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Would it not make more sense, since the buyer broker now must have a contract with the buyer spelling out what the buyer will owe them, to have the buyer negotiate for concessions from the seller to pay some or all of the buyer's closing costs, which now would include their buyer broker as well as their lender, title company, and pre-paids, etc., if the buyer needed help paying those costs? It would be no different than what is often done now except there is one more cost for the buyer to cover or negotiate for the seller to cover. What we have now is a half measure, neither fish nor fowl.
Your legal advice is dubious especially without any qualifying language in the explanation. Let’s just assume that NAR is correct in their “answer” on this point: “MLSs that did not opt-in are neither subject to the practice changes nor NAR’s policies, and some may allow offers of compensation. The settlement agreement does not prohibit a member from participating in an MLS that did not opt in and that continues to allow offers of compensation. REALTORS® who make offers of compensation on a platform with multiple brokers should assess the risk of potential future liability and consult their local counsel. (Added 8/6/24)” So in short, NAR members who participate in the NWMLS under its rules could be subject to future liability irrespective of the settlement.
I believe that the LB should put up the listing agreement compensation so that the buyer broker can see it because I have worked for a home and received the 2% compensation, but when the closing came in, the listing broker was compensated 4% of 6% total. Whether the seller knew or not, I do not know. As a buyer broker, I want to see exactly what the seller is offering on a signed contract that the seller knows exactly what the split will be.
Thanks Annie! I think the question keeps coming up because of the NAR language (on the FAQ's) "REALTORS® who make offers of compensation on a platform with multiple brokers should assess the risk of potential future liability and consult their local counsel." That seems far from definitive. Are you able to speak to that?
Hey, Anne! If you're a Washington REALTORS member, please direct your question in to Annie at the Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
Hi Annie - you are a hero to the real estate industry. Question: Buyer Broker submits Buyer's offer to Seller. Seller counters by returing Buyer's offer redlined and initialed, no Form 36. Upon receipt, Buyer Broker slaps their forehead, reaches for an imaginary V8 while calling up a Form 36, and then pauses, blinking at the screen thinking, "exactly how again do I avoid this original offer from looking like redline roadkill when properly reflecting Buyer's response across both? I think I know, but thinking I'm right and doing this right can result in two quite disparate impacts when transmitting to the Seller. Thank you for your dedication to our industry.
Hi Blake! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you, have a great day!
There is no reason that the seller/listing agent should not obtain the buyer broker agreement IF That amount is being requested in their offer. There has to be a validation if it’s not being requested, then no
@@tinainnca Just curious: Why does there have to be Validation. Seems to me the Seller will either agree or he won’t. Is Validation a State Requirement? Curious. As stated earlier, Seller Agent should also share their compensation agreement with Buyer.
Hi, what if the buyers agent agrees to work for 2% and the seller agrees to pay 2.5%. Why should the buyer agent get extra money if they agreed to work for 2%?
Hi Glen! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
-Pass laws that are impossible to understand or comply with. -Penalize the people who fall afoul of these laws. -Wonder why entrepreneurs and capitalists avoid your jurisdiction, and why the rents are so high.
Here's a dose of reality for ya: -We, all of us, judge others we don't know by appearance. -Stereotypes exist for a reason. My wife is a broker. Several years ago realtors in our area were plagued by a homeless woman who demanded the time of realtors in several firms. She demanded to be shown properties. Because she was in a "protected" demographic everybody had to waste their time. They were afraid even to demand pre-qualification or proof of funds, lest she contact some activist group to sue. Eventually she was arrested because she squatted in one of the properties she was shown. But she was let off. "Protected".
There is no way I'll rent to convicted felons, or Section 8, or sex offenders. But now, I have to take their applications, and make sure I can justify turning them down, and renting to other applicants, in a way that will hold up in Court. Waste of time and money. And, I charge more for rent because my time and money is being wasted.
On the other hand. Would the buyer be able to see a copy of the seller's contract with the Listing company. Seems it should go both ways for both parties.
@@LunazulBarakaSo what? I’ve always thought that the LB listing contract should be made available. I want verification that LA isn’t holding Commissions that the Seller believes will be made shared with Buy side.
