When is the seller exempt from a Transfer Disclosure Statement (TDS)

When is a seller exempt from a Transfer Disclosure Statement?
This question comes up very often. It’s required more often than you migh think.
By the way, if a Transfer Disclosure Statement (TDS) is needed then the Seller Property Questionnaire (SPQ) is needed too. State law makes it a package deal to use both forms on a transaction.
The following transfers are exempt from these disclosure requirements:
  • The sale of new homes as part of a subdivision project where a public report must be delivered to the purchaser or a public report is not required. However, when such new homes are sold through a real estate broker, the broker owes the buyer a duty to disclose any material facts which affect the value, desirability and intended use of the property;
  • Foreclosure sales;
  • Court ordered transfers;
  • Transfers by a fiduciary in the administration of a decedent’s estate, a guardianship, conservatorship, or trust except where the trustee is a former owner of the property;
  • Transfers to a spouse or to a person or persons in the lineal line of consanguinity;
  • Transfers resulting from a judgment of dissolution of marriage, or of legal separation, or from a property settlement agreement incidental to such a judgment;
  • Transfers from one co-owner to another;
  • Transfers by the State Controller for unclaimed property;
  • Transfers resulting from failure to pay taxes; and
  • Transfers to or from any governmental entity.(CAL. CIV. §§ 1102, 1102.2, 1102.3)

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Real Estate Training is Overrated

One thing that all big name real estate companies offer as bait to lure agents to their company is real estate training.

Real Estate trainingThis is a gimmick, and here’s why:

It is a common misconception among agents that getting training has significant impact on their success. Generally speaking, training is a way for agents to act like they are busy doing something productive. It is easy to do, because training is force fed to agents by the trainer. The hard thing for agents to do is actually engage prospects and ask for business. Training, one way or another, detracts from the simple truth that unless a real estate agent is asking for and earning business, training is 100% irrelevant.

Certainly, getting trained on a few fundamentals is a good thing to do. However, it should be done in small and precise doses so that it doesn’t interfere with overarching goal of prospecting. Just remember that there is an overabundance of agents with knowledge and an overabundance of tools to help agents conduct a transaction, but there is a shortage of clients.  When you find a client that wants to work with you, there are other agents and tools lined up to help you through the process.

It’s important to train yourself on marketing because that will assist you in engaging with your target demographic. However, this varies greatly depending on what your niche is and involves trial and error as you prospect. Most “big box” training programs on marketing are sterile and too vague to really offer the value they advertise.

In the few cases where being trained on something becomes essential for your prospecting, there is a myriad of free tools from Youtube videos and webinars to resources with your local association of Realtors. However, rarely does training warrant the split or fees that most real estate companies charge with the justification of training.

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Real Estate – Be in Business for Yourself

Be in business for yourself.

Be in business for yourself.

So you’re interested in selling homes and making a career for yourself in real estate. Sounds pretty easy right? It is if you know the right way to navigate this saturated industry. The key topic that people seem to forget with real estate is that you’re essentially working for yourself, not the brokerage nor the broker. You’re in business with yourself and if you want to succeed you’re going to do all it takes to market yourself and your business to turn this job into a career.

To succeed in your real estate business, you need to first formulate a business strategy. How many homes do you intend to sell in a year? When will you be ready to handle commercial property sales? Should you get a broker’s license after a few years in the real estate industry? These are some questions that you should be asking yourself as not only a real estate agent but also a business owner. Be mindful of your finances. Set aside a budget for marketing and advertising expenses. It’s good to set aside funds to invest back into your business to ensure that you can grow and thrive.

Secondly, you need to define what kind of business you will be conducting. It’s better to specialize in a location and type of property sale (residential, commercial, rental real estate), then to stretch yourself thin. In the real estate business, defining what your company is about and having a niche market is crucial to your success and longevity.

Another important aspect to consider when in business for yourself is that you always need to continue educating yourself and keeping up to date with new technology to assist your real estate business. In real estate there’s a lot of paperwork involved; make it easy for yourself and your clients by going green and keeping your transaction paperless. Streamline the way you do your transactions by using electronic signature technology. Be in the real estate loop by signing up for newsletters. Continuously search for new articles about the real estate industry, if there are changes to any real estate forms, make sure your know about it.

The last aspect to never forget when doing real estate and owning your own business is that you need to be accessible to your clients and your agents if you’re a broker. Having accessibility,  and a good phone plan will help towards your success in real estate.

Join Balboa Real Estate if you’re ready to start a career where you are your own boss. Work with us to keep 100 percent of your commission and grow your real estate business.

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Cloud Storage for Real Estate

 What is cloud storage and how it applies to Real Estate

By now most agents know what cloud storage is and how beneficial it can be for real estate agents.

Balboa Real Estate Turbo Transaction

To put it simply, cloud storage is a way for all your real estate documents and forms to be loaded onto a server that allows an agent to access them from any computer at any giventime. This server where all your files are stored on is called the “cloud.”

If you have gmail, hotmail, or any web-based e-mail then you are essentially already usually cloud storage. This is because all your e-mail and pictures that people send is stored somewhere else. An e-mail cloud is remote storage so you can access your e-mail from any computer with internet access.

If a real estate agent applies the same concept of accessing an e-mail cloud and applies it to accessing real estate transactions online, then they are using a real estate cloud.

Balboa Real Estate has developed a proprietary cloud exclusively for real estate transaction management.  It is entirely free for agents to use and the fastest and easiest way to submit completed files.

Once a listing is taken an agent can log on and in a matter of seconds upload the listing agreement. Same idea working with buyers. Any document uploaded can be accessed online and sent to any e-mail address at any time. Lost documents become a problem of the past.

When an offer is received on a listing an agent can open escrow, request a preliminary title report, and order and NHD all with a click of the button. This gives the agent a running start on expediting the transaction.

When an agent or the transaction coordinator uploads transaction documents throughout the escrow the the file will be complete so that there won’t be any last minute paper shuffling.

Turbo Transaction is another member service available for Balboa Real Estate agents. We offer agents 100% commission and residual income.

 

 

 

2013 California Residential Purchase Agreement Tutorial Balboa Real Estate California Residential Purchase Agreement Tutorial

How to fill out the 2013 California Residential Purchase Agreement for reference

This video should serve as a brief overview for agents that would like a reference to fill out their California residential purchase agreement.

Remember: Balboa Real Estate offers 2 commission options

1. $597 per Transaction

or

2. $1497 per year. That’s it!