YOU'RE INVITED!

 

 

Santa Clara County Association of REALTORS® YOU'RE INVITED! SCCAOR GENERAL MEMBERSHIP MEETING   Monday, September 14, 2009 9:00 a.m. - 11:00 a.m. 1651 N. First Street, San Jose, CA 95112 Media Panel: "What's the Buzz? Tell Me What's Happening" Panel Members: Steve Trousdale, Editor of the Mercury News Katherine Conrad, Reporter of the Silicon Valley Business Journal Janette William , Producer/Writer at NBC 11 Robert Aldana, Radio Show Host Moderator: Dave Walsh Please bring new pajamas for a boy or girl. Items are being collected for the Kinship, Adoptive Foster Parent of Association of Silicon Valley Cash Donations are Welcome! Refreshment Sponsor by Patricia Monterrosa and Nizam Alli Registration is FREE. Seats are limited Click here for registration form or online registration is available at www.sccaor.com/genmem (SCCAOR MEMBERS ONLY) SCCAOR exists to meet the business, professional and legislative needs of the Real Estate industry and to protect private property rights. Website: www.sccaor.com Email: newsletter@sccaor.com

 

 

LIVE FROM MEGA CAMP Day 3

 

Day 3:  Fri., Aug. 28, 2009 Mega Camp ReTweeted Today saw the conclusion of Mega Agent Camp and the beginning of Mega Leadership Camp and Agent Masterminds. Follow along as we bring you live coverage featuring the best news, video, photos and tweets from Mega Camp! kwri:  KW agents ranked highest in overall customer satisfaction by home buyers for 2nd year in a row by J.D. Powers. #kwmc today   PatrickWWoods:  Picking my jaw up off the floor watching Tommy Emanuel playing the guitar like no one I have ever seen before!! #kwmc today   chuckavera: Nick Vujicic speaking at Keller Williams Mega Agent Camp, "your attitude will determine your altitude".http://budurl.com/lu3z #kwmc today   grahammackenzie: Ready for another awesome day at Mega Camp! Can it get any better?  #kwmc today From Homeless to Harvard … to Mega Camp! Mega Camp attendees were treated by a visit from Liz Murray of Homeless to Harvard fame. See what Liz had to say during Mega Agent Camp. A morning of motivation and inspiration Mega Agent Camp finished strong this morning with Gary Keller, Liz Murray and Nick Vujicic, all taking the stage with messages of empowerment. Rhett and Billy give back! Mega Camp guest guitarists, Billy McLaughlin and Rhett Butler, made an exciting announcement to Mega Leadership attendees. Another milestone for Keller Williams Realty Mark Willis, CEO, had a very big announcement today  during his state of the company address. Find out what Mark had to say. Follow Keller Williams Realty Online!   Make sure you know about the latest Keller Williams news and events. Add bounce2@kw.com to your address book. This is a Keller Williams Realty, Inc. communication to its franchisees and their associates. We are not sending emails to anyone who is not part of Keller Williams franchise system. If you feel we have sent this email to you in error, please email us at feedback@kw.com. Keller Williams Realty International 807 Las Cimas Parkway, Suite 200 Austin, Texas 78746

 

BROKER RISK MANAGEMENT

 

 BROKER RISK MANAGEMENT

WEEKLY PRACTICE TIP

 

Increase in Deposit – Liquidated Damages

Q: I am representing a seller on a home sale. The buyer put $5,000 into escrow as an initial deposit per the contract. Both parties have initialed Liquidated Damages. The buyer had to increase the deposit by an additional $20,000 upon removal of all inspection contingencies, which occurred this week. I checked that the deposit has been made.

Now, my manager is telling me that I need to get the Receipt for Increased Deposit form signed by both parties in order for that increased deposit to be a part of the Liquidated Damages. Why is that necessary? The parties have already agreed to have Liquidated Damages as a part of the contract.

A: The simple answer is that the law requires that each separate deposit made by a buyer must be the subject of a separately signed or initialed Liquidated Damages clause, in order to become a part of the previously agreed to Liquidated Damages.

