if there are ammendments

tickler file
http://en.wikipedia.org/wiki/Tickler_file

interpleader

toe clause
time is of the essence

conditional public report allows developer to sell the lots
escrow can't close until the . . .

map act aplies to two or more
parcels

subagency of HUD
seven day right of recission
NEPA quality
enviro

fed agency
approval
submit documentation

EIS---enviro impact stmt

parcel of land
huntington beach
bolsa chica

fly in the ointment
marsh burg lives there
enviro
half a century bc of endangered species

coastal zone act

latent v. patent defects

escrow--real estate 11

northern title insuranc eco

vs.
escrow

ZONING

aesthetic---used to be unlawful
comprehensive
spot zoning
cumulative
exclusionary
spot zoning---for gas station in a residential zone---antitrust, nepotism, equal protection

down zoning
up zoning
r4 to r1
multiple to single family----more restrictive use

variance granted

zoning
prospective in nature---
not retroactive

declaratory relief

permanent injunction
shopping center
jewelry store

shelley v. kramer  p. 417

fee tail ilegal in CA
feudal england yes
contra rule v. perpetuities
equitable relief

waive rts under CC&rs

LACHES
ESTOPPEL
promissory estoppel

doctrines operating here

designed to protect against fraud---subdivided lands act on a a state level.
http://ceres.ca.gov/planning/pzd/sub_ch4.html

http://www.lulu.com/product/ebook/real-estate-law-and-subdivided-lands-law/4036187


http://www.co.kern.ca.us/planning/form203.asp


http://en.wikipedia.org/wiki/Subdivision_(land)

prelim report

prospective buyers

map act local

DRE lands law state leve;
main purpose of each
http://en.wikipedia.org/wiki/Cooperative

common interest development

huD
http://portal.hud.gov/portal/page/portal/HUD

stock cooperatives
http://www.butterflylister.com/Real-Estate-Definitions/Stock-cooperative.htm

http://en.wikipedia.org/wiki/CC&Rs
http://en.wikipedia.org/wiki/Planned_Unit_Development

condo sep tax bill
http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home

http://www.lasvegashomesearch4u.com/Nav.aspx/Page=/PageManager/default.aspx%3fPageID%3d1916628

estate

condoos owned fee simple absolute

newport four hundred
http://en.wikipedia.org/wiki/CC&Rs
http://www.butterflylister.com/Real-Estate-Definitions/Stock-cooperative.htm

time share
one week fee simple absolute interest in the one week sharer
http://en.wikipedia.org/wiki/Timeshare

public resources code for the coastal zone
1000 yards of the pacific coast

lead based paint disclosure.
http://www.epa.gov/lead/

real estate tuesday

moving on to chapter 12

CAR form homework


turn in due with the final

police powers clause
health safety

subdivision map act
the subdivided lands law

person creating the subdivision complies with zoning
developers get artist sketch

mechanic's liens priority via
commencement of work

any actual work
even including leaving a palllet of blocks

florida has no homestead exemption
based on equity

check deed of trust
probate

june 2 7pm-9pm property law exam

1-15 chapters

done with encroachment
nuisance

public or private
private nuisance is when it affects
public nuisance is also criminal law

private or public
noxious odor

court engages in a balancing or weighing
factual discrimination
noise volume
nightclub reasonableness
harm
balance
use and enjoyment v. activity being pursued re: children screaming

water rights
"""for those of you in los angeles this is not going to be an issue"""
classic duffy dry wit

water resources control board expertise beyond ct
but ct has jurisdiction

riparian rt adjacent to a waterway
entitled to a reasonable amount of the water
riparian use doctrine

littoral rts---means on a lake not a river
accretion
slow gradual build up
soil deposit alluvian soil

not to be confused w/ avulsion
alluvian deposited by accretion

deed says its yrs thru accretion

avulsion is rapid sudden change

reliction
instead of a slow gradual build up
the water level goes down

hour one property law wed 5-12-10

ch. 10 real estate wednesday evening
exam comprehensive as is RE exam ch1-15?
july 1 fiscal year begins

ends june 30
in california

taxes become a lien on jan 1st
priority in terms of recording


federal fiscal
october 1

automobiles and cars not lien-able

RVs yes

no darn fooling around
nov-dec-feb-april
mnemonic

regulatory license
for contractor
re:mechanic's lien
court will not help you without this

notice of non-responsability
owner not responsible

tenant oftentimes
wants repairs undertakes repairs

prevents the mechanic's lien being levied against the owner

net lease
triple net lease
notice of non responsability

gross lease
casualty lease
landlord

final is comprehensive

chapter 1-15

investor doesn't really care
what is the income
times it is not as valid

present worth of future benefits converting into value
gross income compute
combination of one bedroom

convenient apartments

owners do not take to market rents

return on the investment

cert of deposit

3%

return on investment

return of investment

the recapture rate

20 %

cap rate

severa; places

real estate 5-11-10 after the dentist
woozy

panoramic view
improvements

deficiencies or adverse conditions
dry rot indicate here
conform to neighborhood
conformity
at play as a principle
type of properties for neighborhood

how determine the cost of land
cost approach
market comparison approach

property assessment
market comparison approach
one of 3 appraisal approach . Value is estimated by analyzing sales prices of similar properties ( comparables recently sold.
Example: The subject property is a 3-bedroom, 2-bath house. Two recently sold comparables are found. The appraiser, using the market comparison approach, sets up Table 30.
TABLE 30
MARKET COMPARISON APPROACH
Subject Comparable # 1 Comparable #2
Sale price $170,500 $167,000
Date of sale last week 3 months ago (+$1,000)
3 bedrooms 3 bedrooms 3 bedrooms
2 baths 2½ baths (--$2,500) 2 baths
Adjusted price $168,000 $168,000
The subject property is appraised for $168,000.

unit in place method

more corners the more expensive

quantity survey method
insurance
quantity

depreciate
wind sun
wear out
people walking on the floor
decrease in value depreciation
appreciation simultaneous

expected life
50-100 years

professional appraiser
straight line
straight line appreciation
depreciation

trade in value
fiscal depreciation
functional
curable
or incurable
obsolescent

inverse condemnation
http://en.wikipedia.org/wiki/Inverse_condemnation

fed
civil rights act of 1968

holden law
http://www.bdnationwidemortgage.com/holden_act.html

redundant to the civ rts act
rt to rescind loan

recission
jackson case
three yrs later
never got three day notice of rt of recisssion
9th circuit

three yrs

fictitious deed of trust
http://en.wikipedia.org/wiki/Trust_deed_(real_estate)

i wonder how duffy would feel about studying law via wiki?

acceleration clause
due on sale clause


record fictitious deed of trust

collateral

promissory note
companion document
deed of trust

trust deed is the security instrument that pledges the collateral
promise to repay the sum of money being borrowed

considered a security instrument.

not a promise to pay
it is an unconditional promise
as such signed by the maker or the borrower
it is a two party instrument

holder in due course

forgery
material alteration.

