en-us Wed, 16 May 2012 21:58:48 -0400 Wed, 16 May 2012 21:58:48 -0400 www.kansasrealtor.com http://www.kansasrealtor.com/rss/KAR_Articles.xml http://www.kansasrealtor.com/rss/KAR_Articles.xml webmaster@kansasrealtor.com (Managing Editor) 60 KAR Articles The 2012 KAR Mid-Year Conference will take place June 13 and 14 at the new Manhattan Hilton Garden Inn Hotel and Conference Center--the largest conference center in the region. Continuing education classes will be held prior to the conference--on the 11th and 12th. For more details, or contact at KAR. We look forward to seeing you! Tue, 15 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article451.html#1337219928 http://www.kansasrealtor.com/news/article451.html As real estate professionals, we are forced to continuously adapt our services to match the latest developments in the national economy and our local housing markets. If you can simplify and streamline your process, you can increase your productivity by 100 percent. Tue, 15 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article456.html#1337219929 http://www.kansasrealtor.com/news/article456.html Do you want to tap into LinkedIns 150 millionmember worldwide network? Its important to focus on the right kinds of activities that will yield the best results. In this article, five key strategies and activities will be revealed that you can focus on to build and grow your network. from Social Media Examiner. Thu, 10 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article457.html#1337219930 http://www.kansasrealtor.com/news/article457.html Legal Hotline Attorney Vern Jarboe answers frequently asked questions from Kansas REALTORS about their transactions. REBR Legal Hotline is available in the! Only 150 will keep you and your entire firm in touch with Vern Jarboe, the REBR Legal Hotline Attorney all year long! To search Legal Hotline Archives, click on the "Search Our Site" box and type in "Legal Hotlines" to get all of the past Hotline articles. Contract - Lease Purchase Question: You asked about a standard form for lease/purchase agreements. Answer: I am not aware of any standard for this scenario. The normal way to write it up is with a standard sale contract with closing when agreed and a lease until then. There are some significant risks to the seller in this arrangement. Damages can be caused by the buyer to the property, buyer after he lives there awhile decides he doesn't like the house, market changes adversely to the seller, the seller's financial situation changed and mandates a quick sale that is not available because the tenant has the property tied up, the buyer doesn't pay and his lawyer turns the eviction into a foreclosure are only a few of those risks. Obviously, doing this is tricky and seller should be advised to seek legal counsel before entering into this type of agreement. Miscellaneous - Handling Closings Question: You have a situation where the buyer is getting a loan but the lender wants to handle it like a cash transaction. Answer: Usually these are commercial transactions. You are proposing to do the closing statement like it was a cash sale. The lender would collect their fees from the buyer before they close with you and send certified funds to closing. You would not be in violation of any of the new RESPA laws enclosing this type of transaction in the way you describe. However, if it is a residential sale then you have to follow all of the new housing and urban development rules with respect to RESPA and residential closings. Miscellaneous - HUD Rules Regarding Home Warranty Check Question: You have a situation where you are getting paid a fee on a home warranty sale. Answer: If that fee is given over to the consumer then there should be no violation of the new rules. The new HUD rules are very complex and it is difficult to ascertain exactly how things will play out. However, messing up in violating RESPA is punitive and therefore should be considered high risk. Ethics - Procuring Cause Debate with Another Broker Answer: On the hotline we do not discuss procuring cause questions. An argument between two brokers over who earned the commission should be handled in arbitration and a procuring cause debate in that format unless the two brokers can get together and simply solve the problem across the coffee table. Contract - Termination and Refund of Earnest Money Question: You have a question about earnest money on a failed transaction. Answer: If the buyer and seller both demand the earnest money then your choices are to either get the deal closed, mediate a resolution, or the parties need referred to independent legal counsel for advice. You should simply try to get out of being in between them. Disclosure - Possible Stigma Question: You have a situation where you are selling property and a crime may have been committed in the property. Answer: There is no law that either mandates or protects you if you don't disclose this concern. Obviously, a buyer is highly likely to discover the facts. The neighbors will make sure they learn about it. Secondly, there are some buyers who will care and other buyers who don't. If you sell to a buyer who would care and the neighbors tell them after closing then you are likely to be on the receiving end of some threatening correspondence. Neither you nor the seller would want to run that risk. Therefore, disclosure is better even though there is no law that exactly says that. Disclosure - Sexual Orientation of Parties Question: You have a question about whether or not there is any violation of law in the disclosure of the sexual orientation of parties to a real estate transaction. Answer: Sexual orientation is not a protected class under federal fair housing law. However, some cities have local ordinances which prohibit discrimination on the basis of sexual orientation. Additionally, some litigation around the United States has determined