If you are a California agent, you should know that CAR is going to be changing the residential purchase agreement (RPA) in April. Advance copies (subject to change) show that there are several minor changes that you need to understand. If you don't, you might meet me personally during the lawsuit when I get hired as an expert witness.
There is new language for the Buyer to understand that the Pest Control paragraph is a contingency. Since the property is sold AS IS, too many agents don't realize that the buyer has a right to investigate anything under … (0 comments)
agent: The Myth that Banks don't have to discose on REO sales
- 12/08/08 08:20 AM
If you ask most agents this question, they will normally say that the bank has no duty to disclose. And, it is no uncommon that Banks and the listing agent will tell you the same thing. They are partially correct but the exception, can be a really big problem. It is correct that there is a presumption that banks do not have any information about the property because they never lived there but there are two situations where this is not true. First, when the listing agent and bank asset manager first listed the property, there may have been some discussions … (2 comments)
agent: How Agents get sued by an Expert Witness
- 10/11/08 11:12 AM
If you read my bio, you know that in addition to being an agent, I also am a frequent expert witness in litigation when agents are sued. First, there are typically several experts hired since each side is trying to find out if their guy (or gal) made mistakes ...as well as seeing if they could divert some of the blame to another party. It is common that the Selller, the Buyer, the Seller's Broker and the Buyer's Broker all have experts. And, if you add in Title or inspectors, it is not uncommon to have 7 or 8 attorneys on … (8 comments)
agent: Big legal risk to agents - Read my blog just before this one
- 09/25/08 02:42 AM
Just had an agent comment on my prior blog: AGENT BEWARE! She had attended a class where the instructor raised the same issue I had. But, his suggestions was for the agent to go to the govenmental agency and put together a package of permits for the buyer: NO. NO & NO AGAIN. Several problems with this approach: You many not get all the permits. Cities are notorious for being sloppy and in most jurisidictions, have governmental immunity, meaning they can't be sued for negligence Permits are complicated. If you are adding a master bedroom, it is not common to have … (4 comments)
agent: Another stupid lawsuit against the agent
- 09/22/08 12:51 PM
On one of my previous posts, I warned that agents can't ignore the issues surrounding permits. Since most of the houses in our market are 40 years old or so, many of them have been remodeled......new roofs, kitchens, baths, decks and patio covers, etc. Our California Associaiton effectively lobbied so that agent are not required to go offsite to make their visual inspeciton and disclosure to the property. Most agents interpret this to mean that they don't have to worry about permits. Unfortunately, this is not true. 1. In California at least, and I would assume elsewhere, an agent is held … (15 comments)
agent: How I made a lot of agents made - Part 2
- 05/12/08 04:51 AM
I guess I wasn't very clear or persuavive in my earlier post criticizying Dual Agency. Several comments took the position that they do it all the time and their clients were happy. One even said that they wanted to create a win/win situation. Oh good, let's all hug! They are missing the point. When you are an agent of the client, you are their fiduciary. In a fiduciary capacity, you have to put the clients interest utmost in your mind and action, That includes getting the best deal for their client. Obviously, if they get the best deal for the buyer, … (1 comments)
Guy Berry is a frequent expert witness in real estate litigation and an accomplished trainer in real estate law and contracts. In addition he has been licensed for 30 years as an agent and managed large offices, including Coldwell Banker and Century 21.
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