Legal FAQs

/Legal FAQs

Advertising Properties with/without Listing Agreement

By | August 17th, 2018|Legal FAQs|

NAR Code of Ethics Article 12: Standard of Practice 12-4 REALTORS® shall not offer for sale/lease or advertise property without authority. SC real estate license law: (E)(1) A licensee may not advertise, market, or offer to conduct a real estate transaction involving real estate owned, in whole or in part, by another person without first [...]

Murders and Ghosts and Deaths and Crimes and Rumors/Reports and Real Estate

By | August 16th, 2018|Legal FAQs|

AKA Psychologically affected...AKA Psychological Impact...AKA Psychological Stigmas While no legal duty exists to disclose psychological stigmas, it may be in the seller's best interests to disclose "psychological stigmas" in the seller's disclosure...here's why. If the seller does not disclose in the seller disclosure, then the contract may proceed for weeks/months toward closing but the day [...]

Business License Fees, SC Supreme Court Case

By | August 16th, 2018|Legal FAQs|

Interesting read on SC Supreme Court's take on a house flipper's business license fees. https://www.sccourts.org/opinions/HTMLFiles/SC/27829.pdf Please read the footnote #1 on page #1. The City's ordinance refers to this as a business license "fee"; however, a business license fee operates essentially as a tax Posted by : Byron King on 8/16/18 (This information is only [...]

What is Ombudsman aka Ethics Mediation?

By | August 15th, 2018|Legal FAQs|

"Classic" Mediation: This is the long-established NAR "assisted self-settlement" procedure where REALTOR® mediators are trained to act as a peacekeeper/facilitator/realist to assist the disputing parties in reaching their own self-settlement. Mediators then help the parties write down their settlement on the NAR mediation form and the parties sign. Because the parties arrived at the decision [...]

Terminating and Earnest Money

By | August 13th, 2018|Legal FAQs|

Only use SCR313 comfortably when your buyer is timely/properly terminating under SCR311 due diligence. https://www.screaltors.org/wp-content/uploads/Forms/313.pdf For all other uses of SCR313, you should be very worried and always recommend your buyer seek legal counsel asap before taking any actions or submitting any SCR313 or communicating any termination to the other side (e.g. seller, seller's rep). [...]

Email Signature/Footer to Protect Against Wire Fraud and Unintended Agreements

By | August 13th, 2018|Legal FAQs|

IMPORTANT NOTICE: Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. Never wire money without double-checking that the wiring [...]

Advertising Complaints

By | August 13th, 2018|Legal FAQs|

Do you get upset with other REALTORS® and real estate teams that potentially give the false impression that they are a stand-alone brokerage and do not clearly disclose their brokerage on their signs and other advertising and communications? The SC real estate commissioners do. The commissioners and LLR staff want the public to know exactly [...]

Flood Insurance (Repetitive Claims)

By | August 13th, 2018|Legal FAQs|

Current best practice with flood insurance: REALTORS® always get a seller disclosure and owners association addendum (SCR230, SCR231). Seller Disclosure (LLR RPCDS Question #19 asks about water issues (e.g. floods, leaks, mold, wood destroying organisms, plumbing issues) during the seller's ownership. https://www.screaltors.org/wp-content/uploads/Forms/230.pdf REALTORS® always have buyers sign SCR233 Flood Insurance Disclosure form. https://www.screaltors.org/wp-content/uploads/Forms/233.pdf Buyer reps [...]

Flood Insurance Disclosures (SCR233 flood insurance disclosure form)

By | August 13th, 2018|Legal FAQs|

Current best practice with flood insurance: REALTORS® always get a seller disclosure and owners association addendum (SCR230, SCR231). Seller Disclosure (LLR RPCDS Question #19 asks about water issues (e.g. floods, leaks, mold, wood destroying organisms, plumbing issues) during the seller's ownership. https://www.screaltors.org/wp-content/uploads/Forms/230.pdf REALTORS® always have buyers sign SCR233 Flood Insurance Disclosure form. https://www.screaltors.org/wp-content/uploads/Forms/233.pdf Buyer reps [...]