SHORT SALE-USE: 1) SHORT SALE SELLER ADVISORY, 2) SHORT SALE ADDENDUM TO LISTING CONTRACT, 3) SHORT SALE ADDENDUM TO RESIDENTIAL PURCHASE CONTRACT, 4) SHORT SALE AGREEMENT NOTICE
SHORT SALE PROCESS:
1) Make sure the sellers have talked to their lender(s) and have received agreement to proceed with a short sale. You should also get the sellers written authorization that allows you to communicate directly with both lenders to share information about the listing and sale as needed (authorization to communicate). 2) Have the seller sign the Short Sale Seller Advisory and go over the various options the seller has regarding pursuing a short sale and their other options outlined in the Advisory. 3) Once the sellers have made the decision to proceed with a short sale, and with the lenders approval, you will set up a listing file. Be sure to include the Short Sale Addendum to the Listing Agreement and the Short Sale Seller Advisory as part of your listing paperwork. 4) Also, be sure to review the Short Sale Addendum to the Purchase Contract as that should be attached to any offer(s) you receive. The Short Sale Addendum to the Purchase Contract outlines additional terms and conditions that will be an important part of the transaction. 5) Please let us know if you have any questions. Remember to keep the lines of communication open with the lenders as they have the final decision making authority to approve the short sale.
NOTE: Please counsel your buyers that the SS process is out of their control. CASE: (Buyer complaining) So we’re finding ourselves in a weird position. The owners, not the bank, are countering our offer. They are raising it to what they owe on two loans. If we sign, they will then submit that to the bank. We’re confused why they are inserting themselves into the process. Why wouldn’t they sign our offer and submit it to the bank for them to counter us on. Their position is the neighbor’s property values which are significantly higher than what we offered and I guess what they are owed. All I can figure is they are trying to make it more efficient time wise. Will it hurt the owners credit more, the more the negotiations drag out? A: Hmm, this is certainly a little unusual. From what I gather they are really behind. If they have an offer that pays everything off then they’ll only have late payments. If they have an offer that only pays off most of their lien(s) but not all then they’ll have on their credit what is called “settled for less than owed” which is far worse in terms of long term credit impact. Additionally monies in short sale do impact a person’s tax implications. For example, if a person were to be forgiven $100k vs $20k the $100k has $80,000 more to pay to taxes on. There’s an incentive to minimize the short sale amount. A: Rob's explanation is right on. It's all about minimizing (or trying to minimize) the loss that both seller and bank will incur. There are tax and long term credit implications for the seller. I would recommend that the buyer(s) review the short sale addendum to the pc, in particular line #11 where it says Buyer and Seller acknowledge that it may take weeks or months to obtain creditors approval of a short sale and lines 13-15 whereby the seller may also submit backup offers with terms more favorable to the lender.
SHORT SALE LANGUAGE: IF SELLER ASKS FOR 60-90 DAY NON REFUNDABLE EM: “After seller delivers an accepted short sale agreement notice, the inspection period shall begin, AND Earnest Money shall no longer be subject to being “non-refundable” for 60-90 days. Rather, Earnest Money shall become “refundable” as per the standard terms and conditions of the AAR purchase contract.”
SHORT SALE ADDENDUM VS BUYER CONTINGENCY ADDENDUM: Q: What verbiage could I use for an addendum so that the short sale addendum super exceeds the contingency when regarding to the inspection period for my buyer. A: Something like "In the event of any conflicting inspection period timelines in the Buyer Contingency Addendum and the Short Sale Addendum to the Purchase Contract, the parties agree that the inspection period timelines outlined in the short sale addendum to the purchase contract shall control."
