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Hidden in plain sight: Contract clauses clients may miss

Have you Read the contract entirely and do you understand it? The law treats both parties to the contract as if they have read and understood all terms.
What happens if a buyer isn’t approved during the contingency period and doesn’t cancel?
What Personal Property can a buyer force a seller to leave?
When can a seller deny access to a buyer who wants to conduct inspections?

Here is a great FAR Legal News Article about some important things of note.
https://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=369552

Hidden in plain sight: Contract clauses clients may miss    

By Joel Maxson

Aug. 6, 2018 – When a buyer and seller enter into a contract, the law treats both parties as if they read and understood all terms, even if they just gave the contract a quick skim.

This can be a significant problem if one of the parties fails to notice a provision that impacts that party’s specific transaction until after the contract is executed.

Here are just a few questions we hear on the Legal Hotline that illustrate a few of these blind spots. For this article, we’re looking exclusively at the most popular contract for residential transactions in Florida, the residential contracts prepared by the Florida Realtors and Florida Bar. All sections discussed in this article are the same in the “AS IS” version and the inspection and repair version of the contract.

1.What happens if a buyer isn’t approved for a loan but neglects to cancel by the loan approval deadline?

The main purpose of the financing contingency in section 8 is to allow the buyer to cancel the contract without penalty if the buyer is unsuccessful in getting loan approval by the deadline. The default loan approval deadline is 30 days unless the parties negotiate a different number. But what if the buyer doesn’t have loan approval and misses the deadline to send a written cancellation notice? Section 8(b)(v) provides that if the buyer doesn’t deliver a written message that either terminates the contract or waives the loan approval, then “Loan Approval shall be deemed waived, in which event this Contract will continue as if Loan Approval had been obtained …” This can be a big problem for the buyer if the loan is later denied, since the buyer waived the loan approval by failing to cancel in time.

2.What personal property can a buyer force the seller to leave?

Many sellers get distracted by listing photos or conversations negotiating the contract when thinking about what personal property is included in the purchase. What they should primarily focus on instead is section 1(d) and 1(e) of the contract. Section 1(d) provides a default list of items the buyer is entitled to at closing, such as refrigerators and ovens, provided that those things are “owned by Seller and existing on the Property as of the date of the initial offer.” There is additional space to write in specific other items the buyer and seller want to specifically include or exclude as part of the sale.

3. When can a seller deny access to a buyer who wants to conduct inspections?

Sometimes sellers feel like buyers are overstaying their welcome with inspections and appraisals. So, who controls this issue? The contract has a broad provision that favors buyers. Section 18, standard L provides that “Seller shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, including a walk-through (or follow-up walk-through if necessary) prior to Closing.” Therefore, once the buyer notifies the seller that they would like to conduct any inspection(s) or appraisal(s) permitted under the contract, the seller has already agreed through this contract clause to provide utilities and access.


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Top 100 RE/MAX Florida Region June 2018

Elite Top 100 – June 2018

Congratulations to our Top 100 within the RE/MAX Florida Region! Out of over 5,700 agents and 617 Teams, these agents made the list of top achievers!

Rankings provided by RE/MAX Florida Region of over 5700 agents and 617 teams.  Based on commissions earned.


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Month of Miracles Kick off Party 2018

We had another amazing Miracle Event at UNO’s!! Thank you everyone for joining us for our Month of Miracles Kick off Party! A huge thank you for all of the raffle items that our Agents and Preferred Partners donated and to our staff for helping make this event a success!!  A special shout out to Lisi Ross and Darlene Hughes for rocking the 50/50 Raffles sales which lead to over $6,000 being raised and to Owner, Breanne Brown who won the 50/50 and donated it all back to CMNH!  Thank you Peggy Pell for helping us put together all of the amazing raffle baskets for this event and Heather Holliday for all of the promotions to help make this event our best year yet!

Between this event and Managing Broker, Kerry Ramage’s Birthday Fundraiser on Facebook which was $520 we were able to raise over $8,000!!!!

Click here to see our Month of Miracle 2018 Events!

#remax4kids #miraclemakers #monthofmiracles #cmnh

Our Children’s Miracle Network Hospital Representative came over for our event as well!   Thank you Tyler Swanson for all of the goodies you brought for our event!

Thank you Candace Mulvaney for having this incredible cake by Sweet Inspiration by M.E. made for our event! It not only looked great but it was delicious too!  Visit them online!

