Legal FAQs

/Legal FAQs

NAR Reports Wire Fraud Scam Now Expanding to Courier Services

By |2019-03-12T11:47:18-05:00March 12th, 2019|Legal FAQs|

NAR reports the wire fraud email hacking scheme that sends fake wiring instructions to the buyer or law firm or other victim has a new issue. NAR reports the crooks are now sending fake wiring instructions that appear to be pertinent to an eminent real estate deal both via hacked/mimicked email addresses and via paper [...]

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Emotional Support Comfort Animal Bites Bystander, Owner and Related Businesses get Sued

By |2019-03-01T12:36:32-05:00March 1st, 2019|Legal FAQs|

https://www.sacbee.com/news/nation-world/national/article226921079.html ‘Emotional support’ pit bull attacked 5-year-old girl at Oregon airport, lawsuit says BY DON SWEENEY FEBRUARY 28, 2019 09:05 AM, UPDATED FEBRUARY 28, 2019 09:05 AM When 5-year-old Gabriella Gonzalez spotted a dog at the Portland, Oregon, airport in December 2017, she asked permission to pet it, The Oregonian reported. But the dog, reportedly [...]

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Listing Agreement Requires Seller Disclosure

By |2019-03-01T12:33:20-05:00March 1st, 2019|Legal FAQs|

Section #9 of SCR220 ERTS listing agreement requires the seller to disclose defects and keep the seller disclosure completed and updated. Also, the listing agreement allows the brokerage to sue the seller for related damages and receive indemnification from the seller. PROPERTY INFORMATION/SELLER'S PROPERTY DISCLOSURE STATEMENT: Owner warrants that, to Owner's knowledge, there are no [...]

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Risk Management: Substance Abuse, Alcohol, Suicide, Depression, Taxis/Uber, Rehab, Counseling

By |2019-02-28T11:15:51-05:00February 28th, 2019|Legal FAQs|

Listing reps need to brief sellers to secure all drugs, prescriptions, poisons, opioids and alcohol to prevent pilfering during showings of listings. Children sometimes accompany parents on showings. Additionally, secure all weapons, valuables, pets, children, identity theft info/items, credit cards, sentimental items, expensive clothing, art, etc. Open house safety includes alerting neighbors and partners and [...]

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From Byron King: SC Vacation Rental Act Compliance

By |2019-02-06T11:17:42-05:00February 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 [...]

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NAR on 1099 coop brokers, referral brokers

By |2019-01-31T12:37:48-05:00January 31st, 2019|Legal FAQs|

https://www.nar.realtor/legal/irs-requires-reporting-of-cooperative-commissions 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 [...]

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Behave at NAR meetings

By |2019-01-29T09:52:27-05:00January 29th, 2019|Legal FAQs|

https://www.nar.realtor/national-leadership/board-of-directors/meeting-policies-and-procedures/code-of-conduct-and-sexual-harassment-policy 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 [...]

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

By |2019-01-24T16:25:05-05:00January 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 [...]

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From Byron King: Get Compensation Agreement In Writing ASAP

By |2019-01-24T10:51:32-05:00January 24th, 2019|Legal FAQs|

REALTORS® get your compensation agreement with your brokerage (and team) in writing ASAP...hot 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 [...]

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From Byron King (July 2018) MLS of Choice

By |2019-01-24T10:14:01-05:00January 24th, 2019|Legal FAQs|

https://www.nar.realtor/about-nar/policies/changes-to-mls-policy-statements-742-and-743-mls-of-choice 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 [...]

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