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Get Your Farmranch Purchase Agreement 2012 Form Signed Quickly

okay so as we go through these different.scenarios I'm going to read it out loud.and then I'm going to ask you guys to.vote on which way you think it should go.I'm going to read the the percentages of.who voted for what out loud again I'm.not going to single out anybody's name.so don't feel bad if you vote for.something wrong the reason why I tell.you the percentage is is because these.are pretty common scenarios that we're.going to be reviewing today and I want.you to see how often whether you get it.right or wrong how often other people.misunderstand it so it helps you.understand the pressure on you as a real.estate agent to be the expert because a.lot of times in our transactions we do.end up educating the other real estate.agent in order to have a smooth.transaction okay so it's good for you to.know your stuff to avoid problems so.first of all this one deals with.acceptance oh and if you're in another.state and laws or rules are different in.your state again please type in a.comment and let me know how things.differ there so that I can make.adjustments to this for the future but.for the most part we've done this a.couple of times for different states and.everything should apply to you as far as.I'm aware okay so the first scenario.here Brad makes an offer to purchase.Sue's property sue gets the offer and.decides to counter it and she gives Brad.until halloween night at 5pm to accept.the counteroffer now Brad doesn't know.this and it's irrelevant whether he does.or not but souza where that there are.several other buyers that may be.interested in her property however Brad.within his deadline in fact an hour.before his deadline is up he decides.he's going to accept the offer so he.signs the purchase contract it's.accepted and everything and he must live.right there in Sue's neighborhood.because he decides he's going to walk.over and hand her the signed contract.that's how he's choosing to deliver it.now folks these situations are a little.bit contrived but they're done so on.purpose to really illustrate a point.okay they basically.make the situation almost a little bit.ridiculous because in that.ridiculousness it drives home a point.that you need to understand okay so.anyway it's a little bit contrived but.bear with me on it so sue sitting in her.front room she sees through her window.Brad walking up the driveway now Brad.doesn't know this yet but su has been.feeling around with some of these other.buyers and she thinks she can get a.better offer so Brad rings the doorbell.and sue yells through the screen door i.revoke my counteroffer but Brad replies.but I've already accepted it it's signed.and everything here's your signed.contract the question is do we have a.signed contract here bratz already.signed it he's within his deadlines but.sue yelled through the door that she had.revoked it so if you think that we have.a signed contract click the little.button to raise your hand and again for.those of you that are new to this on.your webinar dashboard panel there's a.little button that looks like a hand and.I would love to get everybody's.participation so if you think that we.have a signed contract here click the.little button to raise your hand okay.i'm going to lower the hands Oh letting.people still vote lower the hands now.and if you do not think we have a signed.contract raise your hand and I'm just.doing this to see how many people are.actually participating okay and I would.love for everybody to participate you.know give it your best guess okay of.those that are participating which is.about two-thirds of you we have an equal.split one-third of you say yes we have a.contract one-third of you say no now.this drives home my illustration that I.mentioned to you earlier we've got a.dead split here now there is a right and.wrong to pretty much all of our purchase.contract questions but in this case half.of you think half of you are falling on.different sides of the fence so easily.you can see how we can get into disputes.as real estate agents hopefully this.training today will help resolve some of.those district so I'm going to lower all.the hands and let's look at the answer.here.the answer is no we probably don't have.a legitimate contract here now they.actually quote some legal precedents.here so the the interesting legal.question they talk about is can an.offeror sue in this case revoke an offer.prior to brads valid acceptance when the.interval between the revocation and the.attempted acceptance is very brief the.answer is yes at any time prior to.acceptance the offer can withdraw or.revoke their offer by doing this they.terminate the offer ease power to accept.that offer so in this legal precedent.here they actually say this scenario if.you see them approaching and you know.that acceptance is contemplated if you.can shout out that you revoke your offer.before they actually accept doesn't.matter how brief the interval then it's.revoked now remember here that in order.for you to have acceptance your contract.specifies two things must happen the.clients have to sign it and you have to.communicate it to the other party in.this case even though it was signed as.accepted brad had not yet communicated.it to sue and before he could attempt or.before he could communicate it it was.revoked therefore we do not have a legal.acceptance here okay I've got a great.comment typed in here and says so the.revocation doesn't have to be in writing.and legally no it doesn't however.because as we've seen half of you.completely disagreed with the other half.the the likelihood for complaints to be.made or people going to their brokers.and complaining about it and having.brokers fight with each other or maybe.this landing in a board mediation or.something like that that likelihood.tends to be very high when it's a he.said she said thing so even though.legally it does not have to be in.writing technically and we've got this.risk reduction tip down here to avoid.any potential legal problems if you do.wish to revoke an offer a counteroffer.it's best to be done in writing however.the law does not require that it just.means that you could see each other and.say.you know Brad could say oh no she didn't.I did say it first and then you're in a.he said she said and for some of you.guys you may be sitting there thinking.well it's totally irrelevant it could be.accepted and there within some deadlines.and so you know it's easy enough to get.out of that's not the question though.the question and the things that I want.to drive home here is first of all if I.let me go back here and let's look at.this scenario again okay first thing.that I want you to understand is real.estate agents because this is very.commonly misunderstood is that even.though brad has until 5pm and even.though he gets his counter offer in.early one hour a lot of agents think.that Sue cannot entertain other offers.because Brad was first in line that is.not how it happened and so in your.fiduciary duty to your clients and you.guys may have learned this if you've.taken the required code of ethics course.that the national association of.realtors is