|
VERBAL REPRESENTATION, WRITE “NONE” IN PC VA/FHA AMENDATORY CLAUSE: 11/11/2020; We had this discussion with our group several times; Bottom line - an FHA/VA buyer can write in the contract that the EM is non-refundable and/or they are waiving the appraisal but the seller can not retain the EM if the appraisal comes in low and the buyer decides to not move forward with the purchase. Marcie is correct. The parties cannot "contract" their way out of a federal law (or any law), see line #110 and #395 of the pc. Also, any seller concession(s) on FHA or VA loans must be agreed to in sect 2j or 8a of the pc. Seller is not "required" to pay any buyer closing cost(s) on these types of loans, however concessions are allowed if agreed to between the parties. VA AMENDATORY CLAUSE: (9/1/2020, See AAR Hotline Article): Q: I saw the article from Mikki Salgat, on Arizona Association of Realtors, that was shared on the HomeSmart site. A follow up question I have on this topic is...what happens to a buyer's earnest money IF given this scenario. 1) VA buyer writes in the offer they waive the appraisal contingency, 2) property does not appraise, 3) buyer cancels BUT the curve ball is 4) the lender has not yet have buyer and seller sign the VA amendatory/escape clause. Nobody has signed this escape/amendatory clause yet and buyer cancels. What happens to earnest money when this VA escape clause has not been signed and purchase contract has added language to remove the appraisal contingency? A: Great question X. Title will make the final decision at their sole and absolute discretion as outlined in sect 3f of the AAR Residential Purchase Contract. Several title companies have told us they have been advised by legal counsel to immediately refund the EM back to the buyer citing the federal regulation. ( they could require the parties to pursue mediation or arbitration where the legal ruling would also most likely be in favor of the borrower). My opinion: The seller would make the argument that nothing was signed, buyer would make the argument that the contract clearly showed the intent of the buyer to finance with VA (or FHA, both Gov't insured loans) and at contract acceptance it was acknowledged by the parties that they would adhere to both federal and state laws and would not waive any provision as required by Federal Law (see line #110 and #395 of the pc). NOTE: Buyer cannot unilaterally change the terms of the contract by changing to a loan type that does not allow the appraisal to be waived when the appraisal was in fact waived in the original agreed upon contract. Appraisal waiver language marked on the additional clause addendum is not allowed on Government insured loans which includes both VA, FHA. Buyer cannot change to either of these loan types.(JayPyburnCureNotice) The cure notice is both valid and enforceable. VA LOANS: Happy Veterans Day! Today seems like a good day to provide some helpful facts on VA loans. VA loans have great interest rates and carry no monthly Private Mortgage Insurance even at 100% Many veterans do not realize that VA loans can go up to $1.5M but they do require a down payment if the loan is above $417k. For example, a 700k purchase price would require a 10% down payment (but the loan would have no MI and the rate would be 3.875%!). Another seldom known fact about VA loans is that a veteran can get a 2nd VA loan without selling their current property that has a VA loan. In many cases a veteran can use his VA loan even if he foreclosed or short sold a previous VA loan. VA loans are only allowed on primary residences and require a 620 fico score. There are certain closing costs that a VA borrower is not allowed to pay which need to be addressed on line 83 of the AAR purchase contract. The amount of these "VA non-allowables" varies depending on the title company and the purchase price but they usually amount to less than $1000. It is possible to have a lender credit cover these VA non-allowables so that the VA buyer does not have to ask the seller to pay them. An experienced lender (such as VIP Mortgage) should not have a problem closing a VA purchase in 30 days or less. HOW FHA AND VA LOANS STACK UP: http://www.military.com/money/home-ownership/how-fha-and-va-loans-stack-up.html VA Loans--Fee's NOT Allowed to be charged to Veteran http://www.militaryvaloan.com/va_loan_closing_cost.htm http://www.valoans.com/articles/va-loans-escape-clause