This document is an advisory for properties being sold by lenders after foreclosure. It summarizes exemptions and requirements for the seller. The seller is exempt from providing certain disclosures but is still required to disclose known material facts affecting the property's value. The seller must also disclose information about earthquake zones, smoke detectors, water heaters, and lead paint. The sale is not exempt from state requirements for carbon monoxide devices or tax withholding obligations. Brokers still have obligations to conduct inspections and provide agency disclosures.
Auctioneer Webinar Series: Lien Law 101 - FloridaCheli Rosa
This presentation looks at the lien enforcement requirements self storage operators face in the State of Florida. It covers lien letters, legal ads, motor vehicle sales and much more!
What Tenants Need To Know In Fairfax CountyFairfax County
This presentation covers the details of what tenants need to know before signing a rental agreement in Fairfax County. This includes the rules, rights, and obligations of tenants when they sign a rental agreement. Also included in this presentation are details on what should be in a lease agreement, security deposits, move in/out inspections, repairs and maintenance, renters insurance and how evictions work.
Auctioneer Webinar Series: Lien Law 101 - FloridaCheli Rosa
This presentation looks at the lien enforcement requirements self storage operators face in the State of Florida. It covers lien letters, legal ads, motor vehicle sales and much more!
What Tenants Need To Know In Fairfax CountyFairfax County
This presentation covers the details of what tenants need to know before signing a rental agreement in Fairfax County. This includes the rules, rights, and obligations of tenants when they sign a rental agreement. Also included in this presentation are details on what should be in a lease agreement, security deposits, move in/out inspections, repairs and maintenance, renters insurance and how evictions work.
Vendome Real Estate Media is proud to present the top five cases from 2016 from Landlord v. Tenant.
Cases include:
- Landlord Must Refund Over $800,000 to Tenant
- Co-op Shareholder Tenant gets 100 Percent Rent Abatement for Smoke Infiltration
- And more!
Answer, Counterclaims & Third Party Claims - Non-Compete & Tortious InterferencePollard PLLC
This is one of our cases in Volusia County, Florida. Our clients - all of the defendants in the case - were sued for breach of a non-compete agreement, breach of fiduciary duty and tortious interference.
We responded with counterclaims for a declaratory judgment holding the non-compete agreement(s) unenforceable, third party claims for breach of fiduciary duty and breach of contract and a demand for indemnification.
This is a good example of our level of work. We have extensive experience litigating non-compete and tortious interference cases on both sides. We prosecute and defend these types of cases.
In every case, we have a process: First, we master the facts. Many lawyer and law firms get involved in a case and immediately focus on law. In our view, that is the wrong approach. All cases are driven by facts. Any legal strategy must be tailored to the specific facts of a specific case.
We do not take anything for granted. We do not default to the same tired boilerplate pleadings. In every new case, we fashion a specific strategy for that case.
If you have a non-compete or tortious interference case, just give us a call at 9543-32-2380. That's what we're here for.
Axley Brynelson attorney Robert C. Procter talks about Wisconsin's Home Improvement Practices Act, and shares the lessons learned from the most significant legal case in this area to date, Stuart vs. Weisflog's Showroom Gallery, Inc.
Vendome Real Estate Media is proud to present the top five cases from 2016 from Landlord v. Tenant.
Cases include:
- Landlord Must Refund Over $800,000 to Tenant
- Co-op Shareholder Tenant gets 100 Percent Rent Abatement for Smoke Infiltration
- And more!
Answer, Counterclaims & Third Party Claims - Non-Compete & Tortious InterferencePollard PLLC
This is one of our cases in Volusia County, Florida. Our clients - all of the defendants in the case - were sued for breach of a non-compete agreement, breach of fiduciary duty and tortious interference.
We responded with counterclaims for a declaratory judgment holding the non-compete agreement(s) unenforceable, third party claims for breach of fiduciary duty and breach of contract and a demand for indemnification.
This is a good example of our level of work. We have extensive experience litigating non-compete and tortious interference cases on both sides. We prosecute and defend these types of cases.
In every case, we have a process: First, we master the facts. Many lawyer and law firms get involved in a case and immediately focus on law. In our view, that is the wrong approach. All cases are driven by facts. Any legal strategy must be tailored to the specific facts of a specific case.
We do not take anything for granted. We do not default to the same tired boilerplate pleadings. In every new case, we fashion a specific strategy for that case.
If you have a non-compete or tortious interference case, just give us a call at 9543-32-2380. That's what we're here for.
