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ERLY ACCESS, BEGIN REMODELING: LANGUAGE: “Seller Is Allowing Buyer To remove and Install Tile In All Rooms With Exception Of Bedrooms. Buyer agrees to defend, indemnify, and hold harmless seller against any and all claims regarding early access for tile installation. There is no provision for reimbursement for tile should this transaction fail to close. Buyer accepts any and all financial responsibility for vendor performing tile installation and will provide signed contract to seller. Both parties are hereby advised to seek legal, tax, and any other professional advice desired.”
EM, Additional Clause Addendum: Contrary to any language in the buyer contingency addendum, or otherwise, EM to be non-refundable as outlined in the ACA... EARNEST MONEY: BAD CHECK: Q: What happens if EM check bounces? (NSF) A: Seller must send a CURE notice. NSF is the same as the EM deposit NOT being made… Q2: What if seller delivered a CURE notice to buyer for failure to deposit EM, and buyers EM deposit thereafter is NSF? A2: Seller can cancel as the NSF deposit is the same as the EM deposit not being made…. EARNEST MONEY: CONTRARY TO NON-REFUNDABLE: Contrary to any language in the purchase contract or any attached addenda or related documents, the Earnest Money shall become non-refundable once the BINSR is agreed to and fully executed and once the appraisal contingency has been satisfied.” NEW: 8/17/2021 "Contrary to any language otherwise, either in the purchase contract or any addendums or attachments, the Earnest Money shall be deemed non-refundable if the Buyers Contingent Property does not close escrow on 8/31/2021 as noted on line #53 of the buyer contingency addendum unless 1) seller breaches this contract, or 2) either party exercises their right(s) under section 8b of the purchase contract." or Contrary to any language otherwise, either in the purchase contract or any addendums or attachments, the EM shall be deemed non-refundable (upon the execution of this addendum or once the BINSR is agreed to and fully executed or once the appraisal contingency is satisfied, etc), unless 1) seller breaches this contract, or 2) either party exercises their right(s) under section 8b of the purchase contract. EARNEST MONEY: DEPOSIT, NOT IN POSSESSION: Language for PC: Buyers broker is not in possession of earnest deposit. Buyer will deposit earnest money within two business days of contract acceptance. Close of escrow to occur as per line #24. COE may occur sooner with written, mutual agreement between the parties.
EARNEST MONEY, DEPOSITED: SELLER DEPOSITS EARNEST MONEY: “Seller shall, within ____ days of contract acceptance, place into escrow earnest money equal to that of the Buyer, which is subject to forfeiture to the Buyer for Sellers failure to perform the terms and conditions of this purchase contract, except in case of Buyer’s Breach, or if either party exercises their rights under the “Risk of Loss” Provision in section 8b of the Purchase Contract.” EARNEST MONEY, DEPOSITED, IN POSSESSION: LANGUAGE IN CONTRACT: Q: Trudy Moore to Scott Drucker: Q: Hi Scott - I'm seeing lots of contracts (just recently) that state, "Buyer's agent is not in possession of the earnest money and buyer will deposit earnest money within 48 hours of acceptance" - or something similar to that. My take is that the language on page 1 doesn't state the buyer's agent has the earnest money in their possession and the language I'm seeing is not really necessary. What is your take please? A: Hi Trudy. It sounds like the language you’re seeing relates to the prior version of the RPC, not the current version. Previously, the Contract stated that “Earnest Money has been received by Broker.” However, because in many instances the Broker never touches the Earnest Money, line 18 of the Current RPC no longer contains this statement. So I agree, the language you are seeing on these contracts is no longer necessary. Hope this helps, Scott. EARNEST MONEY NON REFUNDABLE “EXCEPT IN CASE OF SELLERS BREACH” “Contrary to any language otherwise, either in the Purchase Contract or any related documents or addenda, the Earnest Money shall become non-refundable once the BINSR is fully Executed and Agreed to, AND the Appraisal Contingency has been satisfied, Except In Case of Seller’s Breach, or if seller/either party