promissory note in full
due on sale
credit worthiness
transfer of loan
right to recall loan

encumbrance clause

intestate succession
will ambulatory until death
can be changed
after death it is irrevocable

ca stature prohibits executrix---feminized version
executor works for all
non-cupative

http://en.wikipedia.org/wiki/Per_stirpes

http://en.wikipedia.org/wiki/Escheat

quit claim deed

elements of fraud

express easement

consideration
convey
http://en.wikipedia.org/wiki/Adverse_possession

love as consideration for a deed
transfer
not adequate but legally sufficient

john doe never married
no community property

http://en.wikipedia.org/wiki/Negative_amortization

http://www.citytowninfo.com/mortgage-articles/home-equity-loans/reverse-annuity-mortgage

reverse annuity loan
takes kids iheritable equity

point
one percent of the amount borrowed

based on econ conditions
if put into
bond market
a six percent rate of return.

lenders fees
income tax statements

usury
ballot proposition
residential
owner occupied

lender may charge
5% plus federal discount rate plus federal discount rate
lender today
federal discount rate
plus federal discount rate
in california
whichever is higher
usury laws dont apply to most lenders

not to sellers
not to RE brokers
many institutional lenders

when buy real estate
pledge property as collateral
sign security instrument

foreclosure preceedings
go to court
the judicial foreclosure process
but we'll get to this
trustee
trustor
beneficiary
power to sell lender borrower
other fees

default the loan if you dont have casualty insurance
mortgager
has the lien
with a mortgage
you have title if they foreclose against you
title transfer
foreclosure
lenders in CA hey this idea
of having to go to court
the more foreclosures there are
how about giving the title now

get a third party to hold the title---the trustee

with
if buyer borrower defaults on the loan
they don't have to go to court
that could be done

two versus three parties
the borrower is the trustor
the OR suffixes
the bank is the trustor
mortgagee
mortgagor
neutral third party
homeowner mortgage

the legal title

the FED
chairman of the fed
independent
bernanke
was chairman of the fed under chairman bush
bernanke
this person who heads the abanking reserve
a pwrful figure for the economy
whether or not to change or lower the federal discount rate
a bank could borrow money

usury index
discount rate

buy and sell treasury bonds
when there is a run on a bank
no bank ever had deposits or funds
how much
on hand
determines
the reserve req for the bank is the margin req for the bank
federal discount rate

more known vs.  how much of a dep is kept
rase reserve requirements
most of these things
fed does to affect monetary policy

global economy
measure of economic activity
gross domestic product

respa
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

affordability index

fico score
subprime loan
http://en.wikipedia.org/wiki/Subprime_lending

sub prime loan
fannie mae and mac
secondary mortgage

borrrower
coborrower

alimony child support
assets
difference between those
total monthly

negative net worth
 uniform form
broker buyer
different kinds of things

lets talk about where the money comes from

private mortgage insurance

post-exam lecture ch 8 property law

rebuttable presumption
a gift without the other spouse's permission.
when sale takes place

spouse grant deed

quit claim deed
in essence shows what you get

263
right of survivorship
community property
treaty of guadalupe hidalgo
spanish law
dower and curtsey

fairly recently that california did what some other states have done.
tenancy in the entirety

community prop---can leave yr share to anyone

but cannot give away spouse's portion
cannot give away in
comm law with rt of survivorship
same as joint tenancy
the same feature applies in rt of survivorship
leave yr half to anyone in pure com prop
but with rt of survivorship
goes to spouse
like joint tenancy with rt of survivorship

in order to have tenancy in partnership there must be a valid sharing agreement
people who go into business sometimes do it as a partnership

before 1929
until then partnerships couldnt own real prop
the partnership act of 1929

partnership agreement
author on 264
real agmt need not be in writing
if real estate yes
one that prtnership needs to fil info stmt
but dont get taxed

corporation is a separate legal entity
dual taxation
the limited liability
profits and losses
unlimited liability
losing a million dollars
assets at risk in a partnership

s corporation
partnership has unlimited liability.

in determining if a partnership exists

degree and time
joint venture
short---joint venture
longer-partnership

263 new general partner
LLC
articles of partnership
limited partners have liability limited to the amt of the investment
a california limited partnership in the title
no voice
silent partner
a limited partner

in rather high-risk investment
oil and gas drilling as a silent partner
liability limited to the amount of the investment
comply with the statutory investment
general

today if we went into an oil venture
LLC would be the likely business structure
there are other alternatives that are hybrid

fictitious business name

joint tenancy
community property
right of survivorship
tenancy in common

ReIT
http://en.wikipedia.org/wiki/Real_estate_investment_trust

hybrid trusts

tax reform act of 1986
dual taxation
three martini lunches deductable

piercing the corp veil
toget owners assets
when corp is undercapitalized early on

foreign corp
extra california

domestic if in california

if canadian it is called an alien corporation
subchapter  S orgs IRS requirements

unincorporated
rule v. perpetuities

business orgs.
taxes pass thru
pass thru to individual

multiple housing developments
two laws in CA dealing with subdivisions
the subdivided lands act
the CA dept of real estate
has authority
over subdivided lands law

shared units
planned unit dvelopment
own lot in the house

lot
and planned unit development have stricter requirements
when we talk about condominiums
we can get condominiums
the economies of scale
are there with a condominium
what you own is the airspace within yr walls

the developer doesn't want you to alter the walls or windows
so you cant change structural integrity of the bldg


you own in common
in ca
no partnership
not married
own via
tenancy in common

with a condo get a deed to that unit and own the airspace

a stock cooperative more common in east coast
if its a stock co-op
everyone owns it together as a stock coop
only own one twentieth of all units

defaulting on a loan
will hurt others
preceding condo concept.

planned unit development
own lot in fee simple absolute

tenancy in common
same size same location
time shares
somewhat familiar?

can be fee ownership.

watch out
possible that the unit is owned in fee
a leasehold estate

prob when lease expires
fractional ownership

eighties
double digit inflation
cost of hotels and vacations
so then people bought time shares
in other cities to lock in vacation potential


not as popular as they once were


must have sales license to sell time share
not a broker's license.

chapter eight not on the midterm.
but yes on the final.

chapter eight
property law


held by one person
severalty


community property

avoids probate
goal for everyone should be to avoid probate
it is expensive
joint tenancy is one way to do that.

most of marilyn monroe's estate got eaten up in probate cost
10 million

heirs got 700,000

p in t tip
the same as equal right of possession
the same thing as tenants
in common
time and title
common law requirement
for estate planning reasons and estate planning
better if half of green acre
to you
a straw man
conveys back to you and me therefore satisfied t-tip

therefore then straw man keeps?
or when straw man has title
or the liens attach to greenacre


so CA passed a stat
that you don't need to satisfy all elements


joint tenancy
what does it mean
with right of survivorship
the aspect of rt of survivorship is
the tenant's heirs
 do not get the surviving joint tenants
the survivor takes all
teh ten joint tenants
get
whatever

the unfairness aspect

the courts presume its unfair
so cts will construe as ten in common

lawful to state with rts of survivorship
there were four joint tenants
in defeasible fee.
http://en.wikipedia.org/wiki/Concurrent_estate
the final point is that if the loan is foreclosed on the bank owns the greenacre with the tenant

partitioning
dividing proceeds among the tenants
tenancy by the entirety
joint btw husb and wife
was a part of the english common law
but we dont have bc of the community prop

we have comm prop with rt of survivorship.