SHORT TERM RENTALS: SEE VACATION RENTALS
SHOWING AGENTS ARE ACCEPTABLE (PER DISCUSSION W/KYLE 4/20/2017)
SHOWING INSTRUCTIONS: OUR AGENT WAS A NO SHOW: Hi X, As you know, part of our fiduciary duty to the Buyer is to show them all of the properties they want to see. Another part is to help them get the one they want at the best possible price & terms. Not showing up for confirmed appointments or giving proper notice for cancelling not only irritates the listing agent, but it can set a negative tone for negotiations later. It’s just not professional. (This part optional…)( if you're out of town you should not be the agent requesting the showings. Your son (or another agent on your team) should be requesting them since they are the ones who will be conducting the showing). We understand that things come up and when they do the person who made the appointment should cancel or reschedule. Take care, JT.
SIGHT UNSEEN: “Seller and Buyer Acknowledge and Agree that Buyer is purchasing the property “Sight-Unseen.”
SIGN RIDERS: For riders Agents can go to their local association office or one of the sign companies around town...here is a link to realty sign co, they have a couple locations around the Valley:
http://realtysignco.com/
SIGNATURES ON CONTRACTS (proper): http://www.nolo.com/legal-encyclopedia/contracts-the-proper-signatures.html
SIGNATURES, AUTHORIZED SIGNER: Q: I'm doing a Listing appointment today for a Canadian Corporation. What documents will I need to get for authority to sign? A: There should be some document such as an operating agreement that the Corporation has which will authorize someone to sign on behalf of the Corporation in order to sell real property. You may always send that documentation to the title company for verification that this is all that is needed to list and sell the property. If not you will need all the parties to sign. Yes, the title company will take care of the requirements for FIRPTA. Please make sure that any offer that is received has the buyer is aware that FIRPTA will apply.
SIGNATURES, TRUST: Q: I'm taking a listing where the seller is trustee of her deceased mother's trust. I have a couple of questions: 1. Should I ask to see a copy of the trust to make sure I'm dealing with the right party/parties? 2. I use Docusign. What language do I need to write into the listing agreement (and future purchase contract) so that she may sign on behalf of the trust using her name for the signature line?A: A copy of the trust will need to be provided to the title company once the property goes under contract. The name of the seller is the same as the name of the trust. The authorized signer will sign her real name followed by the word "trustee." You should have language on page six of the ER listing agreement such as: “The authorized signer and Trustee for this listing and sale shall be _____.” Although not required, it is recommended that you have similar language in the contract, counter offer or addendum, such as: “The authorized signer and Trustee for this sale shall be _____.”
NAME CHANGE, SIGNER: “The seller signing for this transaction will be “x”, formally known by her Maiden Name “y.”
BUYER, AMEND NAME (SIMPLE ASSIGNMENT EXAMPLE) “Buyer’s name is hereby Amended to read x, replacing y on the Purchase Contract and all related Documents and Addenda. By signing below BUYER acknowledges that he/she has read, reviewed and signed the purchase contract and all related documents and addenda.” A new lender Pre-Qualification form (or LSU) is attached. All other terms and conditions to remain the same.”
CLARIFY MANAGER OF LLC “For clarification purposes, the manager of the LLC is Donald Trump, who has agreed to all of the terms and conditions of the purchase contract dated November 20, 2016.”
NEW OR ADDED OR SUBSTITUTE BUYER OR SOME TYPE OF NAME CORRECTION “By signing below, Donald Trump acknowledges that he has read and does accept and approve all the terms and conditions of the Purchase Contract and all applicable addendums, counter offers, and amendments thereto.”
ADD REPLACEMENT BUYER, REMOVE ORIGINAL BUYER: “XXX is hereby added as Buyer to this Purchase Contract dated xx/xx/xxxx. YYY is hereby removed as Buyer to this Purchase Contract dated xx/xx/xxxx. An updated Lender Pre-Qualification (or LSU) is attached.” “By signing below, xxx acknowledges that he/she has read and does accept and approve all the terms and conditions of the Purchase Contract and all applicable addendums, counter offers, and amendments thereto.”
ADD BUYER TO CONTRACT LANGUAGE “Seller and Buyer acknowledge and agree that yyyy is hereby added as a buyer to this purchase contract dated xx/xx/xxxx, and by signing below yyyy acknowledges that she/he has read, reviewed, accepted/approved and signed the purchase contract and all related documents and addenda and agrees to be bound by same as if she/he were an original signer on each and every document.”