requiring of all of us this.year but it actually talked about this.in that course that we have a duty to.treat all parties honestly but it.doesn't mean that we have to be fair and.that means that even though Brad was.first in line was hit with his offer if.sue gets another offer after that or she.thinks she's going to get another offer.after that if it's in her clients best.interest then sue can accept that one.before she considers Brad's offer even.though Brad was first in line okay the.key the other key point that you need so.let me finish up the first key point.here is Brad even though he has until.5pm he should not use that whole bed.line if he doesn't absolutely have to if.he can get with his client and get a.response earlier than that he should.immediately do so because that's in his.clients best interest okay is to get.that property tied up for his client as.soon as possible so don't don't sit on.your morals because you have until 5pm.if you can get it done sooner definitely.do so alright so that's the other good.point that we learn from this scenario.and then yes if you have a chance to get.it in writing that's always best all.right how should a seller manage.multiple.offers by the way I want to mention that.even those these situations may seem.contrived to you in almost every case of.the situation's we're going to go over.today I've had personal experience as a.broker with my agents getting in trouble.for some of these situations okay so.this is one of those buyer number one.makes an offer to purchase the sellers.property so seller counters offer to.buyer number one with an increased.purchase price so far this is pretty.normal happens all the time now buyer.number two comes along and they make a.great offer to the seller for the same.property the seller wishes to accept.buyer number two's offer and does so by.signing the contract and communicating.their acceptance to buy our number two.minutes after the seller communicates.their acceptance to buyer number two.buyer number one faxes to seller they're.signed acceptance of the sellers initial.counteroffer now both buyer number one.and number two Phillip they have a.contract with the seller question for.you is who has the valid contract is it.buyer number one because they were in.first position they were countered they.accepted it so buyer number one has a.valid offer if you think that they have.the valley contract click the button to.raise your hand okay if you think that.buyer number two has the valid contract.click the little button to raise your.hand.okay hopefully we've got everybody's.vote in and just as an FYI only half of.you voted this time so again please if.you're not voting give it your best.guess half of you voted and all of you.voted for buyer number two now this.might surprise some of you with the.answer here it's not really a trick.question but the answer is definitely.tricky who has the valid contract.actually they both do and you might be.thinking but wait a second i remember.from real estate school that both.parties and actually one of you did take.the time to type in i would think they.both do so congratulations you got it.right so you remember from real estate.school that both you know obviously a.seller can't have two contracts they.can't sell the home twice so did.something illegal happen no not really.they just didn't do their paperwork.correctly so let's go back and look at.this scenario according to the terms of.the purchase contract did buyer number.one legally accept the offer they were.counter offered that's just fine so.everything's good there they you know if.we skip this little interim here before.the offer was ever revoked to them or.the counteroffer was revoked like we saw.in that first situation they signed.acceptance and fax that over and.communicated it so according to the.terms of the contract buyer number one.legally has an accepted contract now so.does buyer number two because it was.signed and communicated and accepted.what this does is this puts the seller.in a very difficult position now they.have to cancel one of the contracts.because obviously they can't sell it.twice and in the contract it outlines.the prescribed penalty for doing so now.when this happened to my agent because.they didn't my agent was fairly new in.the business and didn't realize that.there was a multiple offer form so he.countered both offers and both offers.signed acceptance and sent it back to.him now they actually signed acceptance.hours apart in this scenario it was.minutes apart and I just want you to.know that the time is irrelevant they.both accepted in in my personal scenario.with my agent both offers were accepted.within the deadline and so even though.they were hours apart they both had a.legally accepted offer now this one.involved attorneys both buyers contacted.attorneys I contacted the state's.attorney and so we spend a little bit of.time on this one the thing that we can.learn from this is if you're a listing.agent number one make sure you know your.forms if you're getting multiple offers.make sure you use the multiple offer.disclosure form because that does.protect you from situations like this.number two if for some reason because.you know in this case buyer number one.came in first and and then by a number.two made a better offer if that happened.remember you need to call immediately.and revoke your counteroffer with buyer.number one because you've accepted by.our number two's offer and by revoking.that it removes the power of buyer.number one to sign acceptance all right.okay I've got a good question in here.what happens when you have a short sale.and you receive multiple offers but the.seller has not signed any okay and and.this is a unfortunately short sells.really complicate everything and i'm not.sure if different states have different.laws regarding short sells but in the.short sale addendum if you pull that out.it almost complicates things a little.bit further because what it says what.happens when you have let's answer this.question first you receive multiple.offers but the seller hasn't signed any.again it's about what's best for your.client so it doesn't matter which offer.comes in first typically with the short.sell your seller only accepts one offer.and then sense that into the bank if you.send in a whole bunch to the bank.usually the bank just keeps restarting.the process over and over and before you.know it your clients come into.foreclosure because of how many times.has been reset and it's a lengthy.process already so typically a listing.agent only since one offer in at a time.to the bank so the seller would pick the.best offer either highest price or when.they think has the the best chance of.closing or whatever and let the others.know that they could be in a backup.position or something like that if you.use the short.addendum that complicates matters.further by saying that until you have.third party approval you can continue to.entertain other offers so you don't.really have anything firmly tied up as a.buyer because any time prior to that.third party approval somebody else could.sneak in and if the listing agent wanted.to they could probably submit not offer.to the bank and you could be out