CCAR sponsored a half day seminar yesterday at the Roundhill Country Club with Shannon Jones, a well known Bay Area attorney. My broker manager, Joe Cutrufelli, and I have summarized the key take aways for your perusal. These summary points are our own work and should not be quoted as official or legal opinion. With that disclaimer out of the way, here are the key points:
Consider loan contingency to funding when using unfamiliar lenders.
Never give advice as to potential disposition of Liquidated Damages as this constitutes legal advice.
Violent death or suicide should be reported past the three year death on premises rule.
Always review inspections, TDS, etc. for red flags and advise in writing that client inspect and follow up with e-mail
Review pre's for unusual items including deed restrictions
Do not test appliances, toilets etc during AVID
Stagers should be using only licensed, bonded and insured contractors.
ALWAYS have clients sign a property history (churning)
Advise clients to receive all reports in writing. While they may save a couple of hundred dollars on a soils report, if it goes to court I promise recollection by all parties will change.
Have seller initial or complete the lien section on net sheet. MORE IMPORTANTLY, do one.
Hope these are helpful. With the business environment getting more difficult, it is evident that significantly more legal shuffling is taking place and we all need to be careful.
Douglas Moore
Alain Pinel Realtors
Walnut Creek CA
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