dower and curtsey only 1/3

presumed equal
rebuttable presumption in CA
unless proven otherwise

valid marriage while domiciled in CA state.
quasi community property
btw husband and wife
might apply to gay marriage

by definition
will be treated as if
while domiciled within a community property state

any property acquired before is sep.
any after is community

but it is possible to get separate prop. after.

eg
a gift
if the spouse gets a gift after fm community funds has now been given to the spouse
better like the taste in gifts

it gets separate may be true
complicated
if for example
own title in name of thirty yr loan

if now have fifteen yrs loan payment and the deed was in name of spouse for fifteen yrs
is it sep?
no
half is yrs

but the fifteen yrs after is half mine
so salary is not
more likely 75/25
part comm prop


just bc claims sep prop.

then we move into another house
rent out
rent income
then the rent is also income in comm prop sense

source as to whether it is seperate

domestic partnerships assets treated
50/50 rebuttable presumption
marvin v. marvin
we do not have common law
registered domestic partnership

awarded her a sum considered palimony
but we really don't have common law marriage
earnings during the marriage
if legally separated
then earnings not comm prop

quasi marital

a putative spouse
one who in good faith believes married

asset check
claim to be single
must check every jurisdiction in the world
background check

premarital agreements.
http://en.wikipedia.org/wiki/Prenuptial_agreement 

duress
http://en.wikipedia.org/wiki/Standard_form_contract

wanted the trump divorce case to go to litigation
not a valid prenup
but donald gave her things he didnt have to give her

http://www.sos.ca.gov/dpregistry/
for domestic partnerships

used to be husband managed the property prior to 1975 ERA
now mus consult with spouse to confer about com prop

must be in writing
but an executed verbal agmt is okay for comm prop
major exception
can be converted

cannot give away spouse's assets

hour two property law

after acquired title is
why when we get to chapter nine
grant deeds used in california

interest acquired by grantor after the property has been conveyed transfers to the grantee
giving you greenacre
deed is invalid so in other words ned didn't own it when he conveyed it to the buyer
now through the will
ned says gee
i thought you appreciate the property more under the quitclaim deed
as tried to explain
nephew ned
after the propertty conveyed
uncle horace good
now that ned has lawfully
after acquired title doctrine   rare case scenario
doctrine
shifts title from the granto
if they later acquire it is later conveyed at an earlier time.

filing in the tax assessor's office
the grant deed
where the tax statement is to be mailed
tax assessor's office
by filing the grant deed
sent typically at the address that
is where tax assessor says send
there are penalties if not sent within a certain time period

det. by an independent appraisal
end of ch7
quite difficult
defeasible fees etc.

buyer has no fidu respons. to seller
the seller has the duty to the seller
the buyer has the respons.  to be honest

test next week.
over ch 1-7
an hour exam.
grade
review.
then more lecture finish ch. 8.

bring computer, scantrons, pencils.

betetr to record
escrow officer will prepare the deed then escrow officer will transfer to title officer
hand to county clerk
deed to be sent to

fee simple absolute
whatever interest
any instrument that affects title
grant deed
then trust deed
security deed
mortgage
security instrument
then title officer
trust deed
handed to the clerk so the lender knows nobody gets ahead
exception
mechanic's liens
if someone has a judgment bc of a lawsuit

if a provision in the grant dedd saying can't record it
that would be contrary to public policy.
a land contract in a real estate contract
vendor instead of vendee
title doesn't pass from
buyer is the owner at fee simple absolute
until transfer of title occurs
equitable interest recorded
seller to sell the property to someone else.
the land sales contract
installment
seller

dont want to have to go to the court in a quiet
wrap around
stat law less advantage

microfiche
acknowledgement
and recording not required
signing the grant deed
acknowledges the signature
before notary public
http://en.wikipedia.org/wiki/Notary_public
take burden off the clerk
takes the burden off the clerk.

wills do not have to witness the sig by law they just attest tom the sig
doctrine of relation back
http://www.realtown.com/words/relation-back-doctrine

lien filed against
who holds equitable title
the buyer
in fairness and interest

made  a promise to pay
typical contract is a biltateral

legal title
equitable title
held by the seller until close of escrow

so legal title closes at the end of term
equitable title transfers first
in equity and fairness buyer has title
but won't get legal title till close of escrow

this is where the doctrine of relation back comes in.
comes to delivery of the deed

party with knowledge or

this is the doctrine of relation back
it is more fair

to the date the deed was sign
impt to have the seller sign document as soon as possible
the earlier the seller signs it the better then relates back
when take to the seller for signature

so when seller take back
notary with
the simpler solution
give back to the escrow officer
to overcome one way or the other

logistical problem
notaries want you to sign in their presence

conflict of interest
the grantor and the grantee

the acknowledgment
in order to be accepted by the county recording office
to take the pressure off the clerk.
what words put on there
joint tenancy and LLC
then get their metal seal to put on the document
then it can be accepted by the clerk.
they don't have to worry about any of that
the substitute for the acknowledgement
you can use a certified copy of the judgement from the clerk of court will work.

constructive notice
the basic concept
i addition to recording
possession gives constructive notice
the fact that they are possessing
move out whenever property sold
the person claiming to own is wrong
possession gives this constructive notice
constructive or actual notice on page 240

hour three rent control
vacancy decontrol

other type of rent control
NYC has this kind where the rent can't be raised
1930's rent.

LA rent control
866 557 7368
LA rent control

CA grant deed
i have not encumbered

betetr than grant deed

but grant deed plus title insurance give more protection

granto index
grantee index
to det who owes which interest

title insurance company after prelim report

zoning
no mining andwater issues here

condominium under fee

RESPA
real estater settlements procedures act
federal law req.
documentation be followed
under
HUD

p207 208
HUD form

RE hour two
4-13-10
tuesday
test next week on contracts

buyer pays it all
the sellers est in northern CA est
diff than in socal
in terms of the title insurance fees
there is typically a clta
there is custom to pay this
i will pay title
to back up that claim
better for buyer
several hundred dollars
lender typically wants
the clta
alta
american land title association byer pays
there fore that tis part of the buyers loan
policy of title insurance
as far as how the escrow works
the escrow company is negotiable

go to page 130
129

seller shall pay escrow fees
both are paid escrow pays
buyer pays
offer paid
subject to the counter offer
eho escrow co. shall be

p135
paragraph 28
spells out what the duties and the responsabilities
everything else applies
as well
190
once an escrow is open

worst way is interpleader
best way complete the escrow to terminate the escrow

third alternative is impt.
mutual agreement your cash its your liquidated damages clause
buyer more at risk
is going to feel more pressure
best way is to complete the escrow
financing
we're going to hold off.
buyer and seller have to agree on teh date escrow will close
seller must have everything closed
typically the hour that the escrow closes and on the date that the escrow closes how long to take to close
now they have to find another

buyer and selelr have to agree when is it going to close
possible tha tit doesn't get escrow
title transfer is on that date
other possibilities are out there
the escrow example that the author uses

basic rule re:proration
there is no law saying that the expenses and incomes be prorated
no law but custom
it is always negotiable.