but.again make sure that you understand your.contracts and especially if you're in a.different state get in there and read.that short sale addendum because that it.really changes things okay it mixes.things up a little bit which is one of.the reasons that on short sales equity.requires that short sale disclosure form.as well for your clients because they.are so complicated and it's easy to get.complaints so great question all right.let's move on to our nick scenario here.who must sign the purchase contract for.it to be valid against the sellers now.this one I actually had happened I think.last week with one of my client with one.of my agents and it was actually with.another equity agent so we've got a good.chance of one of them maybe being on.here it was a limited agency not in the.same branch one was in my branch one was.in another office but they had this.problem with each other Lisa the listing.agent on the property she takes the.listing and begins marketing the.property and offers presented and it is.accepted by sue you the seller two days.after the property goes under contract a.backup offer is presented which would.net an additional ten thousand dollars.for the seller sue the seller wants.obviously to accept the backup offer.it's 10 grand more in her pocket and she.wants to cancel the first contract Lisa.the listing agent informed sue she.doesn't have the right to simply cancel.the first contract you know contracts.are there to protect both parties and.sue responds with a zinger she says my.husband has never signed the listing or.the purchase contract so the question.for you guys is the purchase contract.enforceable against Sue's husband sue.has signed she signed the listing.agreement and she has signed acceptance.on that contract but her husband has not.so is this contract enforceable that's.the question if you think yes it is.click the button and raise your hand.okay I'll lower the hands if you think.no it is not click the button and raise.your hand.okay and I'm very impressed with one of.you you have raised the one question.that really clarifies this and it says.if the husband is on title then no so.very good that is the one question that.remains to be answered before you can.correctly answer this scenario and the.question is is the husband non-title so.let's look at the answer here the.purchase contract is not enforceable.against Sue's husband if the property.was owned by Sue and her husband as.joint tenants now most of our situations.are that way so most of you got this.answer correct making the assumption.that Sue and her husband were joint.tenants on the property if they weren't.and only Sue was on property maybe she.was the only one that had a job or her.husband had bad credit so she was on the.loan and the only one on title and.they'd never gotten both put on for some.reason then it would be enforceable.against sue because her husband wasn't.on the property but if they're both on.there as joint tenants not purchase.contract and the listing agreement are.not enforceable okay in order for all.title owners of a piece of property to.be contractually bound they've all got a.sign and accept the purchase contract if.Sue's husband's signature could not be.obtained she might consider getting.written authorization from her husband.to sign the contract on his behalf like.a limited power of attorney all right.but without that authorization who.cannot bind her husband to the contract.and you have an unenforceable contract.in order to avoid this situation agent.should simply look at the tile report to.see who owns the property now in our.situation the hairy thing about it is.the listing agent was told by the seller.that their client had a quit claim deed.removing his spouse from the property.however when it came down to it he did.not have that quit claim and it was so.he didn't have it it couldn't be filed.it was a divorce situation which we run.into this type of thing a lot with.divorce situations is that there's only.one person living there they've split up.but title is still in both of their.names so this can actually be a very.common scenario because unfortunately.divorce is kind of a.an occurrence out there and fYI I'm not.picking on anybody if you've been.divorced so of I so I understand and.empathize with you just understand when.you go into a listing situation with.your clients be aware that you need to.check the title report first now who is.protected and who's at fault this is.where we had a problem in our situation.and luckily the seller felt very bad.about this and he he wanted to pay the.agent because the agent had done a lot.of work so he offered to pay the agent.enough that the agent could then pass.along some of the payment because the.the buyers had already done inspections.and appraisals they were ready to close.and they couldn't close because they.never had the wife her signature on any.of the the contract so it wasn't.enforceable so this was diffused by the.seller volunteering some money however.and again we didn't take this one to an.attorney but I believe if it had gone to.an attorney and had gone to a dispute.because the the purchase contract was.not enforceable then the seller didn't.have to pay any fees so how can the.buyer protect themselves well the buyer.should have checked the title report.this is one of the parts of sellers.disclosures if you look in the.disclosures that are required by the.purchase contract one of those is a copy.of the title report now most agents.don't provide that they'll provide the.seller property condition disclosure.form but they don't provide the title.report and that is a required part of.the seller's disclosures so pay closer.attention to that if you're the listing.agent make sure you provide all of that.documentation and if you're the buyer's.agent make sure that you open that up.and make sure that you've got a legal.contract with the people that are.actually on title I had this happen with.another one of my agents probably ten.years ago and they worked for five or.six months for free for the sellers.because unbeknownst to them although it.was an adult couple that owned it it was.there or that had signed the listing.agreement it was actually their parents.that owned the home and so nothing that.that agent did was valid because he.didn't have a valid listing agreement he.had signed it with people that weren't.owners of.so be aware of this and to alleviate.some of your risk and time lost as.listing agents check that title report.as soon as possible if you can't do it.before you actually go out and list with.the people or meet for your initial.listing presentation okay all right.let's move on now this is a common one.what if there's a conflict between.what's written in the mls and what's.written in the purchase card purchase.contract regarding items included in the.cell the agents listing on the mls.states that a hot tub is included as.part of the cell I've got a comment in.here I need to read okay any questions.this is that a good comment any.suggestion on what to do when sellers.agents don't provide the proper.disclosures even after being asked this.is a tough one now if we're talking.about the title report then that's.something that we