In general, the NAR trademark can be used with a member's name. So if your name is Jane Smith and you are a member then using JSmith.realtor is acceptable. The usual misuse is using an adjective with the trademark term. Misuse: SouthCarolinaBestREALTOR https://www.nar.realtor/membership-marks-manual The Same Rules Apply to Use of the MARKS on the Internet… Continue Reading Membership Trademark Logo/Term REALTOR
Use SCR311 due diligence addendum and write in a number of business days for the due diligence period (e.g. 10 business days after the effective date). Using SCR310 residential contract, Section 5 Earnest Money state the earnest money amount shall be paid within a number of business days in excess of the due diligence period… Continue Reading One Idea to Avoid Earnest Money Disputes
Here is the typical legal hotline response to surveillance in listings (cameras and microphones). First, this issue is not settled in statute nor case law. So, proper disclosure of surveillance (audio/visual) is a way to help manage risk and help avoid becoming the test case. SCR posts a sign that premises are under visual/camera surveillance.… Continue Reading Behave in Listings! Or Else! Buyers/Tenants/REALTORS(R)/Sellers/Landlords/Inspectors
SCR contract states that the parties will sign a disbursement agreement if a deal fails to close. SCR310 Section 23 (D) If either/both Parties default, Parties agree to sign an escrow deposit disbursement agreement or release agreement. If there are brokerages that want their law firms to develop similar language, that is fine but that… Continue Reading Earnest Money Solution
Safest risk management is (1) seller discloses audio/video surveillance and (2) buyer behaves legally/respectfully inside the listing and (3) buyer never speaks confidential information inside the listing (e.g. I would pay full price for this house! I love this house. If overheard, this info could harm the buyer's negotiating position.) Issues with security surveillance (audio/video)… Continue Reading Surveillance Issues – Security Cameras and Security Microphones
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