Monthly Archive for: ‘January, 2017’

Proper Language For Property Appraisals

property value chalkboard

Do you mean what it says? “Buyer to order appraisal within three business days.” Buyers don’t order appraisals, lenders do. Buyers don’t necessarily control when the lender orders the appraisal. If you are the selling agent, do your clients really want the seller to terminate the transaction because the appraisal wasn’t ordered in the first three business days? And, if …

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Termination Of Real Estate Contracts

signing a contract

A buyer decides to terminate a transaction and you prepare a termination, secure your client’s signature and deliver it to the listing agent. The seller doesn’t accept or reject the termination. Can the buyer then withdraw it and enforce the contract? Only if the seller agrees. Unlike other contract amendments or addenda, the termination of a contract can be unilateral. …

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When Realtors Should Not Call Lawyers

woman on phone

Agents call me all the time looking for advice for their clients. If the advice is generic (this is what the law says), I’m usually ok with giving it but, if the law is related to a particular set of facts, I won’t. Your client will have to call me or their own attorney directly. Even if you are just …

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Don’t Complete Tax Forms For Out Of State Sellers

woman filling out tax form

As you know, both FIRPTA and the State of Oregon may require tax withholding on the proceeds of a property sale if the seller is someone who does not live in the US (legally-speaking) or in Oregon. The forms are messy, as most governmental forms are, and they can be hard to fill out. This is especially true if the …

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Be Careful What You Discuss With Title Companies & Mortgage Brokers

woman shhh

The prohibition on disclosing your client’s confidential information applies to title company employees and mortgage brokers as well as to opposing parties, your work colleagues, and your friends and family members. I have had two situations in the last few weeks in which brokers, faced with late developing issues (e.g., financing failure, late-blooming condition issue), talked too much to the …

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