Hotline answer to listing agents calling with this problem. Listing agent has an ethical duty (NAR article 13) to recommend the seller obtain legal counsel asap. Legal counsel can discuss the earnest money dispute and potentially suing the buyer for breach of contract and re-marketing the property. Once the listing agent has made this recommendation… Continue Reading Listing Re-Market After Deal Fails to Close
Attach SCR391 to SCR310 for AS IS checkbox on the last page of SCR391 above signatures. SCR310 defines AS IS: see page 3 of 8 Parties agree AS IS means Buyer buys the Property for the Purchase Price while Seller maintains the Property from the Effective Date through Closing subject to normal wear and tear… Continue Reading AS IS
Lee Davenport By Lee Davenport Have you ever heard the saying, “If it’s not broke, don’t fix it”? Yet, have you noticed that you don’t know what you don’t know? Perhaps a method or strategy (or lack there of) is broken, yet because we don’t know it, we leave things as they are. Using the… Continue Reading Quiz: Is Your Follow-Up Broken?
At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates dipped to 4.27 percent this January, down 2.5 percent compared to 4.38 percent a year ago. Housing affordability declined from a year ago in January moving the index down 1.1 percent from 164.8 to 163.0. The… Continue Reading January 2018 Housing Affordability Index
Safest to Disclose Business and Personal Relationships NAR ethics requires disclosure of personal relationships. What about business relationships? In this Pennsylvania case, the safe answer for risk management purposes is to disclose business relationships. https://www.nar.realtor/legal-case-summaries/breach-of-fiduciary-duty-claims-denied With the market doing well and inventory being tight, SCR hotline is hearing about investor flippers using equitable ownership interests… Continue Reading Disclose Personal Relationships and Safest to Disclose Business Relationships
No matter how passive it may seem, reading is an activity. It can be an acknowledgement, a political act, an act of remembrance—and at its best, it’s often all three wrapped into one. April 11, 2018 will mark 50 years since President Lyndon B. Johnson signed the Fair Housing Act into law. So much has… Continue Reading Books in Brief: Lighting the Path to Housing Equality
NAR released a summary of existing-home sales data showing that housing market activity this February bounced back 3.0 percent from last month and rose 1.1 percent from last year. February’s Existing-Home sales reached 5.54 million seasonally adjusted annual rate. The national median existing-home price for all housing types was $241,700 in January, up 5.9 percent… Continue Reading February 2018 Existing-Home Sales
SCR information posted online is subject to change over time due to changes over time in: state/federal/local case law SC General Assembly law changes LLR SC Real Estate Commission opinions/orders/guidance/warnings Federal law changes NAR Code of Ethics Changes Magistrate/judges alerts/warnings/issues/statements SC Bar/SC Supreme Court alerts/warnings/issues/statements So, always consider how old any legal post states in… Continue Reading Warning for Legal Info Online
https://screaltors.org/wp-content/uploads/2017/12/220draft-1.pdf Please send comments to byron This rough draft was posted in 2017 for members to comment upon for desired 2018-2019 update. Posted by : Byron King
Give the feds your input on rules such as RESPA and RESPA enforcement: https://www.nar.realtor/washington-report/cfpbs-latest-requests-for-information Posted by : Byron King