Wendy's Real Ppty Outline Spring II

Wendy's Real Ppty Outline Spring II - WENDYS PROPERTY...

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WENDY’S PROPERTY OUTLINE - PART III p 1 of 8 ADVERSE POSSESSION CONCURRENT AND MARITAL PROPERTY LANDLORD-TENANT NUISANCE CONVEYANCING CONVEYANCING - is essentially contracts focused on real estate, so everything is changeable by the parties in an agreement. “for sale” → Agent/Broker → contract of sale [description; title (record); financing] → CA : escrow → deed [description of warranties; title insurance; delivery] I. AGENT / BROKER A GENTS / B ROKERS CA : Real estate Agents must work for a Broker who oversees the sales transactions and the Agents’ commissions may be shared with their Brokers Dual Agents : NOT allowed in CA , but allowed in many states provided it is disclosed to both parties that they have the same A/B Attorney Required - In theory, only Attorneys may practice law; many As/Bs come close. SPLIT JURISDICTION some states : require Attorneys for every single real estate transaction (strong attorney lobby in that state) other states : allow As/Bs to fill blanks on standard forms, as incidental to their usual tasks. CA does not require attorneys for these tasks and has not litigated this. D UTIES - As/Bs are Fiduciaries : owe duty of loyalty and good faith to their clients, liable for client’s losses, and violations preclude recovery of commission. As’/Bs’ failure to communicate material info is a breach of this duty. As’/Bs’ knowledge that Buyer can afford to pay more is arguably material Possible liability for malpractice (misrepresentation) for the difference of value if grossly underpricing, even if there is no 2nd Buyer some states / CA (Civil Code §2079.17): require As/Bs to disclose in writing that they are the Seller’s Agent, not the Buyer’s. some states : require disclosure of any material defects know by the A/B and unknown by the Buyer. Buyers’ Brokers owe duty to Buyer. Usual compensation is sharing listing Agents’ commission, but not required as no contract between Broker and Agent. L ISTING A GREEMENTS : all are subject to provisions in that particular contract: Open Listing is a non-exclusive agreement where Seller agrees to pay a % of the sales price as commission to whichever Broker sells the house Seller retains the right to sell the house himself and pay no commission. Exclusive Agency is when Seller commits to pay a commission to only one Broker, the exclusive Agent; generally of short length (30-60 days) Seller retains the right to sell the house himself and pay no commission. Exclusive Right to Sell is when Seller commits to pay a commission to only one Broker, the sole Agent for the sale; generally short time (30-60 days) Seller retains the right to sell the house himself, BUT still pays the sole Agent a commission. Net Listing
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This note was uploaded on 10/24/2010 for the course PR 123 taught by Professor Gramer during the Spring '06 term at Loyola Law School Los Angeles.

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Wendy's Real Ppty Outline Spring II - WENDYS PROPERTY...

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