CDC - Item 2 - Single Family Residentia PropertyMemorandum
To: Bill Crowe. Executive Director
From: Stephen Copenhaver
Date: January 22, 2003
Subject: Authorization to Market Commission Owned Single Family
Residential Property- 9734 Abilene Street
The Community Development Commission ("Commission") purchased the
subject property located at 9734 Abilene Street in January of 2001 to eliminate
a dog kennel use and to place the Commission into a position to influence the
development of the greater area. The subject property consists of a single-
family home with limited additional improvements that were utilized for the
dog kennel business. It is apparent; after issuing a Request for Proposals in
early 2002 and reviewing the submitted proposals, that the hoped for retail
commercial use of the greater area surrounding the subject property is not
feasible. To date, all attempts to secure tenants required to support
development of the area have failed. Last fall, the Commission directed staff to
reject all proposals because of the absence of meaningful retail tenants and the
high level of public subsidy that would be required to assemble the properties
in the area. This memorandum provides a recommendation as to the
Comtnission's disposition of the property.
To bring the subject property up to acceptable standards for single-family
home ownership, certain improvements will have to be made to the property
and structures including the installation of a new roof, the replacement of
broken windows and fixtures, and significant improvements to the yard.
Several realtors were consulted and all believed the property could be sold as a
single-family home to an owner willing to purchase a "fixer-upper". The value
of the property as a single-family home will be substantially less than the
Commission's purchase of the property as an operating kennel. The realtors
estimated a sales price of approximately 5200,000. The property was
purchased as a dog kennel for 5283,200.
COMMISSION AGENDA
JAN25/_
ITEM No. 02
Disposition of Commission Owned Property - 9734 Abilene Street
Januan, 22. 2003
Page')
Staff has reviewed several different options for the disposition of the property
including: a) direct advertising by the Commission without a realtor; b)
rehabilitation of the property by the City and Commission prior to listing the
property for sale: c) demolition of the existing improvements and the sale of a
vacant parcel; and d) listing of the property with a realtor and selling the
property with an obligation to rehabilitate. Our analysis indicates that the
existing improvements have remaining value and that a private owner could
more efficiently rehabilitate the property than the City . could directly.
Demolition or continued land banking of the property would damage the other
residential properties in the neighborhood and the Commission would have a
continuing problem with vandalism. Staff also concluded that a realtor' would
be more successful marketing the property than the Commission could be
through direct advertising, as evidenced by the fact that the Commission has
not received any serious inquiries into the status or availability of the property.
The disposition strategy for the property is to list the property with a realtor
active in the area and to sell the residence with requirements that certain
improvements be made to the house and yard within a defined time period. If
the purchaser falls within the income restrictions of the City's rehabilitation
program, they could qualify for a rehabilitation loan. If the buyer is a first-time
homebuyer perhaps the buyer could benefit from the Commissions first-time
homebuyer program. In this manner, the Commission could dispose of the
property and the property could, once again, become an asset to the
neighborhood. The neighborhood is of mixed quality with a few of the homes
requiring rehabilitation and code enforcement but the majority of the homes are
in acceptable condition. The overall neighborhood has the potential for a very
long residential life span.
The Planning Director, Brad Johnson, interviewed three realtors interested in
fisting the property and recommends that the Commission contract with
Elizabeth Kho of Coldwell Banker. This firm is very active in the community,
understands the market, and believes that they can find a homeowner for the
property. The Commission would agree to enter into a standard form listing
agreement and pay a 5% commission from the proceeds of the land sale. Staff
will develop the minimum rehabilitation standards for the property that will be
required of the buyer. These standards and conditions of sale will be brought
back to the Commission and City Council for approval along with the property
purchase offer, if the Commission is successful in marketing the property.
Disposition of Commission Owned Property-9734 Abilene Street
Januarv 22. 2003
Page 3
Recommendation
Authorize the Executive Director to enter into a standard form listing
aereement with Coldwell Banker agreeing to a total commission of 5% of the
sales price.
Lil
` I RESIDENTIAL LISTING AGREEMENT ~
vi E
(Exclusive Authorization and RiaM to Sell)
Form Lk, Revised 10/02)
?.°_~i~Eh'TL~15k0}:EF'AG ;
C4LIFORI,:J 9
9 S S 0 CIA iCNI
OL F.E-~_LTOT:S(U;
EXCLUSIVE RIGI'TTO SELL: Rosemead Co=cn_-v De,-eloomen- Corrm:_SE_on _ '"Seller°)
herabv employs and cants N ~ v ; ('Sroker )
beginning (gate) and ending ai I i58 RN.. on (date) ("Lisiing Period')
the exclusive and irrevocable nom to sell or exchange the real property in iha City of R OS emeac
Gountvol i,os oele°, ,California,descr'foedas. °7n[ ph;~nF =~~r=
("pro?arty").
