Page 1

Arcadia

REALTOR®

The Official Publication of the Arcadia Association of REALTORS®

PROUDLY SERVING THE REALTORS® OF ARCADIA, BRADBURY, DUARTE, MONROVIA AND SIERRA MADRE

AAR to Offer SRES Designation See page 12

REAL ESTATE TRANSFER DISCLOSURE STATEMENT (CALIFORNIA CIVIL CODE §1102, ET SEQ.) (C.A.R. Form TDS, Revised 11/12)

THIS

DISCLOSURE STATEMENT CONCERNS THE REAL PROPERTY SITUATED IN THE CITY OF , COUNTY OF , STATE OF CALIFORNIA, DESCRIBED AS . THIS STATEMENT IS A DISCLOSURE OF THE CONDITION OF THE ABOVE DESCRIBED PROPERTY IN COMPLIANCE WITH SECTION 1102 OF THE CIVIL CODE AS OF (date) . IT IS NOT A WARRANTY OF ANY KIND BY THE SELLER(S) OR ANY AGENT(S) REPRESENTING ANY PRINCIPAL(S) IN THIS TRANSACTION, AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PRINCIPAL(S) MAY WISH TO OBTAIN. I. COORDINATION WITH OTHER DISCLOSURE FORMS This Real Estate Transfer Disclosure Statement is made pursuant to Section 1102 of the Civil Code. Other statutes require disclosures, depending upon the details of the particular real estate transaction (for example: special study zone and purchase-money liens on residential property). Substituted Disclosures: The following disclosures and other disclosures required by law, including the Natural Hazard Disclosure Report/Statement that may include airport annoyances, earthquake, fire, flood, or special assessment information, have or will be made in connection with this real estate transfer, and are intended to satisfy the disclosure obligations on this form, where the subject matter is the same: Inspection reports completed pursuant to the contract of sale or receipt for deposit. Additional inspection reports or disclosures:

II. SELLER'S INFORMATION The Seller discloses the following information with the knowledge that even though this is not a warranty, prospective Buyers may rely on this information in deciding whether and on what terms to purchase the subject property. Seller hereby authorizes any agent(s) representing any principal(s) in this transaction to provide a copy of this statement to any person or entity in connection with any actual or anticipated sale of the property. THE FOLLOWING ARE REPRESENTATIONS MADE BY THE SELLER(S) AND ARE NOT THE REPRESENTATIONS OF THE AGENT(S), IF ANY. THIS INFORMATION IS A DISCLOSURE AND IS NOT INTENDED TO BE PART OF ANY CONTRACT BETWEEN THE BUYER AND SELLER. Seller is is not occupying the property. A. The subject property has the items checked below: * Range Oven Microwave Dishwasher Trash Compactor Garbage Disposal Washer/Dryer Hookups Rain Gutters Burglar Alarms Carbon Monoxide Device(s) Smoke Detector(s) Fire Alarm TV Antenna Satellite Dish Intercom Central Heating Central Air Conditioning Evaporator Cooler(s)

Wall/Window Air Conditioning Sprinklers Public Sewer System Septic Tank Sump Pump Water Softener Patio/Decking Built-in Barbecue Gazebo Security Gate(s) Garage: Attached Not Attached Carport Automatic Garage Door Opener(s) Number Remote Controls Sauna Hot Tub/Spa: Locking Safety Cover

Exhaust Fan(s) in Gas Starter Other:

Pool: Child Resistant Barrier Pool/Spa Heater: Gas Solar Electric Water Heater: Gas Solar Electric Water Supply: Well City Private Utility or Other Gas Supply: Bottled (Tank) Utility Window Screens Window Security Bars Quick Release Mechanism on Bedroom Windows Water-Conserving Plumbing Fixtures

220 Volt Wiring in Roof(s): Type:

Age:

Are there, to the best of your (Seller's) knowledge, any of the above that are not in operating condition? additional sheets if necessary):

Yes

Fireplace(s) in

(approx.)

No. If yes, then describe. (Attach

(*see note on page 2) Buyer's Initials (

)(

Seller's Initials (

)

)(

)

The copyright laws of the United States (Title 17 U.S. Code) forbid the unauthorized reproduction of this form, or any portion thereof, by photocopy machine or any other means, including facsimile or computerized formats. Copyright © 1991-2012, CALIFORNIA ASSOCIATION OF REALTORS®, INC. ALL RIGHTS RESERVED.

