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TRUSTEE SALE vs. JUDICIAL FORECLOSURE
Posted on April 27, 2012 Leave a Comment
RE: TRUSTEE SALE vs. JUDICIAL FORECLOSURE AND RELATED DEFICIENCIES I have received several recent questions concerning the difference between a Trustee Sale and Judicial Foreclosure Sale, as well as the difference between Purchase Money Loans and Non-Purchase Money Loans. A foreclosing lender under California law has two options: Trustee Sale or Judicial Foreclosure. 1. Trustee Sale. […]
CLOSING ESCROW WITHOUT DISCLOSURES
Posted on April 25, 2012 Leave a Comment
RE: CLOSING ESCROW WITHOUT DISCLOSURES Can An Agent Close Escrow Without An Agency Disclosures? Civil Code §2079.15 allows an agent to close a residential transaction without a signed agency disclosure. However, the agent must diligently document reasons why he/she could not get the disclosure in a declaration containing the following information: 1. The declaration must […]
REFERRAL FEES
Posted on April 16, 2012 Leave a Comment
RE: REFERRAL FEES Commissions belong to the Broker. The agent’s right to commission is based exclusively upon his/her written agreement with the Broker (i.e. Independent Contractor Agreement). Payment of referral fees between brokers is fine. Payment of referral fees between agents is also fine so long as payment is made through the Broker and disclosed. […]
FIXTURES (RPA vs. MLS)
Posted on April 4, 2012 Leave a Comment
Phone: 888-NO-RISKK Facsimile: 909-982-4142 RE: FIXTURES (RPA vs. MLS) Many disputes are wages over who owns “fixtures”. Disputes generally arise when Buyer takes possession and discovers that Seller has taken the chandelier, trampoline, pool sweep or other personal property from the residence. Paragraph 8 of the RPA defines “fixtures” and consists of […]
SHORT SALE LENDERS
Posted on March 31, 2012 Leave a Comment
SHORT SALE LENDERS (SB 931; SB 458) Important New Law SB 931 became effective 1/01/2011 and required that a short sale lender waive any right to deficiency as a condition to approving a short sale transaction. This limitation did not apply to second, third and fourth lenders. This means that the short sale seller still […]
INSPECTION DUTIES
Posted on March 31, 2012 Leave a Comment
RE: INSPECTION DUTIES Duty to Inspect: Easton v. Strassburger: In 1984, the Court held that a Seller’s agent has an affirmative duty to conduct a “reasonably competent and diligent inspection” of residential properties and must disclose all facts materially affecting market value or desirability. California Civil Code §2079: In 1985, California Civil Code §2079 became […]
AVOIDING CONTRACT DISPUTES
Posted on March 2, 2012 Leave a Comment
AVOIDING CONTRACT DISPUTES Substantially Reduce Your Risks by Following These Simple Rules 1. ALL OWNERS MUST SIGN THE LISTING AGREEMENT. *Signature by the Agent is INEFFECTIVE *Signature by the Agent “per meeting” is INEFFECTIVE *Signature by only one of many owners is INEFFECTIVE 2. ALL BUYER AND SELLERS MUST SIGN THE PURCHASE AGREEMENT. *Signature by […]
EVICTION NOTICE SUMMARY
Posted on March 1, 2012 Leave a Comment
RE: EVICTION NOTICE SUMMARY (RESIDENTIAL TENANCIES) I am receiving an increased number of calls concerning eviction notices. The following summarizes the basic notice requirements in California. 30-Day Notice: Required to terminate residential month-to-month tenancies of a year or less (i.e. tenant has resided at the property for 12 months or less). 60-Day Notice: Required to […]
ENCROACHING BRANCHES, ROOTS AND TREES
Posted on January 31, 2012 Leave a Comment
RE ENCROACHING BRANCHES, ROOTS AND TREES I frequently receive calls concerning a property owner’s right to remove encroaching branches, roots and trees. The following is a summary of California law concerning encroaching branches, roots and trees. Ownership. Under California law, a tree owner is determined by the location of its trunk regardless of whether the […]
2011 CASE LAW AND STATUTORY LAW SUMMARIES RELATING TO REALTORS
Posted on January 31, 2012 Leave a Comment
Phone: 888-NO-RISKK Facsimile: 909-982-4142 The following is a summary of interesting case law and statutory law enacted in the year 2011 concerning the real estate industry. The text of any cited case below is available on line or through my office if you should want to review the entire decision. CASE LAW BROKERS LIABLE FOR […]
