disclosures: CAR Contingency Removal Form-Gaming the Transaction - 05/11/16 02:50 AM

Recently, I had a lively debate with one of my very sharp brokers (my hubby) regarding the removal of the inspection contingency on the CAR-CR form.
His argument was, if the inspection contingency is removed but the disclosures, reports, HOA docs, title report are not, then the buyer COULD cancel the contract if these documents do not meet approval and retain their deposit. He is correct but there is another angle to it.
As one of the original authors of the Contingency Removal form, I do understand the intent and how it’s to be used.
When the contract committee first created the architecture of … (3 comments)

disclosures: Is your Association Always Right? - 02/15/16 10:54 PM

A recent change in the California Association of REALTORS (CAR) Representative Capacity Signature Disclosure and resulting confusion on how it’s to be used prompted me to write about Standard Forms Advisory Committee (SFAC) and how disclosures/contracts are created.
Years ago, l had the privilege of sitting in on a contract committee for the Inspection Contingency Removal contract. The old original was too open ended and required the buyer’s agent to type/write out removals increasing errors in the process.
A roundtable of real estate agents, brokers, attorneys, employees of the California Association of REALTORS and I hashed out an amazing form that is still … (0 comments)

disclosures: CLUE Reports-Did You REALLY Need One? - 11/11/15 10:21 PM
The era of CLUE reports has finally ended. Disclosure Source, JCP and other discloure companies will soon no longer offer these reports. How will it affect those agents who order them as part of their disclosure package? Not much really!
A CLUE report was a little add-on report to the Natural Hazard Disclosure (required for all California properties) that identified any insurance claims. The cost was around $25.00 and as of late required wet signatures on a request form from the seller (a real pain in the you-know-what!). 
When a buyer purchases fire insurance for their new home (a requirement for all lenders), the first thing … (1 comments)

disclosures: When are disclosures and documents due using a CAR contract? - 08/14/11 12:34 PM
Hi All!
Received an email from a student named Debbie about time frames for disclosures and documents. Here's my response. I hope it helps! :-)
 
Debbie: We (company) are using Docusign which is a great time saver but I’m still confused as to how to determine time frames for all the various disclosures to be completed.  Any help or suggestions I can get is appreciated.  
 
Diana: If you take a look at the CAR contract, the seller usually has 7 days  from acceptance to deliver all required disclosures and reports to the buyer. (See page 5 14A) .
(2 comments)

disclosures: Disclosure Updates for California - 01/24/11 05:07 AM
WooHoo! CAR has released their 2011 disclosure requirements. Here
are several items I'm paying attention to for this year;
Smoke Detector and Water Heater Statement of Compliance
Hooray for California Association of REALTORS® for incorporating the smoke detector and water heater statements of compliance into the Real Estate Transfer Disclosure! As a result CAR has indicated if the RETDS is used, a separate disclosure is not necessary. This means one less disclosure to track and obtain signatures!
I have just one teeny, tiny concern though. For the newer real estate agent, they may not know what the compliance law is and … (0 comments)

disclosures: Stuff Your Broker Never Told You! - 07/22/10 05:29 AM
Brokers are great at teaching agents how to create a pipeline of business, but have difficulty breaking down the complex aspects of the pending sale into a clear, understandable format.
Throw in the fact every transaction is different and may require a different set of rules makes it even more challenging to offer advice.
Truth be told, it doesn't matter how many transactions you have, but how many you successfully close and are paid (It Ain't Over Till It's Over, Baby!).
Remember, closed transactions you are paid on but come back later to bite you in the you-know-what as lawsuits, or … (6 comments)

disclosures: Before a Buyer Removes an Inspection Contingency - 06/09/10 04:38 AM
Before your buyer signs the contingency removal, several things should be accomplished. Be sure to create a checklist for yourself to ensure the following are complete;
1-All required disclosures for the property have been received, reviewed AND signed off by the buyer.
This MUST be done for paper trail purposes. Two years from now when you are in front of Judge Judy, it's not going to matter that you did deliver the documents to the buyer prior to the contingency removal but did not get them signed until after! 
2-All reports generated received, reviewed and signed off by the buyer.
Ditto … (2 comments)

disclosures: Is my yellow highlighter illegal? - 04/30/08 07:43 AM
No, I have not been sniffing the fumes to get high. But I have been using it to highlight the areas we want our clients to sign and date.
I was teaching a transaction management class last week in Sacramento and while I was boasting about my highlighting expertise, a student mentioned she had taken a contract class earlier in the week and the instructor said use of a highlighter on a contract/addendum or disclosure is a no-no! However, using a "sign here" sticky is acceptable.
The reason given is that it encourages the client to sign documents without fully reading what … (14 comments)

 
Diana Turnbloom, The Leading Expert in TC Services & Education (Escrowcoord.com)

Diana Turnbloom

The Leading Expert in TC Services & Education

Martinez, CA

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Escrowcoord.com

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