exercises their rights under the “Risk of Loss” Provision in section 8b of the Purchase Contract.” “Earnest Money shall be nonrefundable once the BINSR is agreed to and Fully Executed.” (Signed and Agreed To) OR “Earnest Money shall become nonrefundable once the BINSR is finalized, signed and agreed to between the parties. OR “Earnest Money shall become nonrefundable once the Requested Repairs in the BINSR are acknowledged and agreed to by the parties.” OR “Earnest Money shall be nonrefundable once the BINSR Repairs are Agreed to, the BINSR is signed and the Appraisal Contingency is Satisfied.” ***“Earnest Money shall be nonrefundable once the BINSR is agreed to and fully executed, AND once the Appraisal Contingency has been satisfied, except in case of seller’s breach, or if seller/either party exercises their rights under the “Risk of Loss” Provision in section 8b of the Purchase Contract.” You could use something like, "Buyer and seller agree that the close of escrow shall be extended to xx/xx/xxxx. Buyer agrees that the earnest money shall be non-refundable in the event the transaction fails close escrow based on loan denial." I think if you say something like that it's specific that the earnest money is non-refundable for loan issues, but it's not a broad comment like it's non-refundable for any reason. EARNEST MONEY SHALL BECOME NONREFUNDABLE Once the BINSR is signed and agreed to, unless the buyer cancels on the BINSR, at which time earnest money shall refunded to the buyer. EARNEST MONEY NONREFUNDABLE IF BUYER IS UNABLE TO QUALIFY FOR THE LOAN: “Despite any language in this contract to the contrary, Buyer and Seller agree that although this contract is contingent upon buyer obtaining the loan specified in this contract, if buyer does not receive unconditional loan approval or receives a loan denial from their lender, the earnest money shall be nonrefundable and shall be immediately released to the seller.”’ EM, RELEASED TO SELLER: “Buyers Earnest Money of $xx to be Released to Seller after inspection and appraisal contingency have been satisified. Appraisal to be completed during the inspection period.” EARNEST MONEY, SPLIT EARNEST MONEY WITH SELLER IF DEAL CANCELS: Dear Escrow Officer: Regarding the cancellation of this transaction, HomeSmart is requesting that one half of the Earnest Money ($X) be remitted to HomeSmart as per line #126 of the ER Listing Agreement (Attached). I have talked with our Agent ZZZ and she/he requested that I send this email to your attention. Please call w/Q’s. OR EARNEST MONEY, SPLIT: We have mutual cancellation instructions out for signature for the buyer/seller to sign. QUESTION - where does the title company send the check to, and how do they reference it, so that the listing agent can be paid? You will need to instruct title as to how to process that. If the agent is receiving part of the forfeited EM, you would instruct title to send the seller their portion and send HomeSmart the balance which we will process as miscellaneous income for the agent. “Regarding the forfeited earnest money, HomeSmart is requesting that one half of the EM ($X) be remitted to HomeSmart as per line #126 of the ER listing agreement (attached). Jeff. EARNEST MONEY, VA LOAN: Q: I’m working with a couple that is getting VA approved. They don’t have any money to put down and are going to ask for the seller to contribute to closing costs however will it work when I go to put an offer without any money down for the earnest deposit? I do have prequalificaton letter. A: Earnest money is not required in a purchase contract. That being said, you could structure the deal with some amount of earnest money and have it refunded to the buyer at COE. Even a minimal amount such as $500 or so may be beneficial to get your client an accepted contract. EASEMENT: UTILITY EASEMENT: If you want to know where any utility easements are located on your property, call the utility company. Or you can go to the county land records office or city hall and ask a clerk to show you a map of the easement locations. A survey of the propertywill also show the location of utility easements. Easements: Overview | Nolo.com EASEMENT BY NECESSITY: An easement by necessity, similar to an implied easement, is an easement created by the courts. In fact, an easement by necessity is in many ways a type of implied easement. Courts