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PREQUALIFICATION:  Q: Can seller require prequalification with their preferred lender?  Such as:  *Submitting offers on this property MUST be pre-qualified with Offerpad Home Loans or provide proof of ability to purchase the property without financing.  May choose any lender they desire once pre-qualified.  Semi-Private Remarks: * Offerpad will offer to pay 0.25% of the sales price to buyer at closing if buyer obtains a loan through Offerpad Home Loans for the purchase of this property.  A: This doesn’t feel quite right, but it is allowed. Buyer may ultimately work with lender of their own choosing. 

 

PREQUALIFICATION INTEREST RATE:  Buyer is unable to qualify for the loan rate initially offered by lender on the buyers pre-qualification. Buyer hereby elects to cancel the contract due to this unfulfilled loan contingency…see initial pre-qual and loan denial letter.

 

PREQUALIFICATION:  When have lender pre-qual but not AAR pre-qual:  Write on page 8:  Contrary to the language on line #69 of this purchase contract, seller and buyer agree that the Wells Fargo pre-qualification letter will be accepted in place of the AAR pre-qualification form and is attached to and made a part of this contract.   OR   Contrary to the language on line #69 of this purchase contract, seller and buyer agree that the AAR pre-qualification form is is hereby replaced by the Wells Fargo pre-qualification letter which is attached to and made a part of this purchase agreement.”   ALSO consider removing Loan Status Update (LSU):  “Section 2e of the purchase contract Loan Status Update is (also) hereby removed as the lender will not provide an LSU on the AAR form.”   OR

 

AAR Pre-Qualification Form that was not attached to the offer-In the counter say "buyer to provide AAR pre-qual form within 24 hours of contract acceptance" (or whatever time your seller wants), "Pre-qualification to be deemed acceptable or unacceptable at sellers sole discretion.  If buyer pre-qualification is disapproved by seller, seller may cancel within 24 hours of receipt, with EM returned to buyer(s), sect 7a CURE PERIOD shall not apply to this provision.  

 

PRE-PAY REPAIR INVOICE:  “Seller agrees to pre-pay XYZ Pool Company $X for pool repairs.  Repairs to be scheduled by buyer after COE (“post-closing”).

PRESENTATION:  SEE OFFER PRESENTATION AND CASE STUDY PAGE

PRE-TEN-TIOUS: pre·ten·tious:  adjective   attempting to impress by affecting greater importance, talent, culture, etc., than is actually possessed.

pri·ma fa·ci·e  ˌprīmə ˈfāSHē  adjective & adverb   Based on the first impression; accepted as correct until proved otherwise.  (at first view or on the first appearance...legally sufficient to establish a fact or a case unless disapproved.  Usage: “The Board challenged the assertion that the dearth of women on the staff constituted a pruma facie case of sexual discrimination” or "a prima facie case of professional misconduct"

PRIOR INSPECTION:  11/2020: See Notice/Disclosure Form pre-printed with prior inspection report language  Q: I have the home under contract again with new buyers (as of Saturday, 10/31/2020) Do the sellers need to update the SPDS or can we simply write a note in the SPDS that says "please see attached inspection reports" and then include those reports as a SPDS attachment? Please note: the new buyers have chosen to forgo their own inspection and work off of the inspection reports that I sent them from the prior buyer. Is there anything I need to be concerned about? Also note: I represented the prior buyer under dual agency. I want to make sure I have no liability. 

A: Great question.  This is a conversation that we want you to have with your seller.  Our policy is that we do want to advise the seller to share the prior inspection report as we feel that will allow the seller achieve "full disclosure" to the buyer.  Our recommendation is to attach the prior inspection report to the SPDS...you can use the Notice/Disclosure form for that (see attached example for how that looks).  I have included that language for you below to copy and paste to the Notice/Disclosure Form.  Also, the new buyer should not rely solely on the previous inspection since it was not paid for or prepared for them.  They really should hire their own home inspector who will prepare a custom report for them.  Here is the Language:  The previous home inspection report is being shared by seller at no cost to Buyer in order to provide full disclosure as to Sellers knowledge of the property. Buyer assumes all responsibility and liability for any information contained in the report that they rely on. Buyer further acknowledges that they are advised to obtain their own inspection as that inspection may discover or dispute issues in this report. The Buyer should not solely rely on the information in this report without first hand investigation.