2. ITEMS EXCLUDED AND INCLUDED: Unless ntherwise specified in a real estate purchase agreement, all fixwra_s and fittLngs that
are anachad IT, the Prooenv are included, and Personal property it=ms are exclud=ed, iron the purchase price.
ADDITIONAL ITEMS EXCLUDED:
ADDITIONAL ITEMS INCLUDED:
Seller Intends fiat the above hems be excluded or Included in onenno the Property for sale, but understands that: (i) the purchase
aoreement supersedes any intention expressed above and will ultimately determine which items are excluded and Included Iin the sale:
and (ii) oroker is not resoonsfoie for and does not guaranies that ha_ above exclusions and/or Inclusions will oe in the purchz; agre=ement.
3. LtS T ING PRICE AND TERMS:
A. The fIsting price shall be. Two Hundred Thousand Dollars
Dollars (S 200 000.00
B. Additional Terms.
ed in inspec. re
Crum
.S. COI✓~PENS."I ONTO BROKER: fencing & landscaping requirements.
Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each Broker
individually and may be negotiable between Seller and Broker (real estate commissions include all
compensation and fees to Broker).
A. Seller agrees to pay to oroker as compensation for services Ir2spectlve of agency relationship(s), either pJ = _ percent
of the hstino price (or ii a purchase aoreement is entered into, of the purchase price), or D S _
AND - a follows
(1) If Bro'rer, Seller, cooperating broker, or any other person procures a buyer(s) who offers to purchase the Property on the
above price and terms, or on any price and terms acceptable to Seller during he Listing Period, or any extension.
(2) 11 Seller, within on calendar days atter the end of the Lining Period or any extension, enters Into a contract to sell,
convev, lease w otherwise iransier the Property to anyone ("?respective Buyer") or that person's related enilty: (i) who
physically entered and was shown the l during the Listing Period or any extension by Sroker or a coop=erating broke-:
or (ii) for whom Broker or any cooperating broker submitted to Seller a signed, wrnnen prier io acpuire, lease, exchanaa_ or
obtain an option on the Property. Soller, however, shall have no obligation to Broker under paragraph 4A(2) unless, not later
than 3 calendar days attar the end o1 the Llsting Period or any extension. Broker has given Seller a written notice of the
riames_ of such Prosoeotive Buyers -
(3) It, without oroker=_ prior written consent. the ?rpperq- is witnd2wn from sale, conveyed, leased, rented, otherwise
iransierred, or made unmarketable by a volumarv act of Seller durino me Lstine Period, or any extension.
5. It completion of the sale is prevented by a party to the transaction other than Seller, than compensation due_ under paragraph
44, shall be payable only r and when Seller collects damaoes by suit arbitration, settlement or otherwise, and then in an amount
eeual to the lesser of one-half of t'na damaoes recovered or the above compensation, after firsi oeductinc title and escrow
exoenses and the expenses of collection, if any.
C. in addition., Seller aare=_s to pay oroker .
D. (1) Sroker Is authorized td cooperate with and compensaia 'oroa:ers oariicipating tnrouph the multiple listing service(s)
INl LS(i) Ire any manner; OR (ii) (ii checked) by ofienno MILS brokers: either D percent of the purchase
price, or ❑ S:. .
(2) Sroker is authorized to cooperate with and compensate brokers operating ou*.slde the IJ,'_S in any manner.
Seller nereby irrevocabiv assirs to Sroker The above compensaiion irom Selier's iunds and proceeds in escrow. nmker may
submit this agreemem, as Instructions to compensate Sroker pursuant to paragraph 4p., to any escrow regarding he Property
invoivinq Seller and a buve.i, Prospecilve Buyer or other transieiee.
(1) Seller represems t'nai Seller has not previously entered into a listing aoreement with another broke[ regarding the Property..
Onleas SneClfled ac inllnws
(2) Seller warrants that Seller has inc, obligation to gay Compensation to any other broker regarding the Prouty unless ine
Propeniy is *.ransferrec' to any of the following individuals or enubes:
(3) ri the Property 1,s sold to anyone listed abrne during the rim Seller is obligated t2 compensate enotne.r broker: (i) Broker Is
nog entitled to compensation under this agreement; and (if) Sroker s not obligated to represem Seller in such transaction.
0,, , Seller ackngh~ledgas receipt o' a copy o1 this pane
L
Property Address. 9734 AIDL ene Ave Rosemead Date
5. OWNERSHIP. TITLE AND AUTHORITY: Seller warrants that: (i) Seller is the owner of the Property; (ii) no other persons or entities
have title to the Property; and (iii) Seller has the authority to both execute in;, agreement and sell the Property. Exceptions to
ownership, title and authority are as follows:
6. MULTIPLE LISTING SERVICE: information about this listing will (or ❑ will not) be provided to the MLS of Broker's selection. All terms
of the transaction, including financing, if applicable, will be provided to the selected MLS for pubilcation, dissemination and use by
persons and entities on terms approved by the Mt-S. Seller authorizes Broker to comply with all applicable IsLS rules. MLS rules allow
.