TDS REVISED 11/12 (PAGE 1 OF 3)

Reviewed by

Date

REAL ESTATE TRANSFER DISCLOSURE STATEMENT (TDS PAGE 1 OF 3)

Phone: (626)446-2115 Fax: Agent: Stephanie Maertens Broker: ARCADIA ASSOCIATION OF REALTOR 601 S First Ave Arcadia, CA 91006

Prepared using zipForm® software

MARCH 2013

10 Common REALTOR® Mistakes on the TDS

5 Rules for Real Estate Success in the New Year See page 9

See page 11

WWW.THEAAR.COM

1 VOL. 17, NO. 3


Arcadia

REALTOR®

REGULAR FEATURES 4 Events Calendar

4 From the EVP’s Desk Andrew Cooper, Executive Vice President

5 Attorney Comments Dave Freeman, AAR Legal Counsel

6 Market Matters

10 Through the Lens

A Look at What’s Happening Around the AAR

11 Affiliate Corner

“HO6 Condo Policies Now Required By Many Lenders” Mark Wu, Allstate Insurance Agency

03.13

{ Arcadia REALTOR® | March | Two Thousand and Thirteen | Volume Seventeen | Number Three}

2

March 2013

Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006 626.446.2115 626.446.4072 FAX www.TheAAR.com

2013 ASSOCIATION OFFICERS

Andy Bencosme {President} Mike Vachani {President-Elect} Joe Pacilio {Vice-President} Jill Nelson {Secretary/Treasurer}

2013 ASSOCIATION DIRECTORS

Micah Adams Ryan Asao Roy Blume Kelvin Chang Margaret Garemore John Lee Paulina Lee Sylvia Ramos Irene Yamagata -Bermudez

2013 C.A.R. DIRECTORS

Ryan Asao Andy Bencosme Margaret Garemore George Monte Randall Traw Mike Vachani Kelvin Wong

ARCADIA ASSOCIATION STAFF

We are here to help you with your needs! Office Phone 626.446.2115 Robin Allen Ext. 307 Director of Finance / Office Manager Robin@TheAAR.com Michael Beltran Ext. 302 IT Director / Webmaster Michael@TheAAR.com Brenda Faltes Ext. 304 Director of MLS Data Integrity, Supra & Social Media Brenda@TheAAR.com Stephanie Maertens Ext. 303 Director of Education, Publications & MLS Caravan Stephanie@TheAAR.com Maria Roberts Ext. 305 Director of Membership & Professional Standards Maria@TheAAR.com Jane Shriver Ext. 301 Director of Association Services Jane@TheAAR.com Andrew Cooper Ext. 308 Executive Vice President Andrew@TheAAR.com


ON THE COVER 9

5 Rules for Real Estate Success in the New Year Learn how these these five concepts can elevate your success this year: Prospecting, Fears, Discipline, Listings and Marketing.

11

10 Common REALTOR® Mistakes on the TDS Don’t succumb to these ten mistakes on the Real Estate Transfer Disclosure Statement!

12

SRES Designation The AAR will be offering this designation on March 11th and 12th.

411 E. Huntington Dr. Suite 101 B, Arcadia CA 91006 Phone: 626-446-2401 Fax: 626-446-2362

Ready for a Stress-Free Closing???? Let the Contempo Escrow Team show you how easy it can be!! Short Sales Commercial Mobile Homes

Bulk Sales Residential

ABC License Transfers Refinance

Contempo Escrow’s educated, friendly and proficient team will provide the best escrow services available to you and your clients! Open your next escrow with us, and experience the

Contempo Difference!!

ADDITIONAL CONTENTS 3

Asian Pacific Real Estate Convention & Expo The AAR is the N.A.R. Ambassador Association to Singapore and has partnered with them to promotes and attend their 1st Asia Pacific Real Estate Convention & Expo.

4 Applications for 2013 AAR Board of Directors are now available at the AAR, the weekly MLS Caravan or at www.TheAAR.com. 4

8

Amy Choy Escrow Officer

Committee Highlight - “Public Relations Committee” A monthly highlight of one of the AAR Committees.

