Close of Escrow Changes, August 1, 2015 – FAQs

Posted on April 23, 2015 by

The Consumer Financial Protection Bureau has published revised final rules and forms that combine disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The new forms include a Loan Estimate and a Closing Disclosure. […]

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A Dwelling has to be Completed on Property for Anti-Deficiency Protection

Posted on February 19, 2015 by Nikki Salgat

Throughout the years, Arizona’s anti-deficiency statute has been litigated to determine under what circumstances the statute is applicable. Of particular interest has been the phrase “utilized for a . . . dwelling.” The statute, A.R.S. §33-814, states: If trust property of two and one-half acres or less which is limited to and utilized for either […]

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Tenants Are No Longer Protected From Foreclosure

Posted on January 29, 2015 by Nikki Salgat

In 2009, the Protecting Tenants at Foreclosure Act (the “Act”) was enacted to protect tenants facing foreclosure by the landlord’s lender. Specifically, if the tenant was occupying residential property pursuant to a bona fide written lease, the tenant was generally entitled to continue residing in the property for the duration of the lease term. However, […]

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Don’t Forget Your 1099!

Posted on January 22, 2015 by Lauren Streiff

Have you paid (or earned) a cooperative commission in the last year? Then you’ll need to complete Form 1099-MISC in the coming weeks. Commissions over $600 paid to non employees warrant the need to for the 1099. Not sure who needs to file? Here is more information via NAR: IRS Requires Reporting of Cooperative Commissions […]

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Prepossession and Post Possession Risks

Posted on January 21, 2015 by Nikki Salgat

Prepossession and Post Possession agreements carry inherent risks and raise a variety of issues. However, there are times that a buyer would like to move into the property before close of escrow (prepossession) or the seller would like to stay in the property following close of escrow (post possession). For instance, the buyer’s lease may […]

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Best Practice Use of the HOA Addendum

Posted on January 16, 2015 by Nikki Salgat

The newly revised H.O.A. Condominium / Planned Community Addendum (HOA Addendum) is scheduled for release on Monday, February 2, 2015. With the revision comes a change in the way the HOA Addendum is used. Accordingly, this article is intended to educate REALTORS® on best practices in using the new HOA Addendum. Before discussing the use […]

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H.O.A. Condominium / Planned Community Addendum – Frequently Asked Questions

Posted on January 16, 2015 by

As of February 2, 2015, the Risk Management Committee released an updated H.O.A. Condominium / Planned Community Addendum. For more information on the form see our introduction here , best practices here or our webinar on the revised addendum here. Q: Why did the Risk Management Committee believe it necessary to revise the H.O.A. Condominium […]

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Marketing Services Agreements; What Agents Need to Know

Posted on January 15, 2015 by Scott Drucker

Do you engage in joint marketing with title companies, lenders, mortgage brokers or other real estate professionals? If so, you are now the focus of the Consumer Financial Protection Bureau’s (CFPB) most recent enforcement actions. In an effort to grow their business and expand their marketing endeavors, many REALTORS® elect to partner with other real […]

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To Rent or Not to Rent

Posted on November 24, 2014 by Nikki Salgat

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Avoid a RESPA Violation With Your Marketing Services Agreement

Posted on November 20, 2014 by Nikki Salgat

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