At one point this law reads
" (b) The following notice, printed in at least 14-point boldface
type and completed with the name of the foreclosure consultant, shall
be printed immediately above the statement required by subdivision
(c):
"NOTICE REQUIRED BY CALIFORNIA LAW
_____________________________ or anyone working
(Name)
for him or her CANNOT:
(1) Take any money from you or ask you for money
until ________________________________________ has
(Name)
completely finished doing everything he or she
said he or she would do; and (2) Ask you to sign or have you sign any lien,
deed of trust, or deed." "
Does this mean that I can’t have the homeowner sign a grant deed when I start working with them. If so how do I get around it?
BTW You’re looking at the wrong civil code section… That section deals with loan mods and such you need to read 1695…
1695 says you have to Wait 5 business days… (BTW Saturdays are business days) Assuming you qualify as an equity investor in California…
Its an easy law to work within… You just cant use a real estate agent… That makes it illegal…
Thanks a lot michael, don’t know what I would do without you, you’ve answered a lot of my questions. It makes so much more since now after reading through that section and it makes it so much easier to comply with. I don’t get why using real estate agent is illigal but I don’t think that matters because I’m not going to use one anyway. Thanks again.
The laws reads that an equity buyers agents or employees must do two things… 1) they must show to the seller that they are real estate licensee and 2) that they supply a bond for 2 times fair market value of the property to the seller…
What makes it illegal is that the bond is not available for purchase. To get around this the agent must have you sign a non agency agreement with them… Basically stating that they are not working for you as an agent or employee…