will only create an easement by necessity when the easement is necessary to the use of some piece of property. Most often, easements by necessity occur when a certain piece of land is completely landlocked and would otherwise have no other access to a road. For example, if your land were completely landlocked, and the only way to get to your land was by crossing over Bill's property, an easement by necessity would exist providing you access to the road over Bill's property. However, if at any time in the future other options arise and the necessity no longer exists, neither will the easement. In other words, an easement by necessity can and will only last so long as it is necessary to achieve its result. eCOMMISSION:1) Copy emailed to agent, 2 Copy uploaded to transaction file closing folder. Control your cash flow: https://www.ecommission.com/testimonials/?utm_source=bh&utm_medium=email&utm_campaign=bh-email-pros-411-testimonial3 ecommissin: HOMESMRT COMMISSION ADVANCE FEE: 4/5/2021: Q: When and how did this agreement come about? Specifically, the additional risk reduction fee payable to HomeSmart? A: It has been required for around a year or so. HomeSmart allows agents to receive a commission advance as a general courtesy and from an operating perspective we need to cover our processing costs and be indemnified from any liability. The fee is not collected upfront, it is payable at successful COE. It's a requirement for all ecommission advances. EDUCATION CALENDAR: Q: Please explain why the HomeSmart calendar has so many classes on it in other states. It takes time to search through so many classes just to locate AZ and that is time I don’t have. A: Hi Laura, the reason for that that the www.HomeSmartCalendar.com website is the education portal for all of our corporate owned and franchisee's as well. When you go to that site, all you need to do is click on the "Classes By State" drop down in the upper left of the screen, and check the box next to Arizona. That will make the calendar only show the classes for our state. Have a great day! OR Go to HomeSmartCalendar.com to get to our education calendar. In the upper right make sure to select "Arizona" so you're only seeing classes for our region. Then you can click on any of the noted classes shown (there's a new one tomorrow at 1 for virtual open houses, tours, etc that I think will be great info). When you click on a class, there's a box on the right that pops up giving a description of the class, then you can click the "Register Now" button. If you're not seeing that, call 602.230.7600 and ask to speak with our Agent Services department and they can help troubleshoot. EGREGIOUS: Adjective, Outstandingly Bad, Shocking, Horrible, Terrible, Awful ELEVATION CERTIFICATES: WHO NEEDS THEM AND WHY: https://www.fema.gov/media-library-data/1428941960043-a8f37b7e3af25f47396bbff04e7bf036/FEMA-HFIAA_ECFActSheet_040715.pdf I have also included a link for you here regarding elevation certificates. You should reach out to the seller, city or county to locate that information:
ELEVATION CERTIFICATES: MARICOPA COUNTY; CLICK HERE
ELEVATION CERTIFICATE: (CITY OF SCOTTSDALE, PLANNING AND DEVELOPMENT, DOCUMENT SEARCH) https://eservices.scottsdaleaz.gov/bldgresources/EDM/DMSearch
EMAIL, DO NOT EMAIL….SEE CASE STUDY……..
EMAIL, GMAIL TEMPLATES: Create or change templates: 1) Open Gmail and click Compose, 2) In the Compose window, enter your template text, 3) Click More. Templates, 4) Choose an option: To create a new template, click Save draft as template Save as new template. ...5) (Optional) To send an email, compose your message and click Send.
EMAIL: Q: I noticed on some of the agent marketing collateral, that there is a Homesmart.com e-mail with the agent's name such as johnsmith@homesmart.com. How do I get one of those? I currently am using a g-mail account but that obviously is not as professional as one from the company I work for. A: Corporate email addresses are no longer offered to agents..those still in use are being phased out over time. It has to do with records retention and legal issues and liability surrounding that. Take care, JT.
EMINENT DOMAIN: noun Eminent domain in the United States refers to the power of a state or the federal government to take private property for public use while requiring "just" compensation to be given to the original owner.
