Real Estate Practice in the Twenty-First Century
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YOUR RIGHTS AS a HOMEBUYER OR SELLER Your Rights As a Homebuyer Or Seller
Wisconsin REALTORS® Association YOUR RIGHTS AS A HOMEBUYER OR SELLER Your Rights as a Homebuyer or Seller Congrats on your decision to pursue homeownership! Buying or selling a home is an important life event that requires many important decisions. This booklet explains the services you may expect from a licensed real estate agent and the duties these professionals owe to you under the law. Wisconsin law provides strong protections for all real estate consumers. For more real estate information designed for you, the consumer, visit the WRA’s Downloadable Consumer Brochure page online at www.wra.org/dcb. What’s a real estate agent? that the buyer has the insurance binder and a certified check for A real estate agent is a professional licensed by the state of payment. Wisconsin to help you buy or sell your home. The agent’s job Not all real estate licensees provide the same services, nor do is to bring buyers and sellers together and help them reach an they charge the same fees. To ensure that you are getting the agreement. An agent also provides other services. best value for your money, ask the real estate agents in your community what services they provide, what they charge, and what A real estate agent may assist both parties in negotiating the additional services are recommended or are necessary to complete purchase contract and in filling out certain legal contract forms. the transaction. It is always recommended that you consider the Forms such as the offer to purchase and counter-offer are typically services of an experienced real estate attorney as early in the used during a real estate transaction. -
The Real Estate Marketplace Glossary: How to Talk the Talk
Federal Trade Commission ftc.gov The Real Estate Marketplace Glossary: How to Talk the Talk Buying a home can be exciting. It also can be somewhat daunting, even if you’ve done it before. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walk-throughs, settlement sheets, escrow accounts, recording fees, insurance, taxes...the list goes on. No doubt you will hear and see words and terms you’ve never heard before. Just what do they all mean? The Federal Trade Commission, the agency that promotes competition and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real estate and mortgage marketplace. A Annual Percentage Rate (APR): The cost of Appraisal: A professional analysis used a loan or other financing as an annual rate. to estimate the value of the property. This The APR includes the interest rate, points, includes examples of sales of similar prop- broker fees and certain other credit charges erties. a borrower is required to pay. Appraiser: A professional who conducts an Annuity: An amount paid yearly or at other analysis of the property, including examples regular intervals, often at a guaranteed of sales of similar properties in order to de- minimum amount. Also, a type of insurance velop an estimate of the value of the prop- policy in which the policy holder makes erty. The analysis is called an “appraisal.” payments for a fixed period or until a stated age, and then receives annuity payments Appreciation: An increase in the market from the insurance company. -
Commercial Property Central London
Commercial Property Central London Quick-tempered and familial Franz often theologized some premieres agriculturally or tackled nowhence. Smeary Michal still tunnings: caecal and mitral Dane unfenced quite jimply but needle her mangos wholesomely. Ryan is utterly feasible after intermediatory Ragnar intimating his lime haply. Hayward is the trading name of Kinleigh Limited. Head of Commercial Research Mat Oakley told Reuters. Accessing them is pretty simple. Rent payment is one of those prominent expenses in any business. There is no doubt that having a Central London business address can bring real gravitas to your brand, while a prominent Central London base can also make it easy for talented professionals to commute to work for you. Your local Martyn Gerrard property expert will be in touch to arrange an accurate valuation taking into account improvements to your property, the local market and more. Your password reset has been confirmed. Victoria is considered a prime location by many organisations including a host of government institutions and numerous high street brands, department stores, bars and restaurants. You may unsubscribe from these communications at any time. Details too many positive, commercial property central london central london office markets in central london assets as favourites. II listed building in the heart of Finsbury Circus, easily accessible from anywhere in the City. Crowdlending platforms match borrowers to individual lenders. The landlord does nothing but deposit the rent checks. Thank you are proudly collaborating with fantastic hub for london commercial property central london business as attractive asset is comprised mainly by adding value. Cale Street in Chelsea which is an affluent. -
Risk Management Self-Assessments
