Legal FAQs

Listing reps need to brief sellers to secure all drugs, prescriptions, poisons, opioids and alcohol to prevent pilfering during showings of listings. Children sometimes accompany parents on showings. Additionally, secure all weapons, valuables, pets, children, identity theft info/items, credit cards, sentimental items, expensive clothing, art, etc. Open house safety includes alerting neighbors and partners and… Continue Reading Risk Management: Substance Abuse, Alcohol, Suicide, Depression, Taxis/Uber, Rehab, Counseling

To comply with pre-contract SC Vacation Rental Act disclosure to buyers/buyer rep: Send this written information: " Property __________________________________________________________ SC is subject to vacation rentals from _____________________, 2019 through ________________________ 20__." Send this written information to the buyers/buyer rep prior to contract via: Paper (delivered by US mail, courier, hand) Text Email Fax Seller Disclosure… Continue Reading From Byron King: SC Vacation Rental Act Compliance

https://www.nar.realtor/legal/irs-requires-reporting-of-cooperative-commissions IRS Requires Reporting of Cooperative Commissions Share Facebook Twitter LinkedIn Print The Internal Revenue Service (“IRS”) requires that listing brokers who pay a cooperative commission in excess of $600 to an individual who is not their employee must complete a Form 1099-MISC. While this is not a new law, it has come to NAR’s… Continue Reading NAR on 1099 coop brokers, referral brokers

https://www.nar.realtor/national-leadership/board-of-directors/meeting-policies-and-procedures/code-of-conduct-and-sexual-harassment-policy This NAR Code of Conduct and Anti-Harassment Policy (Policy) applies to all NAR-related meetings or events, whether held in public or private facilities, including meetings or events sponsored by organizations other than NAR and held in conjunction with NAR meetings or events, and any NAR member communications related to NAR business or with NAR… Continue Reading Behave at NAR meetings

SCR is receiving reports of insurance companies requiring roof replacement shortly after closing. Buyers who cannot afford a new roof may see their insurance canceled. Then, the mortgage lender to protect themselves will "force place" insurance which will be very expensive. Failure to pay the PITI mortgage payments can result in foreclosure. SCR is receiving… Continue Reading From Byron King: Worn Roof, Insurance Issues, SCR311 and SCR233 Help

REALTORS® get your compensation agreement with your brokerage (and team) in writing ASAP...hot topics for your lawyer to include: What is your compensation split on commissions while you are at the brokerage/team? What is your compensation split on commissions if you leave the brokerage/team? This could include a real estate career move or retirement or… Continue Reading From Byron King: Get Compensation Agreement In Writing ASAP

https://www.nar.realtor/about-nar/policies/changes-to-mls-policy-statements-742-and-743-mls-of-choice During the 2017 REALTORS® Conference and Expo, NAR’s Board of Directors voted to adopt changes in MLS Policy giving licensees more flexibility in where they subscribe to MLS (aka “MLS of Choice”). That change went in effect July 1, 2018. Based on broker experience, the NAR Leadership Team recognized a need for additional revisions… Continue Reading From Byron King (July 2018) MLS of Choice

https://www.nar.realtor/events/mediator-mediation-training NAR offers some of the best mediator training classes in the world. This NAR mediation class will fill up asap, so apply asap if you are interested. If you have taken SCR mediation training or NAR mediation training or SC Bar mediation training in the past and are interested in becoming a SCR mediator… Continue Reading from Byron King: NAR mediation training in Chicago September 4, 5 and 6 2019

SCR310 section 6 states that the buyer's transaction costs include...all costs to obtain information from or pertaining to any owners association (aka certificate of assessment). This is interpreted as the cost to obtain documentation about the seller's owners association issues and costs to investigate the owners association (e.g. getting the documentation on the seller's owners… Continue Reading From Byron King: HOA Fees and the SCR310 Contract

Risk management could lead you to possibly using one or all of these as your email signature or tailoring them to your risk management needs: WIRE FRAUD WARNING: Organized criminals may send fake email to trick you into wiring or electronically sending your money to them so they can steal your money. Always be suspicious… Continue Reading From Byron King: Sample Email Signature