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IRS, REAL ESTATE TAX TIPS https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips IRS-HOME SALE, CAPITAL GAINS https://www.irs.gov/taxtopics/tc701.html http://realestate.findlaw.com/selling-your-home/the-home-sale-tax-exemption.html
JOB DESCRIPTION: VALUE = 1) Knowledge of the process and 2) the ability to execute and complete the process #1 Priority: Regulatory Compliance, ADRE, Local Association, AAR, NAR, ARMLS, HomeSmart, Lending, Feds/HUD (Lead Based Paint, Fair Housing, Dodd Frank, #2 Priority: SIFE (Stop it from escalating) = DDS (Drama Diffusal System) #3 Priority: Guidance to agents plus reasonable supervision of agents real estate related activities. From Files to Fair Housing and everything in between...no negligence. #4 Priority: Treat all parties fairly and honestly. #5 Priority: Make sure non-HomeSmart agents get guidance from their DB when required.
Review O/A transactions. Too many with LLC's etc. not disclosing. Review signing as an LLC. Signatures of the natural person, not the LLC name.EM deposits should be the next business day. Review the cancellation process. Must open escrow...don't hold EM checks. Need contract, EMR and document directing cancellation & letter from title.Updated forms. Still getting a lot of the old ER/EA's etc. SPDS. I love it when the property is completely remodeled but the owner didn't live there so we aren't completing the SPDS....really??? Yes Jane, but they never OCCUPIED the property so the SPDS doesn't apply to them, remember? Those questions are just too hard to answer. How many times have they told us! Be sure clients are dating their signatures. Agents too. Too many late files. O/A transactions and related to client - lack of disclosure. Especially when it is a LLC. Forms - Not using the most current version. Countering the title company on sales with federal backed loans. JOIN HOMESMART: HOW JOIN? Q: My son, Brandon Whatcott, has held an Inactive Real Estate License for several years now but he would like to activate it with HomeSmart. What does he need to do to sign on with HomeSmart? A: Please reach out to our career services dept, they have an on-boarding process that they can review with you...Contact information: Kathleen Burk, 602-889-2167, or KBurk@HomeSmart.com I have copied her on this email as well. JUDGEMENT: JUDGEMENTS WITH PROPER PAPERWORK CAN BE RENEWED FOREVER: CHRIS COMBS, AZREPUBLIC, NOVEMBER 8, 2020: Answer: Your $19,500 judgment will be enforceable in Arizona for ten years, and can be enforceable forever in Arizona if renewed properly every ten years. A.R.S. § 12-1551(B). Note: If the son moves back to Los Angeles, you can record and enforce the $19,500 judgment against the son in Los Angeles. https://combslawgroup.com/judgments-with-proper-paperwork-can-be-renewed-forever/ KICK OUT CLAUSE: A kick out clause is called that because it allows a seller to continue showing the house for sale and to "kick out" the buyer if the seller receives an offer from another buyer without a home sale contingency. (Use with Buyer Contingency Addendum). http://www.rcshea.com/Articles/Real-Estate/Kick-Out-Clauses-a-Valuable-Tool-in-Real-Estate-Contracts.shtml
KENDALxMACUMBER: MARKETING MATERIALS, 11/5/2020: I get them from listreports. I use their platform for listings and custom websites, neighborhood information, flyers, etc.
