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.…
What Is Earnest Money And Its Purpose? Earnest money is cash deposited by a buyer to a seller into escrow (in states that use escrow), demonstrating the buyer’s intent to purchase an offered property. Essentially, it’s a way for a…
Seller carryback financing is when the seller of a given property acts as a lender for a buyer on the seller’s property. The end result is that the buyer signs a promissory note to the seller, for the amount of…
Buyer’s (or seller’s) remorse becomes a legal issue when the buyer or seller does not want to close after they are under contract to buy or sell. This is true for commercial, residential or vacant lot property. Documentation is critical…
Real Estate Agent Fiduciary Duties Ruling In November 2016, California’s Supreme Court affirmed the Appellate Court’s decision in Horiike v. Coldwell Banker (2014) 225 Cal. App. 4th 427. Its significance is that where a real estate brokerage is representing the…
In Colorado, new regulations were enacted regarding septic system requirements that every real estate agent and broker must know. Many other states have not yet put these types of requirements in place, making Colorado an interesting case study in the…
The purpose of the Real Estate Settlement Procedures Act (RESPA) is to prevent abusive settlement charges that plagued this country’s real estate industry in the past -- and led to the “Great Recession” in 2008. The key provision under RESPA…
The vast majority of real estate agents and brokers are familiar with pre-printed purchase contracts for land such as the Residential Purchase Agreement and Deposit Receipt published by the California Association of Realtors Form RPA-CA Rev. 11/14 (C.A.R. ©). However, …
