The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's Zoom meeting call covering the following topics: 1. Homesale Realty's Kick-off Meeting, 2. 2021 Projections, 3. NAR's 2020 Profile of Home Buyers and Sellers, 4. The Clock is Ticking - 15 Deadlines in PAR's Agreement of Sale

1. The Clock is Ticking
15 deadlines in PAR’s Agreement of Sale

2. Homesale Complete Team
2
Dan Ranck
NMLS #140989
James Ream
NMLS #1598468
Karie Martin Sarah Tompos
22 December 2020
James White

3. 322 December 2020
“From Our Home to Yours”
• Take a picture of your front door (portrait orientation)
• Submit photo to Tom via email
• Starting NOW
• TWO more days
• Social media graphic created with all the doors and
unveiled on December 23rd

4. 22 December 2020 4
• January 7th from 11:00 AM – 5:30 PM
• Over 70 leading national, regional and local real estate experts
• Increase business amid the disruption speeding through the real estate
business landscape
Event is FREE for Homesale agents – MUST pre-register

5. 22 December 2020 5

6. 22 December 2020 6

7. 22 December 2020 7

8. 22 December 2020 8

9. 922 December 2020
2020 Profile of Home
Buyers and Sellers
NAR’s annual survey

10. 22 December 2020 10
Twice as many single women buy real estate as compared to single men

11. 22 December 2020 11
First-time home buyers continue to decline

12. 22 December 2020 12
Feelings trump logic when it comes to owning your first home

13. 22 December 2020 13
• Agents are still the best source of information
• Yard signs are decreasing in importance

14. 22 December 2020 14
• Buyers are increasingly looking at more homes online before actually
visiting

15. 22 December 2020 15
• Yard signs continue to
drop in importance
• Agents are less valuable
in the search process but
more valuable in
navigating the market

16. 1622 December 2020
The Clock is Ticking
15 deadlines in PAR’s agreement of sale

17. Fiduciary Duties
22 December 2020 17
 Care
 Obedience
 Accounting
 Loyalty
 Disclosure
 Confidentiality
Know what
you’re doing

18. PAR Agreement of Sale
22 December 2020 18
Guidelines for
preparation and use
of the Agreement of
Sale is available on
PAR’s website
PARealtor.org

19. 1. Producing Earnest Money Deposit
22 December 2020 19
 Initial deposit must be in Broker’s
possession within five days of
agreement’s execution date, provided
an alternate date is not agreed upon
 Seller may terminate agreement under
Paragraph 26 if Buyer does not meet
critical date
 Broker is responsible for depositing money in escrow by
the end of the next business day following receipt
Paragraph 2. (A) 1.

20. 2. Settlement Date
22 December 2020 20
Paragraph 4. (A)
 May only be extended by mutual written agreement
between the Buyer and Seller
 If all other contingencies have
been met by the Buyer and Seller
(i.e. mortgage, inspections, title,
etc.), the aggrieved party may
pursue remedies under
paragraph 26

21. 3. Written Acceptance of Offer
22 December 2020 21
Paragraph 5. (A)
 Buyer and Seller are only bound by real estate agreements
that are in writing and agreed upon by the parties to the
contract
 Real estate contracts may be withdrawn
at any time prior to acceptance

22. 4. Mortgage Commitment Deadline
22 December 2020 22
Paragraph 8. (B)
 Buyer is obligated to deliver a copy of the mortgage
commitment to the Seller upon receipt
 Only the Seller may terminate the agreement if the
commitment date is missed
 Mortgage commitments
may not be conditioned
upon receiving a
satisfactory appraisal

23. 5. Locking an Interest Rate
22 December 2020 23
Paragraph 8. (D)
 Buyer is bound by the agreement of sale if they were given
the opportunity to lock in their interest rate during the
course of the contract but chose not to lock in their rate
and the rate is now higher than the terms stated in
the Mortgage Contingency
 Buyer would be in default
according to
Paragraph 8.(F)

24. 6. Applying for a Mortgage
22 December 2020 24
Paragraph 8. (E)
 Buyer is responsible to make a mortgage application within
seven days of executed contract unless another time
frame is agreed upon
 An application fee needs
to be paid
 Buyer would be in
default according
to Paragraph 26.(E)3