KNOCK, NEW PROGRAM: 10/16/2020: If agents call with questions about the new affiliate "Knock", Carol said we can direct calls to Tammie.......Tammie Brethower Agent Success Manager LAND CONTRACT (SELLER FINANCING) https://en.wikipedia.org/wiki/Land_contract LAND LEASE: What is a Land Lease Fee? (From Redfin Website): https://www.redfin.com/resources/what-is-a-land-lease-feeLand Lease Definition: When the land under a building is owned by a third party, and the building (or portion) is owned by homeowners, the third party can charge for use of the land or ground upon which your new dream home sits. You are in effect leasing the land and only own the home or piece of property for which you have paid. This is the reverse of the more typical freehold, which is the where the homeowner owns both the building and the land. Land leases are more common in commercial real estate, but there is a substantial amount of residential land leases to merit some guidance.Why Is There a Land Lease Fee? Often individual or group landholders want to retain their land while turning it into an income generator, without necessarily having to develop it. In some sunny vacation or retirement locales like Arizona, Mexico and California, land leases are more common. For instance, American Indian tribal land is commonly used for homebuilding, with the tribe then collecting lease fees. If property pricing is low for a cash buyer who is able to strike a favorable deal with one of these landowners, it can be the perfect opportunity for all parties. Keep in mind, however, that the lease will always exist and price increases (or worst case, lease losses) are controlled by the landowner. For some of these cash buyers, it’s worth the risk to only pay HOA and land lease fees each month, which may ultimately be an economical win.Should I Buy a Property With a Land Lease Fee? Land leases can offer an opportunity to get into homes at a fairly low price in a great location, which makes the fee seem worth it in the long run. Still, first time or inexperienced homebuyers can get into sticky situations when buying a condo or townhouse, discovering high HOA fees and then land lease fees as the cherry on top. So is it worth it? One advantage to leased land is that home prices tend to be about five percent cheaper and taxes are lower as the land is not considered in your home’s valuation. On the other hand, the complexities attached to this type of property may make it harder to get financing and sell the property later on. While there’s no right or wrong answer, it’s important to know the facts. Make sure you read through the entire lease carefully and take note of the length of the lease, any buyout clauses, exactly what you’ll owe every month, and to whom you’ll owe it. A HomeSmart real estate agent can help. Give me a call and we can find an agent in your area.LATE RESPONSE, LINE #437 IN PURCHASE CONTRACT: Q: I have a listing that I got an offer on. They want an answer back by 5pm today. IF the sellers need more time to decide. What do I need to do? Do i submit an addendum? Do I just have a conversation with the buyers agent about asking for more time? A: Hi, Yes, have the conversation with the agent and let them know...If you submit a counter offer, the first thing you would write is "Line #437 sellers time for acceptance is hereby extended to ___pm." Or, some agents do send an addendum with that same language. Q: Ok perfect. I had the conversation with the agent already. Do I HAVE to submit a counter offer? or can a conversation be enough? A: A counter offer is not mandatory. If the sellers accept the offer and return it late or past the requested time for acceptance, the buyer could change their mind and say sorry, you didn't return it in time and walk away. Or, if the sellers accept the offer and return it late, the buyer could accept that and go open escrow...at that point their "intent" to move forward is clear (since they opened escrow) and you would have a binding contract. Take care, JT. LATENT DEFECT: (ALSO SEE DISCLOSURE ABOVE) In the law of the sale of property (both real estate and personal property or chattels) a LATENT DEFECT is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. https://en.wikipedia.org/wiki/Latent_defect LEAD BASED PAINT DISCLOSURE RULE HUD.Gov http://portal.hud.gov/hudportal/HUD? LBP: CANNOT BE SIGNED IN COUNTERPART, ALL OTHERS CAN. 9/19: Per Laurie, if a file needs to be closed out we can accept counterpart signatures. With documentation. LBP: The Lead based Paint Disclosure cannot be waived. It is a Federal requirement. All agents and brokers should be aware of this. Report to DB immediately. Hello, To compete this file and release the check please upload a fully executed Lead Based Paint Disclosure. (Please see Broker note below) The LBP is a federally mandated form. We need to have it initialed and signed by all parties. If you are having problems getting it, please call the other agent's manager or broker. LBP DISCLOSURE: (FROM REGIONAL PRESENTATION, JANUARY, 2020): Required Federal Form, cannot be waived for properties built prior to 1978. Administered by HUD, EPA, along with state governments. The goal of enforement programs is to protect the public health. $16K per missing signature/initial. E&O does not pay. Agent is responsible for paying, (Policies & Procedures manual p13-14). Cannot be discharged in a BK filing. Agents responsibility may be mitigated if agent demonstrates high degree of effort to comply (CA case law).
LEAK FOUND ONE MONTH AFTER COE I have a huge problem in the bathroom near the two bedrooms. I originally asked you guys to check to ensure there were no leaks in the bathroom near the bedrooms. I had the Saltillo tile removed because I am putting down new flooring; my daughter went to take a shower and I noticed that water is seeping underneath the tub. My fear is that this has been going on for a while and we are going to have mold issues. Can you please let me know when you would be able to send someone out? This should be covered under the warranty you provided.
