Event Coverage
SILVAR Brokers/Managers Meet
SILVAR Board of Directors attorney David Hamerslough discusses risk management issues with brokers and managers.
SILVAR President Dave Tonna's vision, risk management, how to make things better for business and agents were discussed at yesterday's SILVAR Broker/Manager Meeting held at the Community School of Music & Arts in Mountain View.
Both Tonna and Karen Trolan, chair of this year's Broker/Manager Committee, thanked members for attending the first SILVAR Broker/Manager Meeting of the year. Tonna mentioned his vision is to increase member and broker involvement in SILVAR programs, including tour meetings and events.
In his presentation on risk management, SILVAR Board of Directors attorney David Hamerslough emphasized the importance of keeping a log of all e-communications that are relevant to all transactions. He stressed if the conversation is significant, it needs to be documented.
Hamerslough said the industry will be seeing more re-emphasis on the source of information and accuracy. When transmitting information regarding a property, in order to avoid liability issues, the source of the information needs to be identified, and as well as its accuracy. If there is a question regarding information, the agent should advice the client to check its accuracy.
Hamerslough reminded members of the new retrofitting law effective January 1, 2014, which states property owners who obtain permits to remodel a property that was built prior to 1994 are required to retrofit their home with low-flush toilets and other interior water-saving fixtures. This applies to all single-family property permits, as well as multifamily and commercial property permits where 10 percent or more of the square footage is included in the remodel. By January 1, 2017, all residential properties in California that were built prior to 1994 will need to be in compliance with these same type of water fixtures.
Effective July 1, 2014, Hamerslough said the Transfer Disclosure Statement (TDS) has been amended to require the property seller to disclose to a transferee specified claims for damages that have been made by the seller against the builder of the property. The new language is contained in Question #16 of Section 2(c) of the TDS. Hamerslough's article which details the 2014 TDS revisions was published in the April 2014 issue of the Silicon Valley REALTOR®, SILVAR's monthly newspaper.
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.