maybe seller is willing to not get reimbursed if there is a sticking pt
thru day b4 escrow closes
or "to date escrow closes"
all income and expenses seller is responsible for
the through date would be april thirty
interest on the loan
the reason that the buyer is responsible
typically close escrow at nine in the morning

seller is going to get the rent
any rent due thru the day escrow closes
any question about the concept of proration?

p 193
form

respa stmt
RESPA

most escrow co. like to use their own seetttlement stmt
a debit is a charge
is based upon the example
the purchase prise being 800$ etc
the buyers
 get a special page

earnest money deposit
typically the broker agreed there is a five thousand dollar transfer
91 dollars
borrowing
second trust deed based on equity
add to that the eight hundred dollar credits
purchase price

here
prorate the taxes
close escrow on june 1st
sometimes the buyer takes over the seller's policy

retired military officer
better
buyer takes over sellers policy
in many cases
if you notic eon the other page
the CLTA
the ALTA

seller
six hundred twenty eight fifty

splitting them fifty fifty
loan tie in fees
talk about these fees the term points
six hundred forty
appraisal
tax service
capital gains taxes may be going up
the pest control scenario may be spelled out on the contract

real estate
tuesday april 13 2010
page 172

security deposit and unlawful detainer
sale leaseback

perfect to build bldg to specs
ad then find an investor who wants a long term tenant.  sell to invest
both tax write off
get money to grow the business
lease property back

talk to tax atty
advantageous for both parties

sells to leasor
leasee
lease purchase optio involves a contract
with a oneyear option to purchase
not a valid contract without extra consideration
graduated lease
to keep up with inflation
over 1000%
clearly some will
a graduated lease will

eleventh LA
CPI
London
any # of indexes you can use
at least 2-4% a year.

200/month when
mkt val is 2000/mo

gross lease is what we are familiar with.
a net lease tenant is paying some or all of the expenses.
paying as insurance.
plumbing doesn't work.
adequately insured.
taxes and operating expenses

control over maitnance and operating expenses

neyt lease common

with a percentage lease
common in retail
share of net prof or gross prof so
landlord does promos to have higher prof.
pay a certain floor and a percentage based on income and sales
trouble:  audit to make sure profit not hidden

many malls operate this way increase tenant flow by prom
fashion island

carolers
decorate fix up nicely
percentage leases not only in retail properties

consumer price index
inflationary factor

a license is similar to an easement
real property license is short term

a license
revocable
sorry we are at capacity
they don't have to let you in

license can be revoked at any time
scalping illegal

non-transferable
law enforcement can crack down if want to get hard-nosed

property management
brokers
real estate fourteen

a full semester of property management
not tested on the broker exam.
but if going into prop mgmt

degree in real estate
can manage with no license at all
keep house
rent it out
how screen tenants
dont know anything about it
not the owner

as resident manager
look after it for the owner.
do not need a license.
do if off-site.

property mangagement to act as a buffer.
maitenance and inspections

CAR
sales
professional orgs
IREM
best known
under auspices of NAR
designation for property management
certified property management
certified

managed apt. during law school---duffy learned RE and supported self during law school

broker's license
before get to chapter seven.


chapter seven
escrow and title
impt to make sure you get paid

dept of real estate
RE 11 once a year
you can make a career of escrow
thirty story high rise
anybody can start an escrow company
five years of experience

no license and control
arguably it should be
big picture person
pro-ration to the penny
prepares the deed
makes sure title insurance policy proper
pest control in timely manner

detail oriented highly organized person.
who has escrow
escrow used as the process
as title

escrow not required

atty at law deals with in many states
in CA due to the goldrush
the attys were so swamped that the y opened it up

bar treaty
only countries can make not states
CA can do escrow but if legal advice needed
must seek counsel
five yrs exp all needed to start own escrow
attys don't usually get involved
in terms of law requiring

escrow officer is a neutral third party
what kind of title insurance

purchase contract
dual agent is
as agent of buyer and the seller
acts as this neutral third party
as a wager

escrow hold s the stakes
buyer doesnt get title till close of escrow.
if it weren't for escrow it would have to happen in an open place
the neutral third party
cannot transfer to the buyer until all the conditions set forth
purchase agreement and joint escrow agreement
binding parties

escrow officer will not do the work.
until all spelled out in the contract.
if not fulfilled

deal breaker
set forth in contract
almost always bc of the money

many times
before downturn
sellers would not give time to anyone not prequalified for a loan
money is the most difficult part of the deal.

real estate finance
two chapters
pregnant wild duck
environmentalists held up escrow

if there is a loan
no lender makes a loan unless there is a private lender
it is negotiable
once in a while it is
unless you look at the escrow
in a ten thirty one exchange

probate process get s supervised by the state the largest
violated fiduciary duty to the seller

go between btw officer and seller
working thru sales broker
escrow officer
can be a corporation
can also be a title insurance corporation
unlicensed escrow officer
third one a real estate broker can also do escrow
as friendly competitors
when business is a little slow then steer biz to you?
tit for tat?
makes perfect sense
but you cant do escrow as a broker
impratible
i fought hard for the seeller and then become the neutral seller
impossible to be neutral
brokers dont usually do escrow except in smll twns

and as an independent corp must disclose profits
not common and not a good idea
bottom of 187

binding contract
other than preparing contract
call title insurance company
if title not signed
escrow company has to deal with it.

then order the preliminary title insurance

typical escrow could be ninety days
no limit on when it has to close
rare exception
two weeks
thirty days
thirty forty sixty days
once prelim title report in
by april the 20th
title officer
with pest controla nd inspection
typically on a property there is an existing loan
contact
actual number of days to prorate
escrow officers job
buyers purch price

pay off that loan
get a satisfaction from the trustee and get an existing loan
the financing offer
then determine if
title transfer
the lien is subject

make sure removed
before title
institution lender
promissory loan
a lot of times
you prepare the promissory note

talk about in the finance chapter
a lot of these things going on simultaneously
keeping track

unless have a good system
not necessarily in this order
it is the escrow off that does the prorate

one day to close without owing property tax
you can close
without prorate prop tax
july 1
either buyer owes the seller or seller owes the buyer

taxes run jul 1-june 30
fiscal year
proprate the rents
the insurance
casualty policy must be prorated
any income
close escrow on the thirteenth
escrow companies in the business of  closing the policies and see who gets back what

the escrow officer does not do the title recording

the trust deed
th egrant recording
the escrow officer
broker comission
title company gets paid
existing lender gets paid
the buyer gets paid
people are happier when they get money back---ask higher for the fees then return
more when we get to the prorate chapter
page 188

interpleader the worst thing that can happen with re
sues buyer and seller for the breach of instruction
escrow officer backs out and lets them fight it out in ct.