Q: Hi, I sold a home a month or so ago and received the below email. The buyer is asking if she has recourse with the seller. Would you advise for her to call the seller and discuss with clear communication? A: Hi Alyssa, This is always tough. Unfortunately there's probably no recourse here for the Buyer. If the leak wasn't going on (or able to be seen) during the inspection process, then the inspector would have no way of finding it, and the Seller wouldn't have known about it. I can appreciate your clients wanting some sort of recourse, but in order to get that from the Sellers they would have to prove that the they were aware of the issue and just failed to disclose. That's a tough thing to do. I would tell my buyers that they could call the Seller to sort of feel them out, but if they want to force the issue it's going to have to be legal in nature so they'll have to consult an attorney. KF LEAK ONE YEAR AFTER COE: ALSO SEE LIABILITY BELOW: 3/20/2020; Q: I sold my home one year ago. Buyers agent just sent an email questioning a recent leak in the roof in the MBR. We had disclosed the leak on our SPDS and provided the name and number of the roofer who repaired the leak. The buyer conducted a home inspection as well. What should we do? A: First, ask the agent why he/she is contacting you, the buyer should reach out directly to you, the agents fiduciary duty to their client ended at COE. This is outside of their scope. That being said, there is no provision in the contract that says the seller has any further liability for the condition of the home, to include termite activity, plumbing, roof, electrical, etc. past the close of escrow. These areas are addressed in both the Sellers Property Disclosure Statement (what did the seller know about and disclose) and the inspection period (what did the inspections reveal and what repairs, if any were requested). If there are any changes in the property during escrow, they must be disclosed by the seller. If there are no changes up to that point, the buyer assumes all responsibility post COE. Also, it has rained many times throughout the past year, apparently the repair from one year ago has held up fairly well. Plus, the recent rain was like a “monsoon downpour” type of rain with areas reporting anywhere from 1-2 inches of rain. This is not normal and many roofs in the area had issues as well as standing water in yards, retention areas, under freeway overpasses, etc. Tell them you are sorry they are having issues but they are the homeowner and they have to deal with it. LEASE PURCHASE: See document with language to consider for use in your contract. High failure rate. Why can’t they buy now? Credit, job, financial issues, etc. LEGAL DESCRIPTION: Specific legal description not required in purchase contract Chris Combs AZ Central Article, December 27, 2020 LENDER APPROVED SHORT SALE: SPECIAL LISTING CONDITION IN ARMLS LENDER OWNED/REO: SPECIAL LISTING CONDITION IN ARMLS LEXIS NEXIS ONLINE INSURANCE CLAIMS HISTORY: See Insurance Claims History LIABILITY RELEASES do not mean you cannot be held liable if you cause damage to your client (negligence). LIABILITY: FURTHER LIABILITY: STUPID QUESTION: Lines 347-348 of PC state "if evidence of termites is found". There is no definitive ending to when the termites can be found. Is it found during inspection, is it found 20 years from now? I just think we need to put an ending to this for further clarification. A: There is no provision in the contract that says the seller has any further liability for the condition of the home, to include termite