Question: After I left California in 2020 I gave my house to my mom. We have a very basic rental agreement that says her rent is $1/month. It never even crossed my mind to file it because there’s no income.
I would like to put the house on the market now and if possible do a 1031... View More 
answered on Jun 6, 2023
You don't need to file the lease agreement. As long as your taxes reflect at least a tax year's worth of income from the property, you should qualify. Consult with a tax professional for confirmation. I would also recommend hiring a Realtor that is also an attorney to handle the 1031... View More
My residence is in Huntington Beach - I am concerned about California Civil Code Section 1946.2 "just cause". Selling home to pay for assisted living due to health reasons. I will withdraw the residence from the rental market.
answered on Dec 6, 2022
The answer depends on a number of factors including how title is held and whether appropriate notices have been given. I would definitely recommend consulting with a real estate attorney before giving notice or trying to sell. Even better, hire realtors that are also attorneys to help you with... View More
I can afford to not work. But a past employer wants me to work for them. Ideally, i want my taxable income to be as low as possible when i sell our house, correct?
answered on Mar 29, 2022
If this home qualifies as your primary residence, you will qualify for a capital gain exclusion of $250k, if single, or $500k, if married. If this is an investment property, you may defer taxable gain by doing a 1031 exchange. There are also ways to change the characteristics of properties in... View More
I got a cash offer for my house that is for sale and accepted it. Opened the escrow and signed the seller documents. We noticed that the buyer was delaying signing and making the initial escrow deposit as he stipulated in the offering. Later the week the buyer realtor reply that he had a break in... View More
answered on Mar 24, 2022
If you used the standard RPA, you likely capped your damages at the amount of buyer's deposit. If buyer has failed to close on the home and has waived all contingencies, you have a good argument for keeping the deposit. Your Realtor needs to make a demand for the deposit from escrow. If... View More
When is my contract with agent null & void? I was lied to from outset.
answered on Mar 17, 2022
If you choose to remain married to your wife, the distribution of profit from the sale will depend on how title was taken to the property. If you choose to divorce, the divorce court will determine the distribution of profit from the sale. An agent does not determine how profit is distributed.
answered on Mar 17, 2022
If the Realtor did not perform their duties under the listing agreement, they are in breach of that agreement. Unless you agreed otherwise, Realtors are required to place the listing in the MLS within 24 hours of executing the listing agreement. The listing period has likely lapsed by now as... View More
Right to purchase for 10 years. Is my best option to file a partition?
answered on Mar 17, 2022
Tenants in common can only encumber or sell their own interest. They cannot sell or encumber your interest or the entirety of the property. In other words, unless you decide otherwise, you will always own 25% of the property.
answered on Feb 7, 2022
This is a potentially needlessly complicated issue that centers around who exactly hired the TC/who does the TC work for, what agreements are in place between the TC, brokers, agents and clients and what is contained in the closing statement. Closing statements are not standardized and can differ... View More
The realtor said it didn't affect anything since we are in California. Do I keep the house if my husband passes away?
answered on Feb 5, 2022
As a initial matter, unless they possess a law license, Realtors cannot and should not give legal advice. Taking title to real property and the effects thereof are legal matters and beyond the purview of Realtors. As an Attorney and Realtor I can and do provide advice to my real estate clients on... View More
We signed a contract to purchase ($700k) home and entered into escrow. The home inspection showed a lot of repairs, so we decided to cancel the contract. My realtor sent “Cancellation of Contract” to the seller.
The seller called us back saying that they are willing to fix the repairs... View More
answered on Feb 3, 2022
Your Realtor did not do you any favors here. Your Realtor should have spoken with the listing agent and determined whether the seller was willing to do repairs before sending the executed cancellation. In addition, once it was clear that seller was willing to do repairs, your Realtor should have... View More
I used the inspection contingency to cancel the purchase of a home, and the buyer decided not to sign my cancelation and create their own to go into arbitration. The buyer's Agent has not responding to my Agent telephone calls and emails since I signed their cancelation on January 12, 2022.... View More
answered on Feb 3, 2022
Has your agent sent escrow a request for return of your deposit? By law escrow has to return your deposit unless the other party contests. If the parties disagree on the return of the deposit, either party can request arbitration or mediation, per the RPA. Escrow will hold the funds until the... View More
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