(ATTACH NOTICE FORM WITH LANGUAGE).

 

PRIOR INSPECTION, SHARE? ALSO SEE SPDS, SHARE PRIOR INSPECTION?  Seller declines to send the inspection report from previous buyers contract.  QQ: Hi! I’m representing a buyer on a home that was under contract a month ago and had an inspection.   I thought a seller had to share the inspection report if the buyer requested it – is this not the case?  See below- I requested it and she is declining to send it.  AA:  Hi X, HomeSmart's policy when we are the listing agent is to share the prior inspection report with the new buyer...not to replace the new buyers own inspection, but to protect the seller by giving "full disclosure" to the buyer...While that is our policy, it may not be the policy of other brokers, and it is not a requirement in the purchase contract. So you can certainly ask for a copy of the prior inspection, but there is no provision in the contract that says they "must" provide a copy to your client.  Hope this helps, Jeff.

PRIOR INSPECTION, SHOULD WE SHARE? CASE STUDY:  Q: I've heard a few different views on providing previous inspections from a past buyer (fell out of escrow, etc) to a new buyer.  Trudy once told a class that we needed to disclose, but could wait til the new buyer had completed their own inspections, then went to a class at HS Corporate that stated we didn't have to disclose the inspection report and shouldn't.  What is the current broker/legal/AAR/ADRE stance?  A: HomeSmart's policy when we are the listing agent is to share the prior inspection report with the new buyer...not to replace the new buyers own inspection, but to protect the seller by giving "full disclosure" to the buyer...While that is our policy, it may not be the policy of other brokers, and it is not a requirement in the purchase contract.  You can use the form titled "Notice/Disclosure." One of the reasons we recommend providing the prior inspection report is so the seller does not have to go back and revise their SPDS with all the details revealed in the inspection itself. 

 

PROBATE/ESTATE:  SPECIAL LISTING CONDITION IN ARMLS          PROBATE, ARIZONA     http://www.nolo.com/legal-encyclopedia/arizona-probate-an-overview.html

HOW TO BUY A PROBATE PROPERTY:  http://www.realtor.com/advice/buy/what-is-a-probate-sale/         http://www.wikihow.com/Buy-Probate-Properties

PROBATE COURT APPROVAL:  “This contract is subject to the the Probate Courts Approval no later that xx/xx/xxxx.  If approval is not received by this date, this contract shall be automatically cancelled and all Earnest Money shall be immediately returned to the Buyers.”

PROBATE:  LANGUAGE:  Q: I have a buyer interested in purchasing a property that has to go through probate. Can I add some language giving my buyer the right to cancel if they should find another property to purchase while the probate process is underway? I am not sure how long probate takes and they want to keep looking just in case. If there is language can you please provide? Thanks :)   A: "This contract is contingent upon the property being released from probate.  Seller shall promptly deliver written notice to buyer once probate receives final court approval.  Upon buyers receipt of written notice that probate is finalized, Buyer shall open escrow and deposit any required earnest money.  The date of the sellers written notice to the buyer shall be deemed the date of contract acceptance for purposes of all applicable Contract time periods.  Buyer may cancel this contract any time prior to receipt of Seller's notice that the property has been released from probate."

PROBATE, LISTING, HOW LIST?  (ALSO SEE LISTING, PROBATE) Q: Hi X, The probate process can be lengthy and is administered by the probate court, so you will need to follow whatever instructions seller(s) and/or their legal representative(s) provide you for that.  For example, they may require additional terms and conditions which you would need to incorporate as an addendum into any sales contract you receive.  Here is a link to an NAR article with an overview of the legal process:  http://www.realtor.com/advice/buy/what-is-a-probate-sale/ 

You would also want to include language in the private remarks section of the MLS such as: “All contracts are subject to Probate Court Approval" or something similar.  You would also need to upload any required addendum to the docs tab in the MLS and refer to them in private remarks as well.  Or, you might end up including additional requirements as part of a counter offer from the seller, whichever the case may be.

