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NC REALTORS®
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NC REALTORS®'s posts

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Register for CE at Sea by June 30 and you could win a Deluxe Beverage Package

Have you heard about CE at Sea? We hope you’ve seen some of the promotional emails highlighting this educational adventure on the Royal Caribbean Harmony of the Seas (http://www.royalcaribbean.com/harmonyoftheseas). If not, check out the video below.

Not only will you cruise the Western Caribbean with your NC REALTOR® colleagues, but you also have the chance to complete your 2018 CE with Bill Gallagher or work toward earning your CIPS designation.

Please register before the June 30, 2017 deadline to secure cabin pricing and to be entered to win fantastic prizes like a Deluxe Beverage Package (unlimited cocktails, beer, wine, non-alcoholic beverages) and more!
http://www.ncrealtors.org/images/assets/pdfs/events/CEatSea_CruiseReg.pdf

https://youtu.be/GloWX_i3J5E

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Legal Q&A: Effect of Seller's delay in delivering an "unconditional" acceptance

QUESTION: I am representing a buyer. We attached the Additional Provisions Addendum (Standard Form 2A11-T) to my client's offer and noted in that Addendum that, in the absence of unconditional acceptance being delivered to Buyer, the offer would expire today at noon. The listing agent called me before noon today and told me that her client had signed the contract, but that she is holding off sending the signed contract to me because she has another interested buyer who has scheduled a second showing. If the listing agent sends me a signed contract after the deadline, but that contract was signed before the deadline, can my buyer get out of the contract if he chooses?

SEE THE ANSWER HERE: http://tinyurl.com/mp9x2kh

Have a legal question? Call the Legal Hotline. As a member of NC REALTORS®, you have free, unlimited access to this benefit. Call 800-443-9956 or email legal@ncrealtors.org with any questions regarding contracts, forms, fair housing, disclosure and more.
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Be the first to know about legislative alerts from NAR

You can now respond to legislative calls for action directly from your mobile phone! Simply text NC REALTORS to 30644 or sign up online to receive short, text message alerts when NAR needs you to take action on important real estate issues. It’s that easy!

http://www.realtoractioncenter.com/realtor-party/realtor-mobile-action.html

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Legal Q&A: Who pays special assessments that come due after Settlement?

QUESTION: I represent the seller in a transaction that went under contract using the Offer to Purchase and Contract (form 2-T). The owners association that regulates the development in which the property is located recently imposed an assessment that is payable in equal monthly installments over a period of two years. We disclosed the existence of the assessment in paragraph 7(c) of the Contract.

The property is about to close and a disagreement has come up over who is responsible for making the monthly assessment payments after the property has closed. The buyer agent says the seller has to pay the entire amount of the assessment at Settlement but it doesn’t sound right to me that the seller is responsible for payments that don’t come due for a year or more after the closing. What’s the answer?

SEE THE ANSWER HERE: http://tinyurl.com/n7galrn

Have a legal question? Call the Legal Hotline. As a member of NC REALTORS®, you have free, unlimited access to this benefit. Call 800-443-9956 or email legal@ncrealtors.org with any questions regarding contracts, forms, fair housing, disclosure and more.
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NAR President-elect Elizabeth Mendenhall was on Capitol Hill to reinforce REALTORS' position that any tax reform must protect, not hurt, homeowners. NAR has concerns with the Administration's proposal because it would hurt homeowners by taking away more deductions than would be offset by the increase in the standard deduction. Also, NAR legal and sustainability staff explain the opportunities and hurdles to selling the increasing number of homes with solar panels.

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Legal Q&A: Can property damage be a material fact even if the damage has been fully remediated?

QUESTION: I have a listing under contract, and the parties are in the Due Diligence Period. Yesterday, the buyer’s agent informed me that his clients requested an insurance quote, and after the insurance company ran a C.L.U.E. report, the insurance carrier informed them that the insurance rate would be much higher than the buyers anticipated. The quote was higher than expected because the sellers recently had a plumbing issue in the kitchen that was fully remediated and paid for by another insurance carrier.

The buyers are now claiming that the kitchen remediation was a material fact that should have been disclosed. They are also demanding a return of their Due Diligence Fee and Earnest Money Deposit. Was the damage in the kitchen a material fact that should have been disclosed?

SEE THE ANSWER HERE: http://tinyurl.com/kqjdhn9

Have a legal question? Call the Legal Hotline. As a member of NC REALTORS®, you have free, unlimited access to this benefit. Call 800-443-9956 or email legal@ncrealtors.org with any questions regarding contracts, forms, fair housing, disclosure and more.
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Legal Q&A: Who is entitled to the earnest money deposit if the buyer dies before closing?

QUESTION: I represent a seller who entered into an Offer to Purchase and Contract (Standard Form 2-T). The buyer paid a due diligence fee and a $2500 earnest money deposit. After the due diligence period expired, but before closing, the buyer unexpectedly passed away. The buyer's executor has indicated that the estate does not intend to proceed with the purchase. My client has asked me if he is entitled to the deceased buyer's earnest money deposit if the executor fails to close on the transaction. What should I tell him?

INTERESTED IN THE ANSWER? CLICK HERE: http://tinyurl.com/mfdomcj

Have a legal question? Call the Legal Hotline. As a member of NC REALTORS®, you have free, unlimited access to this benefit. Call 800-443-9956 or email legal@ncrealtors.org with any questions regarding contracts, forms, fair housing, disclosure and more.
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Legal Q&A: Can a buyer pay a due diligence fee in cash?

QUESTION: I've had several agents in my firm recently ask me if a Due Diligence Fee can be paid in cash. I've advised them it's better to get a cashier's check, certified check or perhaps even a money order so there is some kind of paper trail. However, one agent's client has a deep distrust of financial institutions. If this client insists on paying the Due Diligence Fee in cash, is it okay and if so, what steps need to be taken?

INTERESTED IN THE ANSWER? CLICK HERE: http://tinyurl.com/l9az7r3

Have a legal question? Call the Legal Hotline. As a member of NC REALTORS®, you have free, unlimited access to this benefit. Call 800-443-9956 or email legal@ncrealtors.org with any questions regarding contracts, forms, fair housing, disclosure and more.
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The latest Voice for Real Estate news video from NAR looks at the upcoming live town hall meeting from NAR lobbyists on what to talk about with lawmakers on upcoming Capitol Hill visits, what NAR is doing to get more appraisers to work on VA loan transactions, what's behind the jump in home sales last month, how you can expand your business by connecting households to local down payment assistance programs, and how one sales associate is using testimonials to boost his business. 

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Win $10,000 for your charity

Are you or someone you know doing great work serving the community? REALTOR® Magazine is now accepting nominations for the annual Good Neighbor Awards, a program designed to recognize and nurture REALTORS® who are working to better the world around them.

Winners receive $10,000 grants for their charities, national and local publicity for their cause and recognition in front of REALTOR® peers at the National Association of REALTORS® annual conference.

Submit your nomination by May 12.

http://realtormag.realtor.org/good-neighbor-awards/about
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