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NC REALTORS®
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Legal Q&A | How should buyer agents handle seller representations when completing an Offer to Purchase and Contract? 

QUESTION: The new version of the Offer to Purchase and Contract (Standard Form 2-T) has a revised version of paragraph 7(c). Like the old version, sellers must represent, to the best of their knowledge, whether there are any Proposed Special Assessments, and warrant whether there are any Confirmed Special Assessments. And like the old version, sellers must identify all such assessments. However, the revised form has some new check boxes that will make clear what is being represented and warranted. That seems like a great idea but, as a buyer’s agent, how do I know which boxes to check, and what information to fill in, when I prepare an offer for one of my buyer-clients? Sellers may choose not to list assessments in the Residential Property Disclosure Statement, and our MLS does not include a field for assessments to be listed. If we don’t have any information about assessments, should we just leave all of the check boxes unchecked and let the seller fill in the appropriate ones? 

Discover the Answer: http://ow.ly/3w8u30lpSS9 #NCRLegalQA
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Legal Q&A | Working with a buyer who does not want to use an agent or an attorney

QUESTION: A buyer contacted me about buying one of my client’s listings, a small, unimproved lot. He says he does not need representation. He also says he is going to pay cash and does not think he needs to hire a lawyer to close the sale. Can I work with him without representing him and if so, is there a form for me to use to confirm that I will not be representing him? Also, does the buyer have to hire a lawyer to do the closing? The “Warning” in paragraph 1(m) of the Offer to Purchase and Contract (form 2-T) seems to say that the answer is yes. What do you think?

Discover the Answer: http://ow.ly/X4tT30loY7S #NCRLegalQA
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Legal Q&A | Should a buyer initial the lead-based paint addendum even when the seller has provided no information or documents?

QUESTION: My buyer has received a Lead-Based Paint or Lead-Based Paint Hazard Addendum (Standard Form 2A9-T) from the seller, and it indicates that the seller has no knowledge of lead-based paint and no reports or records to share. Does my buyer need to initial line (c) of the form? I am worried that if my client initials this line that it will be an affirmation that they have actually received something, when in fact they have not.

Discover the Answer: http://ow.ly/fSve30liPJG

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Legal Q&A | Do all my seller-clients need to sign the new Residential Property Disclosure Statement?

QUESTION: I heard that the Real Estate Commission recently approved a revised version of the Residential Property Disclosure Statement. Do all of my seller clients need to sign the new version of that form? Or do I just need to use it for my new listings?
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Legal Q&A | Is the MLS co-broker fee owed if the seller terminates the contract?

QUESTION: I helped a buyer client put an MLS listing under contract. Just before closing, the listing agent called me to say that the seller had decided not to sell the property. The seller has offered to reimburse the buyer her Due Diligence Fee and all of her Due Diligence Costs, and although she is upset, the buyer is likely to accept the seller’s offer rather than seek specific performance of the contract. My question to you is whether I am entitled to the fee that the listing agent offered in MLS? I think I did my job!

Discover the Answer: http://ow.ly/oYXl30l5UY9
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Legal Q&A | What happens to the protection period if an agreement to terminate a listing is signed?

QUESTION: I've been approached by the owner of a property who wants to list it for sale with me. He told me he'd previously had it listed with another firm but that the listing agreement had been terminated. He shared copies of the listing agreement and the termination agreement with me. The property had been listed using the Exclusive Right to Sell Listing Agreement (form 101) and the listing had been terminated using the Termination of Agency Agreement and Release (form 720). Paragraph 4 of the Termination Agreement says that the Protection Period in the listing agreement is preserved. Does that mean the owner would be obligated to pay commissions to both my firm and his former firm if he lists with me and sells the property before the end of the Protection Period in the other listing agreement?


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Legal Q&A: What do REALTORS® need to do when selling their own home?

QUESTION: My husband and I have been talking about downsizing. A friend just called and asked if we might be willing to sell our house to her. She is not planning to hire a real estate agent. Are there any rules that apply when a licensed agent sells their own home? Can I help my friend fill out a written offer? Are there any disclosure requirements?

Discover the Answer: http://ow.ly/uH0030kT6Ow
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Legal Q&A| Is an Additional EMD due by any particular time of day?

QUESTION: I'm representing a seller who has a property under contract using the Offer to Purchase and Contract (form 2-T). The contract calls for the payment of an Additional Earnest Money Deposit. I know that time is "of the essence" regarding delivery of the Additional EMD. There's a date in the blank but no time of day. My question is, does the buyer have to deliver the Additional EMD by any particular time of day on the agreed-upon date?

Discover the answer: https://www.ncrealtors.org/wp-content/uploads/LegalQA062818.pdf
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Legal Q&A | Can I submit my client’s offer to the seller directly?

QUESTION: Four days ago, I submitted an offer on a property my client really wants to purchase. After hearing nothing from the listing agent, I emailed him this morning to get a status update. I instantly received an automated response indicating he is on vacation for another two weeks. I seriously wonder if the listing agent has presented our offer to the seller at all. Can I simply submit my client’s offer to the seller directly? I do not trust that the listing agent is doing his job.

Discover the answer: https://www.ncrealtors.org/wp-content/uploads/LegalQA062118.pdf

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