Real Estate Law in california

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Real Estate Law in california Article Summaries

Investors - Look For The Real Estate Sweet Spots
By: Mark Walters
: A politician once proclaimed, "All politics is local!" The same is true for real estate. If you live in Southern Calif... the sky. The real estate market is hot! At the very same time there are many areas in the Midwest where there has been ...

What is the Real "Real Estate Software"?
By: Anastasiya Shalayeva
: Everybody knows the difference between the virtual and the real. When it comes to real estate online ads, this differe... Commercial or Open Source TechnologyReal estate selling/rental portals typically have to process large number of querie...

When a Real Estate Agent May Not Be The Best Option
By: Chris Cates
: Historically, when homeowners wanted to sell their home, the first call made would be to a Realtor. Since the early 19... who co-founded WeBuyTheUSA along with Todd Dotson. In addition, Mr. Cates is a national real estate mentor for Tactical...

Real estate software for Palm PC
By: Oliver Webber
: How can Palm PC be useful for real estate professionals?A real estate professional may discuss business matters with a... when sitting with the client at a coffee house? Now, when you have this great personal assistant, you need a napkin to ...

Personal Branding Techniques for Real Estate Agents and Brokers
By: Dan R. Vella
: A key principle of marketing is to find something unique about what you offer as the basis of your sales message. Even... that are most vital and focus on communicating them. Think about the things you associate with prominent artists or man...


Featured Article

Fraud in real estate, are you being victimized? - Part II

Willard Michlin

The phone range and Peter was on the other end of the line. "Willard, I have a friend of mine that has a real estate problem." I said, "Send him over." Two hours later, Jerry sat in front of me terribly upset. Three years earlier, he had been talked into buying a 4 unit building in partnership with Smooth Talker, a knowledgeable, smooth talking real estate salesman. Smooth Talker offered to find the property, arrange the financing, manage the building and even put up the down payment. Jerry was told that all he had to do was use his perfect credit to qualify for the loan and then sit back, wait seven years and the money would come rolling in.

Smooth Talker also promised that the two of them would do more deals and Jerry would make over $100,000. What Jerry did not know and he would not figure out until 3 years later was that Smooth Talker had no intention of splitting anything and Jerry could kiss his perfect credit goodbye. 3 years ago, Smooth Talker had Jerry and two other buyers, buy three buildings, located on one street. The buildings cost $150,000 each. Smooth Talker put up $1,500 down payment for each property, while at the same time, telling the buyers that he was putting in $12,000.00 for each. There was an unexplained difference of $10,500 each.

Smooth Talker also collected a $9,000 Real Estate commission on each. Smooth Talker also agreed to take the building in as-is condition, with no inspections and without requiring the seller to make any repairs. There were, unknown to Jerry $10,000 worth of air-conditioning as well as other work.

Smooth Talker had those other two buyers borrow from the Federal Government a remodeling loan of $48,000 to make the needed repairs. When those other two buyers each got their loans, Smooth Talker took all the money and said he spent it on Jerry's building. Let me clarify that. Smooth Talker stole the money from the other two investors, telling them he used it on Jerry's building. That is still stealing. My research later showed that he did almost no repairs to any of the buildings, and what little repairs he did have done, were not even paid for.

Smooth Talker cheated the poor workers out of their pay. No one could ever understand what he was doing. He even collected rent, pocketing any cash. When the buyers wanted an accounting. Smooth Talker wouldn't even supply it. When I came on the scene and demanded, as a matter of law, an accounting of what was received and spent. Smooth Talker didn't have any proof of what happen to all the money.

Jerry wanted out of the partnership but Smooth Talker didn't want the building sold; but he did want to make sure he got his due, if it was. He gave me a statement showing that he had put in $34,000 (which was not true) into the building and wanted that before any split of profits. This would of left Jerry receiving $5,000 and Smooth Talker making $46,400 on the whole deal.

To avoid being in this kind of a situation, I advice the following, before doing any sort of real estate deal; a) Evaluate your risk. What is your downside? Have a real estate expert study the deal. b) Set up operating and reporting guidelines with your partners. Put everything in clear English. c) Have everything reviewed by an attorney or an accountant. d) Choose your people partners with care.

About the Author

Willard Michlin is an Investor, Business Broker, California Real Estate Broker, Accountant, Financial Distress Consultant, Well known Public speaker and Administrative/Business Consultant. He can be contacted at his Ventura, California office by calling 805-529-9854 or by e-mail at kismetrei@earthlink.net See other article by Willard at http://www.kismetgroup.com
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Bowman and Milligan (2000) Real estate law in California
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Cal Law: California's Legal News Source -- Real Estate
... when it comes to recent developments in real estate law in California. Inside; an article discusses property disputes ...

Bowman and Milligan (1978) Real estate law in California
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Business Law 381: California Real Estate Law Course Syllabus; Spring 2002 Professor Zucker (PDF)
... Business Law 381 is designed to provide an overview of real estate law in California; including ...

Real Estate Law in California: Arthur G. Bowman: ISBN 0137640854
Real Estate Law in California; Arthur G. Bowman; ISBN 0137640854. Best Book Buys helps you find the lowest price at dozens of online bookstores. ... TitleAuthorSubjectKeywordISBN. Real Estate Law in California ...

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Real Estate Law in California by Arthur Bowman; ISBN 0324142943 And Giant Flowering Clematis Collection
Real Estate Law in California by Arthur Bowman; ISBN 0324142943 And Giant Flowering Clematis Collection

Real Estate Law in California - Arthur G. Bowman
Books-Title: law. real estate law in california - arthur g. bowman by arthur g. bowman. 168662. 0324142943

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