Check out some of the fun events we have planned and help us Make Miracles Happen!

 

RE/MAX Elite is Proud to be a Miracle Office raising over $250,000 since opening the doors in 2006!

#1 RE/MAX Office for donations to Orlando CMNH since 2013

2018 Miracle Maker Award Recipient


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RE/MAX Interactive JOINS forces with RE/MAX Elite!

We are so excited to have RE/MAX Interactive join forces with RE/MAX Elite!   This merger will bring many positive changes and opportunities for everyone.   Matthew Meehan will be heading up our Commercial Real Estate Division and we are thrilled to gain so many amazing agents!

Our 5 office locations are strategically located throughout Brevard County! We have our North Beachside location in Cocoa Beach, South Beachside in Indialantic, North Brevard in Merritt Island, Central Brevard in Melbourne / Suntree and our South Brevard office is on Malabar at I-95 and Malabar in Palm Bay.

RE/MAX Elite is the #1 RE/MAX in Brevard County since 2009

#1 Company for Closed Sales Volume in Brevard since 2015.

 

 


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REALTOR® Logos and Trademark Rules

REALTOR® Logos and Trademark Rules

It is important to use NAR’s membership marks—including the REALTOR® logo and the terms REALTOR®, REALTOR-ASSOCIATE®, REALTORS®—correctly and according to the rules outlined in the Membership Marks Manual.

Read the top 5 things you need to know about using the REALTOR® trademarks correctly, then take this quiz to test your knowledge.

he Same Rules Apply to Use of the MARKS on the Internet

The policies and guidelines set forth in this Manual apply to all uses of the MARKS – including use on the internet and in social media. Therefore, Member Boards may only use the MARKS in their domain name or username if used properly in connection with their name or sponsored activities; and members may only use the MARKS in their domain name or username if used properly in connection with the member’s name or firm name.

The Limitation on Form requires Member Boards and members to use separating punctuation, all capital letters, and the registered “®” symbol. This Limitation is relaxed when it is not possible or feasible to use the required form in domain names or usernames.

The following examples are all proper uses of REALTOR® by a member named Jane Smith:  (SUCH AS EMAIL , DOMAIN OR SOCIAL)

Proper Uses
Janesmithrealtor
Jsmithrealtor
Smithrealtor
jane_smith_realtor
realtorjanesmith
realtorjsmith
realtorsmith
realtor_smith
jane_the_realtor
jane_a_realtor
realtorjanechicago
chicagojanerealtor
realtor_jane_number1

The following examples are all improper uses of REALTOR® because they each include a descriptive work or phrase in connection with the MARK:

Improper Uses
Chicagorealtor
Yourchicagorealtor
your_chicago_realtor
cyberrealtor
virtualrealtor
realtor_mom
realtorsolution
localrealtor
top_chicago_realtor
number1realtor
hotshotrealtor
residentialrealtor
commercial_realtor
janechicagorealtor

 

Get tips for using the terms REALTOR®, REALTOR-ASSOCIATE®, and REALTORS®:

Social Media Use

What is a Facebook username?
Facebook is for the first time allowing users to register a custom username. Each Facebook account can only have one username and you can never change nor can you transfer it to someone else. In fact, even if you delete your Facebook account, your username will not go back in the pool of available usernames. As of now, Facebook usernames are only being used for custom URLs, but the uses for usernames might change in the future. Choosing a Facebook username is optional and having a username will not change the name that appears on your profile or anywhere else on the site.

Can I use the REALTOR® marks with my username on social networking sites such as Facebook or Twitter?
The same rules governing the use of the REALTOR® marks apply on the internet. In a username, members are authorized to use the REALTOR® marks only to indicate membership to NAR by using the marks with a member’s name or with the legal name of a member broker’s real estate business.

Do I need to use punctuation to separate the REALTOR® marks from my name in a username, email address, or domain name?
The REALTOR® marks do not need to be separated from a member’s name or real estate business name with punctuation in usernames, email addresses, or domain names.

In a username, do I still need to capitalize the REALTOR® marks or use the trademark registration symbol?
The requirements to use capitalization and the registration symbol with the REALTOR® marks are relaxed since such formalities either cannot or are not normally observed on the Internet including on social media sites.

Why do the rules prohibit the use of descriptive words or phrases with the REALTOR® marks (e.g. hotshotrealtor or floridarealtor)?
The term REALTOR® was created by a member to identify members and distinguish them from non-members. When the REALTOR® marks are used with a descriptive word or phrase it does not identify a person as a member but is most likely to be understood to be referring to a type or service that might be provided.

