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Legal Issues
Square footage: What buyer sees, buyer gets?
There have been a number of calls to the Hotline recently that involve measurement problems. Suits are filed when the “actual” square footage fails to conform to the measurements published on the MLS. »
11 Comments »When the listing agent is stuck in the middle
A divorcing couple has listed their home for sale. Shortly after listing it, their agent finds a buyer and the couple signs an agreement of sale. Then, unbeknownst to the agent, the husband enters into a side agreement with the buyer. When the agent asks about the nature of this agreement, the husband refuses... »
No Comments »Orders being taken for new Agreement of Sale forms
The new PAR Standard Agreement for the Sale of Real Estate (ASR) is set for release in mid-to-late January. Print forms are now available for preorder and the electronic version will be available from the electronic form vendors around January 15. »
1 Comment »Do commission rebates violate RESPA?
Hotline callers often want to know if it's legal to rebate or refund part of their commission to their clients. It is legal, provided the licensee is rebating or refunding commission to her own client and the rebate or refund is listed on the HUD-1. »
1 Comment »Condo documents are seller’s responsibility
A recent Hotline caller asked whether her clients, who are selling their condominium, can give the buyers the home owners’ association documents in their possession (which did not include the Resale Certificate) instead of requesting the documents from the association. »
1 Comment »HUD to ‘exercise restraint’ in new RESPA regulations
If you’re following the evolution of amendments to RESPA (Real Estate Settlement Procedures Act), you know that HUD's responses to industry, consumer and governmental requests to delay implementing these changes has been “no dice.” »
1 Comment »Dual agency fraught with difficulty
If your practice permits dual agency but not designated agency, you may want to re-examine the reasons and determine whether your policy is in the best interest of your clients and your risk reduction practice. »
2 Comments »BPO vs. CMA (revisited)
Licensees often receive calls from lending institutions to perform broker price opinions (BPO’s) and in the current financial market those calls have only increased. You can’t provide a BPO and you do not want to turn away potential business, so what can you do? »
3 Comments »Learn the dos and don’ts of gas and oil rights
REALTORS® shouldn’t underestimate the effect gas and oil rights have on real estate transactions, according to Jim Goldsmith, Esq. of Caldwell and Kearns in Harrisburg. »
No Comments »When a relocation company is involved, who owns it?
The PAR Legal Hotline regularly fields calls from REALTORS® asking what needs to be done to meet the disclosure requirements of the Sellers Disclosure Law. Under the law the seller is responsible for disclosing any known material defects affecting the property. Likewise, if a relocation company owns the property, it’s the relo company’s responsibility... »
4 Comments »