EMERITUS STATUS: (Xanaxcarl) Here is a link to NAR for that...not sure of the details but check it out and see if you qualify. https://www.nar.realtor/programs/realtor-emeritus-status
EMOTIONAL SUPPORT ANIMALS, FAQ’s https://www.animallaw.info/article/faqs-emotional-support-animals#s12 EMOTIONAL SUPPORT ANIMALS, PUBLIC PLACES: https://www.nolo.com/legal-encyclopedia/arizona-laws-on-service-dogs-and-emotional-support-animals.html 6. What documentation do I need to provide to have an emotional support animal/ assistance animal? https://www.esaregistration.org/faq/ If a person needs an emotional support animal to help alleviate the symptoms of a disability, he or she must first make the request to his or her landlord. HUD states the following in its FHEO Notice: "Housing providers may ask individuals who have disabilities that are not readily apparent or known to the provider to submit reliable documentation of a disability and their disability-related need for an assistance animal." (FHEO Notice: FHEO-2013-01 at page 3). Most sources indicate that the request should be in writing and explain how the reasonable accommodation helps or mitigates symptoms of the disability. While the tenant or owner does not need to disclose the disability, he or she will need to provide documentation from a doctor or other health professional. According to HUD, a physician, psychiatrist, social worker, or other mental health professional can provide documentation that the animal provides emotional support that alleviates one or more of the identified symptoms or effects of an existing disability. (FHEO Notice: FHEO-2013-01). The documentation is typically a note from his or her doctor. This link from the Bazelon Center for Mental Health Law provides guidance on this exact issue. If you go to page six of the pdf link, there is a sample letter ( http://www.bazelon.org/LinkClick.aspx?fileticket=mHq8GV0FI4c%3D&tabid=245 ). Such a letter would be the way a person could verify the need for an emotional support animal with his or her landlord. Q: We represent the Landlord. A prospective tenant that has 2 assistive pets. They have provided a document showing the pets are “registered” in the ESA program. Is this considered sufficient documentation to prove the pet is assistive? Is the owner permitted to ask for the prescription from their health professional to validate? A: X, I am not familiar with the ESA program, but I do not believe that will not be sufficient. They still need a current letter from a health care professional. Please see the following text highlighted in red. Jeff. (This is directly from the ESA website) Does my pet get entered into a government registry? No. There is no such registry for emotional support animals. Some sites promise to "register" your animal into a government database, which simply doesn't exist for ESA's. All you need in order to prove that you animal is an official ESA is a letter written by a licensed therapist stating such. EMOTIONAL SUPPORT ANIMALS: SERVICE ANIMALS: SEE HANDOUT IN LL PRESENTATION: Q: I am finding a rental for a client and they have a service animal. The other side/ landlord are trying to charge my client for pet rent. My knowledge is that pet rent, pet fees, and pet deposit cannot be charged for ESA or service animals. They have said their stance for their broker is that a "reasonable rent" can be charged. I do not think legally pet rent can be charged. I wanted to see HomeSmart's stance on this. A: Agreed Devyn, there is no "brokerage stance" on this type of thing. It's a legal issue. If your client has a service animal or emotional support animal and they're documented, they're an extension of the person so therefore not a pet. If your client wants to push the issue, they can reach out to an attorney familiar with the AZ Landlord Tenant Act. I'd suggest Dean Clouse, his # is 480-668-0200. He works with tenants. (Kyle, 8/26/2020). EMOTIONS: 4 Emotions of the home buying process 1) Excited 2) Overwhelmed 3) Stressed 4 ) Fulfilled
EMPTY POOL: Q: A house under contract has a leak in the pool. The buyers have agreed to purchase the property as-is, to include an empty pool, however, the underwriter has denied the conventional loan, due to an empty pool. Is there any way around this? A: I asked for an opinion from the other brokers, the best response was to fill up the pool with water to get the deal closed. Then drain the pool after COE to have it repaired. Let me know what happens. JT ENCROACHMENT: Who is responsible for overhanging branches? By Christopher Combs, Combs Law, March 5, 2018 https://www.combslawgroup.com/responsible-overhanging-branches/ Q: Who is "responsible" for trimming tree branches that overhang a wall (fence) between two homes? Two single family detached homes. Q: Can we pay for the cost of the trimming our neighbors trees and then sue our neighbor in Justice Court for reimbursement? A: No. In Arizona and a majority of states the courts have ruled that the homeowner has to pay for the cost of trimming a neighbor’s trees. This rule, called the “Massachusetts Rule,” also states that that any property damage caused by an overhanging tree, like the infestation of roof rats, creates no cause of action against the neighbor. In better-reasoned decisions the courts of a minority of states follow the “Hawaii Rule” which puts responsibility for the tree wholly on the owner of the land on which the tree trunk rests. The tree owner is responsible for maintaining the tree and also for any damage to a neighbor’s property caused by the tree because the overhanging branches are trespassing into the homeowner’s airspace. NOTE: In the states like Arizona following the Massachusetts Rule, there is no “sensible” harm requirement for trimming a neighbor’s tree, and it is permissible to trim as much of neighbor’s tree as overhangs his property. However, any trimming must not kill or damage the overall health of the tree. It is also important to note that tree roots that extend into neighboring land are treated similarly to tree branches. ENCROACHMENT: (ONLINE ARTICLE) http://www.faithlaw.com/blog/2015/09/encroachment-can-be-a-problem-for-arizona-property-owners.shtml
“Buyer and seller acknowledge and agree that there is an encroachment upon the property from the adjoining lot. In consideration of this fact, seller agrees to reduce the sales price to $x, and the buyer agrees to accept the property AS-IS and assumes all responsibility and liability for resolving the encroachment issue with the adjoining lot owner. Buyer also agrees to indemnify and hold-harmless both agents and brokerages of record involved with this transaction regarding said encroachment. Seller contribution of $x toward survey costs to be deducted from seller proceeds in escrow.”