Axley Brynelson attorney Robert C. Procter talks about Wisconsin's Home Improvement Practices Act, and shares the lessons learned from the most significant legal case in this area to date, Stuart vs. Weisflog's Showroom Gallery, Inc.
Chapter 15 Condition of property the seller’s disclosures .docxketurahhazelhurst
Chapter 15: Condition of property: the seller’s disclosures 99
After reading this chapter, you will understand:
• the affirmative duty a seller and the seller’s agent have to
inspect and disclose their observations and knowledge about the
property’s condition to a prospective buyer;
• the general duty of the seller and seller’s agent owed to prospective
buyers to prepare a Transfer Disclosure Statement (TDS) presenting
known conditions of property improvements with an adverse
effect on value and hand it to a buyer or buyer’s agent before the
seller enters into a purchase agreement; and
• the role of a home inspection report (HIR) to identify and disclose
property conditions as a warranty of the property’s condition.
Learning
Objectives
Condition of property:
the seller’s disclosures
Chapter
15
The seller of a one-to-four unit residential property completes and delivers to a
prospective buyer a statutory form called a Transfer Disclosure Statement
(TDS), more generically called a Condition of Property Disclosure
Statement.1 [See Figure 1, RPI Form 304]
The seller’s mandated use of the TDS requires it be prepared with honesty and
in good faith, whether or not a seller’s agent is retained to review its content.2
1 Calif. Civil Code §§1102(a), 1102.3
2 CC §1102.7
Mandated on
one-to-four
residential
units
home inspection home inspector
For a further study of this discussion, see Chapter 24 of Real Estate
Practice.
Key Terms
100 Real Estate Principles, Second Edition
When preparing the TDS, the seller sets forth any property defects known or
suspected to exist by the seller.
Any conditions known to the seller which might negatively affect the value
and desirability of the property for a prospective buyer are to be disclosed,
even though they may not be an item listed on the TDS. Disclosures to the
buyer are not limited to conditions preprinted for comment on the form.3
Also, the buyer cannot waive delivery of the statutorily-mandated TDS. Any
attempted waiver, such as an “as-is” provision in the purchase agreement, is
void as against public policy.
3 CC §1102.8
Figure 1
Form 304
Condition
of Property
Disclosure
For a full-size, fillable copy of this or
any other form in this book that may be
used in your professional practice, go to
realtypublications.com/forms
Chapter 15: Condition of property: the seller’s disclosures 101
While it is the seller who prepares the TDS, the TDS is delivered to the buyer
by the agent who directly receives the purchase agreement offer from the
buyer.
The failure of the seller or any of the agents involved to deliver the seller’s
TDS to the buyer will not invalidate a sales transaction after it has closed.
However, the seller and the seller’s broker are both liable for the actual
monetary losses incurred by the buyer due to an undisclosed defect known
to them.4
The TDS is handed to the buyer before the seller a ...
Chapter 15 Condition of property the seller’s disclosures .docxbartholomeocoombs
Chapter 15: Condition of property: the seller’s disclosures 99
After reading this chapter, you will understand:
• the affirmative duty a seller and the seller’s agent have to
inspect and disclose their observations and knowledge about the
property’s condition to a prospective buyer;
• the general duty of the seller and seller’s agent owed to prospective
buyers to prepare a Transfer Disclosure Statement (TDS) presenting
known conditions of property improvements with an adverse
effect on value and hand it to a buyer or buyer’s agent before the
seller enters into a purchase agreement; and
• the role of a home inspection report (HIR) to identify and disclose
property conditions as a warranty of the property’s condition.
Learning
Objectives
Condition of property:
the seller’s disclosures
Chapter
15
The seller of a one-to-four unit residential property completes and delivers to a
prospective buyer a statutory form called a Transfer Disclosure Statement
(TDS), more generically called a Condition of Property Disclosure
Statement.1 [See Figure 1, RPI Form 304]
The seller’s mandated use of the TDS requires it be prepared with honesty and
in good faith, whether or not a seller’s agent is retained to review its content.2
1 Calif. Civil Code §§1102(a), 1102.3
2 CC §1102.7
Mandated on
one-to-four
residential
units
home inspection home inspector
For a further study of this discussion, see Chapter 24 of Real Estate
Practice.
Key Terms
100 Real Estate Principles, Second Edition
When preparing the TDS, the seller sets forth any property defects known or
suspected to exist by the seller.
