Interesting read on SC Supreme Court's take on a house flipper's business license fees. https://www.sccourts.org/opinions/HTMLFiles/SC/27829.pdf Please read the footnote #1 on page #1. The City's ordinance refers to this as a business license "fee"; however, a business license fee operates essentially as a tax Posted by : Byron King on 8/16/18 (This information is only… Continue Reading Business License Fees, SC Supreme Court Case
"Classic" Mediation: This is the long-established NAR "assisted self-settlement" procedure where REALTOR® mediators are trained to act as a peacekeeper/facilitator/realist to assist the disputing parties in reaching their own self-settlement. Mediators then help the parties write down their settlement on the NAR mediation form and the parties sign. Because the parties arrived at the decision… Continue Reading What is Ombudsman aka Ethics Mediation?
Only use SCR313 comfortably when your buyer is timely/properly terminating under SCR311 due diligence. https://screaltors.org/wp-content/uploads/Forms/313.pdf For all other uses of SCR313, you should be very worried and always recommend your buyer seek legal counsel asap before taking any actions or submitting any SCR313 or communicating any termination to the other side (e.g. seller, seller's rep).… Continue Reading Terminating and Earnest Money
IMPORTANT NOTICE: Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. Never wire money without double-checking that the wiring… Continue Reading Email Signature/Footer to Protect Against Wire Fraud and Unintended Agreements
Do you get upset with other REALTORS® and real estate teams that potentially give the false impression that they are a stand-alone brokerage and do not clearly disclose their brokerage on their signs and other advertising and communications? The SC real estate commissioners do. The commissioners and LLR staff want the public to know exactly… Continue Reading Advertising Complaints
Current best practice with flood insurance: REALTORS® always get a seller disclosure and owners association addendum (SCR230, SCR231). Seller Disclosure (LLR RPCDS Question #19 asks about water issues (e.g. floods, leaks, mold, wood destroying organisms, plumbing issues) during the seller's ownership. https://screaltors.org/wp-content/uploads/Forms/230.pdf REALTORS® always have buyers sign SCR233 Flood Insurance Disclosure form. https://screaltors.org/wp-content/uploads/Forms/233.pdf Buyer reps… Continue Reading Flood Insurance (Repetitive Claims)
Current best practice with flood insurance: REALTORS® always get a seller disclosure and owners association addendum (SCR230, SCR231). Seller Disclosure (LLR RPCDS Question #19 asks about water issues (e.g. floods, leaks, mold, wood destroying organisms, plumbing issues) during the seller's ownership. https://screaltors.org/wp-content/uploads/Forms/230.pdf REALTORS® always have buyers sign SCR233 Flood Insurance Disclosure form. https://screaltors.org/wp-content/uploads/Forms/233.pdf Buyer reps… Continue Reading Flood Insurance Disclosures (SCR233 flood insurance disclosure form)
Current best practices for listed residence: Recommend sellers obtain legal counsel before using microphones because of potential wiretapping/eavesdropping laws/issues. Considering mentioning in all advertising/communications and even a small posted sign at the listing: "Property subject to surveillance at any time. By entering the Property you consent to surveillance (e.g cameras, microphones, eyes, ears)." That is… Continue Reading Surveillance Issues
http://www.llr.state.sc.us/POL/REC/Minutes/8-17-16.pdf SCR has requested that LLR SCREC look at solutions for "pay at close" by law or regulations to assist brokerages and associated licensees who desire to enter disbursement agreements with the closing law firm and directing the law firm to disburse money in amounts agreeable to all involved. Posted by : Byron King on… Continue Reading 2016 LLR SC Real Estate Commission Opines that “pay at close” Violates License Law
When BICs and sellers agree the residential listing (e.g. SCR220, SCR210) is to be transferred from BIC#1 to BIC#2, REALTORS® have an ethical duty to ensure the forms match the real world listing practice. SCR standard forms may be timely/property released, terminated, amended, renewed, transferred, or created by both "in person" wet blue ink on… Continue Reading Keep those Listing Agreements Updated