activity, plumbing, roof, electrical, etc. past the close of escrow. These areas are addressed in both the Sellers Property Disclosure Statement (what did the seller know about and disclose) and the inspection period (what did the inspections reveal and what repairs, if any were requested). If there are any changes in the property during escrow, they must be disclosed by the seller. This is outlined in sect 4f of the purchase contract, changes during escrow as follows: CHANGES DURING ESCROW: AAR RESIDENTIAL REAL ESTATE PURCHASE CONTRACT, section 4f, Changes During Escrow: “Seller shall immediately notify Buyer of any changes in the Premises or disclosures made herein, in the SPDS or otherwise. Such notice shall be considered an update of the SPDS. Unless Seller is already obligated by this Contract or any amendments hereto, to correct or repair the changed item disclosed, Buyer shall be allowed five (5) days after delivery of such notice to provide notice of disapproval to Seller.” This can occur right up to the close of escrow. If there are no changes up to that point, the buyer assumes all responsibility post COE. Hope this helps! LICENSE: SEVER REQUESTED FROM HOMESMART: Your real estate license with HomeSmart Inbox x Laurie McDonnell Aug 31, 2020, 9:54 AM (1 day ago) to kim, bcc: me: Kim, I am requesting that you move your real estate license to another brokerage by 12 pm on Tuesday, September 1, 2020. If your license is not moved, it will be severed with HomeSmart. At that time, your status will be inactive with ADRE until you reactivate your license with another brokerage. HomeSmart is happy to transfer any listings or escrows that you may to your new brokerage. Wishing you all the best moving forward. Best regards, xLauriexxMcDonnell Designated Broker LICENSE TERMINATION ADRE: When a license has been expired for more than one year after the expiration date, the applicant must re-examine and apply as an original applicant and submit a valid fingerprint clearance card. If pre-licensing education occurred more than ten years prior to application, pre-licensure education must be taken again. Visit ADRE.gov to obtain the candidate handbook for instructions and qualifications for licensure. LICENSED CONTRACTOR REQUIRED…...3) LICENSED CONTRACTORS REQUIRED PLUS 2 ADDENDUMS….SEE CASE STUDY PAGES + BINSR PAGE….. LID: LOCAL IMPROVEMENT DISTRICT (NEIGHBORHOOD LEVEL...CONTACT CITY) LIENS: PRELIMINARY TITLE REPORT, SPDS DISCLOSE? CANCEL, EXTEND COE, SELLER REIMBURSE BUYER COSTS? LIEN, CLOUD ON TITLE: Lien is discovered during escrow. Was not disclosed by seller? Did buyer/seller review preliminary title report? Was it listed on Schedule A or B? Did buyer exercise 5 day right to disapprove? Did seller know previously? Seller Disclose on SPDS, line #34 (Liens)? IF NO, SELLER MUST IMMEDIATELY UPDATE SPDS (“CHANGES DURING ESCROW”). BUYER HAS 5 DAYS TO DISAPPROVE. Buyer can then cancel, reimbursed for costs? Sellers intentions? Resolve? Legal? Cancel Transaction? Buyers intentions? Resolve? Wait? Cancel Transaction? Legal? AGENT NEEDS TO COMMUNICATE YOUR CLIENTS INTENTIONS TO ALL PARTIES, SIGNED BY CLIENT IF AGREES. ADVISE YOUR CLIENT IN WRITING TO SEEK LEGAL, TAX AND ANY OTHER PROFESSIONAL ADVICE DESIRED BY CLIENT.” IF THEY ARE NOT GOING TO RESOLVE, RESIGN BUYER AGENCY/LISTING.
LIEN-CANCEL: Seller failed to disclose a cloud on title in the form of a tax lien. Buyer considers this to be a material breach by the seller. Seller is unable to deliver clear title, therefore, buyer elects to cancel this escrow and requests that Earnest Money be immediately refunded/returned to the buyer.”
