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HomeMy WebLinkAboutC-2970 - Listing Agreement for Sale of Old Balboa Island Fire StationCITY MF NEWPORT BE4 CH OFFICE OF THE CITY CLERK P.O. BOX 1768, NEWPORT BEACH, CA 92658 -8915 To: FINANCE DIRECTOR FROM: CITY CLERK DATE: February 2, 1994 (714) 644 -3005 SUBJECT: Contract No. C -2970 w "M .i t z -/ -9�4 Description of Contract Listing Agreement for Old Balboa Island Fire Station Effective date of Contract December 14, 1993 Authorized by Minute Action, approved on December 13, 1993 Contract with Waterfront Homes, Inc. Address 2436 West Coast Highway Newport Beach, CA Amount of Contract (See Agreement) "We2 e' 6 , Wanda E. Raggio City Clerk WER :pm Attachment 3300 Newport Boulevard, Newport Beach ✓: C -2970 CITY COUNCIL AGENDA ITEM NO. 16 CITY OF NEWPORT BEACH OFFICE OF THE CITY MANAGER DECEMBER 13, 1993 TO: MAYOR AND CITY COUNCIL FROM: DEPUTY CITY MANAGER SUBJECT: OLD BALBOA ISLAND FIRE STATION 323 MARINE AVENUE c. DEC 1 31993 ACTION: If desired, approve and authorize 6ity� -Mamgei4oA@xeerA"-.,lis#ing agreement, • with, Waterfrg0t_HomesjAnc., to sell the subject property for an asking price of $400,000 with a 4.75% commission. BACKGROUND: The appraised value of this property in 1989 was $285,000 to $320,000, and the Council previously approved its sale for $320,000. A potential sale for $400,000 which admittedly was an impulse purchase fell out of escrow due to lack of financing. Experience related to the River Avenue property indicates that the City is best served by employing a professional real estate broker. DISCUSSION: Waterfront Homes is located nearby at 315 Marine Avenue, is very familiar with the area, and proposes a very competitive commission. Rumbold Realty, also located on Marine Avenue, submitted a proposal at $370,000 with a 5% commission. The suggested listing price reflects Waterfront's belief that interest in the property warrants the higher price. The listing agreement would have a six month term. RECOMMENDATION: Waterfront Homes is a reputable firm with long experience in the area. The Fire Department will be vacating the building in July 1994 and it is now time to sell the property. Staff recom ends the above cited action. Kenneth J. Delino KJD:mb (3 EXCLUW AUTHORIZATION AND RIGHT SELL MULTIPLE LISTING AUTHORIZATION THIS IS IN., ..OED TO BE A LEGALLY 81NDINd AGREEMENT - READ I. CAREFULLY. O CALIFORNIA ASSOCIATION OF REALTORS° (GAR) STANDARD FORM 1. EXCLUSIVE RIGHT TO SELL: I hereby employ and grant 7-E. AZ4 v " A- rJ G . fn hereinafter called "Broker;' the excOlVa and irr able right commencing on - -- EL 1 19-2a , and expiring at midnight on -.� "� ° 19"11V , to sell or exchange the real property situated in the City of �� -✓'% kcsacN County of Oee^rSC 6--_ , California described as follows: 3 Z 3 mlyr -y + 4 - 2. TERMS OF SALE: The purchase price shall be T_ KZ JL ($ 5400 000 . °= ), to be paid as follows The following items of personal property are included in the above stated price: 3. MULTIPLE LISTING SERVICE (MLS): Broker is a Particippant of /�%v<d 2 = Mt: s <a ASSOCIATIONIBOARDOFREALTORS® Multiple Listing Service( MLS) and this listing information will be provided to the MLS to be published and disseminated to itsParticipants in accordance with its Rules and Regulations. Broker is authorized to cooperate with other real estate brokers, to appoint subagents and to report thasale its price, terms and flnancjng for the Qtlblicatipn, dissemination, information and use by authorized AssociatioNBoard members, MLS Participants and Subslirilr�rs; tJ 4. TITLE INSURANCE: Evidence of title shall be a Cal forma Land Title Association policy of title insurance in the amount of the selling price. Notice:. Theamountor rote of real estate commissions is not fixed bylaw. They are set by each Broker individually and maybe negotiable between the Seller and Broker. 5. COMPENSATION TO BROKER: I hereby agree to compensate Broker, irrespective of agency relationship(s), as follows: (a) percent of the selling price, or$ , if the property is sold cluringtheterm hereof, orany extension thereof, by Broker or through any other person, or by me on the terms herein set forth, or any other price and terms I may accept, or Y,2rpercent of the price shown in 2, or$ - if said property is withdrawn from sale, transferred, conveyed, leased, or rented without the consent of Broker, or made unmarketable by my voluntary act during the term hereof or any extension thereof. (b) The compensation provided for in subparagraph (a) above if property is sold, Conveyed or otherwise transferred within calendar days after the termination of this authority or any extension thereof to anyone with whom Broker has had negotiations prior to final termination, provided I have received notice in writing, including the names of the prospective purchasers, before or upon termination of this agreement or any extension hereof. However, I shall not be obligated to pay the compensation provided for in subparagraph (a) if a valid listing agreement is entered into during theterm of said protection period with another licensed real estate broker and a sale, lease or exchange of the property is made during the term of said valid listing agreement. (c) I authorize Broker to cooperate With otherbrokers, to appoint subagents, and to divide With Other brokers such compensation inarrymanneracraptaMetobrokers (d) In the event of an exchange, permission is hereby given Broker to represent all parties and collect compensation orCommissionsf. them, provided there is full disclosure to all principals of such agency. Broker is authorized to divide with other brokers such compensation or commissions in any manner acceptable to brokers. (e) Seller shall execute and deliver an escrow instruction irrevocably assigning Broker's comps Batton in an amount equal to the compensation provided in subparagraph (a) (above) from the Seller's proceeds. __. V 6. DEPOSIIT. Broker is authorized to accept and hold on Seller's behalf a deposit to be adplied tows purchase price. 