HAR MCentral Summer Legal Update on July 23, 2014
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  • 1. July 23, 2014 Grant P. Harpold Vincent Lopez Serafino Jenevein, P.C.
  • 2. Off-MLS or “Pocket” Listing Survey - No Option Electronic Communication Conduct Appraisal ≠Market Value Lingering Lawsuits From Afar Educate
  • 3. Market – Driven Educate agent ◦ Price risk Fiduciary Educate seller ◦ Lost opportunity Uneducated buyer ◦ Why not on MLS ◦ Property not vetted Seller Authorization Form ◦ Protection
  • 4. Keep Simple/Timely ◦ Box (2) or (3) Timely Objection ◦ Pick number of days Old Survey is Risky ◦ Risk shift with your involvement ◦ “Existing survey”
  • 5. Section 6, P. 2.
  • 6. Confirm Material Communications ◦ Description of document or event Not for Expression of Emotions ◦ Post or Tweet with caution Personal v. Business ◦ Business wins Can Form Contract ◦ “Submit an offer” Electronic Signatures and Documents are Enforceable
  • 7. From: Broker A Sent: Tuesday, October 30, 2007 4:32 PM To: Buyer Subject: Property XYZ Importance: High Buyer, I was able to confirm with the sellers that they will agree to a 2 year option at $2.75 s.f. on the 3.78 acre tract. As-is. This is subject to you closing on the 35 acre tract tomorrow. In addition, they are prepared to lease the 35 acre tract for that same period for $300 per month plus they will carry necessary insurance. Buyer, in my professional opinion, the sellers just put over $200,000 on the table that is available to you today should you decide to flip the property. They perceive this to be a big concession. The sellers were planning to list the property with me and I was attaching a $5.00 s.f. asking price hoping to achieve $4.00 s.f. Broker A
  • 8. From: Broker A Sent: Wednesday, October 31, 2007 9:56 AM To: Buyer Subject: Property XYZ Importance: High Good Morning Buyer: Contrary to your instructions to the Title Company to revise the paperwork to reflect a $125,000 price reduction (which had not even been presented to the sellers for consideration), throughout the late afternoon and early evening my client’s [sic] debated and considered the totality of the deal on the table. They have decided they will not revise the price from the agreed $2.50 s.f. number. Each of them will be traveling to the title company later this morning to sign necessary documentation for the closing to take place today. The title rep. can e-mail you documentation for your signature today. Sufficient funds will need to be wired today. We can work immediately thereafter to prepare the necessary material to reflect the agreement reached in principal [sic] yesterday concerning the 2 year option on the 3.7+/acre stable property at $2.75 s.f. plus the 2 year lease on the 34.59 acre property at $300 per month, including necessary insurance protection. If the closing does not take place today then the original contract remains in effect should you choose to keep it in effect. *3 It would be helpful to have an understanding as to your intentions today. One more of the sellers will be leaving town tomorrow and won’t be available for the next week. Broker A
  • 9. From: The Sellers Sent: Wednesday, October 31, 2007 2:35 PM To: Broker A Subject: Property XYZ Importance: High Hi Broker A, I wanted to let you know that we are working on getting the following agreements ready for the buyer’s review. The first will be the Lease Agreement for the 34.59 acres. The Term is to be a twenty-four (24) month period at the rate of $300.00 per month. The second will be the twenty-four (24) month option to purchase the 3.78 acre tract of ours at $2.75 p.s.f. We will keep you posted on the progress of both items and please pass along to the buyer that we wish to get these executed as soon as possible. Thanks, The Sellers
  • 10. Discuss Known Facts ◦ If You Know, You Tell Information Sells Home Source It; Don’t Diagnose It ◦ Form TAR 2502 – gives notice Timely Communication Don’t Get Title Lazy
  • 11. Multiple Offers – can be picky Cash Talks – no contingency Property does not satisfy lender requirements
  • 12. Virginia – unlicensed employee cost broker $6.6 million commission Maryland – class action for kickbacks from title company to broker
  • 13. Inform Your Client Make Sure They Know Get Them There What’s NOT Online Partial Observer Sensitivity Expertise ◦ List Price ◦ Photo Selection ◦ Title Company Preference