ENCROACHMENT, ACCEPTANCE OF ENCROACHMENT: “Buyer accepts the encroachment in its present "as is" and "where is" condition. Seller will not be required to correct or remove the encroachment. Buyer further releases Seller and ABC BROKER from any and all liability and claims related to the encroachment.”
ENCROACHMENT, CORRECTION OF ENCROACHMENT: “Seller, at Seller's sole expense, agrees to correct the encroachment prior to closing. The correction must be by way of removal of the encroachment or obtaining and recording an agreement which permits the encroachment to remain and grants the right to go upon the property being encroached upon to maintain the encroachment. Buyer's obligations under this contract are contingent upon Buyer's approval of such correction.”
ENGINEERING CERTIFICATE: What is an engineering certificate for manufactured homes? One of the most commonly requested documents by realtors, loan officers, processors and underwriters is a site-specific certification report (aka Engineer's Certification) by a Professional Engineer certifying that a manufactured home's foundation meets the requirements set forth in HUD's Permanent Foundations Guide ... http://foundationcerts.com/ https://azinspect.com/manufactured-home-tie-downs/
ENTITY ADDENDUM: When seller is an entity, have addendum of understanding/acknowledgement: “Property is being sold by (name of entity, ie, xyz LLC, Smith Trust, Jones Estate, etc). John Doe is the (title) ie, member, manager, trustee, executor, power of attorney of the selling entity) and is also the authorized signer on the entities behalf.” OR “John Doe is the authorized signer on behalf of the selling entity, XYZ LLC.” (Also include this language in the Exclusive Right to Sell Listing Agreement (ER).
OR: Seller and Buyer Acknowledge and Agree that the name of the (selling/buying) entity shall read ______. The parties further agree that _________ will be executing all documents as the authorized signer.
ENTITY, TAX TREATMENT: Difference Between C Corp vs S Corp: The biggest difference between C and S corporations is taxes. C corporations pay tax on their income, plus you pay tax on whatever income you receive as an owner or employee. An S corporation doesn’t pay tax. Instead, you and the other owners report the company revenue as personal income.
There are three main differentiators when it comes to S Corporations and C Corporations: formation, taxation, and ownership. 1) Formation — C Corporations are considered the default type of corporation. When you file articles of incorporation in your state, you’re designated a C Corp. If you want to be an S Corporation, you’ll need to file Form 2553. There might be other forms to complete to stay an S Corp as well. 2)Taxation — C Corporations get taxed twice: the company pays corporate income tax and shareholders pay federal income taxes through dividends. S Corporations have pass-through taxation. This is when shareholders report business income and losses on a personal tax return. So the only taxes they face are the ones on their personal tax return. There’s no corporate tax. 3) Ownership — C Corps don’t have restrictions when it comes to ownership. Anyone can be an owner, and there can be as many owners as you’d like. S Corps are limited to 100 shareholders who must be U.S. citizens.
EQUITABLE TITLE LANGUAGE: “Seller and Buyer Acknowledge and Agree that any Earnest Money disputes will be found in favor of the HomeSmart client 100% of the time when Equitable Title is named as the Title & Escrow Company of Record.”