ADD SELLER TO CONTRACT LANGUAGE “Seller and Buyer acknowledge and agree that yyyy is hereby added as a seller to this purchase contract dated xx/xx/xxxx, and by signing below yyyy acknowledges that she/he has read, reviewed, accepted/approved and signed the purchase contract and all related documents and addenda and agrees to be bound by same as if she/he were an original signer on each and every document.”
ADD SELLER, SIGN ALL DOCUMENTS (SEE AMENDMENT TO ESCROW INSTRUCTIONS) “Be sure the additional seller signs and initials all the original documents signed by the other seller's. Or, you can request the title company to draft an addendum to confirm the additional seller agrees to all the exsisting terms and conditions.”
ADD PARTY TO TRANSACTION(As if signed language)The purchase contract dated xx/xx/xxxx for the property located at 123 Main Street, Tempe, AZ is hereby amended in the following particulars only:
The undersigned (Seller or Buyer), yyyy, hereby acknowledges that she/he has received a copy of the AAR Residential Resale Real Estate Purchase Contract dated xx/xx/xxxx regarding said property executed by zzzz as (Buyer or Seller) as well as all addendums and amendments to said purchase contract. Furthermore, the undersigned yyyy acknowledges that she/he has read, accepted and approved all of the terms and conditions contained in said Purchase Contract, addendums and amendments and agrees to be bound by same as if she/he signed each and every document.
All other terms and conditions to remain the same and in full force and effect. Our signatures hereon designate our full approval thereof.
Each of the undersigned states that she/he has read the foregoing amended instructions and understands and agrees to them. The undersigned also acknowledge receipt of a copy of these amended instructions.
SELLER IS ENTITY: 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.” (Both ER and Purchase Contract)
SIGNATURE, ENTITY, AUTHORIZED SIGNER: The trust is the owner (and seller) so the name of the trust will go on that line. On page six of the listing agreement you should make a note to the effect "The authorized signer on behalf of ABC trust is John Doe, trustee" (or something similar).
SIGNATURE: MARRIED NOW, SIGNING AS HERSELF LANGUAGE: From FDennis 4/7/2021: “Seller acquired property as Caroline V. Manley but will sign Listing Agreement and Purchase Contract purchase contracts as follows: "Caroline Victoria Fencl, a married woman who acquired the property as Caroline Victoria Manley, an unmarried woman."
SIGNATURE: NAME CORRECTION LANGUAGE “Seller and Buyer acknowledge and agree that the correct legal name for the buyer to this purchase contract dated xx/xx/xxxx is xxxxxxx. By signing below BUYER acknowledges that he has read and reviewed and signed the purchase contract and all related documents and addenda.”
SIGNATURE: NAME CHANGE LANGUAGE FOR BUYER: “Seller & Buyer acknowledge and agree that the name of the buyer on the purchase contract dated xx/xx/xxxx is hereby changed from "John Smith" to the "John Smith Trust." OR “The Buyer’s name is hereby Amended to read x, replacing y on the Purchase Contract and all related documents and Addenda.”
SIGNATURE: NAME CHANGE LANGUAGE FOR SELLER: (Used with Gaffney’s) “Seller and Buyer acknowledge and agree that the name of the sellers on the purchase contract dated xx/xx/xxxx and all related documents and addendums is hereby changed from “John R Doe and Mary A Doe” to the “Doe Family Revocable Living Trust dated xx/xx/xxxx.” (Consider adding: Joe Smith, Co-Trustee and Mary Smith, Co-Trustee are the authorized signers on behalf of the trust).
