Few of us know exactly what “statute of limitations” means; even fewer know how long one has before it’s “too late”, and even fewer know the exceptions to the rules. There’s this great moment in “Philadelphia“, the movie starring Tom Hanks as a fired lawyer with AIDS, when he is being told that the complaint… CONTINUE
25102 (f)
Corporations are business entities separate and apart from their individual shareholders. Corporations Corporations are business entities separate and apart from their individual shareholders. Where corporate formalities are followed (among so so many other things), the corporation’s shareholders, directors and officers are generally protected from the claims against the corporation. A shareholder’s liability is usually limited to… CONTINUE
Resulting Trusts
“My sister and I decided to buy some investment property together. My credit was lousy, so I gave her my one-half share of the money to buy it, and she put it in her name. Now that escrow has closed, I’ve asked her to put the property in both of our names, since I can’t… CONTINUE
Ducks, Rabbits & Chickens
Transforming One Cause of Action into Another: Negligence CAN become Breach of Contract Perry v. Robertson (1988) 201 Cal.App.3d 333 (“Perry“) is a case most brokers are not aware of, and should be. Plaintiffs, based on Perry, without pleading a claim of “breach of contract” have been able to transform a claim of “negligence” into… CONTINUE
The MERS Mess
This Kansas Supreme Court decision is the latest to expose the flaw affecting lenders’ ability to foreclose “securitized” mortgages: In a unanimous opinion, the Kansas Supreme Court has ruled that, under the facts presented, a second mortgage holder who was not given notice of a foreclosure performed by the first mortgage holder on the same… CONTINUE
Finders Keepers
Brokers and Finders are NOT the same thing. The distinction is important when it comes to collecting money and limiting liability. Finders, for instance, are exceptedfrom California’s real estate licensing requirements, and other regulations governing the broker-client relationship. Thus, a finder need not be licensed as a real estate broker.1 Indeed, it maybe better not… CONTINUE
Misguided MLS Means Mucho Money
“Puffing” is an art; but where’s the line from “puff” — to problem? You want to get attention focused on your listing, as opposed to the swarm of others out there. You’re under obligation to the client is to make the property sound as attractive as possible – from a buyer’s perspective; whether it’s the… CONTINUE
Oh Say, Can You See? View Protection In California
Imagine for a moment that you own your “dream home,” with a view overlooking the Pacific Ocean here in California. You enjoy sitting on your deck daily with your morning coffee taking in the beautiful panorama. All is well for many years, but gradually the trees located just over the boundary of your neighbor’s property… CONTINUE
Time’s Up!
It’s right there in paragraph 24 (or 16, or 32): “Time is of the essence.” So what? Many agents will tell a client “It’s just the boilerplate.” Or, even worse, “It doesn’t really mean anything, as long as you close close to the closing date.” (Say that three times really fast.) This “boilerplate” means something…. CONTINUE
Secret Agent Man
Napoleon Solo; Simon Templar; Derek Flint; and – of course – Bond, James Bond. All of them, great agents. But did they owe “fiduciary duties?” A real estate agent is a fiduciary to the client, and as a result incurs a host of responsibilities – and potential liabilities. So, what makes an agent, an “agent?”… CONTINUE
HESCA Headache: Real Estate Broker Liable
In 1998 Alanna Spencer, a first-time home buyer, bought a two-bedroom condominium in Hayward, California. Later, Spencer became delinquent on her mortgage payments to her lender. The lender recorded a notice of default to begin foreclosure proceedings in November 2002. Spencer filed a Chapter 13 Bankruptcy petition in January 2003. The automatic stay provided upon… CONTINUE
DAVID TANNER
Dave Tanner has been a real estate broker and real estate attorney for approximately 30 years. He has owned and/or managed residential and commercial brokerages for over 20 of those years. For the past twenty years he has been deeply involved in organized real estate and currently serves on the Board of Directors and Professional… CONTINUE