Australian Institute of Conveyancers (NSW Division) RISK MANAGEMENT SELF-ASSESSMENTS Introduction and the Risk Management Program: The Australian Institute of Conveyancers NSW Division (the Institute) first introduced the Risk Management Program in the year 2000. At the time, it was introduced as a tool to assist members in the running of their files and practice to reduce the stresses of day-to-day file and business management and to help reduce the likelihood of a professional indemnity claim. The program was updated in 2005 and made mandatory for all Business Owner Members wishing to receive the Institute’s member discount on the PI insurance policy. Originally, the program required a mandatory annual inspection of the participating member’s business. By 2010, the membership had increased to the point where mandatory annual physical inspections were no longer possible and the program was changed to allow for a mandatory annual online self-assessment together with random physical inspections. To meet the requirements of the program, a business owner member must be able to show: • a reasonable knowledge of risk management procedures (as evidenced by the annual online self- assessment and any physical assessment conducted on the conveyancer’s business), • that a risk management program has been put in place; and • all staff members are familiar with and are uniformly following the risk management procedures set down by the business owner. The program also requires that the business owner’s files be conducted at least in the manner set out in the guidance manual (as discussed below) where it is practical to do so. -
How to Sell Your House Online Online Sites Offer Virtually All the Services Of
How to sell your house online Online sites offer virtually all the services of a traditional estate agent – and their fees can be thousands of pounds lower Sunday 7 July 2013 Online seller Ron Houston: 'They did everything I would expect from a traditional estate agent, with the exception that I had to conduct viewings myself, but I actually enjoyed that side of it.' Photograph: Antonio Olmos for the Observer As the housing market gathers momentum, one group of people hoping to rake in the cash will be estate agents. But a growing number of house sellers are shunning the traditional approach and marketing their properties online, saving thousands of pounds in the process. While high-street estate agents charge between 1.5% and 2% of the sale price, or up to a whopping £6,000 on a £300,000 property, online rivals offer a flat fee of between £250 and £1,000. This breed of private-sale sites and low-cost online agents now accounts for around 5% of completed sales, according to the Royal Institute of Chartered Surveyors. The biggest sites all report a rising number of property listings and sales, and the ability to save sellers a chunk of cash, as the sites do not need to fund a chain of offices and company cars. For example, eMoov, which sold 520 properties worth a combined £170m in 2012, has 850 properties for sale, says founder Russell Quirk. "We will sell your property for a flat fee of £395 plus VAT," he says, adding that eMoov saved its average customer £3,846 last year. -
Unrepresented Buyer Acknowledgement
UNREPRESENTED BUYER ACKNOWLEDGEMENT This Unrepresented Buyer Acknowledgement (the “Acknowledgement”) is made by ____________________________________________________________________________ (“Buyer”) regarding the property located at _________________________________________________________ ______________________________________________________________________ (the “Property”). Redfin Corporation (“Redfin”) represents the seller of the Property. 1. BUYER IS UNREPRESENTED. Buyer is not currently represented by, or otherwise working with, a real estate agent. 2. REDFIN REPRESENTS SELLER ONLY, NOT BUYER. Redfin does not represent Buyer or Buyer’s interests. Redfin solely represents the interests of the seller of the Property. 3. NO AGENCY RELATIONSHIP WITH REDFIN. There is no agency relationship between Buyer and Redfin. In the course of representing the seller of the Property, Redfin may perform several real estate activities including, without limitation, the following: ● Answer questions about the Property; ● Hold open houses of the Property; ● Conduct tours of the Property; and ● Transcribe a prospective buyer’s offer terms into contract form (although Buyer agrees it remains Buyer’s sole responsibility to review, complete, understand, and sign such contracts). Neither those activities nor this Acknowledgement create an agency relationship between Buyer and Redfin. If, at a later date, Buyer would like to be represented by a Redfin agent in Buyer’s efforts to purchase this Property or a different property, then Buyer will enter an agency agreement with Redfin at that time. Unless and until Buyer enters an agency agreement with Redfin, Buyer understands and agrees that Redfin does not represent Buyer’s interests in the purchase of this Property or any other property. 4. OPPORTUNITY TO CONSULT WITH AGENT. Buyer understands that real estate transactions are complex and that real estate agents can provide valuable services in guiding their clients through the real estate transaction process. -
