Over the course of the last two weeks, our lives have drastically changed. The emergence of the worldwide Coronavirus pandemic has created uncertainty in the economy not seen in years. It was inevitable that this uncertainty would present itself in the real estate industry. Like most brokerages, we have seen our share of listings canceled, […]
Category: Legal Corner
What is an Earnest Money Deposit?
If you ask the Buyer or Seller in most real estate transactions to define an Earnest Money Deposit (EMD), they will likely describe it as a down payment put toward the purchase of a property. While an EMD may eventually be applied to the purchase price of a home, its true purpose is something entirely different. In short, an EMD shows […]
How Can the Form of Title on Your Real Estate Avoid Probate
When purchasing any real property, one must not ignore the importance of how the property is titled. Many will simply check the box next to the form of title they hear the most, without really knowing what it means. However, the way title is held may have consequences several years down the road and could […]
Agents Duty to Disclose: The Obligation to Make a Visual Inspection
A Broker’s duty to a buyer was forever changed in 1984 with the case of Easton v. Stassburger, 152 Cal.App.3d 90(1984). The ruling in Easton stated that Brokers had an affirmative duty to conduct a “reasonably competent and diligent inspection of residential real property listed for sale and to disclose to prospective purchasers all facts […]
Revocable Transfer on Death Deed: The Simple Estate Plan
For most Americans, the largest asset they own is their home. However, the cost of establishing an estate plan can be prohibitive for some. To create an affordable means to transfer real estate and avoid Probate, the California Assembly passed Bill (AB) 139 (codified in California Probate Code Section 5642), which created a deed that […]
What Every Real Estate Professional Should Know About Representing a Cannabis Business
On November 8, 2016, proposition 64 was passed by a majority of California voters, making the recreational use of cannabis, by adults over the age of 21 years, legal in the State of California. Proposition 64 followed proposition 215, which had already made the medicinal use of cannabis legal in 1996. However, the legalization of […]
Short Term Rental Bans & What Realtors Need To Know
What Real Estate Agents Should Know About Short Term Rental Regulations The sharing economy has been a topic of widespread interest as it has grown and become a part of everyday life for many Americans. In real estate, organizations like Airbnb and VRBO allow homeowners to rent out their homes on a short to […]
Rent Control Is A New Reality: AB 1482 & What It Means To You
Any real estate professional who occasionally handles rentals or the sale of properties subject to rent control laws should be familiar with rent control laws. This is particularly the case as Assembly Bill (“AB”) 1482, mandating certain statewide rent control policies, comes into effect, likely on January 1, 2020. This article provides an overview of the […]
Referral Fees and Non-Licensees: What Everyone Should Know
The legality of referral fees in California is a tricky issue and one that can frequently trip up agents and brokers. This is because of the difference between federal and state law. The California Attorney General’s office has written a detailed opinion stating that a real estate broker can pay a referral fee to an […]
Measure EE Defeated At The Polls
Measure EE went down in a surprisingly wide defeat on Tuesday, June 4th. The measure which would have levied a 16 cent per square foot property tax on all residential and commercial properties in the LAUSD District needed a 2/3 super majority to pass. Instead, it failed to gain even a simple majority, attracting approximately […]