http://www.vanewsblog.com/2015/01/what-is-the-va-loan-escape-clause/ http://jeremyhouse.com/va-closing-costs-rules/ The Department of Veterans Affairs requires this "escape clause" as a safety margin for the VA loan applicant. The escape clause protects the buyer from being obligated to a VA mortgage loan when the appraised value of the home does not match the sales price. What is FHA amendatory clause addendum with it’s certification statement? (Gov’t insured loans!) It is required by the FHA to protect the buyer from buying a property that does not “appraise out,” i.e., its appraisal value at the close of escrow is less than its purchase price. FHA Amendatory Clause https://easy.eawholesale.com/docs/VAAmendatoryClause.pdf This document is unique to FHA-insured home loans. Basically, it gives the home buyer / borrower a way to back out of the deal (without sacrificing deposit money) if the home appraises below the agreed-upon sales price. It states that “the purchaser shall not be obligated to complete the purchase of the property described herein, or to incur any penalty by forfeiture of earnest money deposits, unless the purchaser has been given … a written statement … setting forth the appraised value of the property or not less than [dollar amount].” This FHA document must be signed by both the buyer and seller, as well as the seller’s real estate agent if applicable. The FHA Amendatory Clause is intended to ensure that prospective home buyers with FHA-backed loans receive important information in a timely manner about the house to be purchased. In particular, the Amendatory Clause stipulates that if buyers have not received information about the appraised value of the home they intend to buy, the buyers are not obligated to purchase the home. The FHA Amendatory Clause protects buyers by stipulating that if the required appraisal information is not delivered per the terms of the clause, buyers shall not be required to forfeit earnest money they have deposited for a house if they elect not to buy the house FHA/VA AMENDATORY CLAUSE, INSTRUCTIONS: http://oureverydaylife.com/instructions-fha-va-amendatory-clause-34369.html REAL ESTATE CERTIFICATION. The borrower, seller, and the selling real estate agent or broker involved in the sales transaction must certify that the terms and conditions of the sales contract are true to the best of their knowledge and belief and that any other agreement entered into by any of the parties in connection with the real estate transaction is part of, or attached to, the sales agreement.
If the sales contract contains a provision that there are no other agreements between parties and that the terms of the sales contract constitute the entire agreement between the parties, the certification specified in the above paragraph is not needed if all parties are signatories to the sales contract submitted at the time of underwriting.
AMENDATORY CLAUSE. An amendatory clause must be included in the sales contract when the borrower has not been informed of the appraised value by receiving a copy of Form HUD-92800.5B, Conditional Commitment/DE Statement of Appraised Value or VA-CRV before signing the sales contract. The amendatory clause must contain the following language:
"It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender setting forth the appraised value of the property of not less than $_________. The purchaser shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value or the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable."
The actual dollar amount to be inserted in the amendatory clause is the sales price stated in the contract. If the borrower and seller agree to adjust the sales price in response to an appraised value that is less than the sales price, a new amendatory clause is not required. However, the loan application package must include the original sales contract with the same price as shown on the amendatory clause, along with the revised or amended sales contract. The Amendatory Clause is not required on HUD REO sales, sales where the seller is Fannie Mae, Freddie Mac, the Department of Veterans Affairs, Rural Housing Services, other Federal, State and local government agencies, mortgagees disposing of REO assets, or sellers at foreclosure sales and those sales where the borrower will not be an owner-occupant (e.g., sales to nonprofit agencies).