There is also a special listing condition in ARMLS that you will use to notify MLS participants that this is a probate listing, as follows:  (See Special Listing Cond at bottom of page)  Lots of bells and whistles with these, be sure to follow whatever instructions and guidelines the attorneys require.  Hope this helps, JT.                                                                                                                                                                                                                                       

PROCURING CAUSE:  SEE CASE STUDY PAGE FOR MORE GOOD SHIT ON PROCURING CAUSE  Having the agent provide dates and "timelines" is helpful in formulating your argument, and would also be important if it were to go all the way to an arbitration hearing.  Copies of texts, emails, communication logs, specific dates, etc are all important, with the goal being that we are trying to prove that the buyer made the decision to buy with our agent,   DEFEAT PROCURING CAUSE BY SHOWING THE HOME LAST, OR A GREATER NUMBER OF TIMES THAN THE OTHER AGENT?

 

PROMOTIONAL ACTIVITY:  AZ ADM CODE:  Promotional Activities, R4-28-503  Az Adm Code  Article 5, Advertising         R4-28-502. Advertising by a Licensee     R4-28-503. Promotional Activities       http://blog.aaronline.com/wp-content/uploads/2016/05/AAC_R4-28-502_Advertising-by-a-Licensee.pdf   

PROOF OF FUNDS:  Q: I’m working with an all cash buyer and we are working to submit an offer what exactly would I need to send for the POF? What would suffice?  A: This is what the contract says for an all cash sale:  (PC, PAGE 1, LINE #19):  “IF THIS IS AN ALL CASH SALE:  A letter of Credit or a source of funds from a financial institution documenting the availability of funds to close escrow is attached hereto.”  Agents also submit statements for checking, savings and trading accounts.  Whatever proof is used, it should be liquid.  A liquid asset is an asset that can be turned into cash quickly.

 

(LANGUAGE FOR COUNTER OFFER IF POF NOT ATTACHED): “Buyer to provide a letter of credit or a source of funds letter from a financial institution documenting the availability of funds required to close escrow within 48 hours after contract acceptance. Proof of funds to be deemed acceptable or unacceptable at sellers sole discretion.  If deemed unacceptable, seller shall give notice within 48 hours of receipt of disapproved POF and this contract shall be cancelled.  Earnest Money to be refunded to the buyer.”   

 

PROOF OF FUNDS:  What constitutes POF?  Letter of Credit/Source of Funds is attached. (Checking, Savings, Trading Account).  Add to contract:  “Buyer shall provide an updated proof of funds along with LSU updates.”

 

PROOF OF FUNDS, IF ALL CASH, ONGOING PROOF:  “Buyer shall provide an updated Proof of Funds within 10 days after contract acceptance.  Buyer also agrees to provide additional “Proof of Funds” updates to Broker(s) and Seller upon request.”

 

PROOF OF FUNDS WHEN LARGE DOWN PAYMENT:  “Buyer shall provide “Proof of Downpayment Funds” within 10 days after contract acceptance.  Buyer further agrees to provide additional “Proof of Downpayment Funds” updates to Broker(s) and Seller upon request.”

 

PROOF OF FUNDS, INSTEAD OF CONFUSING ACCOUNT STATEMENTS (PC, PAGE 1, LINE #19):  “Buyer to provide a letter of credit or a source of funds letter from a financial institution documenting the availability of funds required to close escrow within 48 hours after contract acceptance.” 

 

PROOF OF FUNDS WHEN BUYER IS FOREIGNER:  1) Buyer agrees to open escrow and deposit earnest monies no later than the next business day after contract acceptance.  2)Buyer to have deposited in US Financial Institution and/or Bank or Title Company Funds totaling the Balance due of $550,000 plus necessary closing costs in US Currency within three business days of contract acceptance.  3) Seller will make no repairs.  Property is being purchased AS-IS, WHERE IS.  4) As per line #31 of the purchase contract, all funds are to be in US Currency.

 

PROOF OF FUNDS, GENERAL QUESTION:  Q: I received a cash offer...how do you typically confirm the legitimacy of a proof of funds document? This is my first cash deal. See attachment.  A: Reach out to the contact listed on the letter of credit, ask a few questions (general to specific, whatever you want to ask).  For example, how long has the borrower been a customer or how “seasoned” are the funds?  You could also check the institution itself to confirm it is legitimate, for example you could do a google search to look for any financial information, stock exchange information, regulatory data, etc.  Maybe even ask someone local that you know and trust in the financial industry to confirm their legitimacy.

