Legal Updates
Brokers May be Left Broke without Workers’ Compensation
Every single person autonomously employed in the state of California is required to be covered by workers’ compensation coverage by law. And as some real estate businesses and independent brokers are discovering, attempting to fly under the radar of the government to save a little money on premiums may be more of a road toRead 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
Help your buyers to obtain a more affordable home
A guest entry from our friends at Asset Plan USA. Making Home Affordable Programs – including HAMP, HAFA – Extended and Expanded through 12/31/13 The Treasury department recently released Supplemental Directive 12-02 (link: https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1202.pdf) officially extending the term of all Making Home Affordable programs – including Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives Program (HAFA),Read 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
LEGAL ALERT: New Case on Homeowners Association
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
2012 Changes and Additions to Real Estate Laws
Each year, new requirements and regulations are enacted in the real estate industry. Below is an overview of the items discussed at the (California) C.A.R. legal forum held on January 20, 2012. Addition to the TDS The TDS has been revised to provide a checkbox in Section llA. This deals with Water-Conserving Plumbing Fixtures. TheRead More
Short Sale Deficiencies
On January 1, 2011, the California Civil Code Section 580e was enacted. This statute prohibited a First Trust Deed lender from receiving a deficiency judgment against a short sale seller of 1 to 4 residential unit properties. Through the efforts of C.A.R. on July 15th of the same year, the statute was broadened to includeRead More