Legal FAQs

/Legal FAQs

From Byron King: SC Vacation Rental Act Compliance

By |2019-02-06T11:17:42+00:00February 6th, 2019|Legal FAQs|

To comply with pre-contract SC Vacation Rental Act disclosure to buyers/buyer rep: Send this written information: " Property __________________________________________________________ SC is subject to vacation rentals from _____________________, 2019 through ________________________ 20__." Send this written information to the buyers/buyer rep prior to contract via: Paper (delivered by US mail, courier, hand) Text Email Fax Seller Disclosure [...]

NAR on 1099 coop brokers, referral brokers

By |2019-01-31T12:37:48+00:00January 31st, 2019|Legal FAQs| IRS Requires Reporting of Cooperative Commissions Share Facebook Twitter LinkedIn Print The Internal Revenue Service (“IRS”) requires that listing brokers who pay a cooperative commission in excess of $600 to an individual who is not their employee must complete a Form 1099-MISC. While this is not a new law, it has come to NAR’s [...]

Behave at NAR meetings

By |2019-01-29T09:52:27+00:00January 29th, 2019|Legal FAQs| This NAR Code of Conduct and Anti-Harassment Policy (Policy) applies to all NAR-related meetings or events, whether held in public or private facilities, including meetings or events sponsored by organizations other than NAR and held in conjunction with NAR meetings or events, and any NAR member communications related to NAR business or with NAR [...]

From Byron King: Worn Roof, Insurance Issues, SCR311 and SCR233 Help

By |2019-01-24T16:25:05+00:00January 24th, 2019|Legal FAQs|

SCR is receiving reports of insurance companies requiring roof replacement shortly after closing. Buyers who cannot afford a new roof may see their insurance canceled. Then, the mortgage lender to protect themselves will "force place" insurance which will be very expensive. Failure to pay the PITI mortgage payments can result in foreclosure. SCR is receiving [...]

From Byron King: Get Compensation Agreement In Writing ASAP

By |2019-01-24T10:51:32+00:00January 24th, 2019|Legal FAQs|

REALTORS® get your compensation agreement with your brokerage (and team) in writing topics for your lawyer to include: What is your compensation split on commissions while you are at the brokerage/team? What is your compensation split on commissions if you leave the brokerage/team? This could include a real estate career move or retirement or [...]

From Byron King (July 2018) MLS of Choice

By |2019-01-24T10:14:01+00:00January 24th, 2019|Legal FAQs| During the 2017 REALTORS® Conference and Expo, NAR’s Board of Directors voted to adopt changes in MLS Policy giving licensees more flexibility in where they subscribe to MLS (aka “MLS of Choice”). That change went in effect July 1, 2018. Based on broker experience, the NAR Leadership Team recognized a need for additional revisions [...]

from Byron King: NAR mediation training in Chicago September 4, 5 and 6 2019

By |2019-01-22T11:14:42+00:00January 22nd, 2019|Legal FAQs| NAR offers some of the best mediator training classes in the world. This NAR mediation class will fill up asap, so apply asap if you are interested. If you have taken SCR mediation training or NAR mediation training or SC Bar mediation training in the past and are interested in becoming a SCR mediator [...]

From Byron King: HOA Fees and the SCR310 Contract

By |2019-01-18T15:33:52+00:00January 18th, 2019|Legal FAQs|

SCR310 section 6 states that the buyer's transaction costs include...all costs to obtain information from or pertaining to any owners association (aka certificate of assessment). This is interpreted as the cost to obtain documentation about the seller's owners association issues and costs to investigate the owners association (e.g. getting the documentation on the seller's owners [...]

From Byron King: Sample Email Signature

By |2019-01-18T10:46:15+00:00January 18th, 2019|Legal FAQs|

Risk management could lead you to possibly using one or all of these as your email signature or tailoring them to your risk management needs: WIRE FRAUD WARNING: Organized criminals may send fake email to trick you into wiring or electronically sending your money to them so they can steal your money. Always be suspicious [...]

From Byron King: Statutory Definition Meter Conservation Charge

By |2019-01-15T10:20:30+00:00January 15th, 2019|Legal FAQs|

The LLR seller disclosure asks about a meter conservation charge. Basically, this is a way the utility charges or "finances" energy measures such as a new energy efficient hot water heater or other appliance for example. You have often seen these offers in your utility bills. SC Code: SECTION 58-37-50. Agreements for energy efficiency [...]