SIGNATURE: NAME CHANGE, BUYER TO BUYERS TRUST: (5/18/2020): “Seller(s) and Buyer(s) acknowledge and agree that the name of the Buyer(s) on the purchase contract dated xx/xx/xxxx and all related documents and addendums is hereby changed from Donald John Ayan and Martine Claude Ayan to the “The Ayan Family Trust.” Authorized signers on behalf of the trust are Donald John Ayan and Martine Claude Ayan, as co-Trustees of The Ayan Family Trust, U/A dated MY 20, 2020”
SIGNATURE: NAME CHANGE FROM TRUST OR INDIVIDUAL TO LLC: (Language) Q: My buyer who is a trust, is changing from the name of the trust to an LLC. Not sure how to word that in the addendum. Silly question? A: Seller & Buyer acknowledge and agree that the name of the buyer on the purchase contract dated xx/xx/xxxx and all related documents and addendums is hereby changed from XYZ Trust to XYZ LLC. An updated Lender Pre-Qualification (or LSU) is attached. John Doe (member or manger) is hereby named as the authorized signer for the trust and by signing below, John Doe acknowledges that he/she has read and does accept and approve all the terms and conditions of the Purchase Contract and all related documents and addendums."
SIGNATURE: NAME CHANGE TO PERSONAL REPRESENTATIVE: “Seller and Buyer acknowledge and agree that the authorized signer shall be xxx xxxx, Personal Representative of the Estate of xxx xxx, deceased pursuant to probate case #123456. By signing below, xxx xxx acknowledges that he/she has read, reviewed and signed the Purchase Contract dated xx/xx/xxxx and all related documents and addenda.”
SIGNATURE: REMOVE BUYER OR SELLER FROM CONTRACT LANGUAGE "All parties to the purchase contract dated xx/xx/xxxx acknowledge and agree that xxxx is hereby removed as a (seller/buyer) from the purchase contract dated xx/xx/xxxx and all related documents and addenda." (All parties sign including party leaving contract). OR
“Line #1 of the Residential Purchase Contract and all other places reflecting the buyers name shall be changed to reflect xxxx as the buyer.” YYYY will no longer be a party to the contract.
SIGNAUTURE: REMOVE BUYER FROM CONTRACT LANGUAGE "All parties to this transaction hereby acknowledge that XYZ is now removed as a buyer from this contract and all related documents & addenda."
SIGNATURE: ADD BUYER: “Seller and buyer acknowledge and agree that XYZ is hereby added as a buyer to this purchase contract. By signing below, XYZ acknowledges that she/he has read and does accept and approve all the terms and conditions of the purchase contract and all applicable addendums, counter offers and amendments thereto.”
THIS PURCHASE CONTRACT AND ALL RELATED DOCUMENTS ARE HEREBY AMENDED TO READ…….
SIGNATURES, REQUIRED…MUST NEW BUYER SIGN? WHAT IF JUST SIGN ADDENDUM ADDING PARTY TO CONTRACT…? Q: Title is asking for an addendum asking for the executor of the estate to be added to the sales contract. Do you then want her to go back and initial the entire contract or is it enough just to have her initial the addendum? A: Good morning X, she should absolutely go back and initial/sign all of the previously agreed to documents. That way, she's acknowledged the terms that she's agreeing to by being added to the transaction.KF.
Q: What would be the risks if she refuses to sign documents? Specifically, the executor hasn’t been cooperative up til now so what would she or we risk if we have a contract to sell? A: The risk would be that the executor, given some type of legal action or "worst" case scenario might claim that she/he was unaware of important terms and conditions in the contract. We want whoever is signing the contract to read and accept the terms of the contract and that is evidenced by them signing/initialing the contract and all addendums and documents which are part of the contract.
SIGNATURE, SUCCESSOR TRUSTEE: Q: I just went into escrow on this property. The person who signed the original documents, including the HOA Addendum, recently passed away. This property is held in a Trust. Is there anything I need to do or because it is in a Trust I just leave everything as is? A: Hi X, The trust documents themselves should spell out who the successor trustee is, the family will need to review those documents to determine who will have signing authority moving forward. Once that is determined, you should prepare an addendum and say something like "the parties acknowledge that the authorized signer on behalf of the selling entity is now deceased and the new authorized signer going forward shall by XYZ. By signing below, XYZ acknowledges that she/he has read the purchase contract and all related documents and agrees to be bound by same as if he/she were an original signer on each and every document." You will need to go back and have them sign all the documents. You should also touch base with the title co to see what else they might require in addition to this. Hope this helps, JT.