LIEN, POSSIBLE LEAN ON LISTING: Contact your favorite title company and have them start a preliminary title report so you can see what is happening. Give Equitable title a shout, I'm sure they can help you out. Equitable Title, 8388 E Hartford Dr, Ste 110, Scottsdale, AZ 85255—Mike Barsema, 480-889-7000, Team1@EQEscrow.com LIEN, PRELIMINARY LIEN NOTICE: Q: Hello, My husband and I just bought a new built in Flagstaff and we received this preliminary notice in the mail today. We did close escrow on 01/04/2018 and nothing regarding this manner was disclosed at closing. I am not familiar with this so I am asking you for advice. What can we do so we won’t get a lien against the property after the 20 day notice? This is the email I received from the builder after I sent out an email regarding this notice: A: “This is a preliminary lien notice. Not a lien or a notice of non - payment. These are standard in construction, it is required to file, so in the event of non - payment the subcontractor has the right to lien for payment. If you would like I can have someone from Interior Logic on Monday contact you to explain.” Thank you Andrea, I do believe this is a standard notice, not an actual lien notice or notice of non payment. You could discuss with the title company, but this is a notice of "right", not an actual lien. LIMITED SERVICE AGREEMENT: Q: Good morning. Are we allowed to do a limited representation? I have a seller who wants to do their own open houses every weekend and I am not able to do it. If they find a buyer can I just charge them 1% and not represent the other side? A: No, HomeSmart does not allow limited service agreements. You must have an agency relationship and fulfill all fiduciary duties to the client.. It is not a good idea to have sellers hold open houses. The buyers arrive and see your sign and expect to be dealing with a licensee. You can charge whatever you would like but you can not do a limited services agreement. TM LIQUIDATED DAMAGES: A liquidated damages provision in a lease or purchase contract can be enforced. The liquidated damages provision must be a reasonable estimate by the parties at the time the contract is accepted. A judge could limit the claim to actual losses. A good example of the difference between liquidated damages and a penalty is Earnest Money in the AAR Residential Purchase Contract. In this purchase contract the seller and buyer agree that if the buyer defaults, the Earnest Money, eg $10,000 will be forfeited to the seller (as liquidated damages) without the seller having to show any damages. This purchase contract also provides that if the seller accepts the $10,000 Earnest Money, the seller cannot claim more damages, eg additional $20,000 in damages later when the home finally sells, but sells for a $20,000 lower sales price. Christopher Combs, AZ Central article, “Know differences between liquidated damages, breach of contract penalty, August 18, 2019 LIS PENDENS: FYI, under A.R.S § 33-420(A), A person purporting to claim an interest in, or a lien or encumbrance against, real property, who causes a document asserting such claim to be recorded in the office of the county recorder, knowing or having reason to know that the document is forged, groundless, contains a material misstatement or false claim or is otherwise invalid is liable to the owner or beneficial title holder of the real property for the sum of not less than five thousand dollars, or for treble the actual damages caused by the recording, whichever is greater, and reasonable attorney fees and costs of the action. LIS PENDENS: A lis pendens means that there is a pending lawsuit against the property. Q: Can buyer threaten to file a lien on the property? Buyer can’t blackmail seller with Earnest Money and threaten to file a lien on the property. $5000 penalty plus attorney’s fees for false lis pendens. http://www.combslawgroup.com/buyer-cant-blackmail-seller-earnest-money/ A: lis pendens means that there is a pending lawsuit regarding who is entitled to the ownership of the home. The buyer of your Peoria home could file a lawsuit, and record a lis pendens, only if the buyer had a claim for specific performance of the purchase contract to buy the home. The buyer does not, however, because the buyer no longer wants the home. Therefore, the recording of a lis pendens would be wrongful. Under A.R.S § 33-420(A), the buyer could then be liable to you for a $5,000 penalty, plus your attorney’s fees, for wrongfully recording this lis pendens. LISTING, ACCELERATION: LISTING ACCELERATION AGREEMENT: SEE FORM ON HOMESMART LETTERHEAD IN DOC’S TAB LISTING: ADDENDUMS: FROM REGIONAL PRESENTATION, LISTING CHECKLIST: ADDENDUMS BEST PRACTICES: Q: I’m listing a home with a solar lease. Should I include with this listing the Solar Lease Assumption Addendum dated at the time of the listing or should this be generated later by a buyers’ brokerage? A: Great question Gene! It's always a good idea to