RESPA Frequently Asked Questions
VERSION 1 | LAST UPDATED 10/7/2020 Real Estate Settlement Procedures Act FAQs 1 The questions and answers below pertain to compliance with the Real Estate Settlement Procedures Act (RESPA) and certain provisions of Regulation X. RESPA Section 8 General QUESTION 1: What are the provisions of RESPA Section 8? ANSWER (UPDATED 10/7/2020): RESPA Section 8 prohibits certain actions related to federally related mortgage loans. RESPA Section 8(a) prohibits kickbacks for business referrals related to or part of settlement services involving federally related mortgage loans. 12 USC § 2607(a); 12 CFR § 1024.14(b). RESPA Section 8(b) prohibits unearned fee arrangements, i.e., splitting charges made or received for settlement services, except for services actually performed, in connection with federally related mortgage loan transactions. 12 USC § 2607(b); 12 CFR § 1024.14(c). RESPA Section 8(c) identifies certain payments that are not prohibited by Section 8. 12 USC § 2607(c); 12 CFR § 1024.14(g). This is a Compliance Aid issued by the Consumer Financial Protection Bureau. The Bureau published a Policy Statement on Compliance Aids, available at https://www.consumerfinance.gov/policy-compliance/rulemaking/final- rules/policy-statement-compliance-aids/, that explains the Bureau’s approach to Compliance Aids. 1 RESPA F AQS VERSION 1 | LAST UPDATED 10/7/2020 Appendix B to Regulation X provides examples to illustrate the application of RESPA to particular fact patterns, including fact patterns under Section 8(a), 8(b), and 8(c) indicating whether or not a violation occurred. Appendix B to 12 CFR part 1024. RESPA Section 8(d) details specific penalties for violations of Section 8, including for Sections 8(a) and 8(b). -
OPINION 2020-02 Issued February 7, 2020 Withdraws Adv
OPINION 2020-02 Issued February 7, 2020 Withdraws Adv. Op. 1988-30 Preparation of Deed Upon Direction of Real Estate Agent SYLLABUS: A lawyer should not draft a deed at the direction of his or her client’s real estate agent that is different than the deed required by an executed contract, without the client’s consent, if the new deed will affect the ultimate resolution of the matter or the substantive rights of the client. When interacting with an unrepresented party in a real estate transaction, a lawyer must identify himself or herself as the lawyer for either the buyer or seller, refrain from giving the unrepresented party any legal advice, and may only advise the unrepresented party to secure independent legal counsel. This nonbinding advisory opinion is issued by the Ohio Board of Professional Conduct in response to a prospective or hypothetical question regarding the application of ethics rules applicable to Ohio judges and lawyers. The Ohio Board of Professional Conduct is solely responsible for the content of this advisory opinion, and the advice contained in this opinion does not reflect and should not be construed as reflecting the opinion of the Supreme Court of Ohio. Questions regarding this advisory opinion should be directed to the staff of the Ohio Board of Professional Conduct. 65 SOUTH FRONT STREET, 5TH FLOOR, COLUMBUS, OH 43215-3431 Telephone: 614.387.9370 Fax: 614.387.9379 www.bpc.ohio.gov HON. JOHN W. WISE RICHARD A. DOVE CHAIR DIRECTOR PATRICIA A. WISE D. ALLAN ASBURY VICE- CHAIR SENIOR COUNSEL KRISTI R. MCANAUL COUNSEL OPINION 2020-02 Issued February 7, 2020 Withdraws Adv. -
The Ultimate Guide to Becoming a Real Estate Agent
PLANNING FOR YOUR NEW CAREER: The Ultimate Guide to Becoming a Real Estate Agent A REAL ESTATE EBOOK FROM WELCOME TO YOUR GuideGuide toto BecomingBecoming aa RealReal EstateEstate AgentAgent We know that there’s an overwhelming amount of information out there when it comes to becoming a real estate agent. You may wonder what exactly the job entails, what kinds of salary you can expect to make, or even how you get clients. To help answer your most-pressing questions, we took the guesswork out of it and collected the best and most current information you need to get started. It’s time to follow your dreams! | PAGE 2 IS REAL ESTATE FOR YOU? A career in real estate means a lot things for a lot of people, but here are a few key points that make a career in real estate ideal for you: 1. FLEXIBLE SCHEDULE 2. ENTREPRENEURIAL OPPORTUNITY 3. THE ABILITY TO HELP OTHERS 4. A FUN PROFESSION 5. LOW BARRIER TO ENTRY | PAGE 3 IS NOW THE TIME? YES! The real estate market has historically had its ups and downs, but there’s never been a better time to get started with a career in real estate. Ask yourself these questions to determine if real estate is right for you. HAVE YOU BEEN EAGER IS THE Market Right? FOR A New Career? DO SOME RESEARCH ONLINE AND AT A LOCAL REAL ESTATE AGENCY TO SEE ARE YOU READY TO DO YOU KNOW HOW TO Determine Your Future? Get Your License? DO SOME RESEARCH ONLINE AND AT A LOCAL REAL ESTATE AGENCY TO SEE WHAT’S HAPPENING IN YOUR AREA. -
Mid-Kansas Multiple Listing Service, Inc