can have our own title.company typically do the research on and.provide for us so if they don't provide.it to us we can do that research.ourselves to protect our clients and we.can get that information usually fairly.quickly if they don't provide it then.you're faced with a difficult situation.and what I always recommend in difficult.situations is it's usually not your.choice how to proceed what what you do.need to do is take it to your clients.and tell your client look I've asked.them multiple times for these.disclosures we're supposed to receive.these disclosures from them by this.deadline and they filled to provide them.for us that gives you several options.you can continue with the contract you.know and do a really detailed inspection.I'm not sure why they wouldn't provide.us with disclosures so you know if they.are trying to hide something let's make.sure we have a great inspection or you.have the opportunity to back out of the.contract based on them failing to.perform the terms of the contract and so.other words I would educate your client.how the contract reads and what options.that gives them and let the client.choose how to.okay all right now let's go ahead and.read this scenario right here so the.agents listing on the mls states that a.hot tub is included as part of the cell.the buyer enters into a purchase.contract by the way Rep see is Utah.shorthand for real estate purchase.contract I know other states don't use.that term but by our enters into a.purchase contract with the seller for.the property and during the evaluations.and inspections period they notice that.there is no hot tub the purchase.contract does not mention a hot tub they.never wrote that in there although it.was listed as included in the mls so the.buyer feels like they should be getting.a hot tub the seller says nope you don't.get one so who is right should the buyer.get a hot tub or is the seller right and.nope sorry it's not in the purchase.contract you don't get it who cares what.we advertised if you're voting for the.buyer that they should get one because.of may be truth in advertising rules or.something like that click the button and.raise your hand ok I'm going to lower.the hands and if you think that they.should not get one then you think the.seller is right they don't get one was.in the purchase contract click the.button and raise your hand okay we've.got over half of you saying that the.seller is correct I'm going to go ahead.and lower the hands some of you even.typed in actually we had good comments.in here let me let me read all of them.if it's not an inclusion then it's not.part of the deal in other words if it.hasn't been written in there it isn't.another one says the buyer's agent.should have made sure that was in the.original purchase contract and put in.the counter offer before except it Acura.another one if the buyer wanted the hot.tub the buyer's agent should have.written that up on a separate bill of.sell if the listing agent put it on the.MLS they should get it but not legally.let's see that's a different continent.if the listing agent put it on the MLS.they should get it but not legally I'm.not sure I understand that comment let.me go ahead and let's look at the answer.here the answer is the seller is correct.if there's a conflict between the.purchase contract and the ml.as to what's included the purchase.contract will likely control the.purchase contract is the legal document.that controls the terms of the cell.between the buyers and sellers buyers.agents as you guys mentioned they should.verify that the information that stated.on the MLS is accurate but don't take.the lazy route and just assume that it.is if you want something included make.sure that you write it in there all.right now some of you guys are thinking.but wait about what about truth in.advertising loss you know isn't there.any penalty for the seller here for.basically lying in their advertising and.the fact is there may not be a penalty.for the seller because buyer and seller.have a contract and that's what controls.here however there may be a penalty for.the agent because the agent has a.fiduciary duty to their client to make.sure that what they're advertising is.accurate and if they are advertising.inaccuracies they could be in trouble so.although the buyer does not get their.hot tub in this case the listing agent.could still get in trouble and possibly.get some fines from the division of real.estate for false advertising so if.you're the listing agent you do have a.responsibility to make sure that your.advertising is correct if you're the.buyer's agent make sure that what you've.got in the purchase contract is what you.expect to receive don't just expect.something another shortcut that I.sometimes see agents make it used to be.very common it's not so much anymore.what agents used to write in there as to.what was included they would write as.per mls and I would recommend you do not.do that because the MLS can change for.example if I'm a shifty listing agent.and I see a buyer agent right in as per.mls there's nothing that stops me from.going into the mls and changing things.and then as per mls just changed.according to the state's attorney if you.like to write in a spur mls then you.would actually need to print out a copy.of the mls listing and attach it to the.purchase contract and then you would.write as per mls see exhibit a you.exhibit a on the top of that listing.agreement now I don't recommend this.either because there's a lot of stuff in.that MLS that nobody's really verified.nobody went out and measured the lot.they didn't measure the home exactly you.know we're relying on appraisers to give.us that information and so I think.that's dangerous to write that in there.because it could open up a can of worms.so just if you're going to do something.like this just right in the contract.what's included what is not all right.this one you'll probably i'll get right.i'm hoping when a seller enters into a.purchase contract to sell real property.to a buyer and the property is sold in.as is condition does the seller still.have to fill out a seller property.condition disclosure form if you think.yes they do click the button and raise.your hand okay I'll lower the hands if.you think no they do not it's sold in as.is condition we don't have to provide.disclosures then click the button and.raise your hand okay and I've got a.typed in comment okay the comment says.yes unless it's a HUD home all right so.let's talk about this situation here now.in Utah interestingly enough this went.to court so often that they change the.entire purchase contract we no longer.have warranted properties every property.sold is sold in as is condition and so.that should answer the question for you.right there should the seller still fill.out the property condition disclosure.form well absolutely if every single.property is sold in as is condition they.certainly haven't done away with this.requirement for every single property so.every property needs a seller property.condition disclosure form the only time.that it does not require a seller.property condition disclosure form is as.one of you typed in if it's a HUD home.or a bank-owned home then the seller has.no