get any required addendums ready to go, even when we are the listing agent. This helps us protect the seller and is a really good way to take control and reduce risk in the transaction. You can upload the Solar Addendum to the docs tab in the MLS and then state in private remarks "Please include the solar addendum with your offer." You can upload any other required Addendums at this time as well, if needed (ie, lead based paint, septic, owner/agent, etc). You can fill out the Addendum with the property address, no signatures or dates are required at this time. I really don't care if the buyer submits their own Addendum or the one you uploaded to MLS, the point is we know the Addendum is required and we have it plugged in on our required documents list for this transaction. Hope this helps, Jeff. LISTING: Address is unknown or not yet assigned. Per ARMLS, The address should be listed on each ER. If we know the street name, it would be 000 Main Street, or XXX Main Street. If we do not know the street name, it would be 000 Unknown or XXX Unknown. LISTING, AGREEMENT TIED TO BUYER BROKER AGREEMENT: SEE BUYER BROKER AGREEMENET LISTING: AGENT CHANGING, WHEN AGENT CHANGING, ONLY BROKER MAY CHANGE IN MLS… LISTING AGENT, REPLACED: “By signing below, Listing Agents and Seller(s) hereby acknowledge and agree that x is removed as the Listing Agent of Record for the Property located at 123 Main Street, Tempe, AZ, effective xx/xx/xxxx. Listing Agents and Seller(s) further affirm and agree that y is now named as the Listing Agent of Record effective xx/xx/xxxx. Acknowledged by all parties: Listing Agent x______Date____ Listing Agent y_____Date____ Seller(s)_______Date____ “By signing below, Seller(s) hereby acknowledge and agree that x is hereby removed as the Listing Agent of Record for the Property located at 123 Main St, Surprise, AZ, 85387 effective immediately. Listing Agent and Seller(s) further affirm and agree that y is now named as the Listing Agent of Record effective immediately. LISTING, BANKRUPTCY OR FORECLOSURE: Q: I may be getting a listing but there are some special circumstances which, if I get some answers may be helpful for me...Is a homeowner required to make their payments while in a chapter 7 bankruptcy? If so, what happens if they do not? What is the process the lender does if they don't make their payments? Are there any special steps that must happen or can a lender just initiate a foreclosure? A: Bankruptcy courts typically control the assets being contested including the real estate, so that is a legal question the client should ask their bankruptcy attorney. A: If a homeowner stops making their mortgage payments, the lender can/will send a notice of default after 30 days at their discretion. Seller should contact their lender to see if anything can be worked out, otherwise, lender may initiate foreclosure proceedings typically after the delinquency reaches 90 days. Make sure the seller reaches out to the lender and their legal and/or tax adviser regarding any specific actions and timelines. (Can be up to 120 days, 30 days plus 90 days…) LISTING, BENEFICIARY DEED: Q: I am potentially taking on a listing wherein the owner of a property has recently died. There is a recorded Beneficiary Deed naming the Client. I have experience selling homes in probate but in this instance it is my understanding the Beneficiary Deed negates the need for probate and the client is within her rights to sell the property immediately. What documents will be necessary to complete our file? I have a copy of the Beneficiary Deed. Will I also need a copy of the death certificate or the Will? A: Hey, X. I would add some verbiage to the additional terms section of the listing agreement clarifying why the person signing differs from the owner of record, including a stip that the benefiicary agrees to contact an experienced local escrow officer prior to going active on MLS to confirm what paperwork will be required in order to convey the premises to the buyer. The ER is an employment contract, but the RPC is a real estate contract and there could be legal issues if the seller can’t convey title. LISTING: BONUS, SELLER OFFERING BONUS: In addition to the commission of X%, seller hereby authorizes a bonus of $X to the selling agent for an accepted contract that closes by xx/xx/xxxx. OR "In addition to the previously agreed upon commission of X%, with Y% being offered as a co-broke, seller agrees to pay an additional $2000 as a bonus to the selling agent upon successful close of escrow." LISTING: BUYER BROKR AGREEMENT, SEE BUYER BROKER AGREEMENT & LANGUAGE TO USE WITH LISTING… LISTING, CANCEL: NOTE TO FILE + EMAIL IF MOVE LISTING TO TOM IF SELLER GOES DARK: “Listing Agent is immediately changing the MLS Status of the Listing located at 123 Main Street, Tempe, AZ, dated xx/xx/xxxx, to a Temporarily Off Market (TOM) Status. The reason for this change is that the Seller has stopped communicating with Listing