7 Fore! AAR Member, John Wuo recently had the rare opportunity to golf with Tiger Woods. 7

Teresa L. Shaver Certified Sr. Escrow Officer

Annual Membership Dues Contest Announcing the winners of the 2013 “Pay Your Dues Early” Contest. Giving Back to Your Community Take a look at some of the benefits for doing volunteer work and ways to get involved in your community.

You are Invited to Attend A Highly Informative Class Discussing and Dealing With

"Environmental Issues in Your Community" Presented by

Ralph Kephart President – GeoAssurance

Teacher of Site Analysis, Long Beach State University, Expert witness in court on land matters

Monday, April 15, 2013 10:00 a.m. to 11:00 a.m. Arcadia Association of REALTORS® 601 South First Avenue Arcadia, CA 91006

Applications for AAR 2014 Board of Directors are now available at the AAR, the weekly MLS Caravan or at www.TheAAR.com. Deadline to submit applications or nominations is Sunday, March 31st.

Cost: REALTOR® Members FREE*

*If you register and do not attend or cancel beforehand, a $10 "No Show" charge will apply.

We Provide the answers to:

 “What to say” and “What not to say”  How to Mitigate and Stay Out of Trouble Banks are making changes to lending on properties near "Environmental Issues"!! Get the latest info for your own protection on Active and Abandoned Oil and Gas Wells, Gas Pipelines, Radon and other issues of concern. This is risk management!!

To register, visit www.TheAAR.com and click on the course title under "Upcoming Events"

Arcadia REALTOR® Magazine

3


March Events Calendar

1 9:00 a.m. - 11:00 a.m. - “Residential Purchase Agreement and Addendums” 12:00 p.m. - 1:30 p.m. - Toastmasters 4

8:30 a.m. - New Member Orientation

5

10:00 a.m. - 12:00 p.m. - Beginning ZipForms6 Training 10:00 a.m. - Global Real Estate Committee Mtg.

6

8:30 a.m. - MLS Caravan 9:30 a.m. - Events 4 Charity Auxiliary Mtg.

7

9:30 a.m. - Commercial / Investment Committee Mtg. 11:00 a.m. - Commercial Marketing Mixer 1:00 p.m. - 5:00 p.m. - “Real Estate Contracts”

8 9:00 a.m. - 1:00 p.m. - “Making Safe and Smart Real Estate Decisions” 11 9:00 a.m. - 5:00 p.m. - “Seniors Real Estate Specialist (SRES) Designation” 12 9:00 a.m. - 5:00 p.m. - “Seniors Real Estate Specialist (SRES) Designation” 11:00 a.m. - Tech Committee Mtg. 13

8:30 a.m. - MLS Caravan 8:45 a.m. - Affiliate Committee Mtg. 9:30 a.m. - MLS Committee Mtg. 3:30 p.m. - Equal Opportunity / Housing Affordability Committee Mtg.

14

1:00 p.m. - 5:00 p.m. - “Real Estate Contracts”

15

12:00 p.m. - 1:30 p.m. - Toastmasters AAR Day at the Races, Santa Anita Race Track

18

9:00 a.m. - 11:00 a.m. - “HP 10B II Calculator Class”

19

10:00 a.m. - 12:00 p.m. - Intermediate ZipForms6 Training 2:00 p.m. - Education Committee Mtg.

20

8:30 a.m. - MLS Caravan 9:30 a.m. - Public Relations Committee Mtg. 1:30 p.m. - Local Governmental Relations Committee Mtg.

21

11:00 a.m. - 12:00 p.m. - Lunch & Learn Series “The Basics of Home Owners and HO6 Condo Insurance” 1:00 p.m. - 5:00 p.m. - “Real Estate Contracts”

25

10:00 a.m. - 3:00 p.m. - CRMLS Training

26

9:00 a.m. - 5:00 p.m. - AAR / AREAA REALTOR® SoCal Expo and Conference at Doubletree Hotel, Monrovia 1:30 p.m. - Budget and Finance Committee Mtg.

27

8:30 a.m. - MLS Caravan 9:30 a.m. - Young Professionals Network Committee Mtg.

