Legal FAQs

/Legal FAQs

Membership Trademark Logo/Term REALTOR

By | April 20th, 2018|Legal FAQs|

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 [...]

One Idea to Avoid Earnest Money Disputes

By | April 18th, 2018|Legal FAQs|

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 [...]

Behave in Listings! Or Else! Buyers/Tenants/REALTORS(R)/Sellers/Landlords/Inspectors

By | April 18th, 2018|Legal FAQs|

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. [...]

Earnest Money Solution

By | April 12th, 2018|Legal FAQs|

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 [...]

Surveillance Issues – Security Cameras and Security Microphones

By | April 12th, 2018|Legal FAQs|

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) [...]

Wire Fraud NJ Issues Alert Bulletin

By | April 12th, 2018|Legal FAQs|

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 [...]

New SC Case Law

By | April 4th, 2018|Legal FAQs|

In this appeal arising from an action seeking ejectment and monetary damages, the court affirmed in part, reversed in part and remanded for any eviction proceedings that may be necessary. The court found that the special referee erred in determining Respondents owned an equitable interest in a property and reversed a finding of promissory estoppel [...]

Listing Re-Market After Deal Fails to Close

By | March 29th, 2018|Legal FAQs|

Hotline answer to listing agents calling with this problem. Listing agent has an ethical duty (NAR article 13) to recommend the seller obtain legal counsel asap. Legal counsel can discuss the earnest money dispute and potentially suing the buyer for breach of contract and re-marketing the property. Once the listing agent has made this recommendation [...]