NAR and SCR were alerted to complications in deals with common ownership caused by 2022 updates to Freddie and Fannie procedures to help prevent safety issues resulting from common ownership of real estate with significant deferred maintenance. The new Freddie/Fannie procedures are risk management procedures that have resulted from the condo collapse in Florida (e.g., [...]
The SCR310 residential resale contract addresses property taxes in Section #22 Adjustments: 22. ADJUSTMENTS: Buyer and Seller agree to settle or prorate, annually or as appropriate; as of Closing Date: (A) utilities and waste fees issued after Closing which include service for time Property was owned/occupied by Seller (B) real estate taxes and owner association [...]
Parties should consult their lawyers for all legal issues regarding real estate. Because legal documents controlling use of the real estate can change overnight with proper document recording, always refer these legal questions to the attorneys even if you have received closing attorney copies of title documents for your deal's same subdivision from a closing [...]
https://www.nar.realtor/videos/window-to-the-law/video-audio-surveillance-2022 Posted by: Byron King on 03/01/22 (This information is only accurate as of 03/01/22. You must contact SCR for updates and changes to this information after 03/01/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org) This information is not legal advice. This [...]
Home alarm systems, vehicle systems, smartphones, and other wireless devices may be impacted as carriers transition from 3G to 5G. SCR310 due diligence can provide time and procedures for potential buyers to inspect the home alarm system. https://www.wbrc.com/2022/02/17/3g-shutdown-could-impact-your-home-security-system/ Posted by: Byron King on 02/22/22 (This information is only accurate as of 02/22/22. You must contact [...]
REALTORS® on the buyer side of the transaction have a new ethics duty in 2022. The new ethics can apply to some other situations as well. See SOP 1-8 and excerpt below. ...Upon the written request of the listing broker who submits a counter-offer to the buyer’s tenant’s broker, the buyer’s/tenant’s broker shall provide, as [...]
https://www.thestate.com/article258269408.html Real estate agents risk management to help protect yourselves and the sellers and the buyers, use SCR391 https://screaltors.org/wp-content/uploads/Forms/391.pdf SCR391 has a Coastal Tidelands and Wetlands Act Section for the seller to complete. Another risk management form: SCR230 seller disclosure. https://screaltors.org/wp-content/uploads/Forms/230.pdf Posted by: Byron King on 02/14/22 (This information is only accurate as of 02/14/22. [...]
Stay tuned for SCR forms training in the near future. Today, the SCR BOD approved updates to the SCR310 and SCR300 residential purchase agreements to singularly feature the current due diligence language. Posted by: Byron King on 02/09/22 (This information is only accurate as of 02/09/22. You must contact SCR for updates and changes to [...]
All REALTORS® on both sides of the transaction now have "mirror image" duties to present all offers and counter-offers objectively and as quickly as possible and to provide written affirmation of presentation in accordance with ethics/laws. Legally, a counter-offer is an offer that can be timely/properly accepted unless timely/properly rescinded/rejected. Standard of Practice 1-6 REALTORS® [...]
https://www.scag.gov/media/3ifmjva0/02795860.pdf Posted by: Byron King on 02/03/22 (This information is only accurate as of 02/03/22. You must contact SCR for updates and changes to this information after 02/03/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org) This information is not legal advice. This [...]