VIDEOS: HomeSmart youtube video link: You can find all the broker videos we’ve published on our HomeSmart Phoenix YouTube channel. https://www.youtube.com/channel/UC2q92DszChddJJuEBr3Oe2A This way we can make sure we’re not repeating topics too often. It looks like the last time a video was published on counter offers was back in August 2017, so you’re welcome to talk about that again. KevinS
vit·ri·ol: noun, cruel and bitter criticism, harsh, nasty: "her mother's sudden gush of fury and vitriol" Anger, rage (like a road rage on paper Take the high road, It’s a bullying tactic, drag you to their level. Bottom line, it’s a mental health issue. VIRTUSMART: CHECK UPLOAD LINK: https://checkupload.virtusmart.com/checks/new/hsaz001 PROPRIETARY HOMESMART TECHNOLOGY. VIRTUAL OPEN HOUSES: Q: HI - this is something I just discovered and I’m going to video my client’s house today…We can post open house and do it virtually… so either a) by zoom in person with the buyer somewhere else or b) pre-recorded. I’m still learning but that’s what I believe to be the case. https://flexmls.com/flexmls-academy/product-news/introducing-virtual-open-houses-tours-of-homes/ A: Hi Deanna. Yes, a lot of agents and brokers are experimenting with virtual showing tools. I know one agent who was using Facetime last week to have the Seller conduct a virtual showing. This is great for the first showing wherein the goal is to determine whether the home is a No or Maybe. I think most retail buyers will want to view it in person before making an offer though. TS VIRTUAL STAGING: VIRTUAL STAGING: “Virtual Staging” is defined as using photo editing software to create a photo or conceptual rendering of what a room and/or property could look like, if it were staged or lived in. Bella Virtual Staging: Please have a look at our services: Bellastaging Digital Brochure 1. Prohibited Inclusions: Modifying photo(s)/rendering(s) to include visual elements not within a property owner’s control is strictly prohibited. Example: Editing in a view of the peaks that is not physically possible from the specified location in the real world. 2. Prohibited Exclusions: Modifying photo(s)/rendering(s) to exclude visual elements not within a property owner’s control is strictly prohibited. Example: Removing power lines, water towers and/or nearby highways. 3. Permitted Uses: Modifying photo(s)/rendering(s) to include personal property items not conveyed with the real property is permitted. Permitted personal property modifications include, but are not limited to: · Applying digital photos of furniture, mirrors, artwork, plants, etc. into a photo of an empty · Removing existing furniture from a photo and replacing it with digital images of furniture, mirrors, artwork, plants, Disclosure of virtually-staged photo(s) is required to be readily visible on the image, and a non-staged image must be included immediately following or preceding the virtually-staged photo(s). VOID A DOCUMENT, LANGUAGE OR ADDENDUM: ON AN ADDENDUM WRITE: This transaction is not dual agency (or blank). This Addendum is for the sole purpose of VOIDING the dual agency (or blank) FORM/ADDENDUM SIGNED ON XX/XX/XXXX. BUYERS HAVE AGREED TO NO REPRESENTATION (or blank). VOLUNTARILY PREPAY LEASE: “Tenant agrees to Voluntarily prepay x months (or x dollars) rent in advance and acknowledges that this exceeds the amount allowed by the Arizona Residential Landlord andTenant Act.” OR “The Tenant and Landlord acknowledge the maximum allowable refundable security deposit and pre-paid rents may not exceed 1.5X the monthly rent. The Landlord and Tenant agree the tenant is voluntarily paying more than ARLTA allows.” OR “Tenant, XYZ, is voluntarily pre-paying $X, which exceeds the 1.5% refundable security deposit and pre-paid rents allowed by the Arizona Residential Landlord and Tenant Act.” WAIVING COMMISSION: BUYER IS HOMESMART AGENT, WANTS TO WAIVE COMMISSION: Use the ARMLS commission waiver form. If commission already waived to zero dollars by HomeSmart agent, have agent write in at bottom of form: BROKER NOTE: IF SELLER IS PAYING 0% COMMISSION, TITLE COMPANY TO MAKE HOMESMART TRANSACTION FEE OF $_______ A BUYER SIDE CLOSING COST AND SHALL BE REFLECTED AS SUCH ON THE SETTLEMENT STATEMENT AT COE.
WAIVNG COMMISSIONS: BROKR NOTE: Please note you may NOT waive the entire commission in a transaction. You must leave the fees due HomeSmart inside of the transaction so we receive our monies through tile at closing.
