Posts from April 30th, 2024
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30
NAR Settlement
WHAT'S THE SCOOP ON THE NAR SETTLEMENT AND HOW WILL IT IMPACT SELLERS AND BUYERS
Since the 1990's, it has been a common practice for home sellers to pay both the seller's agent and the buyer's agent. Offers of compensation help make professional representation more accessible, decrease costs for home buyers, increase fair housing opportunities, and increase the potential buyer pool for sellers. At the time the property is listed for sale, the listing agent and home seller would negotiate the commission rate for both the listing agent and the buyer's agent. The rate being offered to the buyer's agent would appear on the MLS.
The lawsuit, filed on behalf of home sellers, accused Real Estate brokerages and The National Association of Realtors of conspiring to artificially inflate commissions by forcing sellers to pay the buyers agent. After years of litigation, a settlement has been agreed to which include the following terms:
- NA...
30
Property Condition Disclosure
Property Condition Disclosure
A new real estate law now in affect has brought major changes that remove the option to give the buyer a $500 credit at closing instead of filling out the property disclosure form. The law requires that sellers answer questions concerning the property and new questions added on potential flood risk, a history of flooding and flood insurance. In the past, attorneys for sellers advised their clients to give the $500 credit instead of completing the property disclosure form because many of the questions are vague and could spell legal trouble. The amended law removes this option. Sellers are required to complete the form on their own and answer each question to the best of their ability and knowledge of the home. This form must be provided to the buyer prior to contract signing. A seller who willfully fails to provide a PCDS to the buyer is liable for actual damages suffered by the buyer. In addition, selle...
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