EQUITABLE TITLE: (SPECIAL LISTING CONDITON): An equitable interest is an interest held by virtue of an equitable title, which is a title that indicates a beneficial interest in property and gives the holder the right to acquire formal legal title. It is the interest held by one who has agreed to purchase but has not yet closed the transaction. Also see ARMLS rule 8.10. SALE, EXCHANGE, OR LEASE CONTINGENCIES APPLICABLE TO LISTINGS. This must be disclosed in special listing conditions.
ERRORS & OMISSIONS INSURANCE (E&O): VACANT LAND: Q: Trudy, Can you clarify whether or not an agent has or does not have E&O coverage when they sell vacant land when they have an ownership interest...? Paragraph two on page 28 of our policies and procedures manual says there is no E&O coverage when an agent sells vacant land where they have an ownership interest. I was talking with Kyle and he thought that had been changed, but I wanted to ask you to clarify. A: Yes - we have that coverage - but we don’t advertise it.! Trudy. E&O INSURANCE: https://www.cresinsurance.com/real-estate-eo-insurance-q-and-a/ E&O Q&A: https://www.cresinsurance.com/real-estate-errors-omissions-insurance-faq/ E&O INSURANCE, DECLARATION PAGE; Q: Hello - I was appointed special real estate commissioner to sell a property and the court is requesting we have $1 mil in E&O. Do we have that? A: Our E & O declaration page is in RSA under the Download tab. This is what you need to provide to the court. E&O: Q: had an agent with a different broker say that if a buyer I represent declines a home warranty on the contract that my E&O coverage could be void. Is this true? Also, is there anything specifically I should be aware of that could void my E&O coverage? A: Hi XYZ, The buyer not choosing a home warranty does not void your E&O insurance. That is simply a choice any buyer can make in any transaction. Not using the most current AAR Forms is probably one of the biggest risks for agents along with having incomplete files or missing paperwork. Additionally, whenever there is an E&O issue, the attorneys always look to make sure the agents actions are consistent with both local and state real estate association guidelines , the brokers Policy and Procedures manual and the Independent Contractor Agreement (ICA). That is why it is important to review and update these documents from time to time. HomeSmart does this on an annual basis. ESCROW OFFICIERS, DUTIES, RESPONSIBILITIES http://www.mcglinchey.com/Escrow-Officers-Duty-and-Exposure-04-06-2007/ ESCALATION CLAUSE: WHAT IS AN ESCALATION CLAUSE AND WHEN SHOULD YOU USE ONE? Typically used when there are going to be multiple offers, especially in a "low inventory" market. Appraisals can be an issue if the sales price is increased to levels whereby there may not be justifiable comps. It is basically an aggressive move by the buyer to try to lock down the sale. Seller may come back and counter that the appraisal contingency be waived. https://www.realtor.com/advice/buy/what-is-an-escalation-clause-how-does-it-work-and-when-should-you-use-one/ http://www.bestrenoagents.com/2012/10/07/escalation-clauses/ http://www.bankrate.com/finance/real-estate/escalation-clause.aspx ESCALATION CLAUSE SAMPLE: https://gormanrealestate.files.wordpress.com/2012/11/slide11.jpg ESCALATION CLAUSE (IF SUBMITTED TO YOUR CLIENT, CONSIDER ASKING OTHER PARTY TO WAIVE APPRAISAL) “Contract price to be (insert number, ie $5000) higher than the highest bona fide offer, net of concessions, received by Seller, not to exceed (insert cap number, ie $500K). The parties intend this agreement to be a binding contract, and not an offer to enter into a contract at a later date. The price determination will take place as set forth herein, but the fact that the price is not determined as of the time this contract is fully executed by both parties shall not defeat the existence of a contract. Listing Broker to provide Selling Broker with a copy of the next highest bona fide purchase agreement upon acceptance of this offer.” OR “In the event offers made by other prospective buyers exceed the offer made by buyers, this escalation clause shall apply: Contract price to be (insert number, ie $5000) higher than the highest bona fide offer, net of concessions, received by Seller, not to exceed (insert cap number, ie $500K). Listing Broker to provide Selling Broker with a copy of the next highest bona fide purchase agreement upon acceptance of this offer. Addendum to follow.” (The parties will sign the Addendum with the new, agreed upon price)
ESCALATION CLAUSE, CASE STUDY: (Send counter offer with new price when you get an escalation clause) (or addendum)
Dear Broker, HomeSmart/ Steffy represents the Seller. We received multiple offers. One of the offers has an escalation clause: "Buyer is willing to pay $500 over highest and best offer, seller to provide p.1 & p.10 of the purchase contract". Are there any risks in providing page 10 of the competing offer? I am OK with providing page 1, and redacting the name of the Buyer/and Brokerage identification, but not sure about p.10. Or should I just do a counter offer at the highest offer plus their escalation price, and not provide the competing offer? A: Hi Steffy. Either way you're going to have to counter their offer so I'd probably do a combination of what you said. I'd counter at the higher price, and then I'd send page 1 and 10 to the other side with the pertinent info redacted. I don't have a problem with that. Kyle Q2: So, on p.1 and p.10, I will disguise the names of the Buyers and Brokerages, the identifier of the offer is the electronic signature information at the bottom of the page. If a third pair of verifying eyes are needed, I can email you the competing offers, but I won't disclose to the Buyer's agent the names of offering Buyers/Brokers until the contract is accepted. Right? A2: That should be fine, yes….