MLS data to b- made availabL, by the lvlLS to additional Internet sites unless Broker gives the IALS instructions to the contrary
7. SELLER REPRESENTATIONS: Seller represents that, unless otherwise specified,in writing, Seller is unaware of: (i)'any Notice of
Default recorded against the Property; (ii) any delinquent amounts due under any loan secured by, or other obligation affecting, the
Property; (iii) any bankruptcy, Insolvency or similar proceeding affecting the Property; (iv) any Iltigatlon, arbitration, administrative
action, government investigation or other pending or threatened action that affects or may affect the Property or Seller's ability to
transfer it', and (v) any current, pending or proposed special assessments affecting the Property. Seller small promptly notify Broker
in writing if Seller becomes aware of any of these items durino the Listing Period or any extension thereof.
_8.- BROKER'S AND SELLER'S DUTIES: Broker agrees to exercise reasonable effort and due diligence to achieve the purposes of
this agreement. Unless Seller gives Broker written instructions to the contrary, Broker is authorized to order reports and disclosures
as appropriate or necessary and advertise and market the Property by any method and in any medium selected by Broker. including,
MLS and the internee, and, to the extent permitted by these media, control the dissemination of the imoimatlon submitted to any
medium. Seller agrees to consider offers presented by Broker, and to act in good faith to accomplish the sale of the Property by,
among other things, making the Property available for showing at reasonable times and referring to Broker all inquiries of any party
interested in the Property. Seller is responsible for determining at what price to list and sell the Property. Seller further agrees to
indemnify, defend and hold Broker harmless from all claims. disputes; litigation, judgments and attorney fees arising from
any incorrect information supplied by Seller, or from any material facts that Seller knows but fails to disclose.
9. DEPOSIT: Broker is authorized to accept and hold on Seller's behalf any deposits to be applied toward the purchase price.
10. AGENCY RELATIONSHIPS:
A. Disclosure: If the Property includes residential property with one-to-four dwelling units, Seller shall receive a "Disclosure
Regarding Agency Relationships" form prior to entering into this agreement.
B. Seller Representation: Broker shall represent Seller in any resulting transaction, except as specified in paragraph CF
C. Possible Dual Agency With Buyer: Depending upon the circumstances. it may be necessary or appropriate for Broker to act
as an agent for both Seller and buyer, exchange party, or one or more additional parties (''Buyer"). Broker shall, as soon as
practicable, disclose to Seller any election to act as a dual agent representing both Seller and Buyer. If a Buyer is procured
directly by Broker or an associate licensee in Broker's fine, Seller hereby consents to Broker acting as a dual agent for Seller
and such Buyer. In the event of an exchange, Seller hereby consents to Broker colleciino compensation from additional parties
for services rendered, provided there is disclosure to all parties of such agency and compensation. Seller understands and
agrees that: (i) Broker, without the prior written consent of Seller, will not disclose to Buyer that Seller is willing to sell the
Property at a price less than the listing price;. (ii) Broker. without the prior written consent of Buyer, will not disclose to Seller
that Buyer is willing to pay a price greater than the offered price: and (iii) except for (i) and (it) above, a dual agent is obligated
to disclose known facts materially affecting the value or desirability of the Property to both parties.
D. Other Sellers: Seller understands that Broker may have or obtain listings on other properties, and that potential buyers may
consider, make offers on, or purchase through Broker, property the same as or similar to Seller's Property Seller consents to
Broker's representation of sellers and buyers of other properties before, during and after the end of this agreement.
E. Confirmation: It the Property includes residential property with one-to-tour dwelling units, Broker shall confirm the agency
relationship described above, or as modified, in writing, prior to or concurrent with Seller's execution of a purchase- agreement.
11. SECURITY AND INSURANCE: Broker is not responsible for loss of or damage to personal or real property, or person. whether
attributable to use of a keysale/lockbox, a showing of the Property, m otherwise. Third parties, including, but not limited to, appraisers,
insDectors, brokers and prospective buyers. may have access to. and take videos and photographs of, the interior of the Property.
Seller agrees (i) to take reasonable precautions to safeguard and protect valuables that might be accessible durino showings of the
Property, and (ii) to obtain insurance to protect against these risks. Broker does not maintain insurance to octiect Seller.
12. KEYSAFE/LOCKBOX: A keysaie/lockbox is designed to hold a key to the Property to permit access to the Property by Broker,
cooperating brokers. MLS participants, their authorized licensees and representatives, authorized inspectors. and
accompanied prospeouve buyers. Broker cooperating brokers. MLS and Associations/Boards of REALTORSO are not insurers
against iniury. theft, loss, vandalism or damage attributed to the use of a keysaie/lockbox. Seller does (or if checked F-1 does
not) authorize Broker to install a keysafe/lockbox. If Seller does not occupy the Property, Seller shall be responsible for
obtaining occupant(s)' written permission for use of a keysafe/lockbox.
