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 Starting January 1, 2011, the Real Estate Transfer Disclosure Statement (TDS) will be amended to streamline the disclosure of home safety devices. First, the TDS will include a new disclosure of whether the seller has a carbon monoxide detector. This disclosure addresses a new law requiring California homeowners to install or plug in a carbon monoxide device [...] Starting today, renovations that disturb lead-based paint in older residential dwellings and child-occupied facilities must generally comply with the Lead-Based Paint Renovation Rule of the Environmental Protection Agency (EPA). REALTORS® acting as listing agents or property managers who advise their clients to perform renovations, repairs, or painting projects for such properties may, as a matter [...] The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team. California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been [...] A real estate broker’s commission may be determined using a percentage of the sales price, a flat fee, or a combination of both, according to a recent letter from HUD’s General Counsel Helen Kanovsky. The An agreement for a “nonrefundable” escrow deposit is invalid and unenforceable, according to the recent California case of Kuish v. Smith (2010 WL 373225). This case serves as a good reminder for REALTORS® that inserting a “nonrefundable deposit” provision into a real property purchase contract may be legally ineffective. The Kuish case involved a $620,000 escrow [...] C.A.R.’s Legal Department is proud to offer three new and improved legal services for REALTORS®. To meet our members’ high demand for legal advice, we are rolling out a new legal webinar, legal blog, and automated legal hotline system. Plus you can still reach us by calling our Legal Hotline or visiting Legal online at [...] Fidelity National Financial, Inc. (FNF) and its title insurance underwriters, including Fidelity National Title Insurance Company, have informed C.A.R. they are now offering FIRPTA qualified substitute services. They have informed C.A.R. that, upon request, they will sign the C.A.R. Qualified Substitute form if they are in possession of a completed and executed Transferor’s Affidavit. This [...] Some settlement companies, such as Fidelity National Title Insurance Company, have refused to complete a Qualified Substitute affidavit to assist their buyer-clients in complying with FIRPTA (Foreign Investment in Real Property Tax Act), according to reports from C.A.R. members. Such refusal generally forces a buyer seeking to comply with FIRPTA to obtain a Seller’s Affidavit of [...] |
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Tuesday, May 11th, 2010
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