 

PROPERTY MANAGEMENT  Borquin Residential Group, William Bourquin, 480-382-1440.  He is with Keller Williams.  We have a referral form for them on your portal, under HomeSmart Forms, the name of the form is "Referral Agreement to KW for Property Management."  Arizona Management Partners, Terri Bourquin | Managing Director,     Keller Williams Realty Biltmore Partners | 2920 E. Camelback Road, Suite 100 Phoenix, AZ 85016       Direct 480.734.3635     Office 480.382.1440     Terri@ArizonaManagement.com   www.ArizonaManagement.com  

PROVIDED ALL PARTIES HAVE SIGNED…..

PUBLIC REPORT:  REPLACES SPDS WITH NEW BUILDS:     PUBLIC REPORT INFO:   good   http://discinfo.info/        good   http://www.lynchlegalfirm.com/Articles/Lot-Splitting-and-Subdividing.shtml

PUBLIC REPORTS, SEARCH ADRE: https://services.azre.gov/publicdatabase/    ADRE FAQ’S:  https://azre.gov/faq#faq-each-qna-193    FORMS: https://azre.gov/developers/development-services-forms

CONTRACT DISCLOSURE:  Arizona Administrative Code R4-28-803. Contract Disclosures https://azre.gov/sites/default/files/Dev/Documents/R4-28-803.pdf

RECISSION OF CONTRACT:  Arizona Administrative Code R4-28-804. Rescission of Contract https://azre.gov/sites/default/files/Dev/Documents/R4-28-804.pdf

SAMPLE RECEIPT:  https://azre.gov/sites/default/files/Dev/Forms/FormJ-Disclosure_Report_Receipt.pdf

STREETS AND ACCESS: Arizona Administrative Code R4-28-A1207 – Streets and Access https://azre.gov/sites/default/files/Dev/Documents/R4-28-A1207.pdf

 FLOOD AND DRAINAGE: Arizona Administrative Code R4-28-A1203. Flood and Drainage; Land Uses; Adverse Conditions  https://azre.gov/sites/default/files/Dev/Documents/R4-28-A1203.pdf

 ASSURANCES OF COMPLETION:  Arizona Administrative Code R4-28-A1211. Assurances for Completion and Maintenance of Improvements https://azre.gov/sites/default/files/Dev/Documents/R4-28-A1211.pdf

By law, A.R.S. 32-2101 (55), you are a “Subdivider” if you own or have owned 6 or more lots in a single platted subdivision and offer any number of them for sale, regardless if you are an individual or a “builder” entity. All Subdividers are required to obtain a Public Report(s) prior to offering lots for sale in accordance with A.R.S 32-2181 et seq. and Commissioner’s Rule R4-28-B1207.   Exempt sales and leases A.R.S. 32-2181.02 provides that the sale or lease in bulk of six or more lots, parcels or fractional interests to one buyer in one transaction is exempt from the requirement to obtain a Public Report.

(PR) Public Report Requirements (Sub-divider):   Currently own or will own 6 or more lots (not necessarily all at once, will be cumulative over time), UNIMPROVED LAND/LOTS, possible PR exemption if current PR is less than 5 years old (Builder would be smart to get the prior PR, especially when already subdivided, otherwise he/she has to start from scratch.  EXEMPTION 1) CONDOMINIUMS are exempt since already “improved” unless 1) New construction, 2) Apartment to Condo conversion, 3) Major Renovations, 4) Being offered for sale for first time (New Build, Repo, Foreclosure, etc).   EXEMPTTION 2)  BULK SALES, 6 or more lots are exempt, see: A.R.S. 32-2181.02  Q:  How can I find out if a public report is required for a particular property?  This home is a new build that a custom builder is building. In case you need it property address is 28321 N 139TH ST, Scottsdale, AZ 85262  A:  Ask the builder ... Is it in an established subdivision? Does/has the Builder owned 6 or more lots?  Below is the rule from ADRE.  When do I need a Disclosure Report (Public Report) to sell lots in a subdivision that has existed for many years?
By law, A.R.S. 32-2101(55), you are a subdivider if you own or have owned 6 or more lots in a single platted subdivision and offer any number of them for sale.  All subdividers are required to obtain a Disclosure Report (Public Report) prior to offering lots for sale in accordance with A.R.S 32-2181 et seq. and Commissioner's Rule R4-28-B1207.