13. SIGN: Seller does (or it checked O does not) authorize Broke;- to install a FOR SALE/SOLD sign on the Property.
14. EQUAL HOUSING OPPORTUNITY: The Properly is offered in compliance with federal, state and local anti-discrimination laws.
15. ATTORNEY FEES: In any action. proceeding or arbitration between Seller and Broker regarding the obligation to pay compensation
under this agreement, the prevailing Seller or Broker shall be entitled to reasonable atiornev fees and costs from the non-prevailing
Seller or Broker, except as provided in paragraph 19A.
16. ADDITIONAL TERMS:
17. MANAGEMENT APPROVAL: If an associate licensee in Broker's office (salesperson or broker-associate) enters into this
agreement on Broker's behalf,. and Broker or Manager does not approve of its terms, Broker or Manager has the right to cancel this
agreement, in writirig, within 5 days after its execution.
18. SUCCESSORS Al ASSIGNS: This agreement shall be binding upon Seller and Seller's successors and assigns.
PropertvAddress: 9724 Abilene Ave, Rosemead Date:
19. DISPUTE RESOLUTION:
A. MEDIATION: Seller and Broker agree to mediate any dispute or claim arising between them out of this agreement, or any
resulting transaction, before resorting to arbitration or court action, subject to paragraph 19B(2) below. Paragraph 190(2) below
applies whether or not the arbitration orovisfon is initialed. Mediation tees, it anv, shall be divided eoually among the parties
involved. If, for any dispute or claim to which this paraoraph applies, any party commences an action without first attempting to
resolve the matter through mediation, oI' refuses to mediate after a request has been made, then that party' shall not be. entitled
to recover attorney fees, even if they would otherwise be available to that Dartv in anv such action. THIS MEDIATION
PROVISION' APPLIES WHETHER OR IVOT THE ARBI T RAT ION PROVISION IS INITIALED.
B. ARBITRATION OF DISPUTES: (1) Seller and Broker agree that any dispute or claim in Law or equity arising between
them regarding the obligation to pay compensation under this agreement. which is not settled through mediation.
shall be decided by neutral. binding arbitration; including and subject to paragraph 196(2) below. The arbitrator shall
be a retired judge or justice; or an attorney with at least 5 years of residential real estate law experience; unless the
parties mutually agree to a different arbitrator; who shall render an award in accordance with substantive California
Law. The parties shall have the right to discovery in accordance with Code of Civil Procedure §1283.05. in all other
respects, the arbitration shall be conducted in accordance with Title 9 of Part ill of the California Code of Civil
Procedure. Judgment upon the award of the arbitrator(s) may be entered in any court having jurisdiction.
Interpretation of this agreement to arbitrate shall betgoverned by the Federal Arbitration Act.
(2) EXCLUSIONS FROM MEDIATION AND ARBITRATION: The following maners are excluded from mediation and arbitration
-hereunder: (f) a judicial or non-judicial foreclosure or other action or proceeding to enforce a deed gt -trust. mortgage, or
installment land sale contract as defined in Civil Code §2985: (ii) an unlawful detainer action: (iii) the filing or enforcement of
a mechanic's lien', and (Iv) any matter that is within the jurisdiction of a probate, small claims, of bankruptcy court. The filing of
a court action to enable the recording of a notice of pendino action, for order of attachment. receivership. injunction, or other
provisional remedies, shall not constitute a waiver of the mediation and arbitration provisions.
"NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE ARISING
OUT OF THE MATTERS INCLUDED IN THE `ARBITRATION OF DISPUTES' PROVISION DECIDED BY
NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS
YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN
THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL.
UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE `ARBITRATION OF DISPUTES`
PROVISION. IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION. YOU
MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL
PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY."
"WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING
OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL
ARBITRATION.' Seller's Initials / Broker's Initials
20. ENTIRE CONTRACT: All prior discussions, negotiations and agreements between the parties concerning the subject matter of this
aoreement are superseded by this agreement, which constitutes the entire contract and a complete and exclusive expression of
their agreement, and may not be contradicted by evidence of any prior agreement or contemporaneous oral agreement. If anv
provision of this agreement iE held to be ineffective of invalid, the remaining provisions will nevertheless be given full force and
effect. This aoreement and anv supplement. addendum or modification, including any photocopy of facsimile, may be executed in
counterparts.
By signing below. Seller acknowledges that Seller has read, understands, accepts and has received a copy of this agreement.
Seiler Rncpmaaaf'n7pt7TU-p; +ri~~~oT,T~o LL Date
mms-
Address City State Zip
telephone Fax E-mail
Seller
Address
Telephone
Far.
