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Risky Business

Risky Business. Representing Buyers and Sellers in California Edwin Estes Jr. Richardson, Harman & Ober, P.C. TIGAR Legal Counsel. #1. Misunderstanding Agency. The Broker is always the Agent of the Principal (Seller or Buyer) Listing Agent: Seller’s Agent or Dual Agent

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Risky Business

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  1. Risky Business

    Representing Buyers and Sellers in California Edwin Estes Jr. Richardson, Harman & Ober, P.C. TIGAR Legal Counsel
  2. #1. Misunderstanding Agency The Broker is always the Agent of the Principal (Seller or Buyer) Listing Agent: Seller’s Agent or Dual Agent Selling Agent: Buyer’s Agent or Dual Agent Don’t use “Buyer’s/Seller’s Agent” until after Confirmation in the RPA-CA
  3. #2. All Compensation Agreements Must be in Writing Listing Agreements with the Seller(s) Representation Agreements with the Buyer(s) Compensation Agreements between Brokers and their Associate Licensees For Sale By Owner Compensation
  4. #3. Trust Fund Handling (RPA-CA) Default Language Buyer to Deliver Deposit to Escrow within 3 Business Days following Acceptance Elected Language Buyer gives Deposit to Agent procuring the Offer to be held uncashed until Acceptance…
  5. #4. Failure to Inspect All Habitable Rooms All Accessible Areas Surrounding Areas of the Property Not Included System Operations Non Visual Inaccessible Areas Off Site Areas
  6. #5. Failure to Disclose All Material Facts Those that are statutorily required Those that may affect the value of the property Those that might cause the Buyer to reconsider purchasing the property Explaining the Significance of an Item
  7. #6. Documenting Disclosures Transfer Disclosure Statement Agent’s Visual Inspection Disclosure CAR Addendum
  8. #7. Misunderstanding the RPA-CA What to put in the Blanks What the Paragraphs Say How the Paragraphs Interrelate with Each Other Following the Time Frames
  9. #8. Making Representations Only State What You Know to be a Fact Attribute to the Source Never be the Expert
  10. #9. Giving Assurances Deal with Objections or Concerns Head On; Don’t Dance around It: “Oh, it will be alright” “I am sure this will not be a problem” “This is nothing to worry about”
  11. # 10. Document in Writing Place a Note Sheet in your Transaction File Date each Entry List the party Copy e-mails to a Transaction Folder Save everything for at least 3 years
  12. Questions & Answers
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