Notes

retention of oil and mineral rights - prelim reflects it

stepped up basis (community property)
right of surviorship (tenants in common)

Tax class

110% of standard premium-expanded - transfers to a trust- covered as trustees of the trust
standard policy 10%

exercise in good faith and in writing to a contingency still in effect (based on that contingency)
can't use another contingency as a way to get out of the deal.

inspections minimal problems- can't cancel on condition of property - no reasonable buyer would cancel
fishy situation, dig more, buyer acting in bad faith, find out real truth

not a right to cancel - specific contingency, good faith reason
HOA doc request turnaround
4-5 days to remove contingency.
receipt, review, removal, cancellation.

continuing right to remove the contingency or cancel the contract. Seller not in position to cancel unless they issue a notice to perform.

Be proactive with CR
1-17 days contingency; NTP on day 15. remove Contingency or Cancel the Contract 17th midnight.
Buyer's agent seek an early extension. Buy time early on 10-11-12 (protecting your client). Negotiate extension accordingly.
Figure out what needs to be done.
day 17 too late.
2 calendar days.
Be on top of this.
Pre-schedule inspection prior to offer submission.
Deposit is never at risk even with NTP.
DO not follow the phrase - out of contract.
May be performing outside of time frames of contract but you still have a contract. Even with close date passing, you are not out of contract. As long as parties act as if there is a contract, within a reasonable time escrow to close. depends on circumstance, on what's causing the delay.
Term doesn't exist.

14. 5. Buyer's right was only during investigation contingency period, buyer then had no right to access the property. Non contingency meant no access.
Now- added clause allows access to buyer.
until 5 days prior to close of escrow.

0 in 14B 1 does not remove contingencies.
it means no time for contingency; need to still use CR.
check 14c. check appropriate contingencies being removed; accompanies Buyer's contract.

seller representative capacity.

certain uniform conditions on all loans

LO-Conditions- any concern, worry, not get satisfied
14.F.
Keep As Few contingencies as possible - with gold plated clients

Clock ticks upon receipt of docs
5 days from receipt of HOA docs.
invalid NTP if anything undelivered as time specified in 14A (reports required of Seller due within 7 days). Buyer has 5 days from receipt to remove applicable Contingency or Cancel.
Complete release signed by both parties.
DCE - demand to close escrow- pre-written 3 days. cancel for failure to perform - reasonable time to perform would vary on circumstance.- delay with loan docs; DCE on Friday not reasonable; escrow can't close on Monday.

Gotta be reasonable in demand.

CD 3 days wait from issuance. Correction at 11th hour.
Negotiate extension to close on day 25. Back up offer shows up. DCE gets issued. Client un-protected contractually.
Only takes One side to cancel (not enough). Both sides have to sign a release.

27.5 Years. None issued. NTP or DCE. In client's best ineterst to work it out with client in hand.
Too many hoops. Hindsight is 20/20. You knew better to do pre-sale inspections.
evaluating the situation-better to stick with what you have in hand. Buyer is committed to property; buyer looks good on paper but may not have mental commitment to follow through.
Oh you shouldn't do that; not a good property; risk you take;

30 days in contract-you know they are committed.

Agents sometimes get in the way of the transaction.

Repairs; By licensed contractor if requiring permits; not handyman;
if not intending to sell in 12 months can use anyone without permits; gotta disclose in SPQ; TDS (any work done w/o permits; not according to building code; skillful manner; like material)
Shower enclosures- white Tiles ; comparable to existing materials/ what's there..not rely on report; have it re-bid to show same material not a downgrade).

Contract is controlling document not pest control report.

Credit - let buyer deal with it.

Repairs done in escrow. Not pre-sale repairs.
SPQ-B1 sellers mark no; incorrect unless brand spanking new.

Prorations of property tax- sellers charged up to day prior to close of escrow.

Jan 1-June 30 (2nd)

1 installment is 180 days.
In cycle collected from both side; outside due date cycle - one receives credit.

If only getting counter, don't know if liquidated damages 3% limit is part of contract or not.
Any para requiring initials and not initialed is not part of the contract.

Dispute resolution:
Mediation is automatically part of the contract. Do not initial. Before arbitration - agree to share cost of mediator - succumb to reason - fees 300/500 an hour- retired attorneys or judges - bayeast does it- charges 500 for mediation. Steve has been in mediations with them - good job if not complicated. Spinning money fast otherwise. Do not refuse mediation. else you loose you right to seek attorney fees; always cooperate with mediation.

Arbitration Clause initialed. - contractual arbitration is binding - cannot reject award and proceed to trial in court;
to resolve dispute in shorter period of time with less expense,

Informal trial in a non-court room setting; precided over by a court-room judge
with loser rules of evidence; decision of arbitrator is binding on parties.

CAR - Legal - q&a's - print and hand to buyer
Mediation for the consumer
Arbitration for the consumer
Liquidated damages

cases that fall in jurisdiction of small claims court.
10K or less no need for mediation or arbitration.
File action next door
$250 fee
Prevailing party will get it awarded to them

Unlawful detainer action

Read definitions of basic concepts

days- cal days
s, s, holiday-no performance of legal action

days after ends at 11:59 PM.