San Francisco Real Estate: Escrow Out Loud
#59: Refreshed Real Estate Jargon
Matt recently returned from the California Association of Realtors 3rd (and final) Business Meeting of 2018 where he learned all about the changes in real estate terminology that will be encoded in the legislation. So, armed with this new information, today on Escrow Out Loud, our San Francisco Real Estate podcast, we are playing our ever popular game, Question That Answer!
[02:43] We start off with a minor caveat and launch into the new AB 1289 terminology which comes into effect on January 1, 2019.
[03:29] Questions we cover: The person buying the property? The person selling the property? Goodbye to the transferee and the transferor! Information that relates to the client representation?
[05:12] Quick tangent: An example of a change to the dual agency part of what is considered confidential information that happens when this law is updated.
Among other things, with these changes coming into effect, we can no longer disclose the seller’s motivation for selling, which is one of the commonly asked questions and not relevant to the value of the property.
[09:48] Back to the questions: A personal representative acting to sell a property on behalf of a dead person? A person designated to manage assets in a trust? Which one these is generally exempt from completing the transfer disclosure statement? Bonus question: Why does this make sense?
[12:27] The agent that represents the buyer? This was previously confusing terminology, so, we are particularly excited about this one!
Final question: The number of days in which a buyer who receives a revised transfer disclosure statement has, to cancel the contract?
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