Is it okay for me to use the REALTOR(R) block R logo as the icon for a mobile device application, such as an iPhone App?
The rules for using the REALTOR(R) logo as an icon for an application are the same ones which govern its use in any other medium. The logo is intended to identify the user as a member of the Association. A Member may use the REALTOR (R) logo as an icon for an App if (i) the App is provided in connection with the Member’s real estate business and (ii) the logo appears in the icon adjacent to the Member’s name or the name of the member’s real estate business. A Member Board may use the REALTOR(R) as an icon for an App if (i) the App is provided in connection with the Member Board’s publications, or its educational courses, clinics and similar service projects produced or sponsored by the Member Board and (ii) the logo appears adjacent to the Member Board’s name. Please note, acronyms and abbreviations are not permitted.

 

To read more, visit: https://www.nar.realtor/logos-and-trademark-rules


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2018 Americas Best Ranking

Congratulations on being ranked as one of REAL Trends America’s Best Real Estate Professionals sponsored by Adwerx! Due to your success and those of your peers, those represented on America’s Best closed a remarkable 1,075,263.97 sides and more than $371 billion in sales volume for 2017—a 20.5 percent increase in sales volume from last year.

Nearly 14,000 U.S. real estate sales associates from every state are featured. To be included in the ranking, agents must have closed at least 50 transactions or $20 million in closed sales volume in 2017.  Teams must have closed 75 transaction sides or $30 million in closed sales volume in 2017. All production numbers are independently verified by a third-party to ensure accuracy and report integrity.

Other notable recognitions of RE/MAX agents and team leaders in the 2018 REAL Trends “America’s Best Real Estate Professionals” rankings:

  • RE/MAX qualified 3,146 agents, Keller Williams was second with 2,518 and Coldwell Banker was third with 1,630.
  • 22.7 percent of the agents in the survey are RE/MAX agents, the highest percentage ever for RE/MAX and a significant increase over 19.9% last year. The number of RE/MAX qualifiers grew by 640 agents.
  • 28 percent of the rankings for transaction sides (2,805 of 9,883) went to RE/MAX agents and team leaders.

Industry surveys continue to recognize the RE/MAX network for its high productivity. RE/MAX had more of America’s most productive agents than any other brand in the recent 13th Annual REAL Trends “The Thousand.” RE/MAX agents have claimed the most rankings in the respected survey three out of the last four years. RE/MAX associates also outperformed participating agents with other real estate brands in the 2018 REAL Trends 500 survey. For the eighth consecutive year, RE/MAX agents in the survey on average outsold competing agents – averaging more than twice as many closed sales than agents at other participating large brokerages.

 


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June Elite Rockstars!

We couldn’t be more proud of our agents!!!  Great job finishing out the first half of the year!!

#AboveTheCrowd #REMAXhustle #remaxelitefl #EliteAgents #weareELITE #weareREMAX #eliterocks

Stats are pulled on the 5th of each month.  Must have HUD & Checks to display.  Ranking based on Closed Sales Volume for the month.


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New condo and association laws go into effect July 1 2018

1. Official records – 718.111(12)(b)/HB841. Plans, permits, warranties, declaration, articles, bylaws, rules. meeting minutes and accounting records from the inception of the association must now be kept forever. Chapter 718 previously required these documents to be kept for only 7 years. All other records must still be kept for 7 years with exception of ballots, proxies and related voting material that only needs to be kept for 1 year.

2. Access to official records – 718.111(12)(b)/HB841. Access to official records must be made available within 10 “working” days. Formerly it was 5 working days but since the penalty did not arise until after 10 working days effectively nothing has changed. Records must still be made available within 10 “working” days.

3. Website creation – 718.111(12)(g)1/HB841. The requirement imposed in 2017 that condominiums (excluding timeshares) must create a website and post digital copies of most of its official records on its website by July 1, 2018, has been extended to January 1, 2019. The term “association” has been replaced by the term “condominium” thereby making it clear that multi-condominium associations that manage several condominiums each with less than 150 units but cumulatively 150 or more units are now exempt from the website requirement.

4. Website records – 718.111(12)(g)2.e and g/HB841. A list of all bids in excess of $500 received by the association for materials, equipment or services within the past year must now be posted on the website if a website is required. Additionally, the “monthly income or expense statement” must be posted.

