Each transaction may require different disclosures depending on the type of property, location of property and/or circumstances of sale. Luckily, our compliance team has put together a comprehensive checklist for each type of transaction, whether representing a buyer or seller, tenant or landlord. Please refer to Skyslope for the appropriate checklist for your specific transaction.

Short Answer: No. Failure to remove contingencies by the agreed-upon date does not automatically give the seller the right to cancel. The seller must first issue a Notice to Buyer to Perform. If the buyer fails to remove contingencies or cancel within the notice period, the seller may then cancel the contract.

Short Answer: No. The seller may not automatically take the deposit simply because contingencies were not removed. The seller must first issue a Notice to Buyer to Perform. Only if the buyer then fails to perform, is in breach of contract, and liquidated damages apply, may the seller potentially pursue the deposit. Key being that the seller may “persue the deposit and/or damages”. These are not automatically awarded and requires mutual agreement for release and/or some type of legal award.

Short Answer: Probably. Must like a seller persuing a buyer’s deposit, it still requires mutual instructions to release the funds. Meaning the buyer doesn’t automatically get their deposit back. It will require the seller to sign off on cancellation and release of funds or further contratrual/procedural steps, or possibly even legal award, much like above.

Short Answer: Yes. If the buyer has not deposited the EMD, the buyer may cancel the contract. The seller’s remedy is to issue a Notice to Buyer to Perform; however, without a deposit in escrow, there are no liquidated damages to claim. Seller may have persue legal remedies and claim damages to the buyer, so this should not be something that is advertised as a strategy to buyers.

Short Answer: Yes — with limitations. • If only one party is available but holds a valid power of attorney, there are no issues. • If only one party is available, but no power of attorney exists, technically listing can proceed, however, it takes one signature to list, but all parties on title must sign to sell. So, it is imperative that you get some type of consent or acknowledgement from all parties that they intend to sign the closing documents. • If an offer is received, no further action may be taken until all parties on title have signed the listing agreement and all required sale-related documents. Best Practice: Always have all parties on title present and signing at the time of listing whenever possible.

Short Answer: Yes – but there are exceptions. If there will be a loan involved, then all parties that will be on the loan will need to be listed and sign the purchase contract. Also, all parties will need to be named and have acknowledged contract prior to close of escrow. There is a function of including an “assignee” to the contract, which can add parties to a contract to may not be present at the time of initial signing.

Day 1 begins the day after Final Acceptance, meaning the last date all parties have signed and acceptance has been communicated. Under the C.A.R. Residential Purchase Agreement (RPA), days are calendar days unless otherwise specified. Example: If final acceptance occurs on a Monday, Tuesday is Day 1.

No. Should a party to a transaction have a performance day (remove contingency, close escrow, etc.) that falls on a Saturday, Sunday or Holiday, they shall be allowed to perform they next day that is not Saturday, Sunday or a holiday by 11:59pm that day.

Short Answer: No, not unilaterally. Any change to the Buyer Representation and Broker Compensation (BRBC) agreement requires a written amendment signed by the buyer. Accepting compensation inconsistent with the BRBC without a properly executed amendment may violate DRE fiduciary duties.

There are a lot of moving parts to closing an escrow, so it’s not uncommon for it to be delayed. As long as all parties are willing to move forward, a simple extension signed by all parties and proceed with an extended close of escrow. However, if one party or another is not willing to move forward, assuming all contingencies are removed (if not, see above questions #3), then a demand to close escrow will need to be served. This will give receiving party 3 days to perform and if they do not, they serving party may cancel the transaction.

Help them, by discussing their questions and helping them formulate the best answers and responses, absolutely. Remind them that they are required to answer to the best of they knowledge. However, under no circumstances should you ever tell clients what to write, fill out forms on their behalf and/or write what they dictate to you.

Short Answer – No. Once the offer/counter has expired then neither party is obligate to proceed. However, if offer/counter has expired and both parties want to proceed, then they can do so with a simple addendum that extends the offer/counter that all parties sign