Legal Updates
Pocket Listings: A dying breed or a renewed reality? Is there any benefit, and if so, is it worth the risk?
Though many consider “coming soon” listings to be unlisted properties that will, at some point, be listed on the MLS, in many instances, a “coming soon” listing is never listed on the MLS, much like a pocket listing. In recent years, the National Association of REALTORS® (NAR) has addressed the growing number of pocket andRead More
Legal Duties in Residential and Commercial Transactions of a Licensed Real Estate Agent or Broker
Introduction – The Law and Primary Issue California Civil Code section 2079 sets forth the statutory duty of a real estate licensee in the State of California to both the buyer and the seller of a real estate transaction, whether it involves residential, commercial or vacant land. Civil Code section 2079.2 sets forth that theRead More
How to Advise Foreign Language or Visually Impaired Real Estate Clients
Advising a client who is sight impaired or who cannot read or write in the English language Over the years as a real estate attorney in litigated and risk management inquiries, I have had to deal with situations where a licensed real estate agent in the State of California is representing a client who isRead More
I’ve Had A Data Breach – Now What?
A business that maintains records that include a customer’s name along with any one of the following: signature, social security number, address, telephone number, physical description, passport number, driver’s license number, insurance policy number, education, employment, employment history, bank account number, credit card number, or any other financial, medical or health insurance information, must giveRead More
Disposal of Files
Business and Professions Code Section 10148 requires that a real estate licensee maintain his or her file for 3 years after the transaction closes or for 3 years after a listing if no transaction is consummated. Because some statutes of limitations (the time period within which a lawsuit must be filed) do not begin untilRead More
When Does a Real Estate Agent’s Legal Duty Cease in California to His or Her Client?
In recent months I have handled an increasing number of risk management inquiries for real estate agents and brokers on the issue of when does a real estate agent’s duties cease to the client. This question typically arises after closing when new “issues” arise, such as newly discovered water intrusion or pest infestation problems thatRead More
What Is Psychologically Impacted Property?
Colorado has adopted a statute that excuses sellers of residential real estate and their brokers from having to disclose certain facts that may psychologically stigmatize real property. Unfortunately, Colorado does not have a clear rule as to what psychologically-stigmatizing circumstances do not need to be disclosed versus those that must be disclosed. Generally, Colorado realRead More
CAR New Wire Fraud Advisory
Cyber crime targeting wire transfers is on the rise. Criminals have developed viruses that hack into email accounts of buyers, sellers, real estate agents and escrow companies. The malware records login information and then sits undetectable by commercial anti-virus software. When an email is sent or received that mentions a wire transfer, the virus alertsRead More
The Purpose of a MLS Listing of Real Property in California
The purpose of a MLS listing of a parcel for sale Throughout California there are many local real estate associations that provide an electronic service used by real estate agents and brokers called the “multiple listing service” (MLS). This service allows members of a given local real estate association to see each other’s listings ofRead More
A Realtor’s and Seller’s Duty to Disclose All Prior Inspection Reports on a Listed Property
The duty to disclose all that is material affecting price paid or desirability Over the years, I frequently come across risk management inquiries involving whether a seller and his or her listing agent need to disclose prior property inspection reports of the property being listed for sale. Negative prior third-party expert reports on the listedRead More