TRAINING: Common Legal Forms: There's a form for that! (VIDEO)

Most Common Legal Forms: There's a form for that!

• 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)
  • If Seller/Buyer is signing behalf of a corporation, we need to identify who is the representative that can sign.
  • Read article on how to properly complete RSCD.

• 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