Legal FAQs

/Legal FAQs

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 [...]

From Byron King: Handling Clients Exhibiting Mental Confusion, Memory Lapses (More than Normal)

By |2019-01-11T10:19:29+00:00January 11th, 2019|Legal FAQs|

When you are dealing with clients who exhibit signs of mental health issues or dementia or confusion, there are a number of steps you can take to help. Talk to the client. Ask the client for permission to reach out to emergency contacts that the client has provided you (e.g. friends, family, relatives, lawyers, social [...]

By Byron King: NAR Risk Management Committee Top 3: Teams, Coming Soon, Cybersecurity

By |2019-01-10T10:00:22+00:00January 10th, 2019|Legal FAQs|

Wondering what your top three 2019 risk management worries should be? NAR risk management committee identifies three: Team issues Coming soon Cybersecurity$File/AN18%20Minutes.Final.pdf Team issues: Remember the BIC supervises and compensates so have all that in writing. Know who your BIC is. Know in writing what your compensation is and how issues change if you [...]

New HOA laws

By |2019-01-09T09:48:11+00:00January 9th, 2019|Legal FAQs| Be it enacted by the General Assembly of the State of South Carolina: Homeowners Associations, Consumer Affairs services SECTION 1. Title 27 of the 1976 Code is amended by adding: "CHAPTER 30 Homeowners Associations Article 1 South Carolina Homeowners Association Act Section 27-30-110. This article may be cited as the 'South Carolina Homeowners Association [...]