It is the act of selling that requires a Disclosure Report (Public Report), not ownership.  There is no time limit connected with this.  It makes no difference when you acquired or sold a lot.  Upon acquiring fee title or an equitable interest in the 6th lot within a single platted subdivision, a Disclosure Report (Public Report) is required prior to its sale.  You could purchase and sell 2 lots every five years and as soon as you acquire an interest in the 6th lot and offer the lot/lots for sale, you would be in violation if you did not obtain a Disclosure Report (Public Report).  If you hold fee title or an equitable interest in 6 or more lots at one time, a Disclosure Report (Public Report) is required prior to offering any of the lots for sale.

PUBLIC REPORT EXPEMPTION LANGUAGE:  SEE NOTICE FORM IN DOC’S TAB: “Builder states that at no time have they owned 6 or more lots within this subdivision, either individually or cumulatively, therefore, according to A.R.S. 32-2181 et seq. and Commissioner’s Rule R4-28-B1207, they are exempt from filing and providing a Public Report.”

Here is the language for the word document, give it a title, something like:  (You could also write this language on the Listing Contract Addendum for a listing file requirement or an Addendum for Buyer and Seller to sign for a buyer file requirement or on a Notice/Disclosure Form for a unilateral notice from one party to another).

Public Report Exemption Notice:  Put this language on a Notice/Disclosure Form and have seller sign:  Name of Builder/Entity: ________________________________   Property Address:  123 Main Street, Tempe, AZ 85040  “Builder/Developer states that at no time have they owned 6 or more lots within this subdivision, either individually or cumulatively, therefore, according to A.R.S. 32-2181 et seq. and Commissioner’s Rule R4-28-B1207, they are exempt from filing and providing a Public Report.”   Authorized Signer: _____________  Date: _________         After they sign this I would attach it to the missing paperwork form and say "As per brokers request for public report, please see the attached."  Send both documents in together and that will allow us to clear the file.  Please call with any questions.

PUBLIC REPORT, WHERE IS IT?  Q: Hello! Is there a special form I need to have my client sign for receipt of public report for a new build in Verrado? I'm not finding anything in downloads. Thanks!  A: The public report receipt page will come from the builder as they are the ones who are required to provide the public report to your client.  Usually it is a separate, stand alone document, but sometimes they include that as a clause within the builder sales contract itself.  The builder rep should be able to tell you where it's at.

PURCHASE CONTRACT UPDATED FEB 2020  RED LINED    Hi X, I have attached a "red-lined" version of the new contract showing the changes...only three were made.  Page one added the solar addendum  Page two added nest and ring doorbell  Page three changed seller concession language, seller concessions can now be used without restrictions.  Hope you are doing well.  JT.     PURCHASE CONTRACT, ADDITIONAL TERMS & CONDITIONS, GENERAL THOUGHTS/LANGUAGE: This purchase contract may not be assigned for any reason prior to close of escrow without seller approval.  Buyer acknowledges and agrees that Listing Agent may attend inspection/inspection wrap up at their discretion. Seller agrees to utilize licensed contractors for any/all repairs agreed to on the BINSR.   All repairs agreed upon in the BINSR will be performed by a licensed contractor.  If termites are discovered, seller to treat entire property and provide one year warranty from close of escrow.  HOA:  Seller agrees to satisfy and pay for any and all HOA violations, fee’s and penalities that may exist prior to COE.  Seller also agrees to provide documentation that all HOA violations have been cleared prior to COE.  When writing a contract, if seller is unknown, just check the box on line #2 of the PC…(says “as identified in section 9 of purchase contract”…).  Seller agrees that this property, which is currently a Rental, will be vacated by tenant no later than xx/xx/xxxx (or 3 days prior to COE…).  Seller further agrees that this contract is contingent upon seller delivering a fully executed copy of the Early Termination Agreement between seller/landlord and tenant.  Seller hereby gives buyer permission to conduct a core drilling tet if required by inspection company to determine the cause and/or source of moisture penetration. 

 

QUIET ENJOYMENT: A Covenant that promises that the grantee or tenant of an estate in real property will be able to possess the premises in peace, without disturbance by hostile claimants. Quiet enjoyment is a right to the undisturbed use and enjoyment of real property by a tenant or landowner.  Noise would be a material matter since it would interfere with the tenants right to "quiet enjoyment" of the property.  The right of quiet enjoyment is a covenant in the contract.  It would also be a material matter and should have been disclosed by the landlord prior to entering into the lease with the tenant.  Did the landlord disclose the noise issue?  If not, then the tenant could have cause to terminate the lease, but these are legal matters, so my recommendation is to have the tenant reach out to the landlord and/or an attorney, or contact community legal services (see attached).  I think part five and/or part six would could apply to their situation.