esc. officer is a neutral first party
they never take sides
sue both the buyer and the seller
once the lawsuit is filed they fight it out in ct
the ct pays the money they have
they only have money from whom?

in escrow
typically the buyer's money, the seller's money the pest control
closing expenses
deduct turn rest of money to ct

could take two yrs to see who gets it
tied up in ct
lose-lose except for the attys who get paid
escrow officer files interpleader

escrow running late
or dispute for quality.

duffy:

i think there are professors who diminish the quality of the education  . . . by saying here is the answer . . .

i seconded it saying i do not like being spoon fed or having my intelligence underestimated.

hour three
prop law duff 4-7-10

serial marriages
children complicating property scene

life estate pour autre vie
for life of another

contingent remainder
based on alive when die.
vested remainder
contingency when

actuarials which determine life expectancy

rule against perpetuities
it doesnt apply to charities

must vest within 21 years

to prevent a penny today not much
so leave to heirs a gajillion yrs fm now it will gain interest

doesnt apply to charities


can leave schoarships in perpetuity
interest used for scholarships

future interest on a life estate

hour two duffy property law 4-7-10

courts resort to

relationship of the parties

the buyer wins

family room not politically correct

move into apt 

lender's golden rule

he who has the gold makes the rules

borrower homeowner

trade fixtures

real prop taxed

so is mobile prop

bc of prop 13

assessed at value of real aquisitiomn

btter to be classed as real property

lease hold estate is a a fixed term property that is considered 

we can further divide in fee

freehold

divided by fee or by life

goes to nearest relative by intestate succession

this could go on forever.

a life estate is also considered a freehold estate.

usually the life estate is considered a life estate.

it is nevertheless considered a fre hold estate it is a fixed period of time

this will last an indefinite period of time

or freehold

clearly real property

we can further divide fee estates

into fee simple absolute

and fee simple defeasible---meaning capable of being defeated or lost

fee simple best 

http://en.wikipedia.org/wiki/Fee_simple

ca stat protected now

or fee simple absolute subject to conditions subsequent

later when grantor conveys deed to me the grantee so long as they never sell alcoholic beverages on the premises.

as with griffith park.

illegal unconstitutional conditions not enforced

fee tail

http://en.wikipedia.org/wiki/Fee_tail

obsolete law

quiet title action

establish to the court that the condition was violated.

if one hundred years from now

might be a grand child

then must go thru the quiet title action, then you dont have the right to do it.

fee simple subject to fee simple pre-cedent 

subject to condition precedent

another

fee simple determinable

determinable

fee simple

this one is very much like this one

fee simple automatic

if violated

fee simple lost automatically

courts abhor forfeiture bc it is a very drastic remedy

same as conditions subsequent

determinable

subsequent

so long as was buzz word fo fee simple indeterminable

clearly this one as even if automatic he really meant condition subsequent

what is the remedy for the breach of a covenant

money

a far less drastic

if you give them room to forfeit.

this one is not automatic

lose green acre

may still have to go to court in a quiet title action

fourth kind of defeasible fee

not in book

http://realestate.about.com/od/df/g/defeasible_fee.htm

http://en.wikipedia.org/wiki/Defeasible_estate

goes to the american red cross fee simple subject to an executory limitation

another mouthful

didnt exist at early english common law

very easy to spot

defeasible fees recognized by CA law

all recognizable

difference btw covenants conditions and restrictions

presidio
strategic places around california for the soldiers
pueblos were the farming community

water
no recording of the deeds
ownership of the land

land grants no recording concept the deed was the concept

territory not a state for many years
same time as the war
ca a state two times later

treaty of guadalupe hidalgo
honor spanish land grants
community property


english concept dower and curtsy
no more than a third

life estates
only got the interest

could not will to their heirs
chapter eight
one third one half
a fee estate meaning can't be inherited
the spanish community property concept

treaty
one half interest
chapter eight

spanish mexican property concept.
when ca became territory

forced deeds
and then
sort thru
US set up a recording system
after CA became a territory
all you had was a piece of paper
the people

lots of forgeries
some slipped thru
once became a territory
state
and local
privately owned

an interesting lawsuit in UTAH
involvinf federal land.
utah suing the feds
can make better used
pwr reserved not to feds to the state
if utah

supreme court in an immanent domain case
keloh
property could be taken for a govt use.

capable of ownership
intelectual property
pets considered property
livestock
real property
described as land

property colored sand real property

air space to the outer reaches of the atmosphere

coastal zone act
foundation
affixed or attatched to the land

things appurtenant to the land
an easement
is belonging to
ingress/egress easement

immovable--real property considered immovable
property you want to tax

not that is phys. immovable but
immovabe by law (even tho a crane could move it---or fixtures movable, but immovable by law)
use term of art or legalese

nevertheless the argument would fail
whether immovable by law
sitting on a foundation

crops that grow naturally
such as trees and fruits and vegetables
real property
real property as soon as they are attached to the land.
considered lumber

contract for trees under the UCC
uniform commercial code
http://www.law.cornell.edu/ucc/ucc.table.html

attached to the tree so they are affixed as real property
the crops always considered personal property for UCC purposes.

but for property transfer they go with the land.
http://en.wikipedia.org/wiki/Uniform_Commercial_Code

fructus naturales
considered real property until they are severed.

trust deed
promissory note
trust deed
interest in real property
bank or lender bc of dded of trust
interest of real property
chattel real
considered personal property

fructus industrialis!

personal property

manner of annexation

M
A
R
Intent
A

property law hour two

new
unconscionable contract terms
rationale
fair for seller has read it
subagent tries to bind broker agent
sales person appropriate person
granted fm seller point of view
argument against
in fairness

signature earned acceptance
179 case
broker not entitled
nice try no cigar

procuring
break in the chain of events
prospective buyer a house
promissory estoppel

reliance reasonable
today oral listing reliance unlikely
http://en.wikipedia.org/wiki/Estoppel
higher the sales price higher the commision

buyer wants lowest price
less comission
so the worst deal you get me---the more money you make!!!

incentivize deal
2% at listing
3% if at below listing price
win-win

brokers net listing
to peers look like an idiot
some will because
  . . .
ethical problems in the listing
multiple listing service
as another kind of listing

what it really is is a service provided by the local real estate board
MLS
celebrity
high end
re:burglars, nosy neighbors

trust account
advertising expense
whatever agreed upon in attempting to market property
advanced fee addendum
p 188
becoming common
http://www.real-estate-investment.net/advance-fee-addendum.html
an option is a contract
buyers who would be speculators
exercise independent appraisal
preemption
rt of first refusal
connections of listings
option of purchasing the property at the agreed upon price
agreed fair market value
buying your property!!!!
price favorable to me!!!

disclose problems as well
first tuesday

split commissions
stat of frauds
pers
prop
service contract
if takes more than a year
year and a day
co-op agmt not in writing
RE purchase contract

residential and joint escrow
an offer from
the buyer
the seller is inviting offers
some buyers think it is
acceptance is paragraph thirty three

no pest control inspection
county tax lower than city
often pays both but its negotiable
HOA
unless negotiable.

