Why Due Diligence Addendum SCR311 is Good for Sellers and Buyers Sellers get paid the SCR311 due diligence termination fee when the buyers timely/properly terminate under due diligence. Sellers avoid litigation and lawyers and experts and mediation that can cost the sellers time and money with the first failed deal and that failed deal’s lawsuits… Continue Reading How Repair Procedure Questions Get Answered.
NAR Code of Ethics Article 12: Standard of Practice 12-4 REALTORS® shall not offer for sale/lease or advertise property without authority. SC real estate license law: (E)(1) A licensee may not advertise, market, or offer to conduct a real estate transaction involving real estate owned, in whole or in part, by another person without first… Continue Reading Advertising Properties with/without Listing Agreement
Pop quiz, do you know what C.L.U.E. stands for? (See the answer at the bottom of this article.) p.s. If you do not know what a C.L.U.E. report means in general and you practice real estate, you are already at risk for a lawsuit. [Contact asap your BIC, your law firm, your E&O insurer, the SCR legal… Continue Reading Insurance Problems, Flood Insurance Problems, CLUE report
AKA Psychologically affected...AKA Psychological Impact...AKA Psychological Stigmas While no legal duty exists to disclose psychological stigmas, it may be in the seller's best interests to disclose "psychological stigmas" in the seller's disclosure...here's why. If the seller does not disclose in the seller disclosure, then the contract may proceed for weeks/months toward closing but the day… Continue Reading Murders and Ghosts and Deaths and Crimes and Rumors/Reports and Real Estate
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)