QUIET TITLE ACTION:   LEGAL COURT ACTION TO CLEAR CLOUD ON TITLE (REMOVE SOMEONE FROM TITLE, IE, GIRLFRIEND, LIEN, XWIFE, ETC). 

QUID PRO QUO:  noun, a favor or advantage granted or expected in return for something.  "the pardon was a quid pro quo for their help in releasing hostages"  synonyms:  exchange, trade, trade-off, swap, switch, barter, substitute, reciprocation, return

QUIT CLAIM DEED:  A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.   Quitclaim deed: Used when a property transfers ownership without being sold. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued.  When to use a quitclaim deed:  Most often used to transfer property within a family:  https://www.realtor.com/advice/sell/need-quitclaim-deed/

A quitclaim deed is a way to convey any possible interest that someone has in a property to another person. It doesn't provide any guarantee of ownership, which means it's only useful in limited situations. Using a quitclaim deed is, essentially, a way to relinquish any claim you have to a piece of property in order to release it to someone else. They are common in transfers between family members, divorces, and other title clearing actions.  A quitclaim deed transfers or "quits" any interest in real property. The grantor—the individual transferring interest in a property—is publicly and legally declaring that, if they do have any ownership in the property, they are passing it to the grantee.   NOTE:  A quitclaim deed does not guarantee that a grantor owns any real interest in a property or the status of the title. Quitclaim deeds are not used for sales, which utilize warranty deeds or grant deeds.  https://www.thebalance.com/quitclaim-deed-definition-1798625

QUOTATION MARKS:  The most common question people ask about quotation marks is whether periods and commas go inside or outside, and the answer depends on where your audience lives because in American English we always put periods and commas inside quotation marks, but in British English periods and commas can go inside or outside (kind ...Dec 26, 2013

R4-28-1101

RAFFLES:  SEE GIFTS                                                                                                                                                                                                                                                                                                                               RAIN: SEE LEAK                                                                                                                                                                                                                                                                                                                                    RAPID VALUE APPRAISAL:  SEE APPRAISAL

RATE LOCK:  What is a mortgage rate lock?  A mortgage rate lock can be an important tool for homebuyers. Basically, a mortgage rate lock is an arrangement between a lender and a borrower in which a mortgage's interest rate is locked for a certain period of time. Typically, the locked-in rate will be the current market interest rate.  When a borrower and lender agree to a mortgage rate lock, it is important that both parties are bound by the agreement. This agreement would mean, for example, that the borrower could not unlock the rate because the market interest rate had lowered. Interest rates will usually be locked from the moment that the mortgage is offered until it is closed. Unless a change occurs to the loan application, the interest rate will stay the same and will not be affected by market changes. Changes to the mortgage application, such as an increased loan amount or an updated credit score for the borrower, can result in the interest rate changing. Interest rates can also change if the home is appraised at a higher or lower amount than expected, or the borrower changes the type of mortgage for which they are applying. Mortgage rate locks have some drawbacks from the borrower's standpoint. For example, if the market rate falls during the term of the mortgage, a borrower would not be able to take advantage of these lower rates. The same would be true for lenders if the market rate rises.

REALTOR®    REALTOR, NAR REALTOR Trademark Logos FAQ's   REALTOR®    REALTOR®    REALTOR®    REALTOR®   REALTOR®

https://www.nar.realtor/logos-and-trademark-rules/logo-trademark-faq          https://www.nar.realtor/logos-and-trademark-rules             https://www.nar.realtor/letterlw.nsf/pages/TrademarkLogoInternet

REASONABLE ACCESS: What is reasonable access?  The PC addresses reasonable access as follows: 

 

6l.   298. Walkthrough(s): Seller grants Buyer and Buyer’s inspector(s) reasonable access to conduct walkthrough(s) of the Premises for

       299. the purpose of satisfying Buyer that any corrections or repairs agreed to by Seller have been completed, and the Premises are

       300. in substantially the same condition as of the date of Contract acceptance. If Buyer does not conduct such walkthrough(s), Buyer

       301. releases Seller and Broker(s) from liability for any defects that could have been discovered.