28 8:30 a.m. - Board of Directors Mtg. at Arcadia Chamber of Commerce 9:00 a.m. - 11:00 a.m. - “The Basics of Real Estate IRAs” 12:00 p.m. - 1:30 p.m. - Broker / Office Manager Luncheon 29

4

AAR Closes at 12:00 p.m. in observance of Good Friday

March 2013

FROM THE EVP’S DESK Get Out When You Get Down At one time or another, perhaps even recently, we’ve experienced those nasty feelings of negativity and discontent. I know I have. And as sales people, small-business owners and entrepreneurs we’re perhaps more susceptible to these feelings because of the constant ups and downs we experience in the real estate industry. The fastest and most effective way I know to change how you’re feeling about yourself is to “get out of your head” and make a CHOICE to think positively. I’m 100% convinced negative feelings and attitudes are choices and they start and end in between our ears. For some, this is easier said than done. So if we can’t change our attitude from within, how about changing it from without? What this means is going out to do something nice or selfless for someone else. You will absolutely feel better after doing this, guaranteed. You could do anything from buying a small bag of groceries for someone in need, donating unwanted items, helping your neighbor with a project, volunteering on the AAR’s charitable auxiliary - the E4C committee - which organizes fund-raiser events for our local charities, or any number of positive things that will enable you to step out of your head long enough for your perspective to change. You’ll be amazed how much your attitude changes when you’re finished. Something my wife and I started at the beginning of the year is to write down a quick note about fun things we did or shared with each other or with our son and then we place the paper in a glass jar. We plan to read them all on New Year’s Eve to remember the fun things we did in 2013. I can share with you that watching the jar getting full is very therapeutic. When either one of us is having a bad day just looking at the jar of great memories picks us up. In closing I’d like to leave you with this thought; people won’t remember what you said to them, people won’t remember what you gave them, but they will always remember how you made them feel. So the next time you’re aren’t feeling particularly great, go out and make someone’s day – you both will absolutely benefit from it.

Andrew Cooper

Executive Vice-President

COMMITTEE HIGHLIGHT OF THE MONTH “Public Relations Committee” By Sylvia Ramos, Committee Chairman

Your 2013 PR Committee is continuing with their grassroots community outreach by participating in specific local community events. Their mission is twofold: to provide critical education to the public on the importance of using a REALTOR® over a DRE licensee and to create local awareness about the Arcadia Association of REALTORS®. The PR Committee also supports the communities that our REALTORS® serve and the events they participate in so that they might education and promote the value of REALTORS® to the general public and civic leaders.


Attorney Comments March 2013

By Dave Freeman, Association Counsel 1. HOMEOWNER ASSOCIATION LIENS: After foreclosure, the Civil Code protects most homeowners from deficiency judgments or other suits by the Trust Deed holders. However, the same is not true for amounts owed to the HOA for assessment liens. Assessment liens may include monthly assessments, and rather expensive repair and replacement liens, such as roofs. The Homeowners Association has the right to put a lien on the property while the homeowner still owns it, and/ or to foreclose the lien. Additionally, the HOA can sue the homeowner in Small Claims Court or Superior Court. This suit can be commenced or continued after the homeowner has lost the property to foreclosure. This is clearly a different situation from the inability of the lender to pursue amounts owed on a Trust Deed after foreclosing. 2. PROPERTY TAX EXEMPTION FROM REASSESSMENT: While the County Tax Assessor will reassess the property upon transfer in most circumstances, there are certain exceptions: A. Parent to child transfer, or child to parent transfer. This also includes grandparent to grandchild and grandchild to grandparent, if there

DON’T MISS WHAT’S COMING!

is no intervening parent. The principal place of residence is totally exempt from reassessment, and other property would be exempt up to $1 million. B. The sale of a principal place of residence by a party who is 55 years of age or older, followed by the purchase of another principal place of residence within 2 years, which newly purchased property is equal to or less in value than the sold property is also exempt from property tax reassessment. This is only true if both properties are in the same county, or within a county which has agreed to reciprocity with the first county. If there are two parties who own the property, and one has already used their exemption, the other party is still free to use their

exemption on the property. It is important to note and to inform your client: They must apply for these exemptions. Such exemption application can be done on a form that is easily downloaded from the County Assessor’s website for that purpose. 3. LOAN LIABILITY IS NOT NECESSARILY TIED TO OWNERSHIP: Frequently, for example in divorces, two parties may own a property and be responsible for the loan. When one party transfers title to the other party, the first party is not removed from the loan. If the second party fails to pay the obligation on the loan when due, either monthly or in a balloon payment situation, the first party’s credit will be damaged, because he or she is still responsible for the loan. There frequently is not easy solution for this problem, such as with divorce situations. The problem is that the party receiving the title to the property frequently has no ability to assume the loan or qualify for a new loan, thereby causing the first party to remain on the loan, even though they have no control over the property. Be sure that each of your clients in such a situation consults with a competent attorney prior to any such transfers or Quit Claim Deeds, in order to alert them to this situation and to protect you from liability for failure to advise.