ESCROW, CAN BUYER MARKET PROPERTY FOR LEASE PRIOR TO COE..? SEE CASE STYDIES………...6) CAN BUYER MARKET THE HOME FOR LEASE DURING ESCROW?
ESCROW PERIOD http://real-estate.lawyers.com/residential-real-estate/escrow-and-closing-in-buying-or-selling-a-home.html ESCROW CANCELLATION LETTER: Q: Hi so on one of my listing we just got binsr back that they decided to cancel do I have to wait to put it back on the market? A: You should always get a copy of the escrow cancellation letter from title prior to putting the home back as ACTIVE. That being said, prior to your receipt of the cancellation letter from title, any subsequent offer would be contingent upon the successful cancellation of the first escrow. ESCROW TRANSFER: See Transfer, open escrow ESTOPPEL CERTIFICATE: SEE ESTOPPEL CERTIFICATE IN DEFINITIONS ESCROW INSTRUCTIONS: See purchase contract, Section 3 TITLE AND ESCROW, sect 3a: Contract is used as escrow instructions. NOTE: BINSR IS NOT USED AS ESCROW INSTRUCTIONS. TO AMEND PRICE OR OFFER CREDIT THE PARTIES MUST SIGN AN ADDENDUM WHICH IS CONSIDERED A PART OF THE PURCHASE CONTRACT. ETHICS COMPLAINT: Q: Last year I had an agent file an ethics complaint on me for showing a home I thought was vacant. Because of that, do I need to fill this for out as so? Also, at the bottom it asks if I disclosed this to ADRE in writing. Was I supposed to do that? Or is this form for something else? (Attachment: Disciplinary Actions Disclosure LI-214-244 (Used for License Renewal): A; Rich, Drawing a blank on this...is she required to disclose an ethics complaint to ADRE when she renews her license...? No. Not unless it involves the Public Trust. In which case, AAR would have reported it already anyway. Rich, 3/9/2021 EVICTION: NOLO: Definition noun the action of expelling someone, especially a tenant, from a property; expulsion. Unlawful Detainer Action: In real estate law, an unlawful detainer lawsuit is a legal action filed by a landlord to evict a tenant who is in possession of real property without legal rights to possess it. Unlawful detainer actions typically receive priority over most other lawsuits and are scheduled for trial rapidly (usually within 14 days of filing and service). (Another major difference is that you have to show a landlord tenant relationship in an Eviction while in an unlawful detainer, you can remove someone from property when there is no landlord tenant relationship such as a guest who has overstayed their welcome). EVICTION RATES: Phoenix eviction and foreclosure rates double US average: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2020/09/09/metro-phoenix-eviction-and-foreclosure-rates-double-u-s-average/5756228002/ FORCEABLE ENTRY AND DETAINER: A Forcible Entry and Detainer is an action that a landlord or new property owner to remove the existing occupant refuses to leave after appropriate notice. This occupant could be either a tenant or original owner of property that was sold at a foreclosure or trustee's sale. A landlord cannot forcibly evict a tenant without proper notice. ... This will start the eviction process. Courts commonly refer to eviction actions as "forcible entry and detainer" or "unlawful detainer" actions. |
