TRAINING: Common Legal Forms: There's a form for that! (VIDEO)
- Real Estate is the #1 source of lawsuits in California
- Transfer Disclosure Statement (TDS) & Seller's Property Questionnaire (SPQ)
- Most important forms are the seller disclosures which must be filled out by the Seller, NEVER by the agent. They are directly linked to the condition of the property.
- Best to the "seller's knowledge".
- The seller must disclose if someone has died on the property within the last 3 years.
- The more the seller discloses, the more they reduce their liability.
- Representative Capacity Signature Disclosure (RCSD)
- Agent Visual Inspection Disclosure (AVID)
- The agent must be sure that the AVID is representative of the fact that they did go through and inspect the property and they checked everything carefully
- If they noticed something, they don’t have to go through and get the work fixed BUT they must say they noticed it
- Read article on how to properly complete AVID.
- If the buyer doesn’t want an inspection, then the agent must get it in writing, so the agent isn’t liable
- Agent must document every step of the decisions made by the buyer/seller transaction
- Buyer Inspection Waiver (BIW)
- Buyer Inspection Elections (BIE)
- Always follow the rules and practices of good ethics
- Properly fill out all the paperwork during the transaction make sure all signatures and initials are filled out
- The agent should never sign on behalf of the seller, this is fraud which will result in a lawsuit
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