clients own residential rental properties and need to understand the difference between Abandonment, Surrender and Unlawful Detainer. It is also important to understand how to dispose of property left behind by the tenant. Termination of Tenancy. A residential tenancy […]