 

6m. 302. Seller’s Responsibility Regarding Inspections and Walkthrough(s): Seller shall make the Premises available for all inspections

       303. and walkthrough(s) upon reasonable notice by Buyer. Seller shall, at Seller’s expense, have all utilities on, including any propane,

       304. until COE to enable Buyer to conduct these inspections and walkthrough(s).

 

Q: Hello, I have a listing and it is UCB.  I have a back up offer in hand and have been scheduling additional showings.  The owner doesn't live in the property but is there often and wants me to schedule around his visits.  Instructions on the listing say to make appt and wait for confirmation.  I noticed that the Buyer's Agent entered the property tonight but hadn't let me know, so sent a text.  See below.  Question: Does the BA have unfettered access during inspection period?  A: No, the buyers agent does not have "carte blanche" to come and go as she/he pleases.  It will continue to be by appointment only as long as that is what your seller requests.  They certainly do not have the right to install a mechanical lockbox without the sellers permission.

 

REASONABLE SUPERVISION:  R4-28-1103 : A Designated Broker is required to exercise reasonable supervision and control over the activities of:  1) Associate Brokers, 2) Salespersons and 3) Unlicensed persons in the employment of the broker.

RECEIPTS: REPAIR RECEIPTS:  Section 6 of the DUE DILIGENCE section of the pc:  Section 6j, line #278 reads as follows: 

278.    (b) If Seller agrees in writing to correct items disapproved, Seller shall correct the items, complete any repairs in a

279.    workmanlike manner and deliver any paid receipts evidencing the corrections and repairs to Buyer three (3) days

280. or ______days prior to COE Date.

 

Q: Hello, I have a seller client who was required to make about 10 repairs on their home, by the buyer. All of the work was completed in a workmanlike manner by a family friend who is a contractor. They do not have receipts for the work that was conducted. But everything was done up to professional standards. The buyer is Concerned by the fact that there are no receipts. Are we required to provide them?  What if there aren’t any?  A: No.  The contract says on line #279 (see above) that the seller will deliver “any” paid receipts...there is no language that says there "must" be receipts.  I would however recommend having the contractor friend write out a statement outlining the work that she/he completed on behalf of your client and give that to the buyer in lieu of any receipts.  OR, have the seller write out a statement outlining that the seller completed the work themselves.    NOTE:  Make sure the self repairs are within their/your area of expertise and not beyond their/your scope of expertise…!  GOOD, NO PAID RECEIPTS DISCLOSURE:  See screenshot below (ADD SCREENSHOT) from the purchase contract which says the seller shall deliver "ANY" paid receipts...the operative word is "ANY."  It is not mandatory to have receipts, such as when a homeowner completes the repairs themselves as in your case.  Maybe a brief written statement from the seller that "These items were completed by seller, no receipts available" or something like that.

 

RECISSION, RESCIND OFFER, COUNTER OFFER, ADDENDUM: “Seller hereby withdraws/rescinds the addendum dated xxx lowering the sales price.”  OR “Seller hereby withdraws/rescinds the purchase contract (or counter offer) dated xx/xx/xxxx.”

RECISSION, RESCIND OFFER, COUNTER OFFER, ADDENDUM, REPLACE WITH ANOTHER:  “Seller hereby withdraws/rescinds the addendum dated xxx lowering the sales price.”  OR “Seller hereby withdraws/rescinds the purchase contract (or counter offer) dated xx/xx/xxxx.”  “Replacement Offer/CounterOffer/Addendum is attached.”

RECISSION, RESCIND/REPLACE OFFER:  “Dear Realtor:  After review by the Buyer and HomeSmart Broker department, we believe this is the best option.  The offer sent this morning for 5002 W. Phelps is hereby rescinded by the Buyers.  Attached is a NEW OFFER that has many of the terms the Seller has requested and cleans up the contract.  Please acknowledge receipt and let me know if you have any questions. Thank you.”

RECORDS RETENTION:  Q: Outside of the files that are uploaded electronically, is there any requirement for an agent to retain any documents?  If so, where can I find that? The reference that tells me what I have to keep and for how long?   A: Fred, see the following from the HomeSmart Policy and Procedures Manual, re Documentation Retention Requirements.  It's at the top of page 6 if you want to take a look.

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