Question and Answer Regarding Transfer Disclosure StatementQuestion: I understand that a buyer has an automatic right of rescission after receiving a completed Transfer Disclosure Statement (“TDS”). What happens if the selling agent does not complete their section of the TDS? Can the

Tax Relief Bill for Distressed California Homeowners RejectedWhen the California real estate market took a downturn in 2007, the legislature responded by providing mortgage relief. Under this law, if a Californian sold a home where the amount of the loan was greater than the value and the lender

Photographer Sues Getty in Copyright Violation Lawsuit for $1 Billion DollarsAs we previously reported, Getty Images, a photo agency, regularly sends demand letters to agents and brokers who have used their photographs on websites or for other marketing purposes. Getty demands compensation for the

Agents Should Not Copy Other Agents’ Listings to CraigslistA recent trend in marketing is for one agent to copy another agent’s listing on Craigslist and adopt it as their own. For example, an agent copies a listing agent’s listing into Craigslist, but places their name as the

Loss of $2,000,000 Due to Wire FraudIt was recently reported that a buyer wired a $2,000,000 deposit for a $20,000,000 purchase of an apartment in Manhattan, NY. He inadvertently sent it to cybercriminals and is now blaming his real estate attorney. While in contract, the buyer’s email was

Question and Answer Regarding Listing PriceQuestion: I am representing a buyer who made a full-price offer on a property. The seller issued a counter at $38,000 more than the offer. The buyer rejected the counter. The seller subsequently lowered the list price. My buyer made the same offer, which

Nigerian Man Arrested in Wire Fraud CrimeAccording to Interpol, a man known as “Mike,” ran an international criminal network, which specialized in hacking email accounts and diverting wires. Mike, who is 38, was arrested by Nigerian authorities. It is thought that he has swindled over

Question and Answer Regarding Translation of Documents and ReportsQuestion: If an agent reads and writes a foreign language, can that agent translate documents and reports in that language for their client?Answer: No. If an agent translates documents and reports, it leaves open the possibility of a

Question and Answer Regarding Receipt of a Commission By a BuyerQuestion: I am listing a property for sale. A buyer, who does not have a real estate license, has requested a three percent (3%) commission. Can I pay it?Answer: No. A non-licensee may not receive a commission. If the seller lowers the

Court Finds Texts Between Agents Lead to a Binding ContractA Massachusetts court recently held that texts between agents created a binding contract between their clients. In that case, the buyer made an offer through a letter of intent. The agents continued to text back and forth with various terms.