The SCR620 earnest money disclosure form is used to reinforce earnest money issues when BIC is holding earnest money in addition to SCR310 residential contract's earnest money section which states earnest money issues. SCR620 is useful to remind buyers and sellers that BIC held earnest money requires some legal formalities prior to disbursement. https://screaltors.org/wp-content/uploads/Forms/620.pdf LLR… Continue Reading Earnest Money Disclosure Form SCR620
SC market sounds red hot in some areas of SC. Hotline getting multiple offer questions daily. Multiple Offers - What factors make the Seller choose a buyer? Buyer reps are interested to learn how to make their buyer offers more attractive in multiple offers. Listing agents, please feel free to email info and let SCR… Continue Reading Multiple Offers – Factors
Guide to SCR310 and SCR300: Section 1: Write in the names of the parties and buyer's law firm info. Section 2: Write in the purchase price in numbers and words. Checkbox appropriate boxes. Section 3: Write in address and property info as solicited by the form. Write in personal property including make/model/serial number that will… Continue Reading Residential contract (SCR310/300) guide
Here is SC license law on material adverse facts. Obviously, timely/proper disclosure is a risk management strategy. Because the RPCDS and RPCDS addendum aka "seller disclosure" statute and case law provides a strong risk management liability for sellers and real estate licensees, SCR generally recommends that all listing brokerages require a seller disclosure and post/provide… Continue Reading Material Adverse Facts
Keep in mind that the question about receipt of contract acceptance is going to be most important when parties have a contract dispute and hire lawyers and go to court. Example: One party is suing the other party for breaching the contract and the other party defends by arguing "I did not breach because we… Continue Reading SCR310 Requires Signed + Initials + Dates + Deliver + Received + Awareness of Receiving
(D)(1) A broker-in-charge or property manager-in-charge shall for a minimum of five years maintain and furnish to the commission upon request a written copy, when applicable, of a: (a) lease; (b) contract of sale and any addenda; (c) listing contract or buyer agency agreement; (d) transaction broker agreement; (e) option contract; (f) property management agreement;… Continue Reading License Law on Records (Storage/Time/Electronic/Copy/Backup)
***When using LLR seller disclosure forms, Sellers failing to accurately disclose all the owners association charges to the buyer will expose the sellers to a buyer lawsuit suing the sellers for the buyer's damages (aka the undisclosed owners association charges/fees/assessments/arrearages/etc.) AND THE BUYER'S ATTORNEY FEES (which could dwarf the charges).*** http://www.llr.state.sc.us/POL/REC/RECPDF/Residential%20Property%20Condition%20Disclosure%20Statement%20Addendum.pdf Here is the language… Continue Reading Sellers Should Disclose ALL Owners’ Association Fees/charges/arrearages/assessments/etc. When Completing the LLR Seller Disclosure and HOA Addendum
If you have a website, then read this from NAR: http://realtormag.realtor.org/daily-news/2018/04/25/how-comply-new-data-security-rules?tp=i-H43-Bb-21F-321DW-1p-A5BZ-1c-32CN5-zmEMe&om_rid=44810346&Om_ntype=RMOdaily&om_mid=7765 How to Comply With New Data Security RulesDAILY REAL ESTATE NEWS | WEDNESDAY, APRIL 25, 2018 The effects of a European Union rule that aims to strengthen data privacy and security will be far-reaching, having implications for how businesses across the world—including U.S. real… Continue Reading New Rules for Websites Per NAR
Because REALTORS® can face ethics complaints and license law complaints and lawsuits for interfering with another brokerage member's clients (e.g. buyer clients, seller clients, landlord clients, tenant clients, buyer transaction brokerage consumers, seller transaction brokerage consumers, landlord transaction brokerage consumers, tenant transaction brokerage consumers), it may be in your own best risk management interests to… Continue Reading Risk Management – Dealing with Consumers, Talk to Them, Ask Questions…
Learn how to help your business plan by serving consumers with disabilities even better. http://realtormag.realtor.org/news-and-commentary/feature/article/2018/03/better-service-for-clients-disabilities April is Fair Housing Month. Posted by : Byron King on 4/24/18 (This information is only accurate as of 4/24/18. You must contact SCR for updates and changes to this information after 4/24/18 as laws and regulations may change over… Continue Reading Serving Clients with Disabilities (New Market for You?): Fair Housing