Real Estate Broker (Flrm)Coldwell Banher San Marino
E-mail
By (Agent) -Tl-zab° l Rho Date.
Address 2065 Y 7`in `011 r-;s; Cityca Tvl--r-}v State==" Zip_es
Telephone 626-44°-7222 Fax 626-268-9.607 E - ma~mH 1 p1- >,o-,rr
E1_zabethRho.com
THIS FORM HAS BEEN ARPROVEO BY THE CALIFORNIA ASSOCIATION OF REALTORS"-` (C.,A.R.). NO REPRESEN TAT ION IS MADE AS TO THE 'LEGAL VALIDITY OR
ADEQUACY OF AIJI' PROVISION IN ANY SPECIFIC TRANSACTION. A REAL `ESTATE BROKER IS-THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS IF YOU DESIRE LEGAL OR TAX ADVICE. CONSULT AN APPROPRIATE PROFESSIONAL.
This lorry* available lot use ON the eniite real estate injusVy. It Is nor intended to ideM6V the use: as a REALTOR& REA TOR@ is a rectsiered collective menthe:ship mark
wninh mev be sod only by members of the NATIONAI A-4FOr:IL T InN OF RFAI TORRUU whn ,,h111!h. I, I,- If `11111
Date
Ctl Sate Zip
R'Jo_ianED 4NDDISMSUTED 31 RE4! ESAIE 3U SIN aS_SEnvicES,
J • c3
FESIDF,NTIAL BROKER 4GE
Seller's Advisory
L di
qgt_~% CALIFORNIA
ASSOCIATION
F OF REALTO ALTOR Sr?t
Property Address 0734 z,s~Djlene Z`-r - ("Property")
. INTRODUCTION: Selling prop erty in California is a process that involves many steps: From start to finish; it could take
1
anywhere from a few weeks to many months, depending upon the condition of your Property, local market conditions and j
other factors. You have already taken an important first step by listing your Property for sale with a licensed real estate broker.
Your broker will help guide you through the process and may refer you to other professionals as needed. This advisory -n
addresses many things you may need to think about and do as you market your Property. Some of these things are s
requirements imposed upon you, either by law or the listing or sale contract. Others are simply practical matters that may
arise during the process. Please read this document carefully and., if you have any questions, ask your broker for help.
2. DISCLOSURES:
A. General Disclosure Duties: You must affirmatively disclose to the buyer, in writing, any and all known facts that
materially affect the value or desirability of your Property. YOU must disclose these facts whether or not asked about such
matters by the buyer; any broker, or anyone else. This duty to disclose applies even. if the buyer agrees to purchase your
Property in its present condition without requiring you to make any repairs. If the Property you are selling is a residence
with one to four units, your broker also has a duty to conduct a reasonably competent and diligent visual inspection of
the accessible areas and to disclose to a buyer all adverse material facts that the inspection reveals. If your broker
discovers something that could indicate a problem, your broker must advise the buyer.
B. Statutory Duties (For one-to-tour Residential Units):
(1) You must timely prepare and deliver to the buyer, among other things. a Real Estate Transfer Disclosure Statement
('TDS"), and a Natural Hazard Disclosure Statement ("NHD").You have a legal obligation to honestly and completely
fill, out the TDS form in its entirety. (Many local entities or organizations have their own supplement to the TDS that
you may also be asked to complete.) The NHD is a statement indicating whether your Property is in certain
designated flood, fire or earthquake/seismic hazard zones. Third-party professional companies can help you with this
task.
(2) Depending upon the age and type of construction of your Property: you may also be required to provide and.. in
certain cases you can receive limited legal protection by providing, the buyer with booklets titled 'The Homeowner's
Guide to Earthquake Safety;"The Commercial Property Owner's Guide to Earthquake Safety.' "Protect Your Family
From Lead in Your Home" and "Environmental Hazards: A Guide For Homeowners and Buyers:' Some of these
booklets may be packaged together for your convenience. The earthquake guides ask you to answer specific
questions about your Property's structure and preparedness for an earthquake. If you are required to supply the
booklet about lead, you will also be required to disclose to the buyer any known lead-based paint and lead-based
paint hazards on a separate form. The environmental hazards guide informs the buyer of common environmental -
.
hazards that may be found in properties.
(3) It you know that your property is: (i) located within one mile of a former military ordnance location; or (if) or affected
by a zone or district allowing manufacturing, commercial or airport use, you must disclose this to the buyer. You are
also required to make e good faith effort to obtain and deliver to the buyer a disclosure notice from the appi~opriaie
local aoencv(fes) about any special tax levied on your Property pursuant to the Mello-Roos Community Facilities Act.