Megan's Law offender disclosure
call # or website disclosure.

illegal redlining.
hold law los angeles
assemblyperson sponsored.

wed property law

CAR forms
buyer seller broker
last revision

leave out terms then cash on delivery
due diligence
fiduciary duties
consideration
in order to make a legally sufficient contract
detriment
commission in eschange
for buyer willing ready and able
signed by parties sought to be charged
satisfied contract demand
brokers and selelrs duties

indemnify defend v. litigation

broker should have known
this indemnification doesn't apply
should have known
dicey
dual agent
rep deposit
cleaner
in listing contract
keep commission entire

disclose as soon as practicable
hereby consents
liq damages fm buyer if cancel

seller
co-op
egregiously broker oriented
informed consent
arguably an adhesion contract

an agmt btw 2 or more persons to do or not do something.

corporate persons also can enter into contracts
voluntary agreements.
to do or not do something.
promise not to do something as wel
seventy feet to the front lot line
one valid contract
question about definition
divide contracts into classification
express or implied

in RE stated in words and in writing expressed

implied means understood not stated in words
conduct or the law
implied in fact

conduct
implied via conduct purchase transactions
implied in law
quasi contract figment of imagination.
invent it to prevent an unjust enrichment
pretend where there really is not
one way
evidentiary rules for proof
bilateral
or unilateral

two promises bilateral
typical promise in exchange for a promise
binding contract

void contracts minor, mental, drunk
capacity problem
at option of the innocent person
executory
crim---death
contracts---performed promise
real estate signed deed executed deed

capacity for contract
twenty one contract
age
18 california
capacity

best acceptance.
i accept
i accept
mirror.
counteroffer is a form of rejection
reelaborate

offers
bluebook

all the tea in china
counteroffer terminates the offer
it might be mean but i know the law

by lapse of time
do not specify when it terminates
depends on facts
revocation prior to acceptance

too late to revoke
unilateral terminate acceptance
mutual mistake as fact
terminates contract at option of either
illegal blockbusting
consent thru fear
contract voidable

undue influence tough to prove
simply allege as fiduciary you prove no---guilty til proven innocent
capacity and future consent
bargain for exchange---too much too little---time enter into contract!!!

courts not to get you out of bad contracts
bus decisions
stocks
choice
no undue influence in fidu relationship

adequacy
equitable remedies
two categories

remedies

equity specific performance
jail or any other remedy
was consideration fair
money damages

resell

consideration

adequacy in equity (church)

only sufficiency in remedy in law

old english contracts

basics of consideration
then those are the four elements avail. for contract
implied in fact contract
implied in law
some expressed in writing


statute of frauds
statute of writings to prevent fraud 16th century

tougher to prove an oral contract than
conduct constitutes contract
companion rule
parole evidence rule

from french parole to speak

if in writing then oral b4 or same time stmts not admissible
we negotiate presumption is
same time as in contract

if it were otherwise
checklist sat of frauds satisfied
subsequent stmt
b4 or at same time
or made concurrently
parole

preprinted
handwritten conveys current intent not yesterday
pure memorization of thought idea

TOE--time is of the essense

increases time requ.
so not in breach.
contracts notoriously slow to perform.

not have to be on writing
a year and a day
landlord writing
you the tenant
tenant sues for breach

statute of frauds
not a contract
lease is a form of contract
a relationship but no written contract

capacity mut consent off accept
legality consideration
memorandum compliant with stat of frauds


no defenses duress undue influence
risk breach

best is full performance
contract breached leaky roof
breach is the worst  way
if breach ct will sue and court of law or more often money damages
dont care about adequacy of consideration

little dicey minus what to complete it
if it is not partial performance

impossibility objectively impossible
every ct would honor
contract scenarios destruction of subject matter

discharge by operation of the law
bankruptcy
puts property into another category under fed BK code
sell assets then
remedy breach
back up offer
accept breach
unilateral recission
cannot terminate

ct will order a recission bc of recission.
usual remedy for actual damages.
we dont care about adequacy and specific remedy
sign the deed
powerful remedy
all elements of specific performance.
TOE--tot operat expense

voidable
option of the innocent person

Broker's responsibilities

page 96

trust account

earnest money deposit

in form of a check

three things

give it to the seller

seller might spend it the buyer the broker comes back for the money

best choice

escrow officer

not taking till escrow opense

time limit

three working days

subtrust buyer seller

a few days after that take to escrow officers

OPM

other people's money

danger: if cominngle

borrow for three days if caught and lose license.

Broker file with---anything else keep for three years.

If somebody comes along if you dont have all the documents then

independent contractor vs. employee.

Salespeople wear several hats.

The relationship with the principle.

Typically the broker.

The subagent the salesperson. One relationship

caravan look at the listings re strengths and weaknesses.

brings to saturday having floor duty.

office drop by sales.

big open house.

no time to be in the office.

nine o clock.

monday morning.

open houses on weekends.

what's going on

contractors.

meetings and training sessions for employees.

can't do with contractor.

payroll records.

if this person is independent contractor.

dental insurance

courts have said and IRS sales person is.  enough stories about broker.  this broker made every sales person log every copy staple, everything they did---going to an extreme.

re: IRS

payroll

key question.

98 figure four

when you get yr license select broker's three page form

independent contractor agreement.

mximum extent permissble by law.

department of real estate.

broker dont care what you call them---they are employee must be trained re liability issues.

this is the employer---training---for whatever.  employee.  subagent

broker is the principal.

moving list house.

take listing in what capacity.  direct as you.

seller not a principle not an agent

seller wearing four hats

independent contractor

employee

salespeople dont undrsatnd the many roles

independent contractor to max extent permitted by law

insurance on vehicle more than the minimu to protect selves

errors and omissions services.

court will say, you are liable.

salesperson is not an independent contractor.

much more complex than this

control vs. liability

one more relationship

principal

an attorney in fact

seller says---not only list property and agent

transferred back there

i trust you i think you are honest and reliable

signed by the seller

reported

where the real property located

sales person or broker

my spouse is ill in the hospital.

when he says pwr of attorney

do not give power of attorney power of attorney

once in hospital and surgery for signature

better to have in advance

ordinary general

incapacity terminates

durable power of attorney---the one you should give your loved one

broker gets special or limited power of attorney.

sign in relation to other

specific power of atty

county recorder

power of attorney

recorded property

misrepresentation

two

as author point s out 3

innocent 

negligent 

intentional

most serious

material impt under the circumstances

10000 acre ranch

one inch material depends on facts and circumstances

civil cases less punitive damges chance except for fraud

recover another million in damages

intent and knowledge

w defense

actual damages court costs and atty fees

civil wrong act duty breach actual cause proximate cross

carelessly and should have checked facts

wasn't negligent.

