1. Agents cannot dictate which title company is being used.
2. Informational inspection is not a legal term. If you are having an inspection but it is not a contingency, then write that.
3. Buyers have no right to complain if a love letter isn’t presented.
4. The most valuable documents in a file are the drafts and notes not the contract.
5.Keep failed transaction information too.
6. The broker is still responsible that the closing is per the purchase agreement but they do not need to sign closing statement if closed by title company.
7. Seller cannot dictate what title company uses.
8. There are no exemptions for referral fees – non profits are still considered referral if it is tied to a specific property.
9.When a REALTOR® is working in an unfamiliar geographic area (or using an unfamiliar purchase agreement form), he or she needs to pay attention to the tax proration provision. Failure to determine how taxes are customarily prorated can be very costly for your client and a potential Code of Ethics Violation.
10. Condominium unit owners are responsible for correcting violations even if they did not cause the violation(s).