Rules and Regulations Of the Mid-Kansas Multiple Listing Service, Inc. Adopted July 2015; Amended April 2016; Amended April 2017; Amended June 2018; Amended Sept 2018; Amended April 2019 SECTION 1 - LISTING PROCEDURES Section 1.0 Listing Procedures Listings of real or personal property of the following types, which are listed subject to a real estate broker’s license, and are located within the service area of the Mid-Kansas Multiple Listing Service, Inc., and are taken by Participants on “Exclusive Right-to-Sell Agreements” or “Exclusive Agency Agreements” shall be entered into the Multiple Listing Service within 2 business days of the listing date or after all necessary signatures of seller(s) have been obtained: a. single family homes for sale or exchange b. vacant lots and acreage for sale or exchange c. two-family, three-family, and four-family residential buildings for sale or exchange d. commercial property e. mobile homes Note 1: The Multiple Listing Service shall not require a Participant to submit listings on a form other than the form the Participant individually chooses to utilize provided the listing is of a type accepted by the Service, although a “Property Profile Sheet” may be required as approved by the Mid-Kansas Multiple Listing Service. However, the Multiple Listing Service, through its legal counsel: a. may reserve the right to refuse to accept a listing form which fails to adequately protect the interests of the public and the Participants b. assure that no listing form filed with the Multiple Listing Service establishes, directly or indirectly, any contractual relationship between the Multiple Listing Service and the client (buyer or seller) The Multiple Listing Service shall accept exclusive right-to-sell listing contracts and exclusive agency listing contracts, and may accept other forms of agreement which make it possible for the listing broker to offer compensation to the other Participants of the Multiple Listing Service acting as subagents, buyer agents, transaction brokers or all. -
Mls Glossary of Terms
MLS GLOSSARY OF TERMS A Acceptance - The time at which an offer to purchase is accepted. The fact that it was accepted must be relayed to the person that made an offer for all parties to be bound to the contract. Acres - The total number of acres of the property. Acres Cultivated – (of land or fields) Prepared for raising crops by plowing or fertilizing. Acres Pasture – This type of land is typically used by animals. Acres Timber – Trees or wooded land considered as a source of wood. Ad Valorem Tax – Charged by local government, this tax is based on the value of the property, as determined by the local government authorities. Additional Deposit – A buyer of real property will generally give a small deposit with an offer, and a more substantial deposit after the offer has been accepted. The second deposit is the "additional deposit." Additional Public Remarks – "The additional remarks shall not include any contact information i.e. agent, broker, company, bonuses, commission, URL information, affiliated businesses and owner name, phone numbers, however this information may be entered in the Realtor Remarks field". Adjustable Rate Mortgage (ARM) - A mortgage whose interest rate over the life of the loan is not necessarily the same as the original interest rate at the loan inception. Rate changes may go up or down and are usually tied to an economic indicator and a time. The person getting the mortgage should check to see if these fluctuations have a cap, and make sure they are comfortable with whatever that cap is. Some ARMS are convertible to a fixed interest rate after a period. -
Flexible Workspaces on Our High Streets
Flexible Workspaces rehearsal space shared and private on our offices for start-up businesses High Streets desk space shared kitchen space maker space bookable meeting rooms lab space recording studios printers and artist framers studios community health and wellbeing hub 00 1 Foreword by Simon Pitkeathley Foreword by Jules Pipe The pandemic has significant ramifications for role in the post-COVID world. High streets The last few months have seen numerous Existing workspace operators, landlords and the future of how workspaces will be serving will benefit from a customised meanwhile debates reflecting on the potential impact of developers have already started exploring entrepreneurs and businesses post Covid. As- use approach, and as CEO of the Camden the pandemic in the future use of office spaces. how to reconfigure or redesign their surplus Co-Chair of the Mayor’s Workspace Advisory Collective co-working space, I know that such With the vaccine being rolled out across the or empty premises by converting some of it Group (WAG), I and my fellow co-Chair Sarah projects have the agility to respond to struggling UK and with expectations that the summer into flexible offices. It is expected that over Ellis, and all members of the Group, have been local economies with imaginative installations will see the situation improve, we will start the coming months, new flexible workspaces focusing on how the sector could adapt to that fill vacant spots with an energetic understanding how offices will be used in a will be opening across outer and inner London this new landscape. I believe that in its various community of entrepreneurs.