Hi Rob! If you are a Washington REALTORS member, please direct your questions to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
Sounds like per Federal Way local ordinance or tenant act that gives "any person occupying a property as a residence." rights as a resident. Written so broadly, the original Seller could not move out after closing even without a "Seller to remain and lease" agreement in place and new Buyer would have to take the Seller to court and in KC that could take up to 7 months.🤔
Hi Kaitlyn! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
With marital status being a protected class in WA, shouldn't that be removed from the 2nd line on the NWMLS PSA. As WA agents should not disclose although reflected on the PSA?
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
I am a Washington State tenant - seller/landlord has put us through a yo-yo experience with trying to sell property. 4 times in 2 years we have been told of potential "property closes on *xyz* date". I was told by the broker to get ready to move by 45 days from showing our rental unit during the last apartment showing. And the sale fell through. Here we are again and just happened to be told via email the property will close on wednesday....and landlord didnt want to disclose much more so not to "jinx" it and her realtor/broker, she claims, says inquiries on tenants havent been made. Which means its the same folks whose sale fell through last time. And they want to occupy the property and do major overhaul renovations. Is this still a 90 day notice to vacate? 120 notice to vacate? Of course we (my family) are preparing to move at this juncture because its gut wrenching the unknown variables. But it would be nice to have some semblance of what to expect. Thank you! Videos are informative and easy listening 😊
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
All good and fine. I get the buyer wants to save money and go un-represented, but am I, as listing agent, obligated to write said offer for buyer at no cost if I don't want to? Could their be just a paperwork charge for that or do I actually have to have a Buyer Broker agreement in place just to do paperwork and collect a fee for that?
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
Annie, please address the main abuse that is growing through out our industry. The team leader is often never involved in the transaction but is given credit for the transaction. This Realtor code violation is not enforced with any monetary penalty and so the abuse is now becoming the rule and new deceptive business plan.
@@WashingtonREALTORS I have already asked this question see below. Yet the problem is growing. . Your question was: Can you please clear up the legality of buyer's agents wanting to write PSA contracts in the names of other agents? Most of the time the other agent is not involved at all in the transaction. Our answer is: When a broker is identified on a PSA as the broker serving as either the listing agent or the selling agent, and the form is completed to identify the agency relationship between the identified broker and the parties, the identified broker is held out as representing one or both parties in the transaction. If the identified broker does not represent the party, that is a misrepresentation of agency. If the broker who actually represents the party is not identified as an agent for the party, that is a violation of the Agency Law requirement that broker disclose agency in the PSA. Finally, the broker identified in the PSA as an agent for one or both of the parties owes Agency Law duties to both parties. If the broker is not involved in the transaction, it is difficult to see how the broker could have provided the Agency Law duties broker was statutorily obligated to provide. Simply put, this is a dangerous and deceptive practice. If you have any additional questions, please email us at legalhotline@warealtor.org Regards, Washington REALTORS® Member Services
An unrepresented buyer CAN write their own offer without a broker or a lawyer but it is risky. They will also be waiving their right to errors and omissions coverage. There are also public versions of the transaction form templates available for self represented buyers (one can Google for these) but but these are not backed the realtors associations attorneys. But unrepresented buyers have to do everything themselves (prepare the offer, obtain financing, deal with title and escrow, etc). While it is best to use an attorney or agent for things to go smoothly, one can do it all themselves if they know what they are doing. I don't recommend going alone for a first time buyer though. I predict if the number of unrepresented buyers increases, the buying process is going to go in the direction of simplicity, more as-is sales, less contingencies in offers, and buyers doing more of the search work themselves, possibly contacting the sellers agent if one wants to to tour a property that they are interested in.
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
I have a question regarding the lawsuit - if we are a Realtor and also a member of NWMLS which rules do we follow regarding disclosure of SOC? Thanks in advance
Hi there! If you are a Washington REALTORS member, please direct your question to Annie at our Legal Hotline here: www.warealtor.org/membership/for-members/legal-hotline. Thank you!
