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Due Diligence and Disclosures, 1st Edition
Agency Issues
Chapter 1: An agent’s perception of riches
The broker avoids deception
Chapter 2: The MLS environment
An industry-wide misconception
Chapter 3: Subagencyanddualagency
Agencyandfeesharing misconceptions
Listings: Employment by the Public
Chapter 4: Preparatory costs for marketing
Greater transparency in asale
Chapter 5: Sharing fees on a sale
Buyer’s agent or cooperating agent?
Chapter 6: Finders : a nonlicensee referralservice
Agency relationships in real estate transactions
Property Conditions & Disclosures
Chapter 7: Due diligence obligations
The duty owed to clients..
Chapter 8: The listing agent and the prospective buyer
General duty to voluntarily disclose
Chapter 9: Opinions with erroneous conclusions
When an opinion becomes a guarantee
Chapter 10: Condition of property:the owner’s disclosures
Mandated on four-or-less residential units
Chapter 11: Safety standards for improvements
Disclosing noncompliant improvements
Chapter 12: The home inspectionreport
Transparency by design.
Chapter 13: Verify property disclosures: retain a home inspector
Protecting the prospective buyer.
Chapter 14: Natural hazard disclosures by the listing agent
A unified disclosure for all sales
Chapter 15: Environmental hazards and annoyances
Noxiousman-made hazards
Chapter 16: Lead-based paint disclosures
Crystal clear transparency
Chapter 17: Marketing condominium units
Managed housing.
Chapter 18: Bonded indebtedness due improvement districts
Costs of subdividing land.
Chapter 19: Prior occupants’s use, affliction and death
When and when not to disclose
Chapter 20: Income property operating data
Fundamentals induce offers.
Chapter 21:Required disclosures on seller carrybacks
Mandated notices
Chapter 22: The seller’snetsheet
Financial consequences ofasale
Chapter 23: Cost of acquisition disclosures
The capital to buy
Contract Law
Chapter 24: Contingency provisions
Conditioning the close of escrow.
Chapter 25: The elimination of contingencies
Occur, approve, waive orexercise
Chapter 26: Cancellation excuses further performance
Exercising the option to terminate
Chapter 27: Time to perform
Default and cancellation
Chapter 28: Cancellation, release and waiver
Known and unknown claims
Chapter 29: The seller’s breach
Failure to act or timely act
Chapter 30: The breaching buyer’s liabilities
First, there must be a money loss
Chapter 31: Minimum carryback interest rules
Charge or impute interest rates
Chapter 32: Seller financing diminishes tax impact
Installment sale defers profit reporting
Purchase Agreements
Chapter 33: Vesting theownership
Possession and transfer rights
Chapter 34: Preliminary title reports
An offer to issue title insurance
Chapter 35: Title insurance
Identifying an actual loss
Chapter 36: The counteroffer environment
Meeting theseller’s objectives
Chapter 37: An owner’s residence in foreclosure
The equity purchase sales scheme
Chapter 38: Income property acquisitions
Investigating a property’s worth
Chapter 39: Real estate purchase options
An irrevocable offer to sell
Taxes
Chapter 40: Tax aspects advisory
Discl osure of known consequences
Chapter 41: Home loan interest deductions
Two deductions, two residences.
Chapter 42: The principal residence profit exclusion
Tax-free sale up to $250,000 per person
Chapter 43: 1099-S on the sale of a principal residence
Seller certification eliminates 1099-S
Chapter 44: Profit tax with holding on a sale
Qualifying as an exempt §1031 sale