Brokers who use lawyers as escrow agents to hold earnest money is a good risk management strategy. Know and trust the law firm so they will around to protect the earnest money. SCR recommends at contract formation, the law firm drafts an escrow agreement stating how the earnest money is held and how the earnest [...]
Top issues for the legal update at the SCR Broker Summit. Professionalism - broker involvement - broker leadership "text BIP to 30644" Forms - January 2020 residential sales/agency - November drafts Phones - do not call laws - expired/withdrawn listings Facebook - off MLS marketing - listing agreement - seller's best interests - NAR/MLS Brokers' [...]
In older structures, sometimes asbestos is used as attic insulation, pipe insulation, siding, adhesives under kitchen flooring, popcorn blow ceilings, etc. Preventing the asbestos from becoming airborne is a risk management strategy. Properly removing the asbestos is a risk management strategy. Encapsulating the asbestos is a risk management strategy. Properly warning/educating/disclosing asbestos is a risk [...]
September 11, 2019: SCR Board of Directors approved SCR Standard Forms Committee changes to be inserted into the SCR residential contracts and agency forms. Interesting changes: Due diligence will be incorporated into the SCR310/300 alongside repair procedure and AS IS language so the parties can choose without using the SCR311 due diligence addendum. To simplify [...]
https://www.postandcourier.com/news/heirs-of-black-homesteader-without-will-overcome-odds-to-sell/article_84717e74-ba12-11e9-934c-ffa39e62b141.html?utm_medium=email&utm_campaign=Daily%20Headlines%20092119&utm_content=Daily%20Headlines%20092119+CID_dc9725887563e82cb7037eeb7e753062&utm_source=CampaignMonitor&utm_term=144%20heirs%20of%20black%20homesteader%20without%20will%20overcome%20odds%20to%20sell%20Mount%20Pleasant%20property The South Carolina Lowcountry is rife with heartbreaking tales of large extended families losing control of inherited land known as heirs’ property, sometimes through trickery or coercion. This is not one of those tales. It begins in February 1875, less than a decade after the end of the Civil War, when Cain Bryan bought [...]
https://www.nar.realtor/safety NAR has a wealth of resources to help agents, brokers, and associations better understand and educate each other about the safety risks they face. From planning your safety strategy to extensive safety resources including apps, products, and educators, NAR has many useful items for all real estate professionals including regularly-scheduled safety webinars, numerous articles [...]
https://www.nar.realtor/code-of-ethics-and-arbitration-manual/case-interpretations-related-to-article-1 Case #1-3: Net Listing (Originally Case #7-3. Revised May, 1988. Transferred to Article 1 November, 1994.) Client A called REALTOR® B to list a small commercial property, explaining that he wanted to net at least $170,000 from its sale. He inquired about the brokerage commission and other selling costs. REALTOR® B’s response was: “You [...]
https://www.nar.realtor/window-to-the-law Posted by: Byron King on 09/05/19 (This information is only accurate as of 09/05/19. You must contact SCR for updates and changes to this information after 09/05/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)
Bonuses: Cash, Gift Cards, Trips, Boats, Weekends in Houses, other Goodies Be careful when bonuses to buyer reps are offered. If the seller is paying or providing the bonus, get the bonus out of the seller's hands so the seller cannot renege after you have advertised the bonus. Best practice, seller and brokerage and law [...]
https://www.nar.realtor/window-to-the-law SCR provides a standard independent contractor. BIC must properly supervise independent contractors in accordance with laws and licensing laws and NAR code of ethics. #1 Hotline call about independent contractors: what happens to compensation and pendings and leads during the independent contractor retiring/changing brokerages. Consider adding language to your independent agreement to cover this [...]