Civil Code Section 1677 states:

“A provision in a contract to purchase and sell real property liquidating the damages to the seller if the buyer fails to complete the purchase of the property is invalid unless:

(a) The provision is separately signed or initialed by each party to the contract; and

(b) If the provision is included in a printed contract, it is set out either in at least 10-point bold type or in contrasting red print in at least eight-point bold type.”

Civil Code Section 1678 then goes on to state:

“If more than one payment made by the buyer is to constitute liquidated damages . . the amount of any payment after the first payment is valid as liquidated damages only if

(1) the total of all such payments satisfies the requirements of Section 1675 and

(2) a separate liquidated damages provision satisfying the requirements of Section 1677 is separately signed or initialed by each party to the contract for each such subsequent payment.”

Remember, the Liquidated Damages clause basically provides that, if initialed, the parties agree that, in the case of a breach by the buyer, the damages to the seller will be the amount of the deposit actually paid; but not more than 3% of the sales price if the property is a 1-4 residence one of which buyer intends to occupy.

 

In addition, where Liquidated Damages has been agreed to, the parties must comply with the above Civil Code requirements for any increase in the original deposit.

PRACTICE TIPS

1. Listing agents should always check to confirm that a buyer’s increase in deposit has actually been made as required by the contract.

2. For each increase in deposit, it is important that the parties sign a separate Liquidated Damages clause. This can be accomplished by using the CAR Receipt for Increased Deposit (WinForms form RID).

For More Information See Weekly Practice Tips:

“Liquidated Damages – Six Common Questions” and

“Who Gets the Deposit?”

 

Copyright© Broker Risk Management 2009 08/28/09

 

LIVE FROM MEGA CAMP!!! Day 1 & 2.

Day 1 and 2:  Wed., Aug. 26 - Thurs., Aug. 27, 2009 Mega Camp ReTweeted Mega Camp 2009 kicked off yesterday as more than 6,000 real estate professionals converged on Austin, Texas to "Light the Fire Within!" Follow along as we bring you live coverage featuring the best news, video, photos and tweets from Mega Camp! CharlestonAgent:  Listening to Gary Keller in Austin talking about educating your buyers, become the local economist in your area #kwmc today perryhurth: Great quote Gary Keller at #kwmc : "Your success in life isn't about your desire, its if you can find accountability." today chuckavera: Patrick Matthews, artist. What an inspiring story..gave up a career as an architect to pursue his passion. http://budurl.com/gsdk #kwmc today CaryRealEstate: Just me & 6,000 other agents hanging w/ Gary Keller & top agents from around the country-have I mentioned how much I enjoy learning? #kwmc today @ResideCharlotte: Having a great discussion on using facebook for real estate. I believe keller williams has the most agents in facebook. #kwmc 1 day ago @brucehardie: The energy at Mega Camp is incredible and it is only just getting started #kwmc 1 day ago Peek into Profit Share Masterminds Pre-Mega Camp activities kicked off on Tuesday with small profit share Masterminds led by the KWRI Executive team. Read some of their most notable quotes. Ready ... Set ... Mega Camp! Welcome to the 14th Annual Keller Williams Realty Mega Camp! How many people are in your room? Check out our exclusive interview of Mega Tech Camp keynote speaker Juliette Powell just moments before she took the stage on Wednesday! Gary: "think big, start small..." Watch as Gary Keller tells more than 3,000 agents at Mega Agent Camp to focus on the things that matter most! What do painting and real estate have in common? See the progression as impressionist painter Patrick Matthews paints onstage as Mega Agent Camp rolls on. We could all learn something from Allan Domb Read what Allan Domb, the top producing residential real estate broker in the country, had to say during his discussion with Gary Keller. Special Performance with Billy McLaughlin Hard work pays off. After being diagnosed with focal distonia, guitar virtuoso Billy McLaughlin had to reteach himself to play with his left hand! Follow Keller Williams Realty Online!

