Important Home Warranty Information: Why Homeowners Need It
People insure many things that are important to them. For instance, most people insure their lives with Life Insurance, their cars with Car Insurance, and their health with Medical Insurance. Unfortunately, one item that is often overlooked but has equal importance is their home, especially what’s inside the home. Different from Homeowners Insurance, a Home Warranty PlanRead More
Are you afraid of Flopping? If not, you should be.
By James R. Myers, The Chartwell Law Offices, LLP, Ft Myers, FL Beware of Flopping As if our national real estate crisis has not been bad enough, a new problem is emerging, as record numbers of short sales continue – a phenomenon known as ―flopping. It is essentially a fraudulent quick flip, involving a re-saleRead More
How Can Real Estate Agents Fight Claims Before They Happen?
How can I prepare for potential claims? Keep a Transaction Log and Document Everything in the File Keeping a transaction log of what occurs when you do business is always a good idea. The outcome of a lawsuit against a real estate agent could come down to a he said/she said scenario, and if youRead More
Legal Alert: Commissions
RealPro, Inc. v. Smith Residual Co.; Fourth Dist. February 28, 2012 Smith Residual Co. (the Sellers) owned 46.8 acres of vacant land in Riverside County, CA. They retained MGR Services, Inc, a real estate broker, as their exclusive agent for the sale of the property. On September 21, 2005, the sellers entered into a standardRead More
Agent Obligations to Visually Inspect Property
On February 23, 2012, the Second District Court of Appeal (in California) announced its decision in Glen Oaks Estates Homeowners Association v. Re/Max Premier Properties, Inc. Factual Background The Glen Oaks Homeowners Association (HOA) filed suit against two Real Estate brokers: (1) Re/Max Premier Properties and (2) Dilbeck Realtors®. The complaint alleges that the Realtors®Read More
Agent’s Provision of Visual Inspection Documentation
Concern: Some REO Sellers and their Listing Agents seem to adopt a pretty stern approach to the sale, calling the shots and trying to control the entire process. This is common, and can also be dangerous. Here are some pitfalls to avoid: “My Seller is not required to supply a Transfer Disclosure Statement. Since theyRead More
Chinese Dry Wall
Signs of Possible Chinese Drywall Presence Residence was built after 2004 Mild to strong sulphur or “rotten egg” smell in the residence Rapid corrosion and blackening of metal in air conditioning coils, plumbing piping and fixtures, wiring, and silver items Unexplained respiratory distress of occupants that ceases when they leave the residence What to DoRead More
Avoiding Lender Fraud
The recent cooling of the residential real estate market in most areas of the state has created a new opportunity for those inclined to defraud their lenders. We have seen buyers making offers that exceed the listing price and then requesting a credit to be refunded back to the buyers. The credit is usually equal to or slightlyRead More