CORONAVIRUS STAT REPORT: Supply is extremely low. Demand is above normal. We’re still in a full-blown seller’s market. I’m not expecting any surprises when the March closing numbers are reported. Tom Ruff
SMART REFERRAL NETWORK, SRN: I am relocating to Australia, but would like to keep my license active if possible. My license is valid until April 2022. Am I required to keep at active membership with SAAR? What are the minimum requirements for me to remain an active HomeSmart agent?
HomeSmarts requirement to remain active is that you must be a member of one of the local associations (PAR, SAAR or WeSERV). You can however waive your MLS membership, ARMLS has a waiver form for that. Plus your HomeSmart $25 monthly fee.
You might consider moving your license to our sister company Smart Referral Network. With that you don't have to be a member of an association or ARMLS, as a matter of fact SRN agents are not allowed to be a member of an assoc or ARMLS and can only send referrals, writing contracts is not allowed. The fee for SRN is $25 month paid quarterly. The referral split is 80% for agents, 20% to SRN. Not a bad option to keep your license active.
There is an FAQ section in RSA that goes into more detail about the Smart Referral Network if you want to investigate further.
SRN
Additional Compensation when representing a buyer on a
Use additional compensation agreement in zipForms or Transaction Desk.
LANGUAGE:
Q: Good morning. I just had a call with my buffini group. One of the agents had a buyer contribute $2500 towards the seller’s closing costs and agree to use the seller’s title company. This agent was told that it could be a RESPA violation for the $2500 to go towards the ALTA policy b/c the buyer is using the seller’s title company. If the buyer used his own title company it would not be a RESPA violation.
A: Buyer to Seller concessions used to be pretty rare, but in this market we are seeing that occur more often. The parties are allowed to negotiate the title co and also allowed to negotiate concessions. In this case, the buyer would still pay their own lender policy, not sure why that would be a RESPA issue...? QQ: The issue is not the buyer paying their own lender policy, it is an issue of the seller using the buyer’s concession to them to pay their ALTA policy. AA: It is a complex argument,I will forward this to our D.B. Rich to get his thoughts. AAA: It is not a RESPA violation. As long as Buyer and Seller agree to use the same company, no violation.The Seller is agreeing to use the company because they are receiving a closing cost consideration. That is not a violation.
RESPA
1031 Scenario: Is the aar pc assignable? Looking for guidance on a 1031 excahnge. Thx Hi X, Yes the AAR Residential Purchase Contract is generally assignable unless there is a provision added to the contract that would expressly prohibit an assignment. I have attached the Quick Guide for 1031 Exchanges which you can find on RSA in the downloads link that reviews 1031 exchanges in detail. The screenshot (below) is from page 2 of the Quick Guide and as you can see a 1031 exchange contract must be assignable in order for the 1031 to be viable. If the purchase contract prohibits an assignment, the exchange cannot be completed. Please review the Quick Guide and as always please feel free to reach out if you would like to discuss further. I have also attached a couple of assignment articles from the AAR Legal Hotline for your use and review.
WHINEYASSBITCH I WANT TO RESIGN BECAUSE I’M A PUSSY
You need to document everything that is occurring in the transaction, what the parties are doing, what you are advising them to do, timelines, dates, etc. At the end of the day if the parties are making outside agreements between themselves, you can't really stop that but you should be protected as long as you can show they are acting against your advice and guidance.
Title can also assist with guidance and paperwork requirements, you should also enlist them to assist with keeping the transaction moving in the right direction. You can send title the filled out post occupancy agreement and ask them to have all parties sign when they are at closing. Any other documents send to title as well.
MLS Aligned, a group of five forward-thinking MLSs, that includes ARMLS, has acquired Agent Inbox. MLS Aligned will build upon the Agent Inbox tools to bring messaging and showings together in a straightforward place for subscribers. We are excited to bring you this showing platform in the upcoming months. The official press release is below:
The main role of the broker department is to reduce liability for both Agents and HomeSmart by managing and reducing risk. We accomplish this by adhering to a guiding set of principles outlined in the HomeSmart Policy and Procedures Manual and by Supervision all of our agents real estate related activities.
My Dear Friends, Clients and Colleagues,"Every success story is a tale of constant adaption, revision and change" Richard Branson