Any conditions known to the seller which might negatively affect the value
and desirability of the property for a prospective buyer are to be disclosed,
even though they may not be an item listed on the TDS. Disclosures to the
buyer are not limited to conditions preprinted for comment on the form.3
Also, the buyer cannot waive delivery of the statutorily-mandated TDS. Any
attempted waiver, such as an “as-is” provision in the purchase agreement, is
void as against public policy.
3 CC §1102.8
Figure 1
Form 304
Condition
of Property
Disclosure
For a full-size, fillable copy of this or
any other form in this book that may be
used in your professional practice, go to
realtypublications.com/forms
Chapter 15: Condition of property: the seller’s disclosures 101
While it is the seller who prepares the TDS, the TDS is delivered to the buyer
by the agent who directly receives the purchase agreement offer from the
buyer.
The failure of the seller or any of the agents involved to deliver the seller’s
TDS to the buyer will not invalidate a sales transaction after it has closed.
However, the seller and the seller’s broker are both liable for the actual
monetary losses incurred by the buyer due to an undisclosed defect known
to them.4
The TDS is handed to the buyer before the seller a.
2M E M O R A N D U MTO Supervising Attorney F.docxtamicawaysmith
2
M E M O R A N D U M
TO: Supervising Attorney
FROM: [Student name]
RE: LP Assignment
DATE:
FACTS: [Include the facts that are necessary to your answer. In most memos, the facts are written in chronological order.]
QUESTION/ISSUE: [You may have more than one QUESTION/ISSUE and ANSWER for an assignment.]
ANSWER: [Your answer should include one or more statements of law with BlueBook citations, an application or analysis of the law to the facts, and a conclusion. In other words, you are following the Legal Writing pattern IRAC: I (Issue), R (Rule), A (Application or Analysis), and C (Conclusion).]
*Use APA style formatting: 1-inch margins, Times New Roman size 12 font, double-space.
*Use Bluebook citation.
LP6 Assignment: Who Owns What?
A woman named Bonnie walks into your firm one day requesting help in a dispute over a property she purchased. The circumstances of the property are as follows:
Ponch owned Easy Acres, an undeveloped parcel of land located in Green. Ponch had always wanted to purchase a Tomahawk motorcycle, but the ones that were available for sale were always beyond his price range. But thanks to a significant increase in the value of the Easy Acres parcel, Ponch finally had the means to acquire his coveted motorcycle. Ponch gets a loan from his friend Jon, securing the loan with a mortgage on Easy Acres for $100,000. Jon forgets to record the mortgage.
Ponch subsequently sold Easy Acres to Grossman for $75,000 in cash and rode off to Arizona to live out his life-long dream of starring in television commercials as a mattress pitchman. Grossman recorded the deed of sale and immediately built a roller derby track on Easy Acres, which increased the value of the land to over $500,000.
Grossman sold the facility to Bonnie, a roller derby impresario and your client, for $600,000 in a duly recorded deed.
One day, Jon happened by Easy Acres and noticed the roller derby facility. He was unable to contact Ponch but located Bonnie, presented her with the mortgage documents, and demanded that Bonnie pay him his $100,000.
Bonnie needs help with the action Jon is threatening to bring for recovery of his $100,000. Your firm's partner asks you to help her craft her response to Bonnie.
In a 2-page double-spaced APA Style memorandum, explain what rights Grossman, and subsequently Bonnie, have with respect to Easy Acres and why. What rights does Jon have, and why?
NEEDS TO INCLUDE:
1) What rights did Grossman have with respect to the property, and subsequently, what rights does Bonnie have with respect to the property? Why?
2) What rights does Jon have with respect to the property? Why?
3) Some place in your memo, please state whether Bonnie has to pay Jon the $100,000.
HINT: The answers to these questions are found in Chapter 12, but the answers are not found in the section on Recording Statutes.
Criteria
1. Memorandum details the rights and interests of Bonnie in the property, and why.
2. Memorandum details the rig ...
INTELLECTUAL PROPERTY SALE AGREEMENT FORMAT
FREE LEGAL AND ACCOUNTANT FORMATS
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
Az Legal Contract Buyers/Sellers - 8/2019 currentHeather McClaren
As of August 2019, the current legal process to purchase or sell a home. This contract is designed to be utilized by your realtor, and legally created by the Arizona Association of Realtors to protect home buyers/sellers legally in the sale of their home.
2. Street Address
Property Address: City, CA Zip Code Date:
8. Megan’s Law Database Disclosure: The sale is not exempt from the requirement that residential sales
contracts contain the following notice regarding the availability of information about registered sex offenders.
