New Jersey Department of Banking and Insurance Acting Commissioner Marlene Caride has issued a bulletin that alerts banks, mortgage lenders, real estate licensees, consumers and small businesses involved in mortgage loan transactions of the prevalence of fraudulent schemes to divert funds transferred by wire. The bulletin also provides guidance for financial services companies on recommended… Continue Reading Wire Fraud NJ Issues Alert Bulletin
Buyer reps, please communicate with the listing rep during offer preparation and include the listing agent info on page 8 of SCR310 residential contract as well as your own info and escrow agent info. An email or phone call with the listing rep or five minutes on the internet and LLR licensee lookup website can… Continue Reading Why Complete Page 8 (Licensee Info) on SCR310? You Should, Always, Completely!
For earnest money disputes, the outcome may depend on who is holding the earnest money. If a lawyer is holding the earnest money, contact the lawyer about how the money can be disbursed. SCR recommends always having the buyers, sellers, and lawyer execute an escrow agreement when the lawyer takes possession of the money (e.g.… Continue Reading Earnest Money Disputes After a Fail to Close Can Include Mediation Settlement
In this appeal arising from an action seeking ejectment and monetary damages, the court affirmed in part, reversed in part and remanded for any eviction proceedings that may be necessary. The court found that the special referee erred in determining Respondents owned an equitable interest in a property and reversed a finding of promissory estoppel… Continue Reading New SC Case Law
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
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
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