Contracts and Transactions
What You Need to Do About Post-Closing Problems
You’ve closed a transaction in which you were the selling agent for the buyer. Everything went well … until the buyer discovered leaks and drainage issues that weren’t disclosed. Leaks, mold, termites, low water pressure, septic problems … any number of things can go wrong with a house that leaves buyers with large bills andRead More
Multiple Offers Gone Wrong: How the CRES Legal Hotline Prevented Multiple Claims Against One Agent
A listing received multiple offers. The seller narrowed it down to two, and the agent sent out two counteroffers – but failed to specify which counter was back up. The only contingency was the seller’s ability to find a new home. Before the agent realized the mistake, both counters were accepted and returned within minutesRead More
Closing Issues & Managing the Risk
As a real estate agent, there’s nothing more exciting than closing on a real estate deal. But, sometimes things can go wrong — things which can delay closing or, worse, stop it from happening altogether. Many of these possible scenarios will be completely out of your control — for example, if a buyer loses his/herRead More
Are Oral Contracts Legal in Real Estate?
Sometimes it pays to review the basics: You need a written contract when selling property. CRES ClaimPrevent Hotline was recently contacted by a client who wanted to know if an oral contract to sell land in California is enforceable. One of our attorneys noted that in theory the sale of land can be accomplished:Read More
Representing Buyers of Income Property with Tenant Agreements
Buying a duplex can be appealing to clients for a number of reasons. Your buyers of multi-family homes need to know what happens to tenant agreements when property transfers to a new owner. CRES Risk Management recently heard from a client who was representing the buyer of a duplex. In this situation, one side ofRead More
Selling a Property Sight-Unseen
According to a survey commissioned by Redfin, around 35% of real estate buyers purchased a property sight-unseen last year. These buyers often purchase at the higher end of the market, in competitive real estate markets such as Los Angeles, San Diego, and San Francisco. Sight-unseen purchases are also common among investors who want to rentRead More
Real Estate Buyer’s Agent Guide to Buying a Home As Is
Not every house is a dream home. Properties offered for sale “as is” indicate the seller plans to sell the home in its current condition, without any further repairs or renovations. Buying a home “as is” can be an attractive option for: investors who plan to renovate and “flip” the home for profit, buyers whoRead More
9 Potential Real Estate Lawsuits and How to Avoid Them
From a presentation by Jim Meseck, White and Steele If there’s an unhappy seller or buyer, you can bet they’re going to find a way to blame their real estate broker or agent. We’ve seen potential real estate lawsuits occur when buyers’ and sellers’ expectations exceed what is reasonable. (Some of them would be laughable,Read More
Can You Text Changes to a Lease Agreement?
A couple was selling one home and moving into another that needed work. They arranged to lease the house they sold, while a contractor did the work on the new house. At closing, the sellers had a written 7-month lease agreement with a specified move-out date. Before the lease was up, the buyer and sellerRead More
How to Ensure Offer Terms Survive the Real Estate Closing: the Doctrine of Merger
Errors and Omissions claims against real estate agents or brokers are often based on the Purchase Agreement and Sales Disclosures. Clients who feel their interests were not adequately protected often turn to filing a claim against their agent or broker. Often, claims arising from the Purchase Agreement are based on a legal concept called theRead More