knowledge and they'll put that in.their own contract because HUD has their.own contracts banks typically have their.own contract they'll put it in their own.language saying we don't know anything.about the property and there you go.that's your seller property condition.disclosure.we know nothing however if you're.dealing with investors like like people.that buy homes and flip them you know.they're remodeling a little bit and they.say you know what we've never lived in.the home and so therefore we're not.going to provide disclosures that is not.legal according to the law and I believe.this is federal show so it should not.differ by state sellers are required to.disclose what they know about the.property it doesn't matter where they.whether they've lived in it or not and.in most cases somebody that's gone in.and remodeled a property actually has a.lot of information about it they may.know things about that property the.people that have lived there for 20.years don't know because once you start.tearing into walls and donor egg models.you tend to learn things also if you're.a landlord you've never owned the.property well you've had tenants call in.and say hey we've got a water leak well.now you know something about the.property it's how to water leak legally.you're obligated to disclose those.things so make sure you advise your.sellers property on what they have to.provide all right this one is.interesting okay and I'm going to spend.a little bit time on this one the.listing agent has discovered that a.suicide had occurred on the property.that he has listed he has not disclosed.this fact to the buyers now by the way i.believe so far from all the comments.I've gotten back from other states that.this the laws are the same okay so is.the agent required under your state's.law to disclose this fact remember this.is the listing agent I've got to lower.all the hands here to make sure that.we're all on the same page while we.start this question the listing agent.knows that a suicide had occurred does.he have to disclose this fact is this a.material fact that needs to be disclosed.if you think yes click the button and.raise your hand ok I'm going to lower.the hands and about twelve percent of.you answered yes let me let me change.this again a little bit what if it.wasn't a suicide what if it was a murder.ok that's a little bit I don't know.maybe that changes things in your mind.you know it's a.favorite cable television show is these.ghost hunters you know and people are.concerned about that kind of thing you.know is my house going to be haunted so.as a listing agent there was a murder.that occurred on the property you found.out about it do you need to disclose.this to the is this material fact that.needs to be disclosed to the buyers if.you think yes click the button and raise.your hand okay again some some hands go.up actually not as much as if it were a.suicide all right Nick scenario the.listing agent discovers that a previous.occupant of the home maybe even their.client had an infectious disease such as.aids all right and they've course been.living in the home and well then maybe.aids isn't an infectious disease by.definition I don't know but let's say.that they had AIDS okay the listing.agent discovered this does he have to.disclose this fact to the buyers is this.material fact if you think yes raise.your hand okay again just a couple hands.going up and my last question at.trickiest of all let's say that the.listing agent discovers that this this.property used to be a meth lab okay they.were actively cooking meth in this.property it has since been cleaned up.certified as decontaminated by the state.but it did used to be a meth lab does.this need to be disclosed is this.material fact that the seller that the.listing agent needs to disclose to the.buyers if you think yes click the button.and raise your hand.okay a lot more hands went up on that.one and we got an interesting comment.that will be good to ask here okay or.that will be good to add to our.discussion now this is a tough one guys.and I've seen brokers get in fights.young brokers 20 years experience giving.fights over this kind of thing but there.is a right and a wrong answer if you.live in another state i'll give you the.definite answer for utah but if you live.in another state you need to talk to.your broker about this and make sure.that your laws are the same okay all of.the answers are the same for every.scenario that i gave you and the answer.is no it is not a material fact on any.of those items and they do not need to.be disclosed now again quite a few hands.went up on that meth thing so let's talk.about that in particular but first let's.read the answer here and then I've.gotten one of the comments that I wanted.to discuss as well so under a specific.Utah code called the stigmatized.property statute the word stigmatized.includes homicide suicide any other.felony previous occupant with HIV or any.other infectious disease and then if you.jump down here part way it says this.year but it was a couple years old the.statute was amended to also include.property that has been deacon at.decontaminated from illegal drug.operations in other words meth labs in.other words if the property has been.certified as decontaminated then.disclosure of this fact is not required.so let's look at what the actual law.says the failure of an owner of real.property or his agent to disclose that.the property being offered for sale is.stigmatized is not a material fact that.must be disclosed in the transaction of.real property now this was such a.dramatic law that they actually changed.the seller property condition disclosure.form to reflect this law to coincide.with the new legislation so for example.with the math question it now asks to.your knowledge as the property currently.contaminated from the storing or.manufacturing of meth if the property.was once used to store manufacture meth.and has since been certified as.decontaminated now again that.certification comes from the state it.can't just be your client saying yep we.did it you got to have a certification.from the state.then the answer is no the property is.not currently contaminated with meth all.right now let's go over some of the big.arguments that get people upset about.this one of the biggest ones is the.buyers are going to find out about it.and they probably will they'll move into.the house they'll go over and talk with.the neighbors and the neighbors like wow.I hope you got a good deal on that.because those guys were busted for drugs.they were cooking meth in there and the.buyers are like what that how come.nobody told me this and they've just.moved all the little kids in and now.they're scared you bet they're going to.file some complaints try to sue people.things like that and so one of the.arguments for people disclosing this is.saying they're going to find out.eventually to save some lawsuits or.whatever you should tell him all right.now that's a valid argument but that.isn't the question the question is.should the agent disclose it and the.answer is no okay there is no wiggle.room in this if for example let me paint.a scenario for you if for example I'm.the listing agent and I voluntarily.disclose this