that discrimination on the basis of sexual orientation is really a front for religious discrimination. On that basis, this seems unwise. One answer could be to check your local ordinances. Another answer would be to avoid the transaction as high risk. License Law - Selling Real Estate in Another State Question: Kansas clearly covers and prohibits the sale of real estate within the state of Kansas by persons who do not have a real estate license. Answer: The fact that a person has a license in another state is not protection from risk. Whether the other state involved in your scenario has such a rule is unknown to me. However, if a Kansas licensed agent were to sell real estate in another state that requires a license for this circumstance, it would likely be a violation of Kansas law. Contract - Closing and Withholding of Seller Proceeds Question: You have a situation where a closer insists on withholding because the seller has a tax ID number but no social security number. Answer: Under federal law, there is some risk to the closer for disbursing funds to a foreign national. For that reason, the foreign real estate tax law requires withholding. The seller needs independent tax advice which neither you nor I can provide if they are unhappy with this result. Disclosure - Owner Association that is Bankrupt Question: You have a situation where a buyer bought a property in an area where there was an owner's association. It appears that the seller and the listing broker may have known that the home owner association in the condominium complex was dysfunctional and not capable of performing its responsibilities. Answer: That clearly is something which should have been disclosed. The listing broker and seller may be liable to your seller for that breach. The seller would need referred to independent legal advice for that purpose. Contract - Buyer Wants to Walk from Contract Question: You have a situation where a home went under contract. The buyers had inspections done which appear to have raised only cosmetic issues. The buyer now wants to walk from the home but the seller has already purchased another home. Answer: Your seller needs referred for independent legal advice as to what, if any, rights they may have. Agency - Mixed Agency on Different Transactions Question: You have a situation where you have a listing as a designated seller's agent. The buyer on that transaction is also a seller on another transaction where the same agent is a designated seller agent. Answer: There is no problem with mixed agency relationships in different transactions. The license law specifically contemplates and approves that issue. Thu, 03 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article448.html#1337219931 http://www.kansasrealtor.com/news/article448.html Homebuyers who have debts that have gone into collection are not automatically disqualified from obtaining a mortgage through the Federal Housing Administration, but new rules will soon require those homebuyers to at least set up a payment plan for delinquent credit accounts before closing on a house. Thu, 03 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article458.html#1337219932 http://www.kansasrealtor.com/news/article458.html In the book and movie Moneyball, a baseball club general manager and a young economist use player analysis data, instead of instinct, to build winning teams. Find out how residential brokers can learn from this example, as well as other REALTrends articles . (Use NRDS ID to access). Thu, 03 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article459.html#1337219933 http://www.kansasrealtor.com/news/article459.html Part of the success of the Kansas Association of REALTORS is that we have dedicated volunteers who help guide the Association. We invite you to get involved in KAR. During the next few months, you will have the opportunity to volunteer for 2013 by serving on a KAR Committee, Task Force or Focus Group. Getting involved has many benefits--just ask someone who is currently involved! The lists the many opportunities and options available at KAR. Contact Jackie Hovey at KAR (800) 366-0069, ext. 2130 if you have questions. Thu, 03 May 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article460.html#1337219934 http://www.kansasrealtor.com/news/article460.html As we modernize and update, the KAR statewide contracts and forms have been significantly revised. to access a detailed PowerPoint presentation on the various changes. Please note that they will be available in Formulator and ZipForms in several weeks, and you can access the updated forms on the KAR website now by . Thu, 26 Apr 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article454.html#1337219935 http://www.kansasrealtor.com/news/article454.html The Kansas Association of REALTORS is seeking REALTOR of the Year; Salesperson of the Year; Distinguished Service Award and Archie Award nominations for 2012. All nomination forms are due at the KAR offices by May 4, 2012. Only nominations filed on the proper form shall be considered by the KAR Awards Task Force. The awardees will be presented at the 91st Annual Convention (October 10-12, 2012), at the Topeka Capitol Plaza Hotel. (PLEASE NOTE: The nomination forms are also available online at .) Thu, 26 Apr 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article455.html#1337219936 http://www.kansasrealtor.com/news/article455.html With the Iraq War coming to a quiet end in 2011, tens of thousands of U.S. troops have returned homebut what home are they returning to?Withthe rise in veterans needing residences, there stands to also be a rise in the popularity of VA loans, providing an important niche market for real estate professionals to slip seamlessly intoif they are prepared. . Thu, 19 Apr 2012 00:00:00 -0400 http://www.kansasrealtor.com/news/article452.html#1337219937 http://www.kansasrealtor.com/news/article452.html