Author: Fernando Nunez

Land sales contracts pose old risks to new buyers

Creative financing vs. creative chaos To properly document the terms of seller carryback financing in a sale of real estate, one of two sets of forms is used: a note and trust deed, to evidence and secure the balance of the price remaining to be paid to the seller following the buyer’s down payment and a grant deed conveyance, whether or not the property is encumbered by an existing mortgage lien; or an all-inclusive note and trust deed (AITD), to evidence and secure the balance of the price remaining to be paid to the seller after the buyer makes...

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Brokerage Reminder: Unlicensed assistants – supervision required

Administrative and nondiscretionary duties Brokers licensed by the California Bureau of Real Estate (CalBRE) may hire unlicensed assistants to perform administrative activities on their behalf and on behalf of their agents. Further, a broker who manages transient housing or apartment complexes may hire unlicensed assistants to perform administrative and nondiscretionary duties. All of these unlicensed assistants act only under the broker’s supervision and control. [Calif. Business and Professions Code §10131.01(a); see RPI Form 507] When assisting a broker who originates consumer mortgages, an unlicensed assistant may perform administrative duties, such as information gathering and loan processing — activities which...

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Featured Comment

[M]ost people join CAR in order to obtain the forms, not for the other services. And if there were any viable choices for agents, CAR would immediately suffer as much as a 40% to 50% loss in membership. […] CAR owns the “for profit” company that produces their software, with top officers in CAR sitting in top management spots in ZipLogix. This is the living, breathing definition of a conflict of interest. […] On their website they parade their forms software as “free” when cost of their forms software for non-members as a percentage of their actual membership cost speaks for itself.

- William Tormey, on CAR is "dangerously close" to having a monopoly on real estate forms, counters PDFfiller

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