For more information on upcoming AAR classes and more, visit www.TheAAR. com and click “Upcoming Events” Arcadia REALTOR® Magazine

5


Market

Matters

Market Statistics for the San Gabriel Valley Single Family Homes

City Alhambra

6

Zip Code 91801

Condominiums

Price % Sales of Chg from Single Family Price Median January Homes SFR ($1,000) 2012 7

$418

January 2013

Price Median Condo ($1,000)

Sales Count Condos

SFR Only

Price & Chg from Median January Home Price/ 2012 Sq. Ft.

-11.2%

13

$297

-23.9%

$370

Alhambra

91803

12

$393

-4.3%

3

$355

26.8%

$293

Altadena

91001

34

$449

23.2%

1

n/a

n/a

$353

Arcadia

91006

17

$729

-26.4%

3

$480

-2.5%

$425

Arcadia

91007

11

$966

36.5%

9

$297

-38.5%

$386

Azusa

91702

29

$268

8.1%

7

$182

-16.9%

$210

Duarte

91010

10

$333

33.8%

8

$300

9.5%

$274

El Monte

91731

6

$328

18.3%

n/a

$395

n/a

$220

El Monte

91732

13

$301

11.1%

6

$250

10.9%

$269

El Monte - South

91733

2

$276

24.1%

1

$282

37.7%

$307

Glendora

91740

9

$335

8.9%

3

n/a

n/a

$252

Glendora

91741

21

$506

20.9%

2

n/a

n/a

$302

La Ca単ada Flintridge

91011

10

$1,171

34.4%

n/a

n/a

n/a

$532

La Verne

91750

16

$417

-7.3%

5

$276

38.0%

$241

Monrovia

91016

19

$510

47.2%

7

$257

-26.3%

$348

Pasadena

91101

n/a

n/a

n/a

19

$253

-32.5%

n/a

Pasadena

91103

11

$350

28.4%

4

$336

-36.1%

$329

Pasadena

91104

17

$570

16.3%

2

$255

-22.6%

$390

Pasadena

91105

4

$1,531

50.2%

4

$680

0.7%

$398

Pasadena

91106

1

$1,000

135.3%

15

$413

18.9%

$467

Pasadena

91107

21

$609

6.8%

6

$309

-25.5%

$364

Rosemead

91770

17

$389

17.9%

1

$462

53.8%

$359

San Gabriel

91775

11

$650

6.0%

1

$970

233.9%

$338

San Gabriel

91776

10

$460

15.7%

6

$396

-1.4%

$352

San Marino

91108

9

$2,620

64.0%

n/a

n/a

n/a

$726

Sierra Madre

91024

6

$543

-16.9%

n/a

$652

n/a

$439

Temple City

91780

17

$620

24.1%

4

$450

-15.8%

$385

Source: DQNews.com

March 2013


F RE!

Annual Membership Dues Contest The AAR recently held a membership contest as an incentive for members to pay their annual Association dues before December 31st. A total of 1,127 AAR members qualified for this contest. The prizes for the winners were: $100, $75 and $50 Visa gift cards. The drawing took place on February 6th at the MLS Caravan marketing meeting at the Arcadia Masonic Center. Congratulations to the winners! Not pictured: $50 Visa gift card goes to Li Zhang, Highland Real Estate.

AAR member and Arcadia Councilman John Wuo had the rare opportunity to golf a round with Tiger Woods while at the recent Farmers Insurance Tournament at Torrey Pines. We won’t ask who won.   

$100 Visa gift card goes to Gregory Parker, Coldwell Banker Arcadia.

$75 Visa gift card goes to Eladio Diaz, Century 21 Ludecke, Inc.

