The 12-4-12 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


HOT LINES IN THIS ISSUE:
1. HOT LINE: Listing Still Active After Seller’s Death?
2. HOT LINE: Out of State Owner Selling TN Property?

IN OTHER NEWS:
3. We Need YOUR Feedback!!!
4. AN Important Alert from TREC
5. Leadership TAR 2013
6. NAR Issues Call For Action
7. Widows Being Pushed Into Foreclosure
8. Standing Out From the Crowd…
9. USEFUL LINKS

NOTE: If you are reading a hard-copy of this DIGEST, and want to access some of the links cited, simply go to http://www.tardigest.com to access the current issue with “live” links!


1. HOT LINE: Listing Still Active After Seller’s Death?

QUESTION: If a seller dies at any point in the listing period, is the listing voided?

ANSWER: Whether the listing agreement would be binding on a seller’s heirs at his death will depend upon the terms of the listing agreement used. TAR’s listing agreements contain language which states that the listing agreements will be binding upon the heirs in the event of the seller’s death. For example, on Form F87, lines 277-283 state:

*** BEGIN QUOTE ***
A. Binding Effect, Entire Agreement, Modification, Assignment, and Binding Agreement Date.

This Agreement shall be for the benefit of, and be binding upon, the parties hereto, their heirs, successors, legal representatives and permitted assigns. This Agreement may only be assigned with the written consent of both parties. This Agreement constitutes the sole and entire agreement between the parties hereto and no modification of this Agreement shall be binding unless signed by all parties or assigns to this Agreement. No representation, promise, or inducement not included in this Agreement shall be binding upon any party hereto. Any assignee shall fulfill all the terms and conditions of this Agreement.
*** END QUOTE ***

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


2. HOT LINE: Out of State Owner Selling TN Property?

QUESTION: I am looking at a property in Tennessee, but the property is owned by an Alabama broker. Should I use the TAR form or an Alabama contract?

ANSWER: If the property is located in Tennessee, then a Tennessee contract should be used. You can use the TAR Purchase and Sale Agreement if you would like; however, it is not required. Regardless, you SHOULD use a contract which is compliant with Tennessee law as there are several provisions which are required to be included in any contract for the sale of property involving a Tennessee licensed agent.

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


3. We Need YOUR Feedback!!!

As we decide what form the TAR DIGEST will take in 2013, we want YOUR opinion!

Please take just a few moments to answer a BRIEF 6-question survey about the TAR DIGEST – how often it should be published and what you would like to see in it!

Your answers to this survey WILL determine our future direction. To take the survey, go to: http://www.surveymonkey.com/s/TBTFQP5

THANKS!!!


4. An Important Alert from TREC

The Tennessee Real Estate Commission wants to remind EVERYONE that the current E&O policy in place, pursuant to TCA 62-13-112, expires December 31, 2012 …in less than one month!

This can be a costly item to overlook, for both you and your broker!

For more information, you can go to the TREC website at: http://www.state.tn.us/commerce/boards/trec/


5. Leadership TAR 2013

Applications are now being taken for the 2013 Class of Leadership TAR!

  • Develop your own leadership skills and self-knowledge,
  • Join a growing network of leaders across Tennessee, and
  • Learn more about the issues and challenges facing the REALTOR organization and the real estate industry!

The 2013 Leadership TAR Retreat Dates are March 10-11, June 5-6, and August 14-15. All of the retreats will be held at Montgomery Bell State Park in 2013.

Any TAR member may apply for Leadership TAR! The deadline for application is JANUARY 15, 2013. A panel of Leadership TAR alumni who have served in various leadership roles at TAR will select the members of the 2013 Class from applications received. Enrollment is limited to ensure a good retreat experience for everyone.

For more information, and a downloadable application form, go to: http://tnrealtors.com/education/leadership-tar/


6. NAR Issues Call For Action

On Monday, December 3, 2012, NAR is launching an all-member Call for Action regarding proposed changes to the Mortgage Interest Deduction.

By now you have seen numerous news reports concerning the “Fiscal Cliff.” Many of these reports speculate that a change to the long-standing policy that allows homeowners to deduction mortgage interest payment from their income taxes could be part of a “Fiscal Cliff” deal.

The Call for Action asks REALTORS to “remind” Congress about our position on any proposed changes to the mortgage interest deduction.

NAR has been using the following statement regarding MID and suggests that you use it as well.

“Until Congress introduces specific legislation, there’s nothing to say about any proposed changes to the mortgage interest deduction. However, it has always been NAR’s position that the MID is vital to the stability of the American housing market and economy and we will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest.” – 2013 NAR President Gary Thomas

[SOURCE: NAR]


7. Widows Being Pushed Into Foreclosure

Just as the housing market is recovering, a growing group of homeowners – widows over the age of 50 whose husbands alone were holders of the mortgage – are losing their homes to foreclosure.

Homeowners over 50 are falling into foreclosure at the fastest pace of any age group, according to nationwide data, in part because women are outliving their spouses and are unable to cope with cuts in their pensions, ballooning medical costs, and the fine print on their mortgages. While there are no exact measures of how many widows have entered foreclosure, figures compiled by AARP show the rate of foreclosures among people over 50 increased by 23 percent from 2007 to 2011, resulting in 1.5 million foreclosures. A few lenders have tweaked their procedures to navigate the problem, and housing advocates are petitioning the Consumer Financial Protection Bureau to devise guidelines for lenders in situations that involve surviving relatives.

To read more, CLICK HERE.

[SOURCE: New York Times]


8. Standing Out From the Crowd…

A recent RISMedia article by Jared James (“So It’s Your Client’s Birthday…What Are You Doing about It?”) is a good reminder to take a different approach from others when marketing yourself to clients and prospects:

*** BEGIN QUOTE ***
The people who posted on my wall for my birthday didn’t necessarily need me to acknowledge them, remember their post or stay top-of-mind in some way, because I am not a current or potential client of theirs. This got me thinking about you and your business. When you make the effort to recognize your clients on their birthday, you DO need to stand out, be remembered and stay top-of-mind in some way. So…do Facebook birthday wall posts do that? I don’t necessarily think so. Our intentions are good but are results are sometimes flawed at best.

In today’s world if you want to stand out, it is not enough to follow the herd and do what everyone else is doing. If you know that everyone else is writing on your client’s Facebook wall, that should be your clue to do so something different–like write a personal note, pick up the phone and call them or make a video for them. Out of all of the posts on my wall, Nicole Nicolay who sent me a “dance gram” and Jeff Turner who sang happy birthday to me stood out by far. Why – because they didn’t blend in.
*** END QUOTE ***

To read more, CLICK HERE.

[SOURCE: RISMedia]


9. USEFUL LINKS

For CE classroom courses around the state, go to:
http://tnrealtors.com/education/realtor-courses/

For online CE courses, go to:
http://tnrealtors.com/education/online-courses/

To check your CE credits on file with TREC, go to:
http://verify.tn.gov

To ask a TAR Legal and Ethics Hot Line question:
http://tnrealtors.com/services-support/legal-ethics-hotline/

To see current mortgage rates, go to:
http://www.mortgagenewsdaily.com/mortgage_rates/

To see THDA rates and programs, go to:
http://tn-tennesseehda.civicplus.com/index.aspx?NID=8