SCR forms webinar April 19, 2021!
SCR Forms Update Webinar Coming Soon
Join SCR Director of Legal & Regulatory Affairs, Austin Smallwood, Esq. as he discusses changes to the SCR 518, 504, 505, 500 and 330 in this webinar on April 19th at 1:00 pm.
To register:
https://screaltors-org.zoom.us/webinar/register/WN_Rx4ZCueLRa6a1z38qCmNhA
This webinar will also be live-streamed, recorded and archived at youtube.com/screaltors for later viewing.
Prudent risk management is to not use outdated forms.
SCR provides standard forms that may be suitable for SC real estate transactions alongside the recommendations that parties obtain legal counsel prior to signing as well as throughout the transaction.
Using outdated real estate forms puts you and your brokerage at risk of lawsuits, felony crimes (unauthorized practice of law), ethics complaints, license law complaints, transaction problems, state law violations, federal law violations, failing transactions, not getting paid, unable to successfully sue for commissions, and upset consumers who will not refer any business to you nor use you again.
So, prudent risk management is to not use outdated forms.
In general, SCR strives to update the SCR forms when needed.
Laws change over time (e.g., state, local, federal).
Market issues change over time.
Case Law precedent changes over time.
Using outdated forms, especially forms that are very outdated, put you at risk of using forms that do not cover applicable laws and case law.
So, prudent risk management is to not use outdated forms.
SCR communicates forms changes to membership in a timely manner and prior to when they occur. Generally, SCR strives to update the forms in the new year. But, circumstances such as COVID or law changes or market conditions may either delay change publication or require mid year change publication.
Some forms changes may be minor.
Some forms changes may be major.
Some members may miss SCR communications about updating the forms.
So with minor changes there may be some sort timeframe of leeway to use an outdated form, but the safest risk management practice is to never use an outdated form rather than putting yourself and your clients and your customers and your brokerage at risk.
So, prudent risk management is to not use outdated forms.
SCR licenses forms to several forms vendors and you have a member benefit currently with zipForms. All these forms vendors communicate with SCR about forms changes and should auto update their forms libraries.
Posted by: Byron King on 4/15/21 (This information is only accurate as of 4/15/21. You must contact SCR for updates and changes to this information after 4/15/21 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)