Hurricane / Flood Relief
Our hearts are with all affected by hurricanes Harvey and Irma. We encourage members to contribute to NAR’s REALTORS® Relief Foundation, which provides mortgage and rental assistance to REALTORS®, their families, and others impacted by disasters. Visit HERE for more details.
THANK YOU! Tenn. Leads U.S. in CFA Response
When the Call for Action* (CFA) went out from NAR to save the National Flood Insurance Program (NFIP), Tennessee responded RESOUNDINGLY. We surpassed our 20% participation goal in a week and were the first large state to hit this target. Big thanks to our leadership, led by 2017 President Brian Copeland, and to all who answered the call to protect the NFIP! *NAR ended the CFA on Friday 9/8.
Register to Vote! (It’s Never Too Early)
As REALTORS®, we have the privilege and responsibility to make our voices heard—and voting is one of the most effective ways to do so. At the local, state and national levels, elections determine the leaders who govern us and the policies that shape real estate, property rights, homeownership, and more. 2018 will be a big year in Tennessee, with the governorship, U.S. senate and U.S. congressional seats in play (among others). If you aren’t registered to vote, be sure to do so!
— Start the process of registering HERE.
— Learn about Tennessee’s declared candidates for the 2018 governor’s race HERE.
— Find our state and local election calendar, past results, and other resources HERE.
Motivating Remote Agents — Webinar Wed. 9/13
Most real estate companies allow their team to work remotely. Expert Warren Dow will show you how to keep them engaged and motivated in a free webinar from the Real Estate Technology Institute (RETI), a Tennessee REALTORS® partner, at 3 p.m. EDT/2 p.m. CDT this Wed. 9/13. Register HERE.
Headed to Memphis? Get EVENT APP + Essential Details!
If you will attend our 2017 Fall Convention this week — and it’s not too late; you can register in person at The Peabody Wednesday! — be sure to download our free event app. You’ll find the schedule, speakers, meeting layouts, restaurants, news, crowd photos, and more. Search “Yapp” on your device’s app store, download, open, click through the info, choose “Download an Existing Yapp,” and enter ID code TNREALTORS17. Or go HERE to send yourself a link to download on your device. If you already have Yapp, open it, click the + sign in the upper right, and enter TNREALTORS17 as the ID. **For more essential convention details, visit our website HERE.**
ONE MONTH from Today! Save Your Place…
“Both REAL and entertaining…exciting from beginning to end…you taught through the eyes of a REALTOR®…so glad I took the full day!”
— Ginger Coggins, Collierville
With TransactionDesk “in the cloud” you can access and manage your real estate forms, contracts, documents and more from any computer with web access—and always have your “virtual” office with you. Bring your laptop and/or smart device!
You’ve worked with TransactionDesk…now take it to a higher level with the integrated cloud service (DocBox), E-signatures (AuthentiSign), and E-faxing (InstaFax), to walk away with a complete transaction-
For more upcoming classes, log in to the portal HERE and look around.
Source: Tennessee REALTORS® Legal & Ethics Hotline Counsel
The hotline receives many questions regarding home inspections, because this is the part of the selling/buying process where many deals fall through. This week’s Q&As focus on inspection-related issues and provide guidance on how to properly handle such issues in transactions.
Repair Timeframe Before Closing?
Q: The inspection period was seven (7) days, and the resolution period was four (4) days. The buyer’s agent sent over the list of requested repairs eight (8) days after the binding agreement date. Are they within the correct timeframe?
A: Based on a blank Tennessee REALTORS®Purchase and Sale Agreement (PSA), the buyer has X days (7 in this case) to perform the inspection AND provide notification to the seller. A buyer does not have the inspection period plus the resolution period to provide notification—only the inspection period timeframe. The PSA provides the following: In the event Buyer fails to timelymake such inspections and respond within said timeframe as described herein, the Buyer shall have forfeited anyrights provided under this Paragraph 8, and in such case shall accept the Property in its current condition,normal wear and tear excepted.
Damage Discovered After Inspection Period?
Q:My buyers discovered that the gate on the property was damaged two (2) days before closing. When I asked the listing agent about it, she said it had been broken for a while. Shouldn’t this have been disclosed on the property condition disclosure? What recourse do my buyers have?
A:Sellers are required by law to answer some (not all) of the questions on the Tennessee Residential Property Condition Disclosure (PCD) or fill out an exemption or disclaimer. If an item is not addressed on the PCD, by law, the seller may not be required to disclose. Inspections of the property are provided for in the contract. Buyers are granted a right to perform a visual analysis of the condition of the Property (paragraph 8B of the PSA).
The Purchase and Sale Agreement does not provide an automatic “out” for something discovered after the inspection period has closed. If your buyers have questions concerning their rights, they should contact their own attorney. If the sellers made any type of misrepresentation regarding the defect, your buyers may have an avenue for recourse.
Problem Found Despite Exemption?
Q:The sellers in a recent transaction were exempt, and my buyers chose not to perform a home inspection. However, during the termite inspection, some water intrusion was noticed. I emailed the listing agent regarding it. The listing agent responded that his sellers would take care of it. We are at closing day and the problem has not been fixed. What recourse do my buyers have?
A:Without documentation of this problem, your parties may have little recourse. In the future, it would be wise to use a Repair Replacement Amendment so that sellers will be contractually obligated to take care of any needed repairs that arise.
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