July 18, 2012
Question: Does the order in which buyers and sellers sign the Lead-Based Paint Addendum matter??
The order in which a buyer and a seller sign the addendum for lead-based paint does matter. The seller must sign first because the seller provides information to the buyer regarding any known lead-based paint and/or lead-based paint hazards, as well as any records and reports pertaining to lead-based paint and/or lead-based paint hazards. The prospective buyer must have this information when deciding whether to conduct a risk assessment or inspection for the presence of lead-based paint or lead-based paint hazards. Note that the disclosure must be made before any contract is executed.
Question: Is a buyers' rebate legal?
TREC rules state that a buyers' agent may rebate a portion of his/her commission to the buyer so long as that rebate is disclosed on the HUD-1 form. Failure to disclose a payment to the buyer on the settlement statement can constitute a “false statement to the lender,” which is a federal crime. Generally speaking, a licensee may rebate a portion of his/her commission to a party in a real estate transaction. Note that if a licensee offers a rebate to a party that the licensee does not represent, the licensee must obtain the consent of the party represented by the licensee prior to making the payment.
February 1, 2012
Great resource from Texas Association of Realtors® (TAR)
Quite often we overlook outstanding resources that are easily available to us simply because we ignore help that is already out there. With this quick post, I want to share a source that is provided to us free of charge by the Texas Association of Realtors® (TAR). It is called "The Real Deal", and it is the official blog of the association. Over the last 4-6 months, I have read quite a few articles posted there that have either taught me something or have provided insight into a current topic of interest. If you are looking to stay on top of current real estate issues here in Texas, this is an outstanding source to add to your blog reader or bookmarks:
Here an example of a quick, to-the-point post they recently added:
http://texasrealtors.wordpress.com/2012/01/06/are-you-obligated-to-show-properties-not-in-the-mls/
To subscribe, go to the following link and click on the FOLLOW button at the bottom right of the page:
http://texasrealtors.wordpress.com/
Happy blogging!
Here an example of a quick, to-the-point post they recently added:
http://texasrealtors.wordpress.com/2012/01/06/are-you-obligated-to-show-properties-not-in-the-mls/
To subscribe, go to the following link and click on the FOLLOW button at the bottom right of the page:
http://texasrealtors.wordpress.com/
Happy blogging!
May 14, 2011
Question:
When giving referral gifts how much is the maximum you can spend and be allowed to claim on your taxes.....by referral gifts I mean gifts you give to people who refer a client to you. How much are we allowed to give to buyer clients who have just bought a house and we can claim on taxes?
Answer:
Per TREC regulations, you are allowed to spend a maximum of $50.00 on gifts to people who refer a client to you. To buyer clients, there is no limit as to how much you are allowed to give back to them. Keep in mind that most, if not all lenders want those amounts to be disclosed during the loan processing time so that they can make a more accurate determination as to whether the buyers are truly financially prepared to handle their mortgage payments.
When giving referral gifts how much is the maximum you can spend and be allowed to claim on your taxes.....by referral gifts I mean gifts you give to people who refer a client to you. How much are we allowed to give to buyer clients who have just bought a house and we can claim on taxes?
Answer:
Per TREC regulations, you are allowed to spend a maximum of $50.00 on gifts to people who refer a client to you. To buyer clients, there is no limit as to how much you are allowed to give back to them. Keep in mind that most, if not all lenders want those amounts to be disclosed during the loan processing time so that they can make a more accurate determination as to whether the buyers are truly financially prepared to handle their mortgage payments.
April 24, 2011
Residential Real Property Affidavit (T-47)
Any time that you are reviewing a One-to-Four Family Residential Contract (Resale), one of the paragraphs you should pay particular attention to is paragraph 6C(1). If that paragraph is checked, then the seller of the property shall furnish to buyer within the noted time frame in the paragraph not only the existing survey of the property, but also a completed and notarized Residential Real Property Affidavit, Form T-47. Further, paragraph 6C(1) specifies that if the seller does not complete this requirement, the buyer can then obtain a new survey of the property and the seller HAS to pay for it.
Considering all of this, the best practice we should follow as agents is to obtain the existing survey from the seller AND have the affidavit signed and notarized immediately after the listing agreement is completed, if possible.
Doing this can help you and/or your client avoid an unexpected, and needless to say, costly expense in the transaction.
Considering all of this, the best practice we should follow as agents is to obtain the existing survey from the seller AND have the affidavit signed and notarized immediately after the listing agreement is completed, if possible.
Doing this can help you and/or your client avoid an unexpected, and needless to say, costly expense in the transaction.
September 25, 2010
Your Safety during Open Houses
Open Houses can be a great method to create exposure to a listing and generate leads, but hosting one also exposes you to increased safety concerns. Use this checklist to minimize your risk:
1. If possible, always try to have at least one other person working with you at the open house.
2. Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial.
3. Upon entering a house for the first time, check all rooms and determine several “escape” routes. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
4. Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
5. Have all open house visitors sign in. Ask for full name, address, phone number and e-mail.
6. When showing the house, always walk behind the prospect. Direct them; don’t lead them. Say, for example, “The kitchen is on your left,” and gesture for them to go ahead of you.
7. Avoid attics, basements, and getting trapped in small rooms.
8. Notify someone in your office, your answering service, a friend or a relative that you will be calling in every hour on the hour. And if you don’t call, they are to call you.
9. Inform a neighbor that you will be showing the house and ask if he or she would keep an eye and ear open for anything out of the ordinary.
10. Don’t assume that everyone has left the premises at the end of an open house. Check all of the rooms and the backyard prior to locking the doors. Be prepared to defend yourself, if necessary.
Sources: Washington Real Estate Safety Council; City of Mesa, Arizona; Nevada County Board of REALTORS®; Georgia Real Estate Commission) This article is part of the NATIONAL ASSOCIATION OF REALTORS®’ REALTOR® Safety Resources Kit.
1. If possible, always try to have at least one other person working with you at the open house.
2. Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial.
3. Upon entering a house for the first time, check all rooms and determine several “escape” routes. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
4. Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
5. Have all open house visitors sign in. Ask for full name, address, phone number and e-mail.
6. When showing the house, always walk behind the prospect. Direct them; don’t lead them. Say, for example, “The kitchen is on your left,” and gesture for them to go ahead of you.
7. Avoid attics, basements, and getting trapped in small rooms.
8. Notify someone in your office, your answering service, a friend or a relative that you will be calling in every hour on the hour. And if you don’t call, they are to call you.
9. Inform a neighbor that you will be showing the house and ask if he or she would keep an eye and ear open for anything out of the ordinary.
10. Don’t assume that everyone has left the premises at the end of an open house. Check all of the rooms and the backyard prior to locking the doors. Be prepared to defend yourself, if necessary.
Sources: Washington Real Estate Safety Council; City of Mesa, Arizona; Nevada County Board of REALTORS®; Georgia Real Estate Commission) This article is part of the NATIONAL ASSOCIATION OF REALTORS®’ REALTOR® Safety Resources Kit.
May 17, 2010
Seller's Financing in Texas - Audio Update
Here is an interesting audio update from the Texas Association of REALTORS® regarding a recent change in the law affecting Seller Financing of One-to-Four Residential Properties and a requirement to have a Residential Mortgage Loan Originator License (RMLO).
In my opinion this is good information to know, I recommend you listen to it when you have a few minutes.
http://www.texasrealtors.com/go/podcasts/TRU_Episode74.mp3
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