LLR On Paying, Inspecting & Out of State Licensed Brokerages (stay off SC dirt): SECTION 40-57-180. Powers of department; actions against owners and agents; commission to establish and publish education standards. (A) The department may not be involved in the resolution of disputes between licensees over the payment or division of commission. (B) A resident… Continue Reading LLR on Paying Out of State Licensees
SC Supreme Court and Multiple Offers http://www.judicial.state.sc.us/opinions/HTMLFiles/SC/27344.pdf
Real Estate Raffles/Lotteries Illegal in SC https://sos.sc.gov/online-filings/charities-pfrs-and-raffles
Test asdklasjkhdjaksdfbdhaskflkdsa asdljksadhkhjfad jhsadfhkasdhjkhskjafhjkjkhasdhjkfasjkhfkhjkhjas
SCR released new versions of the forms listed below on September 1, 2017. This mid year change was primarily a risk management change to the earnest money language. You can view the changes as highlighted by clicking the links below: Recently Updated Forms: SCR310: AGREEMENT/CONTRACT: TO BUY AND SELL REAL ESTATE (RESIDENTIAL) SCR311: DUE DILIGENCE… Continue Reading Recently Updated & Proposed Changes to SCR Forms
SCR forms committee does not want REALTORS® and parties bickering if a contract was accepted and delivered and received at 9:59 am or 10:00 am or 10:01 am. So, always look to the next day....do not look at a contract formed at 9 am then counting forward an hour later at 10 am. Contract language. (D) “Effective Date” - the final date upon… Continue Reading How to Start the Business Day Count?
Don't conceal. The laws and ethics do not favor concealing property defects from future purchasers. The seller agrees by signing the SCR residential listing agreement to disclose (e.g. seller disclosure, RPCDS). A seller breach of the listing agreement (non disclosure) allows brokerage to sue the seller for full commission and brokerage's attorney fees. Your ethics… Continue Reading What if Your Seller Client Directs You to Conceal a Property Defect?
Repair Procedure in SCR310 (commonly used for single family homes). SCR310 has a repair procedure in Section 8 and is useful for buyers who only want a property where the basic systems are operable. There is a Section 11 Wood Infestation Report in SCR310 that has a similar procedure for repairs for wood destroying organisms… Continue Reading Information about the SCR Residential Contract (SCR 310 and SCR 300)
Due to risks from LLR, any BIC should only disburse held good funds earnest money per these two recommendations: A disbursement agreement signed by all the buyers and all the sellers. Can self settle (split the money somehow) or use a mediator to assist with self settlement. A court order from a court of… Continue Reading How to deal with Earnest Money
The Legal Hotline is getting reports that buyer reps are not using DUE DILIGENCE correctly. This can increase the risks for the buyers rep to get sued, face ethics charges, and face license law violations. While there is no way to force a seller to respond to the repair request in DUE DILIGENCE (SCR311 due diligence addendum attached to… Continue Reading How to Use Due Diligence Correctly