An implicit antidiscrimination ban is now spelled out by a new standard of practice in the Code of Ethics. As REALTORS®, we pledge to live by the Code of Ethics outlined by the National Association of REALTORS®. NAR commemorated the 50-year anniversary of the Fair Housing Act in 2018, and fair housing has been enshrined …
Tag: News
Dec 18
Avoid Cyber Liability
Failure to warn clients about wire fraud scams could mean financial loss for your clients—and legal trouble for you. Benjamin and Joyce Fox were eager to move to a home near family and settle into retirement. In 2017, after a three-month house hunt, they found a three-bedroom townhouse in Lafayette, N.J. The townhouse was a …
Dec 18
Money Issues After a Failed Sale
Know how escrow funds are handled if a deal falls through. In an ideal world, every transaction closes without a hitch. However, it’s important to prepare for those times when the sale does not close. In those cases, we are left with the question of how to deal with funds held in escrow. Closing procedures …
Dec 15
Tenant Rights
COVID-19 raises legal concerns related to evictions and fair housing. COVID-19 has altered the rulebook for property managers and investment property owners for the foreseeable future. Balancing the pressures faced by tenants struggling to pay rent due to job loss with your need to keep up with expenses and safety measures presents distinct challenges. Two …
Dec 14
Commit to Addressing Racial Injustice
Five measures brokerages are taking that you can adopt to fight discrimination and foster inclusion. Since the killing of George Floyd in May, the topic of systemic racism has galvanized the nation’s attention. Many real estate professionals are becoming part of the movement for change. Here are five measures brokerages are taking that you can …
Dec 13
Tips Before You Add COVID-19 Legalese
Minimizing the chance of liability claims against your brokerage and your clients starts with clear communication about those risks. During the pandemic, of course you want to serve your clients to the best of your ability while being attuned to health and other risks. Minimizing the chance of liability claims against your brokerage and your …
Dec 12
5 Ways to Brand Yourself an Equality Champion
Resources from NAR can help you develop more inclusive business plans. Your association can help you make real strides toward a more inclusive business. For a decade, the National Association of REALTORS® Code of Ethics has gone beyond the law when it comes to fair housing. But many real estate practitioners are looking for ways …
Dec 11
Litigation Risks
Not only do social distancing, masks, and good hygiene during showings keep you and your clients safer, these steps help you manage legal risks. Not only do social distancing, masks, and good hygiene during showings keep you and your clients safer, these steps help you manage legal risks. Sellers were more likely than buyers to …
Dec 11
3 Lending Discrimination Lawsuits
Fair housing lawsuits are one tool for addressing illegal discrimination in the real estate and mortgage credit industries. Fair housing lawsuits are one tool for addressing illegal discrimination in the real estate and mortgage credit industries, though the bar is high for determining liability. Cases alleging discrimination in lending practices were highlighted in NAR’s 2019 …
Dec 08
Will the Force Be With You?
Force majeure is a contractual clause relieving one or both parties of obligations because of circumstances beyond their control. Force majeure (“strong force” in French) is a contractual clause relieving one or both parties of obligations because of circumstances beyond their control. It’s lately become a hot topic in real estate. The doctrine may be …
Dec 08
Hold On, That’s My Client!
Procuring cause issues can be confusing. Here’s how to avoid disputes. Key Takeaways: It sounds simple enough: To earn a commission, a broker or agent must be the procuring cause of the sale. But misunderstandings can arise about how that term applies in some transactions. Knowing the factors that establish procuring cause can help you …
Dec 07
Avoid Liability in ‘Sight Unseen’ Sales
Problems can arise if a home doesn’t meet a buyer’s expectations in real life. Key Takeaways: Buying a home “sight unseen” was not a phenomenon invented during the COVID-19 pandemic. It’s long been common for investors and military buyers who are relocating, among others, who sometimes must make purchases without visiting a property. With the …