 

I need a good local "Bank of The West" Loan Agent

Please contact me if you know of anyone that you could recommend. Kimberly: 408-394-8595 or kleal@kwsv.com

Thanks in advance!

 

Warmest Wishes,

Kimberly Leal

Real Estate Consultant

Keller Williams Realty

Cell: 408-394-8595

Fax: 408-583-3787

www.KimLealRealtor.com

 

 

 

NAR Approved Class - Effective Negotiating for Real Estate Professionals

Hello KW Colleagues,

 

CAR and Women’s Council of REALTORS® (WCR) will be meeting  in San Jose the first week of October for their last state meeting for 2009. One of the benefits of WCR is that members and nonmembers have the opportunity to participate in NAR approved classes at these sessions. On October 3, you have the opportunity to attend a timely and relevant class that highlights effective negotiation. Whether you are a novice or a seasoned veteran, we all know that we always need to keep our skills razor sharp. I had the privilege to attend this class last year at WCR’s mid-year conference in Wash. D.C. and it was well worth the investment.

 

The class will be held at the Fairmont Hotel in downtown San Jose October 3, 2009, Sign in – 8:30 am, Class – 9:00 am – 5:00 pm.  For your convenience, I have attached the registration form. If you are unable to attend, please forward this to a friend or colleague that might benefit from the experience.

 

Should you have any questions, please contact me.

 

Patricia Hairston, REALTOR®

Keller Williams Realty - SV

(408) 464-1038 Mobile

(408) 583-3664 Direct

(408) 583-3665 FAX

www.patfindsgreathomes.com

DRE #01394081

 

Notary & Signing Agent

Certified Short Sale Professional

2008 WCR Chapter President

"Providing the Service You Deserve"

 

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Congratulations on your Sales!

Congratulations Mark Devlin

Ø  740 Saint Charles Way, Salinas Ca 93905

Ø  Listing price $119,900

 

Congratulations Kimberly Leal

Ø  436 Coyote Creek Circle, San Jose Ca 95116

Ø  Listing price $175,000

 

Congratulations Kimberly Leal & Shannon Rose

Ø  12490 Corbrtta Lane, Los Altos Ca 94022

Ø  Listing price $2,195,000

 

Congratulations Edith Espinola

Ø  2516 Rose Way, Santa Clara Ca 95051

Ø  Listing price $539,000

 

 

 

 

 

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The H.E.L.P. Seminar is back! Housing Education & Loan Program

The H.E.L.P. Seminar is back! Housing Education & Loan Program Cost: $50/members; $75/non-members Seating is limited. Sign up Today! Date: Monday, September 21, 2009 REGISTRATION DEADLINE: Sept. 17 Time: 8:30 am to 9:00 am (Registration) 9:00 am to 4:00 pm Location: SCCAOR 1651 N 1st Street San Jose, CA 95112 The Breakdown of the Day: Morning Session: City & Nonprofit Assistance Programs (CalHFA, CalPERS, Cities of San Jose, Santa Clara, and Milpitas, the Housing Trust of Santa Clara County, as well as other Down Payment Assistance programs) Afternoon Session: Putting it all Together! (Putting 7 programs together for one borrower) Benefits of the Seminar: Come learn about the State, County & City financial assistance programs as well as programs from non-profit organizations available to first time homebuyers. Learn about loan layering, and the proper way to structure your offers in order to get your clients into their new homes. This seminar includes a continental breakfast & lunch, provided by our sponsor Bank of America - Home Loans. 4 DRE Credits available for this class. To Register: Click here to download the registration form and either email it to irene@sccaor.com or fax it to (408) 519-5985

Take an Agent to lunch this week!

 

We have all seen the benefits of Jim’s time, energy and commitment to the Campbell Market Center.  With your help he has brought in new agents, increased business opportunities and we have increased profit. Let’s keep the momentum going.  

 

Please take an agent to lunch this week and share the news of our market center, our growth and numerous possibilities for them.  We have so much to offer the real estate community. 

 

Bring your green cards in so we can welcome Jim back from Mega Camp with an opportunity to speak to your friends.  

 

Thank you,

 

Mona