information let's say that.my client put a sixty thousand dollars.into this home he bought a meth lab he's.gone through and done extensive repairs.to get it cleaned up he's done the the.neighborhood of service right because.he's cleaned up a meth home he's taken.on some considerable risk in buying him.at home in the first place and there's a.considerable financial investment that.he's put into it to get it cleaned up.and I go ahead breaking the law and.voluntarily furnish this information to.the buyers because I feel like it's my.moral obligation to do so again I have.broken the law by definition of the law.doesn't matter what your moral stance on.the question is according to the law.you've broken it how much liability do.you think you have it as an agent you've.clearly violated the law you've.disclosed confidential information about.your client that has actively harmed.your client financially I think you've.got some significant liability there so.be very very careful of this even if.you feel very strongly about this like.we really need to tell the buyers what.they're getting into then talk with your.client but that's not your decision you.can tell the client you know what they.may sue us I they probably won't win.because there's a lot of that protects.you from this you know you don't have to.disclose it you've certified it as.decontaminated if they sued you they'd.probably lose but you may want to talk.to legal counsel or something just to.make sure but I can't disclose this you.may want to however that's your clients.choice not your choice be very very.aware of that because this is one of the.biggest liability questions and it's one.of the highest ones that people feel.strongly about against the law that they.should be disclosing this okay so be.aware of it I've got one of the comments.that an agent typed in that says only if.the buyer's agent asks now this one.comes up most every scenario or class.that I teach on this and it needs to be.brought up what if the buyer's agent.comes to me and asked me directly says.didn't this property used to have used.to be a meth lab now the question is how.do I answer that I'm the listing agent.he's asked me a direct question.according to the code of ethics I can't.lie i can't say to him nope it did not.used to be a meth lab okay because that.would be a lie and i should be doing.that so how do I answer some of you guys.are typing in as we speak saying tell.him he's asked you a direct question got.to tell him let me phrase it this way.what if the buyer's agent comes out up.to me and says what is the rock bottom.dollar that your client will go on this.house he's asked me a direct question do.I have to answer him do I have to tell.him the truth and say the rock bottom.answer is or the rock bottom number that.he'll take is 150 4700 obviously not.okay so hopefully that clears out that.question in your mind when I put it in.that term just because the buyer's agent.asked me a direct question I can't tell.them that answer and so it would be the.same answer for this didn't this home.used to be a.lab my answer is actually I can't.disclose that do you do diligence okay.and if they come back and say it did.used to be a meth lab it did I said yeah.but it's been certified as.decontaminated okay but even if they ask.me a direct question I cannot violate my.clients fiduciary duty okay so hopefully.that clears it up and but that's a good.one for us to be aware of because this.one is always misunderstood all right.buyer and seller entering to enter into.a valid and enforceable contract this.comes up all the time guys after the.purchase contract is signed the buyer.decides that they want to change one of.the contract deadlines now this almost.every instance this happens we need to.extend our settlement deadlight we need.to extend our finance deadline okay.whatever they want to extend one of.their deadlines so they write up an.addendum with the modified deadline and.they send it over to the seller seller.reads the addendum and says nope and.checks rejection and sends it back to.them the buyer learns of this and.they're outraged they're like what are.you doing are you crazy you sign to.rejection this nullifies the whole.contract is the buyer statement to the.seller legally correct the seller signed.checked rejection and signed it does.that nullify the whole contract if you.think yes it does click the button and.raise your hand ok if you think no it.does not click the button and raise your.hand wow great work guys everybody got.this one correct the answer is no again.remember that we had a valid and.enforceable contract already we weren't.in the process of offer and counter.offer prior to acceptance if at any.point prior to acceptance somebody at.giant signed rejection then that would.have rejected everything but in this.scenario we had an accepted contract.later on somebody tried to add something.to that so if either party tries to.unilaterally add to modify or delete a.provision in the contract both parties.have to agree in writing or that.addition.or modification or deletion does not.become a part of the contract but the.contract itself still remains intact the.original terms of the purchase contract.still stand the addendum with the.proposed change simply does not become a.part of it and there you go so the buyer.was wrong and you guys were all correct.in your answers all right here's one.right here and I'm going to read this.through and I'm not even asked you guys.to vote on this one just a friendly.reminder I guess during the negotiating.stage of the purchase contract between.the buyer and seller the seller's agent.who's been around a long time decides to.hand write the following language into a.counteroffer that will be submitted to.the buyer this contract contract is.subject to the 72-hour kick out clause.the seller's agent felt that this.language is simply a shorthand way to.incorporate the language of the option.to keep house on market time closet in.them are there any problems with doing.this and the obvious answer is yes now I.see this done with two types of agents.brand new agents that don't know that.the option to keep house on market time.clause the denim exists and so they're.just making stuff up or experienced.agents that are so familiar with all the.contracts that they're writing shorthand.okay just abbreviating things because.they figure everybody knows this stuff.either way they're wrong so there's.potentially serious problems with this.first of all if you're drafting language.yourself it could be considered the.unauthorized practice of law we are not.authorized with our real estate license.to go and create contracts or to create.legal language so if we've done that it.could be the unauthorized practice of.law and you could actually get in.trouble with the division of real estate.second of all and this is the major.problem that actually lands you in front.of the division of real estate is when.you make up language it's ambiguous.meaning the terms of your language are.unclear and therefore can result in.complicated litigation this is why the.forms that have been created for us we.need to be aware of it we need to use.them because writing shorthand or not.knowing