6

(626) 831-8862 www.morrisoninspects.com Arcadia REALTOR® Magazine

7


Giving Back to Your Community By Gina Kuns, Events 4 Charity Auxiliary Member

“You must be the change you wish to see in the world.” ~ Mahatma Ghandi We see it in the media during the holidays: men, women and children putting food on plates to feed the homeless. How about the amounts of donation people give due to natural disasters? Have you ever thought to yourself how wonderful it would be to volunteer to such events? Let’s take a look at some of the benefits for doing volunteer work and ways you can get involved in your community. There are many benefits to giving back to your community. It isn’t just an act of altruism, but it is an opportunity to boost yourself in many areas of your life. Volunteering offers a golden opportunity to socially network with people from many facets of life that have various talents which you can share your skills and gain new ones. Furthermore, it provides a golden opportunity to develop your self-confidence and your self-esteem thus feeling valued and needed. Moreover, the National and Community Service reports that when you volunteer, it offers health benefits from depression, heart disease and it increases your mortality. There are many way to give back to your community so that your community will give back to you in return: 1. Join your local Association of REALTORS®: It is a great way to meet other agents which is an asset to getting your offer entertained. Check out the Arcadia Association of REALTORS® website. You will be able to find areas you may be interested in: http://www.theaar. com 2. Get involved in your children’s school programs such as the Parent Teacher Association (PTA) or sports program: It is a great way to build rapport and build your clientele. Plus, you will be able to ask for referrals more comfortably. 3. Look into non-profit organizations such as the American Red Cross, City of Hope, and the American Cancer Society: Non-profit organizations such as these will provide you skills that you can gain. Additionally, you will feel you have a purpose to give back. 4. Give a helping hand at the office, with your neighbors, to your family members or your church: You will be recognized for your good deeds whether you hear it or not, but it’s your good deeds that will make you shine. Giving back to your community does not have to consume your life if you know how to manage your time properly. After all, a good deed goes a long way. The Events 4 Charity Auxiliary meets in the AAR on the first Wednesday of every month at 9:30 a.m.

8

March 2013


5 Rules for Real Estate Success in the New Year By Amy Chorew, RISMedia Real Estate Magazine

The current real estate market offers an overwhelming amount of opportunity for the agent willing to hone their skills and maintain a commitment to the fundamentals. A successful agent in today’s market understands the need to practice their craft. They are also willing to embrace the preparation process required to meet and overcome any and all obstacles. Owning a home has long been the American dream, and following these five simple rules provides a means to making that dream a reality. Rule #1 Never Stop Prospecting – The law of averages reveals a simple statistical occurrence: In order to increase your sales, you must double or triple the amount of prospects you speak with on any given day. The success behind this basic premise lies in the amount of people you speak with, rather than the quality of the prospect.

Design Escrow, Inc. Known for the integrity of our intent and quality of our actions, we have the confidence to do what is required, the courage to move the process along to successful completion, and the compassion to listen to needs of all parties involved.

128 East Huntington Drive Arcadia, CA 91006

626.445.6137

We contend that in order to success in today’s market, you not only need to speak with enough people, but with the right people as well. Be diligent in your research, know your niche and gent in front of your target consumer on a daily basis. From there, you must be able to immediately identify and meet their needs. Rule #2 Conquer Your Fears – Whether it’s cold calling or listing presentations that make you queasy, do not allow fear to obstruct your pursuit of success. Continually work to recognize, analyze and overcome any fear you find debilitating. Rule #3 Develop a Discipline – It’s easy for an agent to lose sight of what matters most with the daily barrage of phone calls, meetings and to-do’s. Create a schedule and make that live within a system that keeps you focused and on track. Even the best of intentions are sidelined with the day takes control, rather than owning the day from the moment it begins. Rule #4 Never Stop Working Your Listings – Listings are the name of the game. No matter the market conditions, your personal inventory is the foundation of your business. Without listings you are a store without merchandise, and shoppers will quickly pass you by. Rule #5 Relationship Marketing Pays – Studies have shown that prospects making a large purchase must be exposed to a brand at least eight times before the brand stays top of mind. This means that simply picking up the phone and making cold calls is not enough. You must follow up and form a relationship with your prospects over time. Consistently staying in front of them with valuable and relevant information will establish you as the go-to resource within your community. For additional real estate related information visit www. RISMedia.com.