WAIVER OF CONTRACT PROVISION(S): "Should Buyer/Seller waive the SPDS (or xxxx), Buyer does so against the advice of HomeSmart. Buyer agrees to defend, indemnify and hold harmless HomeSmart, it’s Designated Broker and Agent of Record against any and all claims that may be made regarding the property (or xxxx) and its condition." BUYER/SELLER IS HEREBY ADVISED TO SEEK LEGAL, TAX AND ANY OTHER PROFESSIONAL ADVICE DESIRED BY CLIENT.”
WARRANTIES, section 5a “Seller shall maintain and repair the Premises so that at the earlier of possession or COE, the Premises, including all personal property included in the sale, will be in substantially the same condition as of the date of contract acceptance.” WALKTHROUGH, BUYER FINAL WALK THROUGH ALSO SEE FINAL WALKTHROUGH AND UTILITIES: Is the final walk through document a required form? Hi xxx, it is not a required document for your HomeSmart Transaction File, however, it is a required document for you to have completed and signed by your client for your transaction file. WALKTHROUGH, BUYER FINAL WALKTHROUGH, FACETIME NOT ADEQUATE: Q; My buyer cannot attend their walk through on Monday September 2nd. We would like to do a FaceTime "final walk through" if possible. In this case, would she be signing off on the buyers walk-through final paperwork, or would she be signing the "buyer declines" final walk through paperwork because they cannot attend in person? We would indicate that it was a Face Time walk through. Please advise. A: If your client can't attend the final walk through they need to appoint someone to complete that on their behalf. Friend, family member, inspector (prob require payment), but they should never waive the final walk through and the FaceTime option is not really an option and not adequate. I cannot stress enough the importance of the client or their authorized representative being at the final walk through, photos and videos will not suffice. It’s all about protecting the client and reducing risk for both the Agent and the Brokerage. WALKTHROUGH/INSPECTION ISSUE: Seller will not allow access: I just spoke to my brokers, the lines of the contract I sent you last week (See below) are still in play as we are still in the inspection period. During this time it is our contractual duty to allow the buyers to inspect the home, this means but is not limited to a general home inspection, a roof inspection, AC inspection, and foundation inspection. By not allowing this, it is a breach of contract. Section 6l, Walkthrough(s): Seller grants Buyer and Buyer’s inspector(s) reasonable access to conduct walkthrough(s) of the Premises for he purpose of satisfying Buyer that any corrections or repairs agreed to by Seller have been completed, and the Premises are in substantially the same condition as of the date of Contract acceptance. If Buyer does not conduct such walkthrough(s), Buyer releases Seller and Broker(s) from liability for any defects that could have been discovered.
Section 6m, Seller’s Responsibility Regarding Inspections and Walkthrough(s): Seller shall make the Premises available for all inspections and walkthrough(s) upon reasonable notice by Buyer. Seller shall, at Seller’s expense, have all utilities on, including any propane, until COE to enable Buyer to conduct these inspections and walkthrough(s).
The repercussions for not allowing this are as follows...1. The buyer may walk away and receive the full earnest deposit back. 2. If they so wish, they could seek legal advice from an attorney and sue for specific performance. The recommendation my broker made was to simply call the agent and tell them your reasoning for not wanting a roof inspection and hope they will just move forward with sending the BINSR by tomorrow at 11:59 PM. Again, if these are your wishes I will do this, however as your agent I need to make sure you are fully informed about the situation. WALKTHROUGH, WHO SIGNS WHEN BUYER APPOINTS 3RD PARTY TO CONDUCT FINAL WALKTHROUGH? PERMISSION MUST BE IN WRITING! EMAIL WILL SUFFICE. Q: If a third party is appointed to conduct the final walk through, who should actually sign the Final Walk Through Form…? A: You would still have the actual buyer sign the pre-closing walk through form, not the person who conducts the walk through on buyers behalf. (This is due to the fact that this 3rd party does not power of attorney (POA). WARRANTABLE: See non-warrantable WEBSITE ACCESSIBILITY….SEE CASE STUDIES…...also, is your website compliant? https://www.cresinsurance.com/is-your-website-ada-compliant/ “A typical ADA lawsuit is focused on an inability to purchase a product or sign up for a service, rather than simply seeking information. But certain aspects of the real estate industry such as being able to view real estate listings or use an online portal to pay rent or access contracts or other documents are the key areas where accessibility must be addressed. Otherwise, a real estate website could be interpreted as being discriminatory and not accessible and the real estate professional can face potential liability.