which forms are out there causes.misunderstandings which causes lawsuits.which causes people to complain about.the cost.the lawsuit to everybody that they know.which causes somebody to tell them you.should turn that agent into the division.of real estate and they call the.division and the division says thank you.very much for bringing this to our.attention yes this agent was wrong and.making his own language agent here's.your fine go up and take some siiii.classes to learn how to do your job.better alright so happens all the time.to avoid this problem use your forms.that have been prepared for you if there.is no such form that's been prepared for.you which is pretty rare because these.forms have been prepared by your state's.board of realtors and they cover I mean.there's thousands of transactions that.your state does these forms are prepared.to cover those contingencies so in.almost every case there's a form ready.and available for you okay here's one.right here is it a good business.practice for real estate licenses to.sign documents on behalf of their.clients now of course your knee-jerk.reaction is going to be no that's silly.why would we ever sign documents on.behalf of our clients well let me give.you a situation your clients gone to.China before he goes he tells you you.know what we're going to be gone for a.week we're not going to be available via.email or anything but do call us if.anything comes up call us and let us.know and so you call them and you say.hey we just got an offer on your.property but they've asked us to respond.by tomorrow and your client says to you.you know what we are interested we like.that offer go ahead and sign acceptance.for somebody in here typed in use.DocuSign or some electronic signature.now remember they don't have access to.their email wherever they're at they can.get a phone call but but they don't have.access to email let's say that they.don't have a smartphone okay they're.just using a regular flip phone or.something like that so those electronic.signature options are out in this.scenario and by the way if if you don't.have an electronic signature signature.program I highly recommend getting one.that they're a great tool for us I save.so much time with those but again that's.beside the point here if you want a.recommendation of a good one DocuSign I.use a program called I sign here you can.look them up I sign here calm but.they're utah-based but they do a pretty.good job as well and they'll give you a.discount well we negotiated one for our.agents so a little bit of savings there.for you but in this case they can't do.an electronic signature but they did.tell you over the phone go ahead and.sign on our behalf so you have their.verbal permission they're out of state.they cannot accept it any other way so.they tell you go ahead and sign on our.behalf all right can you do it if you.think yes because you have their verbal.permission click the button raise your.hand.okay a couple of you took my bait to.lower the hands even if you have verbal.permission you cannot all right so let's.see if I've okay this is this is a.comment but i'd like to read because.it's a cure i would say no somebody.should have been given power of attorney.before the clients left for China okay.now let's talk about this really quick.the answer is no clear no doesn't matter.if they give you verbal authorization or.not it's a clear know a real estate.licensee does not have the legal.authority to bind his clients to a.contract unless they've been given a.valid written power of attorney however.even if they have a valid power of.attorney that can cause problems and is.not encouraged and the reason why is.because you're an interested party in.other words if you sign acceptance.you're making money off of this and that.weakens the client and so if your client.gets home even though they gave you a.power of attorney to sign for them and.then they counter so you saying look.yeah we gave him a power of attorney but.we abused it here just so that he could.get a commission there's no way that we.would actually have agreed to this thing.then because you've got a financial.interest in this transaction that at.that a contract could still be voidable.so in order to protect yourself don't.ever sign documents on behalf of your.client even if you get a power of.attorney so if they're going to China.have them give somebody else a power of.attorney their neighbors it doesn't.matter just don't make it too okay.whatever you do don't sign the purchase.contract like this Bobby buyer by and.the agent or Sally seller accepted by.telephone conversation I it will create.problems and it will also get you in.trouble alright here's a great question.love this question lead-based paint.addendum we have a property built in.1979 I'm the listing agent do I need to.use the lead based paint addendum if you.think yes raise your hand built in 1979.Wow.no takers on that one that's what first.for me okay the property was built in.nineteen seventy eight do I need the.lead based paint addendum click the.button to raise your hand if you think.so usually I can trick people up on the.nineteen seventy nine one that's a.because we start to second-guess.ourselves it's been a long time since.real estate school alright I've got some.hands going up here I'm going to lower.those let's say the property was built.not in 1978 but it was built in nineteen.seventy seven now do i need the lead.based paint addendum okay very one of.you one of you caught me this one is a.trick question and you caught me in it.so I let's go ahead and discuss it.congratulations to whoever typed in well.I know who it is but I'm not going to Oh.two of you caught me in the trick.because somebody else just typed in all.right I've been asking who needs the.lead based paint addendum okay if I.modify that question and asked about the.lead based paint disclosure most of you.would be right okay nearly half of you.when I asked about 1977 agreed the.contract reads or the lead based paint.disclosure requirement this is a federal.requirement so it doesn't matter which.state you're in but the federal.requirement says prior to nineteen.seventy eight now I have seen some.underwriters especially with banks.involved they don't understand the rules.and so if the property was built in 78.they're still requiring it that would be.wrong on their part but they're the ones.giving away the money and if they.require it you still got to give it to.him but the the law says prior to.nineteen seventy-eight so if I'm a.listing agent and I have a home built in.1978 I do not need to include the lead.based paint disclosure okay because the.law says prior to not including 1978.okay hopefully that part is clear so all.of you that answered 1977 you got it.right nobody answered 1970.9 so congratulations I think that's a.first some of you did answer 1978.hopefully that was able to clear that up.for you however the question was and.only two people typed this in to catch.me with it but the question I was asking.is should we use the lead based paint.addendum on those dates and the answer.to all of those would be it depends okay.nobody could really answer yes or no and.in fact in almost every case the