Best practices for extending the closing date in a residential deal on SCR310/300 forms can be read in this article. Because parties sometimes desire to extend the closing date for a variety of reasons and because at the end of that extension when the closing still has not occurred, the parties often argue if the [...]
Example: Repair Procedure with 10 business days filled on SCR310 in for buyer inspection date. (Inspection period can be more or less than 10 business days depending on what the buyers and sellers agree upon in SCR310). While some buyers might only order a home inspection to save inspection money, there is a long list [...]
At recent 2018 law firm training events, a law firm stated that they have received reports of real estate licensees facing discipline at the SC LLR Appraisers Board for "unauthorized practice of appraisal" arising when county tax assessors report real estate licensees for providing BPO/CMA/similar documents to property owners and property owners use these documents [...]
Must watch NAR video on Fair Housing...starts at the 11 minute mark of the NAR meeting video. http://live.blogs.realtor.org/2018/05/16/full-version-of-nar-360-now-available-2/ Federal fair housing act is celebrating the 50th anniversary. On May 16, 2018; SCR members visited the SC congressional delegation to ask for support of HR1447 to include sexual orientation and gender identity as protected classes in [...]
During the May 19, 2018, NAR Board of Directors meeting, NAR adopted the NAR professional standards committee recommendation to update Standard of Practice 1-7 by adding: "Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide a written affirmation to the cooperating broker stating [...]
https://www.nar.realtor/about-nar/policies/professional-standards-and-code-of-ethics/a-buyers-and-sellers-guide-to-multiple-offer-negotiations Posted by : Byron King on 5/21/18 (This information is only accurate as of 5/21/18. You must contact SCR for updates and changes to this information after 5/21/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)
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 [...]
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 [...]
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 [...]
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. [...]