WELL: ALSO SEE WELL ADDENDUMS PAGE….ALSO SEE ADWR: ARIZONA DEPARTMENT OF WATER RESOURCES: https://new.azwater.gov/ WELL: WATER WELL STANDARDS http://www.water.ca.gov/groundwater/well_info_and_other/california_well_standards/b74-81chap1f.html WELL: CASE STUDY, Q: LET “BUYER” DRILL WELL DURING INSPECTION PERIOD? Q: I have an executed contract on 10 acres with an old well that is not working right now. The buyer who is a builder is taking a 45 inspection period and wants to be sure he can get water, so asked if we can get a letter of permission from seller to work on the current well, and if not functional, drill a new one to see if he can get water....the water table if very question on this property. So I am putting together an addendum with the following. Please let m know if I need to add anything else or word differerently. A: Hey, Cheryl. Thanks for calling. This is not a strategy we would recommend. No one contracts for work on a property except the owner. If it was my buyer, I would try to make the offer subject to a new well prior to closing. If I was the Seller, I would counter that offer with a request for additional (significant) earnest $ after the Due Diligence period to more than cover the cost of the new well. Obviously, another option is to buy it as is and conduct the required feasibility studies during the inspection period. AA: Hey, Cheryl. Thanks for calling back. I ran this by a couple other brokers and they agreed with the two preferred scenarios I explained earlier. However, at the end of the day we realize that buyers and sellers are free to agree to certain terms and conditions despite our advice. If so, we need to make sure we have advised them (in writing) of this fact and of the risks associated (sort of like pre-possession or post possession on a resale deal). If for some reason the seller agrees to allow the Buyer to contract work to be done on the property prior to close of escrow, please recommend that they both consult a real estate attorney beforehand so they know the consequences that may follow if something goes wrong. An attorney should draft the addendum allowing the buyer access and their needs to also be language indemnifying the broker(s). We need to remember that we have a fiduciary duty to both parties. Hope that helps! WELL: WELL SHARING: Title company may require a letter from the “Responsible Party” describing the “Status” of the well...ie, production, quality, maintenance, etc. Water Damage caused by "common source" is HOA responsibility http://www.latimes.com/business/la-fi-associations-water-intrusion-20161214-story.html WHO GETS THE TAX WRITE OFF IF THE OWNER HOLDS THE DEED TO A MORTGAGE? http://homeguides.sfgate.com/gets-tax-writeoff-owner-holds-deed-mortgage-61734.html WHOLESALING, FAQ’s AAR: https://www.aaronline.com/2020/09/14/wholesaling-is-on-the-rise-can-you-answer-these-top-10-questions/ WEIRD: CINDYBRONOWITZ REALTY ONE AGENT, PUT GARAGE DOOR CO STICKERS ON GARAGE DOOR AND GARAGE MOTOR. SHE WAS CAUGHT ON RECORDER, TRACY BIRNIE WINE & CHEESE PARTY AT OPEN HOUSE: Per Trudy, ok but discouraged. Agent is 100% responsible and 100% liable. WIRE FRAUD….SEE CASE STUDY…… WIRE FRAUD: ACTION PLAN: 1) Bank/Branch Manager/Fraud-Loss Prevention Dept where fraud occurred, 2) Phoenix FBI, 21711 N. 7th Street, Phoenix, AZ 85024, (623) 466-1999 3) Title Company, 4) Lender, 5) Local Police, 6) Change all passwords immediately! Buyer should also consider contacting an attorney. Be aggressive, wire transfer can be stopped if caught in time. If the wire is sent on Friday, it could be too late by Monday, the funds could already be received and withdrawn. If M-Th, there is a good chance the wire can be stopped by the next business day. WIRE FRAUD DISCLOSURE: See Addendum sample in Documents… WIRE FRAUD: SWIFT Codes are Red Flags for Wire Fraud...A lot has been written about the fact that wire transfer