answer.would in reality be no let's go over the.difference between these two forms.because we get this mixed up a lot and.summit times agents think that these.forms are interchangeable they don't.understand the difference to understand.the difference it's very simple you go.in and read the forms they're very.different and this lead based paint.addendum doesn't apply at all unless.somebody requested a lead-based paint.inspection somebody says if you used it.and didn't need it there still is no.problem and that's not entirely correct.okay I'll give you an example first of.all let me let me do this or explain the.difference between the two and then I'll.give you the example of why this can be.harmful using it first of all lead based.paint disclosure this is what's.federally required any property built.prior to nineteen seventy eight you have.to have it in every instance prior to.nineteen seventy eight you only need the.lead based paint addendum when somebody.on the lead based paint disclosure.requested a lead-based paint test.otherwise everything in the lead based.paint addendum is irrelevant now if.you're including so there's as one agent.typed in if you used it and didn't need.it there still is no problem and the.reason why I disagree with that is.because if I'm using a form that is not.required was not requested and is.completely irrelevant I've just confused.buyers and sellers and anytime I confuse.buyers and sellers that's dangerous that.can lead to litigation so make sure you.understand the difference between the.two forms and only use them when they're.appropriate the other reason that this.is dangerous is I've seen underwriters.because somebody provided a lead-based.paint disclosure.even though it was checked no we do not.want to require a lead-based paint.inspection a lead-based paint addendum.was still included and the underwriter.said you've used a lead-based paint.addendum which of course they saw it was.two incorporated into the contract.therefore I want to see the results of.your lead-based paint test and the.buyers responded and said um we didn't.do a test and the underwriter said now I.think you're lying to me and trying to.hide something because you included an.addendum that only is necessary if a.test was if you're going to be doing.testing so you said you would be doing.testing because you've included this.addendum even though the lead based.paint disclosure says you're not you've.added this so I think you did so provide.it to me before I'll give you the money.so yeah potential problems so the.question is so if they bought a house.this is another one typed in so if they.bought a home built in nineteen seventy.would they still be confused it doesn't.matter if it was prior to nineteen.seventy-seven you don't use a lead-based.paint addendum unless they've requested.in the lead based paint disclosure to do.separate testing and again if you're.confused about those to make a special.note today to go back and read your lead.based paint disclosure form because.there's only one part of that down at.the bottom where the buyers can request.a lead-based paint inspection in which.case this form is required by law and no.other case does this form need to be.used okay hopefully that was clear if.not make it a special point to go read.up on this and and firm up your.knowledge there okay all right oh that.was the answer i just went over all of.that okay this is the last question and.we're basically out of time so i'm going.to go through it really quickly and.basically what it is is kind of it this.is a really contrived scenario here what.we've got is the buyer presents an offer.to the seller to purchase the seller.home in the meantime buyer number two.also presents.an offer to seller the seller likes this.but they're going to counter it as well.so they use the multiple offer.disclosure form the counter both of them.and anyways to go on vacation the buyer.number one decides to accept it so they.call and the seller doesn't answer.they're out snorkeling in the ocean so.they leave them in voicemail buyer.number two calls the seller just.happened to come out of the ocean hear.their phone rings pick it up buyer.number two says you've got a deal we've.accepted it later on they check their.voicemail and they see that buyer number.one had also accepted it and so what's.the likely result of this very contrived.situation but and if they use the right.forms they shouldn't be in in trouble a.lot but this does teach us one important.lesson again as far as acceptance goes.acceptance occurs when two things have.happened it's been signed and.communicated now as far as legal.precedent goes communication must be.direct in other words its face to face.or voice to voice voicemail is not.direct fax is not direct emails are not.direct so if you're accepting something.make a special effort to call until you.get the other party on the line and say.hey we have acceptance an interesting.note to this is they don't have to have.that acceptance in hand my client could.sign it call me and say it's signed will.be emailing it over to you later tonight.I can call the other party and say it's.signed we're under contract even though.I don't have it and I haven't gotten.into my sellers hands yet technically we.have acceptance it has been signed and.it has been communicated that's the.point where you're considered under.contract alright so thank you for.joining me today here's your homework.get into this habit of studying 15.minutes a day it doesn't matter what.you're studying if you're a newer agent.or if you happen to to guess wrong on a.lot of these questions I would recommend.starting with your purchase contract.because all the scenarios that I gave.you we're based on the basic contracts I.didn't use any really weird forms out.there or anything like that so spend a.little bit of time going back and.rereading.all the language here okay standard.addenda go through that list of additive.addenda provided to you by your state by.your board and make sure that you're.familiar with those terms and then if.you're if you feel great on those things.sometimes I actually open up state law.and read through that okay to brush up.on things but if you feel pretty good on.those tombs just make general study a.priority for 15 minutes a day buy books.on tape CDs on tape your knowledge base.is why people hire you you have access.to knowledge you know things that they.don't you can make the transaction.easier for them if you fail to do so on.land them in court through your own lack.of attention to these types of things.then you're not really providing value.as a real estate agent but you do.provide yourself with a lot of liability.so take this to heart folks thank you.for joining me today and for a recording.or to see a copy of this again you're.welcome to subscribe to my youtube.channel and you can review everything.there or if you've got other agents in.your offices that you think this would.be valuable to they can subscribe to it.and thank you again email me if you have.questions or ideas for future trainings.my email is Eric Elliott equity calm and.have a great week we'll see you next.week bye bye.

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