told something

still get recission

fraud in addition to civil fraud

district do we prosecute and put behind bars

statement.

all financial offers must be legitimate to seller

must be taken to the principal.

great wonderful

2 dollars

do take all offers to the seller unless the seller has given permission no in writing

between you and me.

confidential agreement.

now buyer calls up broker.

no dont waste my time.

eight fifty no---war

take it

revealed the lowest offer catch 22

better not 

call the owner make a legitimte

can't reveal terms or lowest offer.

death after 3 years

buyers believe in ghosts, unless buyer asks it even if they do not ask.  some druggie might show up----anything within three years the visual inspection disclosure. agency relationship

privacy issue with age discrimination

HIV law re:discrimination

better answer than that

terminating agency

two different broad categories

terminated by act of properties or by process of law

terminates the agency relationship

once accomplished the mission of selling the property

the best way is by breach

seller

fired

seller

i quit

if you wrongfully terminate it, you'll get sued--terminate by revocation--terminated wrongfully---broker choses not to bc doesnt want to get reputation for suing

out of listing contract

tactical business decision

only agent has right

broker's call if the selelr terminates but its not a wrongful termination three days after the listing contract expires

three days talked to neighbor

when are you having an open house

bc business so good

all ten signs used up explainable

business not that great

broker without salespeople or associate brokers it is a six month listing

whether terminated

close of escrow

best by agmt of parties

unilateral

find fraud then broker can terminate

not ground sfor getting out of the contract

unilaterally terminate

consult broker

call lawyer and run fact pattern by them seller

fraud

unilaterally terminate

othr way the operation of law

law says terminated bc of this

expiration of listing

exclusive listings

have to have exp date otherwise not valid contracts.

no binding purchase contract.

often has extension clause and a grace period and they are on the list of names.

essentially what said.

rare but does happen.

94 terminates agency relationship.

five months

terminated with the destruction of the subject matter.

third way way not understood.

terminates seller relationship.

dies, terminates the agency relationship.

triglycerides stroke terminates listing contract

BK effect

wrongful
sue and get commission
agmt btw broker/agent and seller

LEED cert enhancement for broker's license
competitive for CA market

CRA 1866
jones v. mayer SC neg'ed to rule out exception left in concurrent CRA 68

then CRA 1968
left clause

EEOC
master bedroom
mother-in-law suite
rare find---how discriminatory????
hearken's to redlining
sundown towns
days
look up portland 1990's mortgage banking collusion case

Unruh
Claifornia
Rumford act---then became fair housing

Unruh erased origin discrim
then gender, disability, orientation

violation under civil law

unruh
exemplary=punitive damages
treble damages
triple damages

also for antitrust damages
thus the act was extended
marital status

122
age not included as a form of discrimination in the original law
wolfson CA SC case did then extend it to age
CA SC held that
redundancy
publisher
http://en.wikipedia.org/wiki/Unruh_Civil_Rights_Act

still called for
CA fair employment and housing act
ancestry
age is not in that list.
most forms covered under fair employment and housing act

rumford
http://en.wikipedia.org/wiki/California_Proposition_14_(1963)
see
http://www.lucidcafe.com/library/jonesvmayer2.html

p125
federal housing poster
sex means gender
medical not there
ancestry not

blockbusting
http://en.wikipedia.org/wiki/Blockbusting
illegal
discrim v. unmarried couple re: condoning sin

appeal ct reversed then SC reversed appeal
http://www.kassman.com/kqed/kq052396.htm
smith v. FEHC 1996
catholics in orange case
http://atheism.about.com/library/legal/legislation/bl_rlpa_anders.htm

income source
what if it illegal?
non-reporting is violation of
which law?
"compounding a felony"
how know thru conviction . . .
what is slander????
confidentiality
don't know of CA case on point
welfare income, alimony income lawful

economic discrim?
not unlawful
can be only a rational basis kind
racial gets higher level scrutiny

CONTRACTS
voluntary redundant
two or more
labor contracts four thousand empl
more than two
parties
persons
artificial
namely corporations
term learned long ago
express stated
statute of frauds
contracts in writing
oral express contract
top page 40
what kind of implied
manifested by conduct
implied in fact vs. implied in law
QUASI---means implied in law

writ
oral----express

implied in law---ct invents to prevent unjust enrichment

another way
every contract will be bilateral or unilateral
promise and exchange for act
most are bilateral.
promise
binding contract

promise to buy house
sell house
bilateral

no promise
not paid until complete
most of times it is bilateral
assume it is bilateral and then most of the times you'll be right.
an open listing
promise to pay broker
ready willing and able
commission regardless of who gets the property.

end procuring costs.
unilateral

categorize contract as executory
get in trouble for breach
executed
performed

signed seller
deed

convict put to death one minute after  midnight
neither
perform
wholly executory
buyer and seller
as when escrow closed
deed recorded
fully executed
partly executed.
executed as to manufacturer
or executory to me.
point is breach is likely
most lawsuits are about executory contracts
http://en.wikipedia.org/wiki/Executory_contract
minor anyone under 18

minors treated as emancipated adults
statutory law
most states
author doesnt distinguish void and voidable
avoid
void

voidable at option of one party
application
re: consent ideology rape law:insight: marital immunities and rape shield exemption

statutory law take s precedence
law of necessities
case law
judge made
and statutory law supercedes

voidable

re: compounding a felony
http://en.wikipedia.org/wiki/Felony
gambling illegal in that category

contract law age of majority
18 for contracts
disaffirmance
can be by an act or expressly

can rescind the contract
minors have an advantage of disaffirming contract
parents cosign
on auto sale contract as minor could disaffirm

insanity
anyone over 18 presumed sane
then mental age
puts in a minority status
adjudged insane
then
legally insane by judge in a competancy hearing
then contract is void
all experts agree that the person is insane but not juge reified

voidable at option of innocent person

alcohol
capacity
voidable at option of the intoxicated person
end hour one

contractual intent
offer communicated
definite and certain
checklist
six parts
quantity
subject matter parties
time place performance
terms

acceptance form
can accept by fax
reasonable
keep record of transmission
email as well
unconditional

terminates the counteroffer
bidder
option with reserve
fiction
option conducted
selling real estate at auction is a marketing technique
auction with reserve
if highest bidder

original offer terminated
before offeror
offeree
acceptance
revocation before acceptance
after acceptance
ineffective
remember the california

terminating of authors
two categories
termination by the parties
and by operation of law
offeror
revoke is to withdraw the offer
reasonable in time and geographic area