fraud has quickly become the real estate industry’s greatest cyber risk. These fraudulent schemes to divert funds continue, and losses to the parties involved are often devastating. As a result of increased cybercrime, buyers, sellers and real estate professionals must remain vigilant and verify any closing or wiring instructions sent… Licensee Liable for Wire Fraud Losses: Do not insert yourself when representing a buyer in the wiring of funds for closing. This landmark case shows that in our current environment of fraud agents can inadvertently be liable simply by forwarding an email: https://www.nar.realtor/legal-case-summaries/licensee-liable-for-wire-fraud-losses?om_rid=AAFQn1&om_mid=_BbWihGB9qrkBze&om_ntype=NARWeekly WITHDRAW OFFER OR COUNTEROFFER: Send notice to withdraw or rescind anytime prior to receiving accepted offer or counteroffer. As long as it’s not in your inbox! 1) Send email (has date/time stamp), 2) call, 3) text. Each one of these by itself is considered proper notice and would be enforceable. Could also use Notice/Disclosure Form. Best to just send an email, such as: Effective immediately, the Seller, X, has authorized me to send this email rescinding her/his counter offer dated xx/xx/xxxx. Or a phone call with verbal cancellation works as well. Make sure you have something in writing from your client authorizing you to rescind/withdraw. WORKMANLIKE MANNER: (Provide Seller an opportunity to correct the items disapproved, in chich case) AAR Residential Purchase Contract, Section 6j, item (2) (b): If seller agrees in writing to correct items disapproved, Seller shall correct the items, complete any repairs in a WORKMANLIKE MANNER and deliver any paid receipts evidencing the corrections and repairs to Buyer three (3) days or ___________ days prior to COE date. WRAPS: http://www.ceshkergroup.com/docs/WrapFAQs.pdf W9: Q: Do you know where I find the buyer broker W9, Do I have the client sign it? A: When we represent the buyer, tenant, or send an outgoing referral, we send our W9 to the listing agent or outside agent. The W9 is located on the RSA Portal under the downloads link, type W9 into the search box and it will populate for you there. NOTE: When we are the listing agent for a sale, rental, or receive an incoming referral, we require the W9 from the buyers agent or referring agent if they are from an outside brokerage. HomeSmart Franchisee’s are considered to be an outside brokerage. W9: Q: What can I do when an agent on the other side refuses to provide a W9? She says it is a tax document and we don't need it. A: This happens from time to time. If the outside agent will not provide their brokerage W9 we will accept the missing paperwork form (in the downloads link) in place of the W9 along with a brief explanation that they will not provide...plus attach any emails (if you have any) documenting their refusal to provide their W9. I have also attached a letter from the downloads link which explains why we request the W9...this is not just a HomeSmart thing, it's basically an IRS best practices requirement and most if not all of the big brokerages in Arizona share their W9's openly. Hope this helps, give me a call if you have any questions. JT (Attachment, W9 IRS letter). Z: REG Z http://realtormag.realtor.org/sales-and-marketing/feature/article/1996/12/do-your-ads-satisfy-reg-z-patrol (Also see case studies) Reg Z Compliance: Quick Guide to Regulation Z Compliance For Fixed-Rate Loans (If You Advertise___, You Must Also Advertise___.) 1. APR, No other disclosure is necessary. 2. Simple interest rate, then APR. 3. Down payment, No other disclosure is necessary unless seller meets the narrow definition of a creditor (see text of article). 4. Monthly payment, then Down payment, loan term, and APR. 5. Loan term Payment, then down payment, and APR For Buy-downs If You Advertise___, You Must Also Advertise___. 