(4) If the T DS, NHD, or lead, military ordnance, commercial zone or Mello-Roos disclosures are provided to a buyer after
you accept that buyer's offer, the buyer will have 3 days after delivery (or 5 days if mailed) to terminate the offer,
which is why it is extremely important to complete these disclosures as soon as possible. There are certain
exemptions from these statutory requirements. However, if you have actual knowledge of any of these items, you
may still be required to make a disclosure as the items can be considered material facts.
C. Death and Other Disclosures: Many buyers consider death on real property to be a material fact in the purchase of
property. In some situations, it is advisable to disclose that a death occurred or the manner of death. However; California
Civil Code Section 1710.2 provides that you have no disclosure duty 'where the death has occurred more than three
years prior to the date the transferee offers to purchase, lease, or rent the real property, or [regardiess of the date of
occurrence] that an occupant of that properpl was afflicted with, or died from, Human T-Lvmphotroplo Virus Type
III/Lymph a de nopathy-Associated Virus:; This law does not "immunize an owner or his or her agent from making an
intentional misrepresentation in response to a direct inquiry from a transferee or a prospective transferee of real property,
concerning deaths on the real property.' .
D. Condominiums and Other Common Interest Subdivisions: If the Property is a condominium, townhouse, or other
property in a common interest subdivision, you must provide to the buyer copies of the governing documents, the most
recent financial statements distributed; and other documents required by law or contract. If you do not have a current
version of these documents, you can request them from the management of your homeowners' association.. To avoid
delays. you are encouraged to obtain these documents as soon as possible, even if you have not yet entered into a
purchase agreement to sell your Property.
The copyright laws of the Uni.ed Slates (Title -i7 J.S. Code) forDld ft's Seller acknowledges receipt o1 a copy of this gage.
unauthorized reproduction of tills iorrrl, or ant, ponion ttlereoi, by photocopy Sellers Initials ( )
I ~„,„,w„
machine or any other mearis, including facsimile or ormals. 1121
-
n_....-I,-L, rn, ~oo~.~nn', r1A.1 IFfIRNIA O.SAOC VsTION OF R=A!TURS S, Ild orronrvxrtv
C,91_fFO1, t-Nf.A DISCLOSURE REGARDING
SSSOCIATION' REAL ESTATE AGENCY RELATIONSHIPS
OF P EALTORSIfI (AS required by the Civil Code)
O.A.R. Form AD-11, Revised 10/01)
When you enter into a discussion with a real estate agent retarding a real estate transaction, you should from the outset understand what type of
agency relationship or representation you wish to have with t'ne anent in the transaction.
SELLER'S AGENT
A Seller's agent under a Fistinc agreement with the Seller acts as the scent for the Seller only. A Seller's agent or a subagent of that agent has the
following affirmative obiia_aiion.s:
To the Seller.
A. Fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller. -
To the Buver and the Seller.
(a) Difeent exercise of reasonable skill and care in performance of. the agent's duties.
(b) .A duty of honest and fair dealing and pope faith.
(c) A duty to disclose all fact: known to the agent materially enacting the value or desirability of the properly that are not known to, or within
the diligent attention and observation of, the parties.
An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties
set forth above.
BUYER'S AGENT
.A selling agent can, with a Buyer's consent. acres to act as spent for the Buyer only. In these situations, the agent is not the Seller's agent, even if
by agreement the agent may receive compensation for services rendered, either in full or in par from the Seller. An agent acting only for a Buyer
has the following affirmative obligations: - ,
To the Buyer:
A. fiduciary duly of utmost care,. inleg, Iv, honesty. and loyalty in dealings with the Suva..
To the Buyer and the Seller.
(a) Diligent exercise of reasonable skill and care In performance of the agent's duties.
(b) A duty, of honest and fair dealing and good faith.
(c) A duty to disclose all facts known to the agent materially affecting the value or deesirability, of the property that are not known to, or within
the diligent attention and observation of, the parties. .
An anent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties
set forth above. -
AGENT REPRESE14TING BOTH SELLER AND BUYER
A, real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and the Buyer in a
transaction, but only with the knowledge and consent of both the Seller and the Buyer. ,
In a dual agency situation, t'ne agent has the following affirmative obligations to both the Seller and the Buyer:
(a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer.
bove in their respective sections.
(b) Other dudes to the Seller and the Buyer as stated above'
In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other early that the
. Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered.
The above duties of the agent in a real estate transaction do not relieve a Seller or Blrver from the responsibility to protect his or her own interests.
You should carefully, read all agreements to assure that they adequately express your understanding of the Transaction. A real estate agent is a
person qualified to advise about real estate. It Ieeal or tax advice is desired, consult a competent professional.
Throughout vour real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting in the
transaction. the law requires each agent with whom you have more than a casual relationship to present you with this disclosure Corm. You snouid
read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction.
This disclosure form includes the provisions of Sections 2019.13 to 2879.24, inclusive. of the Civil Code set forth on the reverse hereof. Read it
carefuliv. .
