At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.42 percent this March, up 8.2 percent compared to 4.28 percent a year ago. Housing affordability declined from a year ago in March moving the index down 7.0 percent from 150.4 to 161.7. The… Continue Reading March 2018 Housing Affordability Index
Sunscreen, tech, architecture, meetings, travel, and location. Check your sunscreen ingredients before you go to Hawaii. Amazon and Lennar are pairing up for this smart initiative. Does anyone else type a word out, see the suggested emoji and opt for it instead of the word that took 8 keystrokes? We might be missing the point… Continue Reading What We’re Reading: May 7-11
For fair housing risk management purposes, REALTORS® are reminded to always describe the property not the actual/ideal buyers, sellers, landlords, tenants themselves. Describe the real estate. Even when describing real estate, be careful. Even benign sounding terms can result in issues (e.g. walkable/disability, near Baptist Church/religion, great backyard for kids/familial status). Do not describe the… Continue Reading Leasing/Renting, Fair Housing, Brokerage Policy – Compensation & Areas of Practice
REALTORS® should always use caution and due diligence with any unknown buyers who cold contact the REALTOR® with a desire for a cash deal with a quick close and early occupancy. REALTORS® should require background information such as proper documentation of sufficient available cash and identification. For fair housing risks, best practices can mean that… Continue Reading Safety Alert to All REALTORS(R) Statewide
SCR391 has the AS IS checkbox. SCR310 and SCR300 residential sales agreements define AS IS under the Repair Procedure Section. SCR forms typically convert over time to an AS IS agreement should all the parties "snooze" through their deadlines. An alternative to SCR391: SCR "As Is" using SCR Standard Forms (SCR "As Is" = SCR300… Continue Reading SCR391 AS IS Checkbox
SCR encourages members to send legal reports of trials, settlements, lawsuits, etc. to SCR. Law libraries only record SC Court of Appeals decisions and SC Supreme Court decisions. Trial level issues rarely get appealed, so reporting would help SCR identify risks. Please Forward Legal Issues to Your SC REALTORS Legal Staff SCR needs your help.… Continue Reading Please Send Your Legal Stories to SCR
Real Estate Rental Scams (Scrape Listing and Repost as a Fake Rental) In addition to reporting to the offending website so the scam rental ad can be taken down.... Here are some more solutions: Sign in yard "NOT FOR RENT" to deter drive up renter victims. Yard sign can be in the photograph of front… Continue Reading Rental Scams
Changing Brokerages? Know Your REALTOR Ethics on Listing Agreements, Buyer Agency Agreements, and other Brokerage Contractual Agreements: • Standard of Practice 16-20 Realtors®, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm. This… Continue Reading Changing Brokerages?
Treating Listings With Respect REALTORS should educate agents and potential buyers about treating listings with respect. REALTORS should educate agents and sellers about listing issues such as securing all valuables, weapons, drugs, identity information, alcohol, and items of sentimental value. When visiting a listing, ensure the property is left secured from easy burglary (windows and… Continue Reading Treat Listings with Respect
How Do Judges Interpret Real Estate Contracts? In construing a contract, the primary objective is to ascertain and give effect to the intention of the parties. Contracts should be liberally construed so as to give them effect and carry out the intentions of the parties. The parties' intention, must in the first instance, be derived… Continue Reading Judges and Contracts