Next Meeting is: 6/21/2016 - Joel Carlson, Broker
AIR Commercial Property Purchase Form Review
Our Current Workshops are: The LISTING, COMMUNICATION and the LAND Workshops - If you have interest in learning how to do commercial, land or investment real estate, please attend one of these workshops. We will share our knowledge and help you learn how to list and market your listings by helping you learn the "ins and outs" of the investment real estate business. (Please check the Speaker Flyer above for current Workshops and Topics.)
Network Meeting 7:30 A.M.; General Meeting 8:30A.M. Workshops at 9:30.
In memoriam: Bill Duncan, Lt. Col. Wm. R Duncan, USMC (Retired) passed away on Tuesday, March 8th at 95 years of age. For RIAOC members back in the day, our beloved “Lil Colonel” will be remembered as being first to serve and owner of the title, “Father of the Gold Sheet.”
RIAOC OFFERS THE OPPORTUNITY TO LIST ONE OF YOUR HAVES AND WANTS FOR FREE! (Gold Sheet)
THE FIRST AD IS FREE! All members can list one of their Haves and Wants in the Gold Sheet for Free (Add'l Ads $3/Line). Get all the benefits of using the Gold Sheet. Tell everyone what properties you "Have" available for purchase or tell everyone what your Clients are looking for and "Want"!
The 10 steps to saving the Constitution come from the Heritage Foundation’s newsletter.
Quote of the Week: My reading of history convinces me that most bad government results from too much government. Thomas Jefferson,
Business Tip of the Week: Athletes at the Winter Olympics got there by setting very high goals and then persistently pursuing them when setbacks came. Those same actions will get us where we want to go in business.
2015 New Laws Affecting REALTORS®
1. Disclosure Regarding Real Estate Agency Relationships (C.A.R. form AD) must be delivered on commercial transactions -
Presently, the Disclosure Regarding Real Estate Agency Relationships form (C.A.R.’s AD form) is required for real property transactions involving residential one to four dwelling units, leases of greater than one year and manufactured homes (if negotiated by an agent). Existing law also requires the listing or selling agent to disclose to the buyer and seller whether he or she is acting as the buyer’s agent exclusively, the seller’s agent exclusively, or as a dual agent representing both the buyer and the seller. This disclosure is typically made through the confirmation of agency relationships on the first page of CAR purchase agreements.
Under the law, the AD form and confirmation will be required for any commercial, vacant land or industrial property; or any residential 1 - 4 property.
Senate Bill 1171 codified as Civil Code §2079.13. Effective January 1, 2015.
2. Energy Use Disclosure (AB 1103) Requirements for Commercial Property: Compliance on or after July 1, 2014 total gross square foot area measuring 5,000 square feet up to 10,000 square feet delayed to July 1, 2016
The sale or lease of commercial property meeting certain square footage measurements requires the delivery of energy use disclosure to the prospective buyer or tenant. The disclosure trigger was to become effective for the sale of lease or commercial property measuring between 5,000 and 10,000 square feet on July 1, 2014. The California Energy Commission amended subdivision (c) of section 1682 of title 20 of the California Code of Regulations as an emergency regulatory action to change the effective date from July 1, 2014 to July 1, 2016 when the disclosure requirements of Public Resources Code section 25402.10 apply for a nonresidential building with a total gross square foot area measuring 5,000 square feet up to 10,000 square feet. The Office of Administrative Law approves this emergency regulatory action pursuant to sections 11346.1 and 11349.6 of the Government Code.
This emergency regulatory action became effective on September 2, 2014 and will expire on March 3, 2015.
3. REOs cannot dictate title and escrow company. This law is known as “The Buyer’s Choice Act,” and is now made permanent
The Buyer’s Choice Act presently prohibits a lender that gained title through foreclosure from requiring upon resale, directly or indirectly, as a condition of selling the property, that the buyer purchase title insurance or escrow services from a particular title insurer or escrow agent. This law applies to residential real property of four dwelling units or fewer. A seller who violates these provisions is liable to the buyer for an amount equal to three times all the charges made for the title insurance or escrow services.
This existing law was due to sunset in 2015. Now however, the law will continue indefinitely.
Senate Bill 1051 codified as Civil Code §1103.23. Effective January 1, 2015.
Note: For more information and for additional new laws please visit:
The above information is courtesy of the California Association of Realtors for members only. If you are a CalBRE licensee and not a member of C.A.R. , You should be!
|National Commercial Real Estate News From CoStar Group|