I/WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS DISCLOSURE.
BUYER/SELLER
Date
Time AM/PM
BUYER/SELLER Rosemead COitimunl LV De Pe1oQme?l,- COmntlSS6sP.11 - Time .AM/PM
AGENT By Date
-~03~rotP'~II~ 3$;" ~ ~ _ Gl:e'Sionawre)
FTIHIS RM SHALL BE PROVIDED AND ACKNOWLEDGED AS FOLLOWS (Civil Code §2076.14):
he listing brokerage company also represents the Buyer, the Listlno Agent shall give one AD-11 form to the Seller and one to the Buyer.
uver and Seller are represented oy difierenl brokerage comoanles. then the Listing Agent shall give one AD-11 for.Aoen1 shall give one AD-11 form to the Buvar and one AD-11 form to the Seller.
k SEE REVERSE SIDE FOR FURTHER INFORMATION _ a
I I i J" - IeD 7~' - t I' Hg ` JJ 1 J al\' g
Po i..Jl is s '1- or Ion L ai L 6'. AZIS,
I. THIS DRIJH 9 r!APPRO/ 3 THR ai IFORNIA SOLI<110'1O RR,A'TO ,CAP..). OP ° ESEP iFTIOr SM4^ AE TOTHELEGAL VALID' POR
ii A.DEOUACY D: ANY PROVISION IN ANY SPECIFIC TRAI.S4-, IONA. PEAL ES7/- E BROKEN IS TH PERSON DUAL IFIRD TO ADVISE ON' REAL ESTATE
IRAN°_.ACTION . IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN 4P?ROPRIniE PROFS ESIONAL.
This fgrM Is available for use by Ins entire real estate Indu5t'V It 15 no' In1enced le,oenflly me user as a REALTOF(D. REAL ORS Is a rendered collective membership mark
' wiiicr. may be used only by members of the NATIONAL ASSOCIATION OF REALTORSE who subscribe fe is Code of al!,cs
Published and Distribuled by. I^kl
F: 'E' oRel R-etc Rl ,city-. ss .¢F RVICF uac Reviewed by
CALIF0P-NIA
ASSOCIATION DISCLOSURE AND CONSENT FOR
of rL=_ALTOxS® REPRESENTATION OF MORE THAN ONE BUYER OR SELLER
A real estate broker, whether a corporation, partnership or sole proprietorship. ("Broker") may represent more
than one buyer or seller provided the Broker has made a disclosure and the principals have given their consent.
This multiple representation can occur through an individual licensed as a broker or through different associate
licensees acting for the Broker. The associate licensees may be working out of the same or different office
locations.
!fi
Broker (individually or through its associate licensees) may be working with many prospective buyers at the
same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some .f
of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular ;t
buyer from making an offer on any particular property whether or not Broker represents other buyers interested
in the same property.
Broker (individually or through its associate licensees) may have listings on many properties at the same time. a
As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may '
appeal to the same prospective buyers. Some properties may attract more prospective buyers than others.
Some of these prospective buyers may be represented by Broker and some may not. Broker will market all
.listed properties to all prospective buyers whether or not Broker has another or other listed properties that may
appeal to the same prospective buyers.
Buyer and Seller understand that Broker'may represent more than one buyer or seller and even both buyer and
seller on the same transaction.
If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller's
property and consents to Broker acting as a dual agent for both Seller and Buyer in that transaction.
If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer
is interested in acquiring and consents to Broker acting as a dual agent for both Buyer and Seller.with regard
to that property.
In the event of dual agency, Seller and Buyer agree that: (a) Broker, without the prior written consent of the
Buyer, will not disclose to Seller that the Buyer is willing to pay a price greater than the offered price, (b) Broker,
without the prior written consent of the Seller. will not disclose to the Buyer that Seller is willing to sell property
at a price. less than the listing price; and (c) other than as set forth in (a) and (b) above, a Dual Agent is obligated
to disclose known facts materially affecting the value or desirability of the property to both parties.
Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for
Representation of More than One Buyer or Seller and agree to the dual agency possibility disclosed.
Seller/Buyer
Seller/Buyer
Rosemead Communi=ty Development, Commission
Date
Date
Real Estate Broker (Firm) Coldwell Hanker Date
By
Elizabeth Aho
T ie opyrlahl laws of tie U-I'rzec Steles 7ltle 17 U.S. Cod=_) fori-jid.Ire unauthb' o reproductlon of this form or ern pn fion thereof, bf photocopy
n achm- or any oche peen„ in_lu-,:ing i=csiT+Ile or oom,. uter ea td-nEts. C;og C'r 1991-2))O. CALIF P. IF. <SSO.J TION OF PEA_I ORRO, INC,
-L RI~aHTS RSERV=2~.
THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA , ASSOCIATION OF REAL TORS'S LC.A.R.I. NO REPRESENTKRON 15 MADE AS TO THE LEGAL VALIDITY OR.