Standing (left to right): Julie Nguyen, Kai Wu, Jackie Ramos, Liem Ho, Yolanda Vidales, Suzie Archuleta, Luly Goodmand and Jojo Ong. Sitting (left to right): Terri Fabbri, Alexis Ostensen, Kay Gass and Shelly Malicek

9


through the lens

A Look at What’s Happening Around the AAR

kfast and Special MLS Caravan Brea Year Celebration for Lunar New

10

March 2013

Educational Courses


Affiliate Corner

“HO6 Condo Policies Now Required By Many Lenders” By Mark Wu, Allstate Insurance Agency

As a REALTOR®, you need to be made aware of a recent change in our Industry. Fannie Mae loans now are requiring that all purchasers of Condos and Planned Unit Developments (PUD) purchase a separate HO-6 Condo Owner’s Policy. Many lenders are starting to follow suit and requiring their borrowers to do the same. I have listed the new guidelines for your convenience. Fannie Mae Announcement 08-34 regarding Hazard Insurance Requirements for attached PUDs and Condos have the following new guidelines: • A separate Homeowner policy (content coverage) is required in addition to the Master Insurance Policy unless the Master Policy has HO-6 coverage(Walls-In coverage) for the individual units.

must cover a minimum of 20% of the unit’s appraised value. • If the loan has impounds, insurance impound rules will apply on the individual homeowner’s additional policy, not the PUD/condo HOA Master Insurance Policy. The announcement can be accessed on https://www.efanniemae. com/sf/guides/ssg/annltrs/pdf/2008/0834.pdf It is important to know that Escrow will not close without receiving an Evidence of Insurance from both the Association’s Master Policy as well as the HO6 Condo Policy of the Buyers. For more details or any questions regarding what an HO6 Condo Policy covers, feel free to contact me. You can contact Mark Wu at (626) 281-6854 or by emailing him at a099053@allstate.com.

• The separate individual homeowner’s policy coverage

10 Common REALTOR® Mistakes on the TDS California Association of REALTORS®

1. The Agent fails to recognize the critical importance of providing a thorough TDS. This includes a failure to properly educate the seller  of such importance.  It also includes the failure of the Agent to perform a thorough visual inspection of all accessible areas of the  subject property.

cause of the defect.

2. The Agent fails to have the sellers fully complete the Seller Property Questionnaire (C.A.R. form SPQ).

7. The Agent fills out the seller’s portion of the TDS.

3. The Agent delivers the TDS too late, resulting in the buyer being able to rescind the transaction.

8. The Agent makes gratuitous comments like “house looks pretty or is in good shape.”

4. The Agent does not provide complete and coherent information because the Agent feels      constrained by the space available in the TDS form.

9. The Agent uses language such as “appears as stated by sellers” or “do not see anything  which contradicts sellers statements.”  This allows creative plaintiff ’s attorneys to argue  that the Agent has adopted the seller’s negligent statements.

5. The Agent does not limit his/her disclosures to the identification of defects, but rather  goes beyond that by expressing an opinion concerning the

6. The Agent attempts to quantify or otherwise describe size, significance or degree of a defect.

10. The Agent fails to disclose inspection reports from prior escrows. Arcadia REALTOR® Magazine

11


Arcadia Association of REALTORS® 601 South First Avenue Arcadia, California 91006

“45-Hour Continuing Education Review & Exams” Thursday, April 25, 2013 DEADLINE TO REGISTER: April 23, 2013

9:00 a.m. to 12:00 p.m. AAR Building Cost: $70 Study materials must be picked up from the Association prior to the seminar or shipped at an extra fee of $5.

Visit www.TheAAR.com for more details and to register

Dedicated to Providing High Quality Legal Services ®

• Estate Planning • Trust Administration • Probate • Business Law • Commercial Transactions • Corporation, LLC & Partnership Formations • Business Contracts

Call today for a free consultation

Romy S. Rahmanian, Attorney

(626) 869-8787 33 East Huntington Drive • Arcadia, CA 91006 romy@rahmanianlaw.com • www.RahmanianLaw.com

12

C. Anthony Phillips, CPA President

We Provide A Complete Service To Successfully Accomplish Tax Deferred Exchanges Pre-Exchange Tax Planning Accommodation of Tax Deferred Exchange Post Exchange Tax Planning

Call for your free Exchange Tax Analysis 909 East Green Street, Pasadena CA 91106-2930

Phone: (800) 743-1031 Fax: (626) 796-8222

www.DownstreamExchange.com

Arcadia REALTOR Magazine - March 2013  

The March publication of the Arcadia REALTOR magazine.

Read more
Read more
Similar to
Popular now
Just for you