Forms Changes Updates - January 2025
HTML-код
- Опубликовано: 8 фев 2025
- NC REALTORS® General Counsel John Wait discusses the latest changes to Form 101, 201, 202 & 203.
Recorded Jan 28th 2025.
Follow us on:
Facebook - / ncrealtors
Twitter - / ncrealtors
Instagram - / ncrealtors
LinkedIn - / nc-association-of-real...
Visit our Website at www.ncrealtors.org
Thank you for an excellent guide
Please consider getting rid of that awful due diligence fee. Most states don't have that and it was so abused by sellers in 2020 and 2021.
I'm not finding the new forms? I prefer to have them in front of me when in a class so I can highlight and take notes on the actual form. Please advise where to find them I'm not seeing them in Exp Forms or on Zip Forms???
Thank you for the information. It is not clear to me how a builder bonus would work without having a floating buyer agent commission. The current way of doing business asks the realtor to anticipate how all the sellers in the marketplace would value a realtor's service. Of course, a realtor has an internal value set for one's own services. However, this value cannot be compared publicly with the fees that other realtors charge. Estate or divorce or commercial attorneys know what their competition is charging; their fees reflect the common charges for legal services. All of this begs the question of: "What is a reasonable fee for any comparable service rendered?" which cannot be decided in a vacuum.
I think this observation is on point. To avoid having a "floating" fee, I would put a schedule of known bonuses in your area and put those in the buyer agency agreement. That would be in compliance.
@@johnwait1482 "a schedule of known bonuses" would involve looking at all builders in that price range and attaching those fees in another document to the listing agreement? Or would you suggest that an agent average those bonuses on the listing agreement? Decades ago, I had a buyer negotiate for half of the builder bonus when it was disclosed to him at offer. I agreed to do that, and after settlement that buyer told me that he would never have negotiated a marketing bonus given to him. It is hard to anticipate how a buyer client will negotiate a bonus with you in the future.
@@johnwait1482 What about buyer agent bonuses? It can be a great tool for sellers/listing agents to get eyes on a unique property via marketing emails when the property may not search well in the MLS. Those are very property-specific and near impossible to "foresee" at the beginning of a property search. Seems a shame to not allow buyers' agents a path to accept that offer of additional compensation made by the seller.
I'll also add another way to handle this might be to put the builder bonus for $X in the buyer agency agreement as a standard term. If it is not applicable later, then it could be dropped.
LOve your videos!!! Thnk you
Really! We have to watch commericals too!
Thank you for the video. Would like more examples when you are discussing new changes. My brain works better that way. Like scenarios . thank you
So if this is the case on a form 201 BA agreement that we cannot change commission , then why even have a form 715 if we cannot edit the compensation to firm?
Thank you for making this video. I know buyer agent compensation is not in the OTP, however, at this point, we are now negotiating buyer agent commission with the offer. Would it be possible that we drop form 220 and make it part of the OTP at some point in the future? If not, why not?
That is NCREC's rule. Until they choose to change it, then compensation cannot be in the purchase contract.
When will they be available because they dont show up in zip forms as of today feb 1
you mentioned several addendums, is there a reason they were not referenced in the forms themselves like form 710
There are no standard form addenda to the agency agreements. Any addenda would be custom.
Excellent, informative video. Thank you. Also, build a castle out of Twinkies with your daughter, ice it with buttercream and she has a castle cake.