4,DEOUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE PERSON QUALIFIED TO ADVISE ON REAL ESTATE
TRANSACTIONS. IF YOU DESIRE LEGAL OF. TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
This. form is available for use by the entire real estate industry. h is not intended to identify the user as a REALTORrJ. REALTORO o a registered collective membership mark
which may be used only or members of the NATIONAL ASSOCIATION OF RELTORSCJ who subscribe to its Code o' Ethics.
REAL ESTATE Distributed SERVICES, IN n`^IREAL ESTATE BUSINESS INC. .,oc0 Reviewed by
RrSIDENMAi. BROKERAGE
AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE STATEMENT
To: Consumer
From:Coldwell Banker Residential Brokerage
Trani: von for contacting us. your local Coldwell Banker Residential Brokerage office (hereinafter Broker), in connection, with the purchase or sale
o" a home or other properm This is to give you notice that Broker. has a business relationship with the companies listed in this Statement, in that
each of the companies is wholly or partially owned by Broker or by Cendant Corporation. Cendant Corporation has an'equin, interest in NRT
Incorporated, the ultimate parent of your local Broker, and other brokerage offices throughout the nation. Cendant owns the franchiser of the
Coldwell Banker, Century 21 and ERAS' systems. Because of these relationships, the referral of business to these companies may provide us or
other related parties noted herein a financial" or other benefit. We will not be paid a referral fee, as a result of anv referral to the non-real estate
brokerage companies.
In connection with providing real estate brokerage services, Broker may receive a commission or a cooperative brokerage referral fee. for a referral to
another real estate brokerage company (which is typical irribe real estate brokerage indusrrt-); however, this will not affect the amount you pay to
purchase or sell a properp,.
We have ser forth below the full ranee of services that these companies provide. alone with an estimate of the range of charges nenerally made for
these services. You are NOT required to use the listed companies as a condition of the purchases or sale ofyour property,. THERE,ARE FREQUENTLY
OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES. YOU'ARE FREE TO SHOP AROUND TO
DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FORTHESE SERVICES.
COMPANIES
HUD-1 DESCRiPT1ON/LINE ESTIMATE OF RANGE OF
DESIGNATION CHARGES GENERALLY MADE
BY PROVIDER'
Cendant Mortgage Corporation, First Capital
Loan origination fee (801)
-
0. 2% of loan "amount
Corporation and/or Coldwell Banker Mort€xge
Loan discount feelpoints (802)
0 - 5% of loan amount
0'
Provide a full ranee of residential,first mortgage loan
Application fee (800 Series) .
$0 - $35
products and services.
Equity Title Company
Pmchtse of owners or lender's policy (1108.1110) for:
'
5100,000 home
$392,- $753
Based upon a search of public records, this sen ice brings
$250,000 home
S(43- 51,234
to your attention any known problems with the
5500.000 home
$990 - S1,902
properq's tide before closing. and insures against loss
- Purchase of lendei s polio; simultaneously issued
due to certain title defects. Different ants of cor•erage
with buyer's polig (L108- i 110) for.
- -
art available at different rates.
Si00,000 home
$281- $344
S?50,000 home
$388- $475
5500.000 home
$537- 5657
Burrow Escrow Services, Progressive Tide Company-
Sertlemcndesuow (I 101) on:
Westland Escrow Division, War:artq' Escrow Companti
Si WOOD home
-
5300-$525
Inc and/or West Coast Escrow.
S_50,000 home -
%500,000 home
.$500- $800
$900- $1.225
Expert handling of all details in transferring the propem,
Document preparannn,prncessmg fees
so- $500
in accordance with thesreal estam contract.
sehan£q Inc.
Mid-F
Additional settlement charges (1300 Series)
$700 for one relinquished and opt replacement
l
Act, as a qualified intermediary for IRC 1031 Tax
property
5150 for each drtmna
Adduional fees neap apply ly, depending on size of
Deterred Exchanges.
r u sacion
Property I.D." California
Addhional sertlemem charges (1300 Series)
S20.50 - 5144
('aria depending upon the rypa of report
"-'li.Sa
and/or ProPern LD.
_
requsmd and the method of payment).
Researches and provick.'von with parcel-specific reports
accurately disclosing info to the Buyer as per the
requirements of Federal, State and LA 21 taws.
g Companv and/or
California Brokerage Retro6ain
Additional serlemem dares (1300 Seri-s)
$19.9;. ~ 5249 net item (type of services ani
_
Municipal Compliance Services
pricing can, based on particular proper.
Provides retrofitting services involving the installation or
.
needs)
.
modification of safero or water conservation devises
-
(smoke de.ecro.s, w:amr heater strapping, lou•- ew,
milers; etc.) to faciii-mu compliance with State and Local
requirements.
OFFICE USE CRY
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