The SCR forms committee wanted to make it virtually impossible for parties and REALTORS® to put a deadline on a day that makes it hard to comply with contractual requirements. So, the SCR310 Business Day is defined in common terms...Monday, Tuesday, Wednesday, Thursday, and Friday. But, there are some common holidays that can fall on… Continue Reading Why is the SCR definition of Business Days unusual?
SCR391 - this addendum is a great addition to every contract! Use SCR391 to shift the burden to provide deed restrictions to the seller. Surveys are a great risk management tool and SCR391 covers survey issues and who orders/pays. Always use SCR391 for beachfront property to get the beachfront disclosures into the contract per state law. … Continue Reading Commonly Forgotten SCR Residential Addendum
Due to federal RESPA laws (max penalties: $10,000 fine and year in federal prison) and state real estate license law, it is risk to pay anything of value in exchange referrals for leads on buyers to property managers or other folks not licensed to receive referrals (e.g. relatives, friends, people asking for money). It is legal for a… Continue Reading WARNING: It is Risk to Pay Referral Fees to PMIC’s (or Unlicensed Folks)
Based on hotline communications, licensees are often very informal and imprecise in their text messaging. Therefore, SCR and the SCR310 discourage the use of text messaging primarily by allowing electronic writing that must be timely and properly delivered and received to the Contract's agreed upon: Notice address [typically brokerage office - can use FEDEX/UPS/Courier or… Continue Reading A warning about using Text Messaging
Simple raw counts of home sales are often more meaningful than the seasonally adjusted figures. The raw count determines income and helps better assess how busy the market has been. Existing home sales increased 1.1 percent in May from one month prior while new home sales rose 2.9 percent. These headline figures are seasonally adjusted… Continue Reading Home Sales for May 2017: Raw Count
By Melissa Dittmann Tracey, REALTOR® Magazine Don’t underestimate the power of a space based on its size. Sure, your listing may be size-challenged in the yard department, but that doesn’t mean it can’t still be a showpiece. “As building lots continue to be smaller and scarcer, lot preparation with the goal of maximizing livable outdoor… Continue Reading That Small Backyard Can Still Be a Selling Point
In an update to the “Know Before You Owe” mortgage rule, the Consumer Financial Protection Bureau stated clearly that it is “usual, accepted, and appropriate” for real estate agents and brokers to have access to the Closing Disclosure. The National Association of Realtors® cheered the announcement, having pushed vigorously for the clarification. In a statement, NAR President… Continue Reading CFPB ‘Know Before You Owe’ Announcement May Offer Relief for Agents on Disclosure Sharing
Field Guides are one-stop resource packages on dozens of subjects of interest to REALTORS®. On each page you’ll find links to articles, books, web sites, statistics, and other material on each subject. The list of the most-used field guides from Information Central for the month of June 2017 was released today: Field Guide to Quick Real… Continue Reading Top Field Guides for June 2017
Demand, video, libraries, architecture, coffee, mobility, and the future. Who else has jumped on the cold brew bandwagon? This gorilla is all of us when it comes to baby videos. We’ve got nothing on this special library! U.S. Department of Energy/flickr/2015 This house has cast a spell on us! So much detail goes into these… Continue Reading What We’re Reading: July 3-7
The following is NAR Managing Director of Housing Research’s Danielle Hale’s reaction to this morning’s U.S. Bureau of Labor Statistics jobs report for June: June job gains bounced back to 222,000 net jobs added and revisions pushed previous readings for April and May higher by 47,000 jobs, which signals that the apparent weakness in past… Continue Reading Instant Reaction: June Jobs Report