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Q: What is a Real Estate Broker?
A: A real estate broker is in the business of brokering real estate
transactions. Finding sellers for those who want to buy real estate and
finding buyers for those trying to sell real estate. Real estate brokers assist
sellers in marketing their property and selling it for the highest possible
price under the best terms, and assist buyers by helping them purchase property
for the best possible price under the best terms. In many jurisdictions,
particularly in the United States, a license is required to be a real estate
broker.
Q: What is a
REALTOR?
A: The California Association of Realtors
requires that all agents and brokers must be members in good standing to use the
Realtor designation. CAR maintains strict rules and ethics for its members to
follow when conducting business.
California Association of Realtors
www.car.org
Q: Where can
I find out if my realtor is licensed and is in good standing?
A: The State requires that each agent and broker
meet both its licensing and ongoing education requirements. It also lets the
public inquire online as to the status of the licensee including any
disciplinary actions.
California Department of Real Estate
www.dre.ca.gov
Q: Who can I
call to get a copy of my credit reports and scores?
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Equifax
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866-222-5881 |
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Transunion
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800-916-8800 |
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Experian
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888-397-3742 |
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Q: Where can
I find information on Home Inspectors?
A: While there is no statewide licensing of home
inspectors, this organization provides referrals to its members in your area.
California Real Estate Inspectors Association
www.creia.org
Q: Where can
I find out about school test scores in my area?
A: Test scores can help you choose a school,
school district, or city where you would like to live. The CA State Dept. of
Education has the current and prior year’s data available online.
California Department of Education
http://star.cde.ca.gov/
Q: How can I
get the latest on Southland home sales and mortgages?
A: The LA Times website contains a lot of info
on the Southern California Real Estate market that covers most of the southern
counties.
Q: How do I
buy a new house but keep my old appraised value?
A: For those homeowners over 55, special laws
(Prop 60 and Prop 90) exist that allow you to sell your primary residence, buy
another property of equal or lesser value, and apply for the new property to be
assigned an assessed value that is the value carried over from the first
property you sold. Check with the county assessor for details as the laws are
enacted on county basis.
LA County Assessor
www.assessor.co.la.ca.us/extranet/Guides/prop6090.aspx
Q: What
about Government Loan Programs?
A: Here are some of the federal and state
programs that have been around for years. Other programs can be city or county
sponsored, often using money from grants and special bonds to help first time or
low income buyers. Check your County web site and call your city officials to
see if they are currently providing any special assistance.
Q: Where can
I find the most complete on-line list of homes for sale?
A: The following two sites, while not perfect,
contain what I believe is the most complete inventory of listings.
Q:
What exactly is commercial real estate?
A:
Broadly defined, the term
commercial real
estate
can be used to refer to any dealing with real property in a business context. It
could involve leasing out office space, owning an apartment complex, or selling
real property along with and as part of the sale of a business. It might be
industrial or agricultural property. It could even involve residential
properties like apartment complexes or rental houses being held for business or
income-producing purposes. It can even involve working with the government.
Unless the property is a residence where the homeowner is living, you are
probably dealing with commercial real estate.
Q: Are there really that many
differences between a commercial real estate deal and buying a house?
A:
While
many of the concepts are the same, there can be huge differences between
commercial and residential real estate. Commercial real estate transactions can
be far more diverse and wide-ranging than selling homes. Any real estate deal
has its share of risks, and problems can arise that you could never possibly
foresee. In general, however, the risk and potential liability exposure that you
face on a commercial real estate deal can be much greater than when you buy a
house. Look at it from this perspective: by and large, we all have a pretty good
idea of what goes on in a typical family home, but can you say the same thing
about a piece of business property? Depending on the nature of the business,
commercial property may have all kinds of liens and title problems. There may be
greater concerns about hazardous materials or zoning issues. And there will
always be questions about the suitability of the property's location for your
business needs.
Q:
What should be in a real estate purchase
contract?
A:
Real estate
purchase contracts can be extraordinarily simple but usually end up being very
complex and lengthy documents, in order to try to address all the what if's that
are typically involved in a commercial real estate transaction. Points that
would typically be covered include:
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Parties
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Recitals (background facts as
to why the parties are doing the deal)
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Description of the property
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Sales price and terms of
payment
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Title and title insurance
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Closing date
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Escrow provisions
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Conditions to closing
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Representations and warranties
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Environmental and hazardous
waste provisions
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Zoning and land use issues
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Rights to inspection
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1031 exchange provisions, if
applicable
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Liability insurance
requirements
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Indemnification and hold
harmless provisions
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Remedies if a party breaches
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Rights to amend and modify
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Term and termination
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Rights to assignment or
delegation of rights
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Attorneys' fees and costs
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Arbitration rights, if any
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Governing laws
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Other standard
provisions
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