25. 7. Making Lender Required Repairs
22 December 2020 25
Paragraph 8. (G)
 Buyer must immediately notify Seller in writing if Lender
requires repairs on property
 Seller has five days to respond to request in writing
 If Seller does not respond or refuses to make repairs, Buyer
has five days to accept or reject Seller’s decision in writing
 If Buyer fails to respond,
they must proceed with sale

26. 8. Conducting Inspections
22 December 2020 26
Paragraph 13. (A) & (B)
 Buyer must have inspections completed within ten days of
execution date of agreement unless another time frame is
agreed upon
 Buyer must respond to
Seller in writing during
contingency period whether
they will accept, reject, or
request corrective action

27. 8. Conducting Inspections (cont’d)
22 December 2020 27
Paragraph 13. (A) & (B)
 If corrective action is requested, Seller has five days from
the end of the Contingency Period to respond in writing if
they will accept, reject, or negotiate corrective action(s)
 If no acceptable resolution is arrived at during the
Negotiation Period, Buyer must respond in writing how
they will proceed within two days
 If no written response from Buyer following the
Negotiation Period, Buyer is deemed to have accepted
property

28. 8. Conducting Inspections (cont’d)
22 December 2020 28
Paragraph 13. (A) & (B)
 NOTE: Time frames for
negotiating septic concerns are
different
 Ongoing negotiations do not
automatically extend the
negotiation periods
 Missed deadlines have serious
consequences

29. 9. Notification of Public/Private Assessments
22 December 2020 29
Paragraph 15. (A)
 If assessment is received by Seller after agreement has
been signed, they will notify Buyer in writing within five
days
 Notification must state whether Seller will comply with
assessment or not
 If Seller chooses not to comply,
Buyer must respond in writing
within five days of intent to
proceed or not

30. 10. Meeting Municipal Requirements
22 December 2020 30
Paragraph 15. (B)
 If Seller receives notification from municipality that there
are uncorrected defects in/on property, they must notify
Buyer in writing within five days of their intent to correct
 If Seller chooses not to
correct, Buyer must respond
in writing with five days of
their intent to proceed

31. 11. Obtaining a Public Offering Statement
22 December 2020 31
Paragraph 16. (B)
 Seller must provide a Public Offering Statement no later
than the date Buyer executes an agreement
 Buyer may VOID the agreement within:
• 15 days if a condominium
• 7 days if a planned community

32. 12. Obtaining a Resale Certificate
22 December 2020 32
Paragraph 16. (C)
 Seller must request a resale certificate from association
within fifteen days of execution of agreement
 Association has ten days to fulfill request or they are in
violation of the Uniform Planned Community Act
 Buyer has five days to examine
certificate and proceed or
terminate in writing

33. 13. Title Insurance
22 December 2020 33
Paragraph 14
 Within 7 days, Buyer must order a title report on property
and deliver a copy to Seller
 If Seller cannot convey good and
marketable title, Buyer may
terminate contract anytime
prior to settlement and
receive earnest money
deposit and any costs for
inspections and
certifications

34. 14. Property Damage
22 December 2020 34
Paragraph 18
 If any part of the property is damaged prior to settlement,
Seller needs to notify Buyer in writing of their intent to
repair item
 If Seller chooses not to repair, Buyer has five days from
notice to respond in writing of their intent to proceed
with sale
 Buyer accepts property if
no notification is produced

35. 15. Communications
22 December 2020 35
Paragraph 30. (A) & (B)
 Buyer must promptly deliver the
Loan Estimate and Closing Disclosure
to Agent for Buyer
 In virtually all cases, delivering
documents to the Agent for Buyer or
Seller constitutes notice to their
respective clients
 Time is of the essence

36. 3622 December 2020
Knowledge is knowing a tomato is
a fruit. Wisdom is not putting it in
a fruit salad.
- Miles Kington

37. Speaker Contact Info
37
Tom Blefko
Associate Broker
REALTOR®
Director of Operations
North Pointe Office
Berkshire Hathaway HomeServices Homesale Realty
Office: (717) 560-9100
Cell: (717) 587-6600
Email: tblefko@homesale.com
02 December 2020