BUYER: TITLE PURPOSES ONLY, ADD BUYER FOR TITLE PURPOSES ONLY OR NON-BORROWING SPOUSE (WITH LENDERS APPROVAL) When a spouse is being added for title purposes only, they are a buyer but not a borrower. We need to bring the non -borrowing spouse onto the contract even if it's for title purposes only, otherwise it would be "sole and separate" and that would require more language plus a disclaimer deed. Please call with any further questions. Jeff.
Addendum #3 (everybody will sign, seller(s) and both buyer(s))
“Buyer and seller acknowledge and agree that xxxxx is to be added to this purchase contract dated xx/xx/xxxx and title as a non-borrowing spouse.” “XYZ is to be on the title, but is not to be on the loan.” OR “Buyer and seller acknowledge and agree that xxxx is on (or to be added to) this purchase contract dated xx/xx/xxxx for title purposes only. By signing below xxxx acknowledges that she/he has read, reviewed, approved and signed the purchase contract and all related documents and addenda and agrees to be bound by same as if she/he were an original signer on each and every document.”
SIGNATURE, VALID SIGNATURES…? BROKER NOTE: FYI: The sellers signature may not be valid on the Contract Documents. Signatures should be people's names (first and last) and not be the company name written in cursive, because that is not a legally binding signature. Please confirm with the title company that you have a binding contract. (8/2020: CHANGE FROM “PLEASE HAVE BUYER RESIGN,THEIR NATURAL NAME…)
SIGNATURE, WHO MUST SIGN CONTRACT? Q: If two people are named on a lease and only one signs-is it binding? My second party might be having cold feet. One has already signed electronically. A: No, all parties named in a contract must execute the contract. Otherwise, it would not be enforceable. Take care, Jeff.
SIGNATURE, WHAT INFORMATION IS NEEDED…? Hey, X. In case something were to happen to the LA, we need a way to reach the owner directly. As such, a phone # or email address is usually listed on the ER. That's probably better anyway since our affiliates have the right to use the information that you enter into the Listing file or Sale file in RSA in order to reach out to HS clients to offer additional services, etc. JT
SIGNATURES, MISSING SIGNATURE….SEE CASE STUDIES……..9) REC’D UPDATED SPDS WITHOUT SIGNATURE, IS IT VALID…?
SIGNATURE, WRONG SIGNATURE: Q: Hi Trudy, I have a question for you. I have a contract on 11120 W Ahbrook place which has been turned in. I got "pink" slipped because the buyer did not sign as an individual but only as corp. I talked with one of the Brokers and was told all contract has to be freshly re written and signed again. I want to do this easy but not get in trouble.all parties will be fine with this but what do you say has to be done? A: It is fine to just have the buyer resign. You do not need to re-write the contract.
SIGNED IN WRONG PLACE: Q: Hi, We accepted a counter offer my seller sign on the wrong line. What do I need to do to correct this. Time of acceptance was 2pm. A: “Have them line through the wrong signature, initial. Then sign on the correct line.” Thank you, JS. END OF SIGNATURES:
SINGLE NOTICE: SEE INSPECTION PERIOD NOTICE, Section 6i of purchase contract states “Single Notice”, ALSO SEE BINSR, AMEND THE BINSR
SMART PARTNERS & AFFILIATES: Please always direct agents to the link below for SmartPartner &Affiliate information as it varies by territory around the valley.Britton http://homesmartarizona.com/smartpartners/
SMART PARTNERS: Pearl Certification: Pearl Certification provides an "energy efficiency certification" for your sellers home, and they offer the results of that certification as marketing/advertising materials and highlights for your sellers home. This is directly from their website:
· Pearl helps you market homes to identify and showcase the high performing features buyers will pay more for
· When marketed properly, Pearl Certified homes sell on average for 5% more
· NAR supports Pearl through its REach Technology Accelerator
· Pearl’s partners include Energy Star, the Appraisal Institute, and U.S. Dept of Energy
I talked with Larry Feiner, one of our agents and branch managers on the west side, he used their services for one of his listings (it was free). He thought it was overall a good program and he was told by the buyers agent that the buyer was positively influenced by the high energy efficiency rating his listing received. The MLS number for Larry's listing is 5784903. The last photograph in the listing is the pearl certificate showing a high energy efficiency rating. He also uploaded the pearl certification report to the docs tab in the MLS and he said the buyer of this home was also positively influenced by the high performance rating detailed throughout the report. Bottom line is they try to help you highlight and market the energy efficiency of your listings. As for the ongoing costs, you would need to find that out from Pearl along with any other information regarding their program. Just wanted to share with you the positive experience one of our agents had. Let me know your thoughts, Jeff.
