All Forum Posts by: Shannon Wright

Hi there, she should be able to 1031 her portion, but you should ask a 1031 accommodator like @Bill Exeter ! I would love to handle those transactions for you! :)

You should get clear title, the requirements of closing do not change. I can handle this transaction for you, call me!

I have someone, I will message you!

The "10-15 days" is likely referring to contingencies for inspection and due diligence periods. During this period the buyer can walk for almost any reason with no risk of their EMD.

Standard CAR forms require 3 days for EMD to be in escrow, plus due diligence & inspections plus the contingencies below (obviously only one would be selected):

I. APPRAISAL CONTINGENCY AND REMOVAL: This Agreement is (or is NOT) contingent upon a written appraisal of the Property by a licensed or certified appraiser at no less than the purchase price. Buyer shall, as specified in paragraph 14B(3), in writing, remove the appraisal contingency or cancel this Agreement within 17 (or ) Days After Acceptance.

 J. LOAN TERMS:

(1) LOAN APPLICATIONS: Within 3 (or ) Days After Acceptance, Buyer shall Deliver to Seller a letter from Buyer's lender or loan broker stating that, based on a review of Buyer's written application and credit report, Buyer is prequalified or preapproved for any NEW loan specified in paragraph 3D. If any loan specified in paragraph 3D is an adjustable rate loan, the prequalification or preapproval letter shall be based on the qualifying rate, not the initial loan rate. ( Letter attached.) 

(2) LOAN CONTINGENCY: Buyer shall act diligently and in good faith to obtain the designated loan(s). Buyer's qualification for the loan(s) specified above is a contingency of this Agreement unless otherwise agreed in writing. If there is no appraisal contingency or the appraisal contingency has been waived or removed, then failure of the Property to appraise at the purchase price does not entitle Buyer to exercise the cancellation right pursuant to the loan contingency if Buyer is otherwise qualified for the specified loan. Buyer's contractual obligations regarding deposit, balance of down payment and closing costs are not contingencies of this Agreement. 

(3) LOAN CONTINGENCY REMOVAL: Within 21 (or ) Days After Acceptance, Buyer shall, as specified in paragraph 14, in writing, remove the loan contingency or cancel this Agreement. If there is an appraisal contingency, removal of the loan contingency shall not be deemed removal of the appraisal contingency. 

(4) NO LOAN CONTINGENCY: Obtaining any loan specified above is NOT a contingency of this Agreement. If Buyer does not obtain the loan and as a result does not purchase the Property, Seller may be entitled to Buyer's deposit or other legal remedies. 

There should NOT be an SB2 fee on a resale transaction. All recordings that have transfer tax are exempt.

However, if there was an instance where it was due, it would be debited to the party paying for the recording fee for that item. The SB2 fee is not an item on any CAR contract specifically, so it would not be explicitly set out to me, if I was handling the escrow.  For example, if a delayed release is being recorded for a lien on title, the SB2 fee would be charged to the seller since they are likely paying the release recording fee. 

I might have someone. Message me. :)

Thanks, @Shari Peterson ! 

@Jathin Reddy Let me know how I can help!

@Sang Vo Let me know how I can help! 

Thanks, @Shari Peterson!

File a UD, only choice unless you want to take the Cash 4 Keys path and buy them out of it...

Hi there, I am an escrow officer, not an investor or landlord, but from what I know, your biggest issue will be rent control and their related requirements. To vacate a tenant in a rent control area, requires time and more money..you can read more here: 

https://hcidla.lacity.org/Is-My-Rental-Unit-Subject-to-the-RSO