CONTRACTS:
strict construction
blue pencil (pennsylvania)

sufficiency
adequacy

remedies at law
do we care about the sufficiency of consideration.
adequacy only looked at when seeking equitable remedy
something of value
not second-guess

ordinarily
adequcy of consideration examined by a court durine equitable remedy
option not an offer
third party beneficiaries
intoxication only minors can get out of the contract

fraud is an intentional tort
clear and convincing burden of proof

innocent misrepresentation
no actual damages
but recission
can cancel the contract
negigent misrep diff
reasonable substitution (california)

tenant buyers option
anything of value
when paying
valid
2000 a month
legally sufficient consideration
not iff its the same rent

options are typically exercised within the period
prospective buyer tenant if buyer wants to access options then buyer
no rt to selll to anyone else
no willing
independent appraisal
right of first refusal
http://en.wikipedia.org/wiki/Right_of_first_refusal
don't have to sell the property to me or anyone else
fraud duress
undue influence
unconscionability
adhesion
full promise by breach
not bc law says
objective impossibility

objective
subjective
impracticable---middle way
which cts view which way
commercial frustration


commercially enforced
subjective impossibility of contract performance

unconscionable to reasonable person
shocking to conscience
recog
UCC
grounds for getting out of contract
unconscienable
another

adhesion contract take it or leave it type contract
courts dont like adhesion contract

level of unconscionable
not of even bargaining strength
then not an adhesion contract.
breach
remedies avail
156
jaramillo
mandatory clause
arbitration clause

accord is satisfaction
just different
with accord and satisfaction
same parties different performance
cts accept
special problem of unliquidated death

unliquidated
good faith dispute about amt of money owed
liuidated debt
we dont do accord and satisfaction

cross out and paid in full
no good faith dispute
highest ever had
probably
if an unliquidated debt
this time we'll let you modify the debt
what giving them a portion of debt
trying to modify amt not valid
a liquidated debt
not work
no consideration
good faith in dispute
law accepts public policy in place of consideration
substituting parties

with novation
no worse off than original tenant

currency dollars
tender is an offer to  perform
if it is a bilateral contract
if i dont perf you dont either
but show ready willing
if can show
then can get cts to rule in yr favor because you tendered performance
if qualify from the loan

performed before
substantial performance
mostly
inferior materials why not quite the way speced
substantial but incomplete
damages
whatever it costs to fix
measure of damages

compensatory
all entitled to
compensate for out of pocket monetary loss
punitive exemplary
always often intentional

intent misrep or fraud
only time with contract only if malicious can you get punitive damages

how much liq damages clause
enf if reasonable
if labeledd liquidated damages but in effect punitive
nonenforcable if pun in nature

LACHES
adequacy of consideration
jury will look at

state cts can give declaratory relief
if i did this how would you rule

statute of frauds
party sought to be charged
plaintiff
memorandum to convince the court there really was a contract
stat of frauds
written contract

possession is the exception in CA
partial making payments
enough to think a contract in other states
sale of personal property
modification of the uniformal commercial code

whatever language you negotiate in
parole evidence rule
oral evidence not to modfify contract
before or at the same time
not later
is admissible to show later oral modification.

promissory estoppel
stained glass hypothetical
rely on gratuitous promise
courts can find promissory estoppel

three years
five yr adverse possession
ten years for judgements
civil code catch all 4 yrs
laches equitqble equiv
record that abstract of jdgmt
go to ct for execution lien

real estate 3-16-10

DUFFY
tuesday real estate 3-16-10
zoning laws
cc&r's
covenants and conditions
breach of conditions harsh forfeit property
certain restrictions unlawful based on race natl origin
encroachments
tree
homesteading
ch 3 wrap up

encroachment is a violation, it is unlawful
settle terms of adverse possession
homestead
creditors
protects but not against liens

judgement liens
homeowner get the home
insurance
liability 30,000 per person killed (joke)
more than the minimum better is 300, 000
one million or two million dollar limits
CA's homestead exemption
50, 000 single
married/head of household 75, 000
dependent child or elderly parent

live together you'll get a better exemption

reinvest homestead exemption
1st time buyers
p.65
often dont know about homestead exemption
if violates deed of sale
banks and mortgages can close on yr home
only judgements

insurance breaks fail
force sale
writ of execution
sherriff forces the sale.
only for house over yr head not bus property

owner occupied homestead exemption
there is  apiece of paper called deed of abandonment---file declaration of abandonment.
ideal time  to file it is when you aquire property
when you have yr trust deed recorded
in relation to homestead, a probate homestead
leave chapter 3

probability that they will be on the exam
know the terms
lis pendens
lot of material
another topic
agency

chapter 4
restraint on alienation (sale of property)
CC&R okay
as long as it is not illegal

agency for a year
covers topic for half a semester

(seller) principal designates, labeled an agent(agent) on principal's behalf for a third party.
agent now on behalf of the third party (buyer)

subagent
agent reps buyer and seller
dual agency
reps any two principals with a potential conflict of interest

agency agreement
listing contract
agency created by express oral or verbal conduct.
ostensible suthority.
authority that is thought to be had

listing contracts have a fixed termination date.
no actual suthoty.
warning listing expires.
authority
express written contract
old department store sellers were agents
page 74
above bold faced dept of real estate.

agent i the broker
subagent
implied agency.
no words express, oral expressed okay for some things
agency by estoppel

doctrine which the courts invent to prevent
twin as agent.  mone dhsnged
sat there and ler a person reoying in cjacter

created tio prevent unfar
to ednymust come from the court

agency by ratification
antique store owner off to the emergeny.
friend has ratification
ostensible---cash till, customer responsiblr held on
after the fact.
ostensible.  no actual.
when owner sys you did the right thing you  dd it  the fact
principle aftre the fact
fiduciary trust
special duties for buyer seller---but once in the realtionship of trust flow of duties.
duties and responsibilities
CA CIVIL CODE
CA dept. of real estate
fiduciary relationship is with the principal
some duties to the third party
sometimes the duty is to  a non-principle
owe  duty of honesty to principle
material facts disclosure---any important facts
owe duty of confidentiality
reasonable care
diff than utmost
duty of skill
care and skill

loyalty and duty not to make a secret profit
owe this to third party duty of fair dealing as well
transfer after escrow closes
no secret profits
no duty of good faith
duty of ordinary good faith
highest good faith to the principal
kickbacks from escrow companies

rep the buyer not the seller
for residential owner occupied one to four units federal law
owner law
agricultural
people who buy residential property
generally
dont expect them to be so sophisticated
trademark registered is the world realtor
CAR is a registered name of CAr affiliated with NAR and they own the world realtor.
you could be a broker.
trade associations are illegal.

car form 1004
new fiduciary duties
utmost care honesty loyalty
sellers and selling agent

not utmost loyalty
CAR different treatment than the courts
a decade ago NAR's ethics prohibited dual agency
seller's agent and buyer's agent, a dual agency
different questions and buyers's agency
dual agency
knowledge but not consent
informed consent
never would have given consent as such
exclusive listing contract
sellers agent is the co-op agent.
agent of neither.

sue principal for the leaky roof.
if agent failed, and then innocent third party got hurt
seller pays commission but not have them as agent.

did you fully understand???
no
informed consent