SMART LISTING LINK: https://homesmart.com/smartlisting/
SMART REFERRAL NEWTWORK: SEE PAGE ONE OF THIS PUBLICATION
SOCIAL DEMOGRAPHICS: What are social demographics? A group of people in a society that share certain characteristics in terms of wealth, type of occupation, etc. people of every age and from every possible social demographic. May 19, 2014
SOCIAL MEDIA POSTS THAT GET YOU IN TROUBLE: http://realtormag.realtor.org/law-and-ethics/feature/article/2016/03/social-media-posts-get-you-in-trouble
SOCIAL MEDIA: Q: Are there some social media guidelines for setting up social media marketing? A: You can review our Policies and Procedures manual which is located on your RSA Portal in the downloads link. See the table of contents to review the available topics. Please remember that you must have broker approval prior to print or publishing any marketing or advertising materials. Agents must send a link or mock up artwork to broker@hsmove.com for approval before going live or prior to going to print. You can have multiple sites and/or pages but if you are advertising anything regarding real estate you must have the HomeSmart trademark prominently displayed and it must be visible on the landing page and subsequent pages without having to scroll through the page. The Fair Housing Logo must also be present, typically towards the bottom of the page in the fine print area. Please let us know if you have any questions. Take care, Jeff.
SOCIAL SPOOF…...USING SOCIAL PROOF TO AMPLIFY YOUR REAL ESTATE MARKETING STRATEGY...SEE CASE STUDIES…...
SOFT VS HARD CREDIT PULL: When a lender or creditor asks a credit bureau to look at your credit report, that inquiry may get noted as part of your credit history. There are two types of inquiries—hard and soft. A hard inquiry occurs when a lender with whom you've applied for credit reviews your credit report as part of their decision-making process. This type of inquiry appears on your credit report and can influence your credit scores. A soft inquiry occurs in cases where you check your own credit or when a lender or credit card company checks your credit to pre-approve you for an offer. Soft inquiries do not appear on your credit report and do not impact your credit score. https://www.experian.com/blogs/ask-experian/credit-education/report-basics/hard-vs-soft-inquiries-on-your-credit-report/
SOPHISTICATED: Adj, (of a machine, system, or technique) developed to a high degree of complexity. Having, revealing, or proceeding from a great deal of worldly experience and knowledge of fashion and culture.
SOLAR, OWNED: Q: If the system is owned and no payment convey at COE, there is no "solar" or special addendum required, correct? A: Correct. If it is owned, it's a fixture and covered in Lines 52-53 of the PC.
SOLAR PANELS: LEASED SOLAR PANELS CAN CAN COMPLICATE—OR KILL—A HOME SALE: http://www.latimes.com/business/realestate/la-fi-harney-20150322-story.html
SOLAR PANEL INSPECTION: Q: Is it customary to do a solar inspection on leased panels? A: Not typically, but ask your home inspector if anything seems unusual or out of place. The lease agreement terms should clearly outline who is responsible for maintenance and/or repairs of the panels and other system components and the process for scheduling maintenance. Make sure your clients investigate that thoroughly and have their questions answered during the inspection period.