Agent and Agent’s Real Estate Brokerage, and Listing Agent is unable to present offers, schedule showings and continue to market the property effectively. This change will remain in effect until 1) Seller re-establishes communication with Listing Agent, or 2) Listing Expires on xx/xx/xxxx.” PLUS SEE TOP OF NEXT PAGE LISTING, CANCEL: MOVES LISTING TO TOM IF SELLER REFUSES TO COOPERATE/WANTS TO CANCEL: “Listing Agent is immediately changing the MLS Status of the Listing located at 123 Main Street, Tempe, AZ, dated xx/xx/xxxx, to a Temporarily Off Market (TOM) Status. The reason for this change is that the Seller has stopped cooperating with Listing Agent and Agent’s Real Estate Brokerage, and Listing Agent is unable to schedule showings, present offers and continue to market the property effectively. This change will remain in effect until 1) Seller Agrees to Cooperate, or 2) Listing Expires on xx/xx/xxxx, or, 3) Listing Agent and Seller Sign Mutual Listing Cancellation Instructions. PLUS SEE TOP OF NEXT PAGE LISTING, CANCEL, COOPERATION, SELLER NOT COOPERATING (see screenshots below...email or word document): LizMcD 10/30/2020: “Listing Agent is immediately RESIGNING the Listing dated xx/xx/xxxx for the property located at 123 Main Street, Tempe, AZ. Listing status will be changed in the Arizona Regional Multiple Listing Service (ARMLS) from ACTIVE to CANCELLED. The reason for this change is Sellers failure to COOPERATE with Listing Agent and Agents Real Estate Brokerage. See section 11 of the ER Listing Agreement (screenshot). Listing Agent is unable to schedule showings, present offers and continue to market the property effectively. This change is effective immediately. COOPERATION includes areas such as: Pricing, Showing Availability, Showing Condition, Completing and Returning paperwork in a Timely manner, Completing Repairs, Failure to respond/communicate with listing agent, Aggressive behavior, Verbal Abuse, etc. PLUS SEE TOP OF NEXT PAGE LISTING, CANCELLATION: See Listing Cancellation White paper under separate cover, 5 aaronline.com articles plus listing acceleration agreement. LISTING, CANCEL, BROKER CANCELS WITHOUT FURTHER OBLIGATION: “This email is to confirm that your listing with HomeSmart has been cancelled as per your instruction via text message. You are hereby released and are under no further obligation to HomeSmart.” See LISTING, CANCELLATION: “Seller or Listing Agent may cancel this listing at any time with written notice to the other party.” LISTING, CANCELLATION FEE: “In the event of early cancellation by the seller, seller agrees to pay a $x cancellation fee.” See top of next page for cancellation fee LISTING, CANCELLATION FEE, SELLER REJECTED FULL PRICE OFFER! COMPENSATION: Use Listing Contract Addendum: Seller/Owner agrees to compensate the listing broker (HomeSmart) in the amount of 1% of the Listing Contract price-$113,900 after rejecting a full price offer from a ready, willing and able purchaser. After receipt of $1139.00 by the broker, HomeSmart will release the Listing Contract by written mutual agreement between Seller/Owner and the Broker. See top of next page for cancellation fee LISTING: 7/31/22 CANCELLATION, NO FEES DUE TO BROKER; Use the language below on the form titled "Listing Contract Addendum" which is in both TD and zipForms. Send it right away for signatures so you can get it over with and get away from him. We get sellers like this from time to time, the sold/change form is legally binding but I don't have the patience to argue that with him and he is now wasting our time. Give me a call with any questions and let me know once you have the signed addendum back from him. Upload that to the listing file and I will go in and cancel it out of the HS system. CANCELLATION: "Seller and Listing Agent mutually agree to immediately cancel the listing agreement for the property located at the above noted address which was entered into on xx/xx/xxxx. Seller is relieved of any further obligation to both the listing agent and HomeSmart. Listing will be removed from the Arizona Regional Multiple Listing Service (ARMLS) immediately upon delivery of this executed Listing Contract Addendum to Listing Agent and the status in ARMLS will be changed to Cancelled. Seller will be free to list with another broker of their choice at that time." See top of next page for cancellation fee LISTING, CANCELLATION: Q: What form do I use to cancel an ER listing agreement? A: Most agents use the sold/change form which is located on zipForms. Enter the property information along with the date of cancellation, have the client sign and then cancel in the MLS. Upload that same sold/change form into your HomeSmart transaction file and we will then cancel the listing in the HS system. It is not required to have a broker signature on that document...
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Cancelling for cause is RARE. Cancelling for failure to COOPERATE common. |