5. Website records failure to post – 718.111(12)(g)4/HB841. The failure to post required records on the website is not sufficient to invalidate any action or decision of the association’s board or any committee.

6. Board and members meeting notices on website – 718.112(2)(c)1 and (d)/HB841. In addition to sending and posting notices for board and members meetings by regular mail, the board may now adopt a rule to allow the posting of such notices on the website if a website is required. The rule must also require that an e-mail be sent to all owners who have requested electronic notice with a link to the posted notice.

7. Term limits – 718.112(2)(d)2/HB841. The 2017 law limiting a director from serving no more than four consecutive two-year terms has been changed. The law now provides that regardless of the length of the term (one year or two years) a director cannot serve more than eight consecutive years unless no other eligible candidates run or at least 2/3 of those who vote approve the person to continue serving beyond eight consecutive years. The revised language also clarifies that if the governing documents so provide, directors may be elected to serve terms of more than two years each.

8. Electronic notice – 718.112(2)(d)6/HB841. An owner who consents to electronic notice is solely responsible for removing or bypassing filters that block receipt of e-mails. This will prevent an owner from objecting to a lack of notice if the notice is stopped by the owner’s spam filter.

9. Recalls – 718.112(2)(j)1/HB841. A director is recalled immediately at the conclusion of the board meeting held to consider the recall if the recall is deemed “facially valid.” Under the prior 2017 change in the law which created a number of procedural ambiguities, the director was apparently recalled even if the recall agreements were clearly insufficient in number to effectuate a recall. Note that a definition of “facially valid” is not provided.

10. Recalls attorney fees – 718.112(2)(j)6/HB841. If a recalled board member files a petition for arbitration to challenge the recall and is successful, then the arbitrator may award reasonable attorneys’ fees and costs. If the board member is unsuccessful, the arbitrator may award the other party its attorneys’ fees and costs but only if the challenge is found to have been “frivolous.”

11. Material alterations – 718.113(2)(a)/HB841. Clarifies that any material alteration or substantial addition to the common elements that requires owner approval must be approved before the work is commenced.

12. Electronic vehicle charging – 718.112(8) and 718.121(2)/HB841. Allows unit owners to install electronic vehicle charging stations in their limited common element parking spaces under certain conditions and subject to certain requirements. Among other things, the owner must pay to install a separate meter and pay for the electricity. Further, the owner’s insurance must also name the association as an additional insured, and if the association’s insurance premium goes up as a result of the charging station, the owner must pay the increase. Moreover, if the owner fails to pay the contractor that installs the charging equipment, the contractor cannot file a construction lien against the association.

13. Contracts with directors – 718.3026(3) and 718.3027(2)/HB841. The 2017 change in the law allowing an association to contract with a director under certain circumstances but allowing owners to void any such contract with a vote at the next members meeting was removed from 718.3026 and relocated to 718.3027.

14. Fines and suspension committees/Payment of fine – 718.303(3)(b)/HB841. Provides that the fining committee has three members and that the members cannot be the “spouse, parent, child, brother, sister or employee” of any director. Formerly, the condominium law did not set the number of members and only prohibited board members and persons residing with a board member from being on the committee. Oddly, the new law removes the prohibition that a member of the committee cannot be residing with a director. If the committee approves the fine it must be paid within five days of the committee meeting. The association must give written notice of the fine or suspension after the committee approves it by mail or hand delivery.

 

Source: floridarealtors.org


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Top 100 RE/MAX Florida Region May 2018

Elite Top 100 – May 2018

Congratulations to our Top 100 within the RE/MAX Florida Region! Out of over 5,700 agents and 617 Teams, these agents made the list of top achievers!

Rankings Based on Commissions Earned – Stats provided from RE/MAX, LLC – Florida Region


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Your Home Inspection Checklist

Unless it’s a glaring flaw or you’re a trained professional, you probably can’t tell if your home needs repairs. The home inspection is one of the most critical pieces of the buying and selling process. It’s good to know what to look for before any inspection. If you’re buying, you’ll have a better idea of what the inspector is looking for and if he or she misses anything. If you’re selling, you can have an idea of what to fix before your home goes on the market. It will take away the chance of surprises.

Here are a few things to look for:
Are there visible cracks?
Are your appliances all working well?
Do you hear any unusual noises?

I’ve been through many, many home inspections in the area. I can help you understand this checklist and how to negotiate after the home inspection.


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