7. HOME PROTECTION PLAN: Seller is informed that home protection plans are available. Such plans may provide additional protection and benefit to a Seller and Buyer. Cost and coverage may vary. Aa KEYBOX: I authorize Broker to install a KEYBOX: pnnlao YES NO ( J__) Refer to reverse side for important Ireyybboox information. 9. SIGN: Authorization to install a FOR SALEISOLD sign on the property: enroll) YES (—h J____) NO 10. PEST CONTROL: Seller shall furnish a current Structural Pest Control Report of the main building ' and all structures of the property, except rethim YES (/ " If NO ( If 11. DISCLOSURE: Unless exempt, Seller shall provide a Real Estate Transfer Disclosure Statement concerning the condition of the property. I agree to save and hold Broker harmless from all claims, disputes, litigation, andlorjudgments arising from any incorrect information supplied by me, or from any material fad known by me which I fail to disclose. lnitio1(�__) a 12. TAX WITHHOLDING: Seller a rees to perform any act reasonably necessary to carry out the provisions of FIRPTA (internal Revenue Code §1445) and California Taxation Revenue and Code §118805 and 26131, and regulations promulgated thereunder. Refer to the reverse side for withholding provisions and exemptions. 13. EQUAL HOUSING OPPORTUNITY: This property is offered in compliance with federal, slate, and local anti-discrimination laws. .14. ARBITRATION OF DISPUTES: Any dispute or claim in taw or equity arising out of this contract or any result ieg transaction shall be decided by neutral binding arbitration in accordance with the rules of the American Arbitration Association, and not by court action except as provided by California law for judicial review of arbitration proceedings. Judgment upon the award rendered by the arbitin"s) mmaayy be entered in any court having jurisdiction thereof. The parties shall have the right to discovery in accordance with Code of Civil Procedure §1283Ai The following matters are excluded from arbitration hereunder: (a) a judicial or non-judicial foreclosure or other action or proceeding to enforce a deed at trust, mortgage, or real property sales contract as defined in Civil Code §2985, (b) an unlawful detainer action, (c) the filing or enforcement of a mechanc%lien, (d) any matter which is within the jurisdiction of a probate court, or (e) an action for bodily injury or wrongful death, or for latest or patent defects to which Code of Civil Procedure §337.1 or §337.15 applies. The filing of a judicial action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of the right to arbtbate under this provision. "NOTICE: BY INITIALLING 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 INITIALLING 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 OFTHE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT70THISARBiTRATION 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." pritae BROKER,( - ') SELLER,( i-^ ' - 15. ATTORNEYS FEES: In any action, proceeding or arbitration arising out of this agreement, the prevailing party shall be entitled to reasonable attoffWs fees and costs. 16. ADDITIONAL TERMS: 17 ENTIRE AGREEMENT, I, the Seller, warrant that 1 am the owner of the property or have the authority to execute this agreement. The Seller and Broker further' intend that this agreement constitutes the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in 1Z judicial or arbitration proceeding, if any, involving this agreement. I acknowledge,that I have read and understand this agreement, including the Information on the side, and have received a copy. Date ' / t �! '' 19 _ ) Pu,p.�, R or California Seller r Address Seller City State O_ Zip-23.6 S In consideration of th4 above, Broker ag es to use diligence in procuring a purchaser. Phone ,Real Estate Broker (d1A�J��%La �*= cAwy =�% By Address 141' V 6 _ <T �.A 7 "1 G y City = Date 5�6 6/R,-3 THIS STANDARDIZED DOCUMENT FOR USE IN SIMPLE TRANSACTIONS HAS BEEN APPROVED BY THE CALIFORNIA ASSOCUTION OF REALTORS° IN FORM ONLY. NO REPRF_SENTAION 5 MADE AS TO THE APPROVAL OF THE FORM OF ANY SUPPLEMENTS Nor CURRENTLY PUBLISHED BY THE CALIFORNIA ASSOCIATION OF REALTORS- OR THE M ONLY. RE OR ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION, IT SHOULD NOT BE USED IN COMPLEX TRANSACTIONS OR WITH EXTENSIVE RIDERS OR ADDITION& - A REAL ES ATE BROKER IS THE PERSON OUALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS, IF YOU DESIRE LEGAL OR TAX ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL. This form is available for use by the entire real sense, i dustry. The use of this form is not intended to identity the user as a REALTOR". REALTOR- is a mrinth ,e0 corleahe membership mark which may be,eeE only by real asnffie licensees who are members d the NATIONAL ASSOCIATION OF REALTORS- end who subscribe to its Cade of Ethics. -REFER TO REVERSE SIDE FOR ADDITIONAL INFORMATION. OFFICE USE ONLY Th, wpyrighI lews of the Uneed States (17 U.S. Code) forbid the unawhamz _ reproduction of this hmm by any man. including facsimile or comp~brad formats. Rby Broker w Designee � CapyngM© 98s, CALIFORNIA ASSOCIATION OF REALTOiS- 525 Sash Virgo Avanua Las Angeles. Californe 90020 FORM A -14 REVIEWED 2AT1 ccl,cn•e /-env M -PM -12/82