"Notice: Pursuant to Section 290.46 of the Penal Code, information about specified registered sex offenders
is made available to the public via an Internet Web site maintained by the Department of Justice at
www.meganslaw.ca.gov. Depending on an offender's criminal history, this information will include either the
address at which the offender resides or the community of residence and ZIP Code in which he or she
resides." (Neither Seller nor Brokers are required to check this website. If Buyer wants further information,
Broker recommends that Buyer obtain information from this website during Buyer’s inspection contingency
period. Brokers do not have expertise in this area.)
9. Brokers:
A. Inspection: The sale is not exempt from the Broker’s obligation to conduct a reasonably competent and
diligent visual inspection of the accessible areas of the Property and disclose to Buyer material facts
revealed by such an inspection in the sale of residential property containing one-to-four dwelling units.
Brokers may do so on C.A.R. Form AVID.
B. Agency: The sale is not exempt from the obligation to provide agency relationship disclosure and
confirmation forms in the sale of residential property containing one-to-four dwelling units.
OTHER CONSIDERATIONS:
1. Selection of Title and Escrow: Calfornia Civil Code section 1103.22 prohibits Seller from requiring, directly
or indirectly, a Buyer to purchase title insurance or escrow services from a particular title insurer or escrow
agent in connection with the sale of residential property improved with four or fewer dwellings. The Buyer
may agree to use the title or escrow provider recommended by Seller if the Buyer has been informed of the
right to make an independent selection of the applicable service. This law is in effect until January 1, 2015.
Federal law, 12 U.S.C. Section 2608, prohibits Seller from requiring, directly or indirectly, that the Buyer
purchase title insurance from any particular title company as a condition of selling residential property
improved with four or fewer dwellings if the purchase will be made with a federally-related mortgage loan.
Seller and Buyer understand that Brokers do not require Buyer to purchase title or escrow services from any
particular provider. Any communications from Seller that Broker may deliver to Buyer or Buyer's agent
concerning the selection of title or escrow services should not be construed as Broker's endorsement or
recommendation of, or request for Buyer to use, any particular title or escrow provider.
2. Local Law: Local law may impose obligations on the transfer of real property (such as the installation of low
flow toilets or shower heads, emergency gas shut-off valves or installation of smoke detectors). Local law
should be consulted to determine if sales of Lender-owned property are exempt from such requirements.
3. Amendments to Contract: Seller-prepared addenda, amendments, or counter-offers or a Seller-prepared
contract, may conflict with, contradict or be inconsistent with terms in Buyer’s offer. Brokers cannot advise
Buyer or Seller: (i) which specific terms in any offer may be affected; (ii) whether the terms in any such
Seller-prepared documents are permissible under California Law; or (iii) in the event of a discrepancy
between the Seller-prepared documents and any other Agreement between Buyer and Seller, which
document or which terms may supersede the other. Buyer is advised to seek legal counsel to discuss the
applicability and interpretation of any Seller-prepared documents prior to signing any such documents.
4. Rental Property: If the Property was occupied by a tenant at the time the lender acquired the Property and
the tenant had a bona fide arm’s length rental agreement at a fair market rate, the tenant may be entitled to
the balance of their lease term, or at least a 90-day notice for termination of a month-to-month tenancy. In
addition, certain rent control jurisdictions have asserted that the tenant has rights under rent control after a
foreclosure. Moreover, the tenant may be entitled to the return of their security deposit even if the security
deposit was not given to the lender after the foreclosure sale or to the buyer of the REO Property.
By signing below, the undersigned acknowledge that each has read, understands and has received a
copy of this REO Advisory.
Buyer Date
Buyer 1
Buyer Date
Buyer 2
Seller Date
Seller 1
Seller Date
Seller 2
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). NO REPRESENTATION IS MADE AS TO THE LEGAL VALIDITY OR
ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
This form is available for use by the entire real estate industry. It is not intended to identify the user as a REALTOR®. REALTOR® is a registered collective membership mark
which may be used only by members of the NATIONAL ASSOCIATION OF REALTORS® who subscribe to its Code of Ethics.
Published and Distributed by:
REAL ESTATE BUSINESS SERVICES, INC.
a subsidiary of the California Association of REALTORS®
525 South Virgil Avenue, Los Angeles, California 90020 Reviewed by Date
REO REVISED 4/11 (PAGE 2 OF 2) REO ADVISORY (REO PAGE 2 OF 2) Untitled