1. Subsidized simple Length of time, then subsidized rate interest rate (rate applies advertised is subsidized by sellers, and Simple interest rate that applies buy-down is reflected to balance of term and in contract between composite APR buyer and lender). Optional: May show effect of buy-down period without triggering additional disclosure. 2. Reduced payment Reduced simple interest rate, length of time reduced rate and payment apply, simple interest ZILLOW CONTRACT: 8/4/2020: Zillow is using their own contract for the sale of their listings: From mhg…? PerKyle &Laurie: I've honestly not had that conversation yet Jeff. I'd agree that, though, that since it's obviously a contract that isn't widely used, that our agent needs to do CYA by saying it's advisable to have the contract reviewed by an attorney. Not sure there's any better advice than that, even though it's generic. Yes, if they elect to not do so, at least we've advised. ZILLOW: 9/19: ZILLOW ADDENDUM WAIVES SPDS...NEED SPDS HOLD HARMLESS-BUYER...ZILLOW SPDS “BLACKED OUT” NAMES FOR CONFIDENTIALITY ZILLOW REFERRAL PROCESS…..SEE CASE SSTUDIES……….13) ZILLOW REFERRAL PROCESS ZILLOW SPDS: Q: Can we accept these (Zillow) SPDS in our files? A: I asked Laurie. The contract calls for the AAR SPDS, so the Zillow SPDS does not satisfy that requirement. For this file I have added the SPDS HH-Buyer and also asked for an addendum waiving the AAR SPDS. Unless/until that changes, this is how we will handle it. OR We require the SPDS Hold Harmless-Buyer whenever the AAR SPDS is waived from the contract. Even though Zillow did provide their own SPDS, it is not the same AAR Document required by sect 4a of the purchase contract. ZILLOW SPDS: BROKER NOTE, PLUS HOLD HARMLESS: Please prepare an addendum to the purchase contract stating, "Contrary to the purchase contract the Seller will only be providing a Zillow Seller Property Disclosure Statement and NOT the AAR Seller Property Disclosure Statement, as stated in the purchase contract". Thank you. ZIPFORMS: https://www.zipformplus.com/default.aspx# After hours/weekend support afterhours@aaronline.com, BizSvcs 480-304-8930 ALSO SEE TRANSACTIONDESK ZIPFORMS, ZIPFORMS OR TRANSACTIONDESK? Q: I am just getting back being active and see some people talking about Transaction Desk instead of Zipforms. Is this something you would recommend I do instead of Zipforms? A: HI X, ZipForms is being replaced by TransactionDesk, many agents have migrated from the former to the latter already. Originally zipForms was no longer going to be available after 2019, however they decided to keep it through 2020 so you can continue to use zipForms through the end of this year. So, if you want to move to TransactionDesk now you are free to do so, or you can use zipForms until it is no longer available, your choice. ZONING, APPLICATION FOR CONSTRUCTION: Q: I have a question regarding zoning on a property. I am working with a buyer who is looking for a property that would have potential for additional structures to be added such as a guest house, she shed or man cave workshop. How would I find out if its allowed on a property. A: That question would be answered by 1) the city planning/zoning/permitting department where the property is located and/or 2) the HOA (if applicable) and it's governing documents. If no active HOA, then any deed restrictions that may be on record. ZONING, INVESTIGATE, PERMITTING: “Buyer is encouraged to investigate any and all permitting, zoning, CC&R’s, etc regarding any proposed construction related activity under consideration by the buyer.” ZONING, DEFINITION: Zoning is the process of dividing land in a municipality into zones in which certain land uses are permitted or prohibited. In addition, the sizes, bulk, and placement of buildings may be regulated. The type of zone determines whether planning permission for a given development is granted. Wikipedia |
