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Question and Answer Regarding Whether Emails Create a Binding Contract

Question: Can emails create a binding contract?Answer: Recently, an appellate court in New York held that emails between a buyer and seller may constitute a formal binding contract. In Stonehill Capital Management v. Bank of the West 28 NY3D 439, 2016, an appellate court upheld a contract entered
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Question and Answer Regarding Contingencies

Question: I am a selling agent and my buyer has signed the Contingency for Sale or Purchase of Other Property form (“COP”). When does the inspection contingency time start running? Answer: The contingency time frame begins running upon one of the following: 1. Delivery of escrow evidence
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Question and Answer Regarding Service Animals

Question: May a prospective purchaser bring a support animal into an open house?Answer: Probably. Unless there is a compelling reason why a buyer cannot bring a service animal into an open house, the seller should probably permit it to prevent discrimination claims. A compelling reason may be a
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Amended Bill Would Eliminate Mortgage Interest Deduction for Second Homes

The California Legislature is currently considering amending AB71, which would eliminate the mortgage interest deduction for second homes. The purpose is to fund an increase in low- income housing tax credits. The California Association of Realtors is opposing this Bill. It will be voted on by the
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Question and Answer Regarding Water Conversation Plumbing Fixtures

Question: I have a seller selling a property with a home built before 2004. He does not know whether the plumbing fixtures comply with the California Conservation Plumbing Act. Does he need to hire a plumber to answer the questions on the Transfer Disclosure Statement?Answer: No, however, your
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Congress Addresses PACE Loans

The United States Congress is currently addressing issues arising out of PACE loans. These loans, created by the Property Assessed Clean Energy (“PACE”) program, allow homeowners to obtain financing to make improvements to their home to increase their homes’ energy efficiency. PACE
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Question and Answer Regarding a Seller’s Inability to Close Escrow

Question and Answer Regarding a Seller’s Inability to Close EscrowQuestion: I am a listing agent. The property is in escrow. A neighbor recently sued the seller and recorded a Lis Pendens against the property. The seller can no longer transfer title. What advice should I give the
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New Forms Issued by California Association of Realtors

New Forms Issued by California Association of RealtorsOn June 1, 2017, the following forms new forms will be released by the California Association of Realtors:1. Bedbug Disclosure;2. Cancellation of Lease or Rent;3. Pre-Possession Notice to Tenant to Pay; and4. Water Submeter Addendum.These forms
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Legislature Proposes Bill to Eliminate Interest Deduction on Second Homes

Legislature Proposes Bill to Eliminate Interest Deduction on Second HomesAB 73, is a bill pending before the California legislature, which would eliminate mortgage interest deductions on second homes. The purpose is to fund an increase in low-income housing tax credits. It is predicted that if the
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