Legal FAQs

SECTION 39-1-90. Breach of security of business data; notification; definitions; penalties; exception as to certain banks and financial institutions; notice to Consumer Protection Division. (A) A person conducting business in this State, and owning or licensing computerized data or other data that includes personal identifying information, shall disclose a breach of the security of the… Continue Reading Protect Data and Disclose Data Breach ASAP Or Be Sued

Be very careful of clicking any links or opening any attachments. You can put yourself in the predicament of paying organized criminals in bitcoin to get your computer working again. http://realtormag.realtor.org/daily-news/2018/04/10/two-ways-reduce-your-firm-s-liability-risk 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… Continue Reading Must Read If You Use Email

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