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RE: EASEMENT TERMINOLOGY
Posted on May 29, 2013 Leave a Comment
RE: Easement Terminology I am receiving more calls this year regarding easements than at any time in the past. This article is intended to be instructive as to the types of easements that you are likely to see in California. Easements Generally. Easements take on a variety of forms. There are utility easements for gas, […]
RE: SUMMARY OF NEW LAW 2013
Posted on January 10, 2013 Leave a Comment
RE: SUMMARY OF NEW LAW 2013 The following is a summary of interesting case law and statutory law enacted in year 2012 concerning the real estate industry. More detail is available on my website at http://www.fehlmanrealestatelaw.com. CASE LAW DON’T HIRE UNLICENSED CONTRACTORS. Gravelin v. Satterfield (2011) 200 Cal.App.4th 1209. Beware that unlicensed contractors […]
RE: BUYER/SELLER CANCELLATION RIGHTS
Posted on November 13, 2012 Leave a Comment
RE: Buyer/Seller Cancellation Rights Buyer and Seller each have a limited right to cancel a pending transaction when the other party fails to perform. Neither party can cancel until a Notice to Buyer to Perform (“NBP”), Notice to Seller to Perform (“NSP”) or Demand to Close Escrow (“DCE”) has been sent to the other party. […]
DEBT RELIEF ACT
Posted on October 1, 2012 Leave a Comment
RE: MORTGAGE FORGIVENESS DEBT RELIEF ACT (RECENT EXTENSION) I have received many recent questions about whether Mortgage Forgiveness Debt Relief Act (“Debt Relief Act”) would be renewed before its extension on December 31, 2012. The Debt Relief Act spares homeowners who receive debt cancellation following foreclosure, short sale or loan modification from paying federal income […]
RE: STEP-UP BASIS & REASSESSMENT
Posted on August 23, 2012 Leave a Comment
RE: STEPPED-UP BASIS & REASSESSMENT I have recently been asked to explain the difference between a “stepped-up basis” in value and “reassessment” relating to the gift or inheritance of real property. Stepped-Up Basis A “stepped-up basis” is a “capital gain” tax issue. Any property that you acquire has a basis or value regardless of whether […]
ELECTRONIC RECORDS
Posted on June 27, 2012 Leave a Comment
RE: ELECTRONIC RECORDS I have received several recent calls asking: (1) how long a broker is required to retain records; and (2) is a broker required to retain the original records once converted to electronic files. Here is a summary of the general recommendations. Electronic Files. Business & Professions Code §1014(a) requires the broker […]
WHEN IS THE TRANSFER DISCLOSURE STATEMENT REQUIRED?
Posted on June 12, 2012 Leave a Comment
RE: WHEN IS THE TRANSFER DISCLOSURE STATEMENT REQUIRED? The Real Estate Transfer Disclosure Statement (“TDS”) is required any time an interest in Residential Property is sold. Residential Property is defined as real property “consisting of not less than one nor more than four dwelling units”. (Civil Code §1102(a). The TDS is generally not required for […]
RE: UTILITIES (RPA PARAGRAPH 10C)
Posted on May 17, 2012 Leave a Comment
RE: UTILITIES (RPA PARAGRAPH 10C) 1. The RPA Requires Seller to Keep Utilities on for Inspection. The RPA requires your Sellers to have utilities turned on at the property through the date possession is turned over to the Buyer. I get calls every week from Sellers who are surprised to learn that they are in […]
HOME INSPECTION DISCLOSURE
Posted on April 27, 2012 Leave a Comment
RE: HOME INSPECTION DISCLOSURE Brokers who refer home inspectors could be liable to the buyer for damage caused by a negligent inspector. If the broker has a list of home inspectors that it refers, then assure that those inspectors are (1) a member of either ASHI or CREIA and (2) have Errors & Omissions Insurance. […]
MEDICAL MARIJUANA
Posted on April 27, 2012 Leave a Comment
RE: MEDICAL MARIJUANA The Compassionate Use Act (Prop 215) as Amended by Senate Bill 420 are collectively the California Medical Marijuana Laws. CUA offers the owner/lien holder some protection, but only if the law is followed to the letter. If there is any violation, then California has a right to seize the property. The Controlled […]
