MA CEU DISCLOSURES.....DISCLOSURES....DISCLOSURES - RE91R14
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Massachusetts Continuing Education Course – 2 Credits. This course will explore the many disclosure issues in real estate. Several landmark cases regarding non-disclosure and misrepresentation will be discussed. Mandatory and optional disclosure forms will be reviewed. We will develop a best practices procedures to keep consumers well informed.
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MA CEU DISCLOSURES.....DISCLOSURES....DISCLOSURES - RE91R14
- 2. Definition What is DISCLOSURE? This term means to make known, a revelation or the uncovering a thing that is kept hidden. (Black's Law Dictionary) Hidden
- 3. From Whom to Whom Agent to Agent Agent to Consumer Consumer to Consumer Consumer to Agent .
- 4. • Property condition disclosure and “as is” clauses are the second-most common legal issues NAR members face. • Legal Pulse • Legal Scan 2015
- 5. MGL CHAPTER 93A Consumer Protection Law
- 6. Chapter 93A • Allows consumers to take legal action against unfair or deceptive conduct in the marketplace. • The Attorney General take action against businesses, and prosecute a consumer protection case in the public interest. • For claims of actual damages under $7,000, a consumer may file a legal action in the Small Claims
- 7. Chapter 93A • Consumer sends a 93A Demand Letter –30 days to respond –Not required if consumer is making a counter claim to your lawsuit against them –Identifies damages –Encourages settlement –Defines claim
- 8. Chapter 93A • Elements of the Demand Letter – Must be sent 30 days prior to court action – Identification of the claimant – Identify the unfair or deceptive practice – Identify the damages or injuries – Request for relief or damages
- 10. Disclosure Legal Cases • Lead Paint – Underwood v. Risman – 414 Mass. 96 (1993) – Piers v. Wheeler – 8 Mass L. Rep 410 (Mass. Super.) 1998 • Environmental – Urman v. South Boston Savings Bank – 424 Mass. 165 (1998) • Zoning – DeWolfe v. Hingham Centre Real Estate – 464 Mass. 795 (2013) SJC 11168 – Quinlan v. Clasby – 71 Mass.App.Ct 97, 879 N.E. 2d 703 (Mass. App. 2008)
- 12. Crime Activity Statistics Drug Rehab Zoning Multi Family Res/Commercial Restrictions Rights of Ownership Easements Variances Rights Flood Flood Plain Flood Insurance Stigmatized Property Ghost Murders Suicide NOT HIV Sex Offender EVERY buyer should be instructed how to check the states registration
- 14. Where and How MLS • State source Sellers Disclosure • Obtain signatures Written Communication • Email • Contracts • Certified Letter Documentation • Copies • Journals • Recordings
- 15. History of the Property Improvements Home Inspection Damage Fire or Flood Title Issues
- 17. Where and How MLS • State source Sellers Disclosure • Obtain signatures Written Communication • Email • Contracts • Certified Letter Documentation • Copies • Journals • Recordings
- 18. Environmental Issues Radon1 Mold Asbestos Lead Paint Hazardous Materials Septic/Title V 5 4 6 2 3
- 19. Resources Written Reports Professional’s receipts or estimates Local/State & Federal Officials Insurance Record Owner* Required Lead Paint Disclosure
- 20. Where and How MLS • State source Sellers Disclosure • Obtain signatures Written Communication • Email • Contracts • Certified Letter Documentation • Copies • Journals • Recordings
- 21. • Additional Resources – www.mass.gov/dph/clppp – www.epa.gov/superfund – MAR Webinar Wednesday • A Flood Insurance Playbook January 14th – www.floodsmart.gov – http://www.mass.gov/eopss/agencies/sorb/
- 22. Do’s • Tell what you know • Document Everything • Give consumers resources • Ask all sellers to complete a disclosure • Educate Buyers and Sellers Don’ts • Guess, exaggerate or pontificate! • Answer without documentation • Become the Source • Confuse service with responsibility
- 23. Compliance • Create Perfect Files – Samples – Forms – Review • Develop Resources – Website – Experts – Documentation • Education and Information – Required programs – Legal hotline Ask File Review Tell
- 24. Jody O’Brien The RE/Education Company Committed to Professionalism in Real Estate through Education Blog www.reeducator.wordpress.com Presentation www.slideshare.net/ReEducationCompany Social Media www.twitter.com/reeducator www.youtube.com/msreeducator www.facebook.com/reeducator www.linkedin.com/in/reeducator Thank you for Attending