SOLR PANELS, LISTING: Q: I have an upcoming listing that has solar panels. This will be my first time dealing with solar panels in a real estate transaction... or at all. What do my sellers need to disclose upfront and best way to do so? MLS and SPDS? A: Hi X, The sellers will disclose in the SPDS and you will enter into the MLS and note that the home has solar panels. It is recommended that you have the solar lease documents available for prospective buyers to review at their request. Ultimately, the seller should attach the solar lease agreement to the SPDS as full disclosure from sellers to buyers once you receive a contract. You should also upload the solar addendum (from zipForms) into the docs tab of the MLS and state in private remarks "please include the solar addendum along with your offer." This addendum should be made a part of the purchase contract. It is the buyers responsibility to investigate the solar panels during their due diligence period…
SOLAR: PAYOFF SOLAR: REQUEST: Seller agrees to pay off the entire solar debt of approx $X. RESPONSE: Buyer & Seller also agree to increase the sales price to $X and seller agrees to pay off the solar lease in full.
SOLAR PANEL LEASE HAS PRIORITY OVER BANK FORECLOSURE: AZ REPUBLIC ARTICLE, 7/14/2019 CHRIS COMBS, Esq: https://www.combslawgroup.com/solar-panel-lease-priority-foreclosure/
SOLD/CHANGE FORM: Q: Do brokers need to sign the sold/change form? A: No, brokers don't need to sign off on these unless your client is specifically asking for a Broker signed copy. If that's not the case you can just make the change that they've agreed to in MLS, and then upload this document into your file here at the office so we can edit our system. Also, The ARMLS Sold/Change form is not required to be uploaded to your agent portal when your listing goes under contract. Those instructions are already stated on line #275 of the ER Listing Agreement. Kristin was just reminding agents that they should be completing that form and obtaining the Seller's signature when they make other misc. changes in the MLS. OR We only sign these if the Seller is demanding a Broker signed copy. If that's not the case you can just upload this into your file in RSA, and we'll update our system. If the Seller is wanting a Broker signed copy, just let me know and I'll be happy to print and scan back to you.
SOLE AND SEPARATE PROPERTY: ALSO SEE DISCLAIMER DEED; What is the definition of sole and separate property? When a married man or woman wishes to acquire title as their sole and separate property, the spouse must consent and relinquish all right, title and interest in the property by deed or other written agreement. Example: John Doe, a married man, as his sole and separate property.
SOLE DISCRETION: SELLERS SOLE DISCRETION: LANGUAGE FROM PRE-QUAL SECTION; 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.
SOURCE OF FUNDS: COE OF EXISTING HOME: “Seller understands and accepts that funds for $193,000 down payment are being gifted by the mother (Linda Bellew) of Buyer Matthew Bellew and that those funds will come from the sale of Linda Bellew's home at 1500 San Juan Hills Drive, Unit 101 Las Vegas, NV 89134 which is currently scheduled to close on October 21, 2019. If the sale of that home is not completed by October 24, 2019 Buyers may elect to cancel this contract at their sole discretion and earnest money shall be released to the buyer. I will provide a copy of the Las Vegas contract as well as a copy of the already issued ALTA Settlement Statement issued by the title company.
SOURCE OF THE SOURCE: BE THE SOURCE OF THE SOURCE FOR YOUR CLIENT. LET THEM MAKE THE DISCOVERY AND DISCLOSURE/DECISION/WHATEVER. THEY NEED TO FIND OUT FOR THEMSELVES. OTHERWISE, YOU RISK BEING LABLED THE “EXPERT” OR THE ONE WHO KNEW OR SHOULD HAVE KNOWN THE INFORMATION OR ANSWER TO THE QUESTION. IT IS YOUR BUYER WHO MUST DO THEIR DUE DILIGENCE, NOT YOU. TELL THEM WHERE TO GO TO GET THE ANSWERS. LET THEM VISIT THE WEBSITE, NOT YOU!