Sign South Carolina Electrical Services Contract Now

Sc 220 form

hey there it's Matthew thrift again bringing forth to you the exclusive right to sell listing agreement SCR form 220 and zip for Matthew search for it by number so we know that this document is what allows us as listing agents to represent a seller in the sale of their home when you go conduct your listing appointment hopefully if your seller says move forward you are going to execute this particular document for that particular owner seller to become your seller client and the very first portion of page 1 is very self-explanatory it does not require a whole lot of explanation but it says in consideration of the covenants herein contained the sellers name their full legal name if you possibly can or the estate or whoever the seller is the entity the company the corporation and then the brokerage notice that we have b h HS / c dan Joyner Realtors if you work for Sita in Joyner if you work for another company obviously it's going to be your listing company or your brokerage name and then it goes on for the period of time beginning on such and such date notice we've got October 29th today is October 29th 2018 and will continue on for a period of time for example 3 6 9 12 months whatever the case may be there's no standard of listing agreement I guess if there was it would probably be six months but you don't have to have a six-month agreement it would be nice to always have one but most of the time we do see six months but you can do a three-month agreement you can do four month agreement you could do a year-long agreement there's nothing stating that you can't one little thing I wanted to bring out to when I was in when I was in sales and I was doing listings I would and again this is just me my personal professional opinion I would always have my listing agreements expire at the end of the month not in the middle so for example if I did a listing agreement on the 15th of this month and I just wanted to do a six-month agreement I would not have it expire six months to the day on the fifteenth of the month I would drag it out a little bit more to the end of the month and it was only for sheer purposes of knowing typically at the end of the month I would have to do something with listings that I had so again it just makes you a little bit easier to catch up with and I can log those on the calendar as appropriately as I need to the next few lines lockbox section is subdivision get this information from the courthouse retrieval system fill in the subdivision if applicable address is self-explanatory tax map make sure that you know which tax map that you are listing and then the city and the zip and obviously the county that your listing in it goes on to say the real-estate described here and includes all improvements pictures of her dances and at the additional property if any described here so I put in here outbuilding and backyard shall convey with the property or this shall convey or this particular piece of equipment shall convey also you may want if this seller does not want to sell the chandelier within the dining room you may want to put here chandelier currently located in dining room does not convey with sale now hopefully the seller will change this out prior to the listing and it does not appear in any of the photos and things like that but if it does make sure that you have it in your listing agreement that you were in full understanding that that chandelier does not convey so when you go to put this property in the MLS you can refer back to this and you just mention that in the Multiple Listing Service that the chandelier does not convey so again self-explanatory for section one hope that helps let's go on to the next section section one should look very similar to other sections of contracts so for example in the exclusive right to buy you see this exact same verbage very easy to understand that top block there discusses the fact that you as The Associated licensee or broker associate shall at the first opportunity of substantive contact with a customer that you provide that customer with a meaningful explanation of agency in the state of South Carolina it also says the word and that you will give the customer / client at this point the becoming a client a copy of the South Carolina disclosure of broker Lee brokerage relationships brochure so you gotta do both give them meaningful explanation and provide them a copy remember you cannot force a citizen of South Carolina to sign an LR document but on the second page there is signature of obtaining information or obtaining that document that shows that you have explained it to them and that you've provided them a copy but it is not a contract so the second third line discusses dual agency that second line says no the seller will not allow you to dual agency or the third line says yes we'll think about dual agency at the time however you know we want to be given that opportunity to say yes or no so most of the time as a broker I see that line three is initialed by the sellers because they'll think about dual agency at the time I have seen where some sellers will say absolutely not I only want single agency and they will initial that second line but again that's completely and totally up to the seller so lines four and five are discussing a designated agency and whether or not the seller will allow a designated agent from within the same office that you are for example if I go out and do a listing and another agent from subs the Simpsonville or the greeter office provide a fire or bring a buyer that the seller will allow that but again that's at the time that they are going to look at that and decide whether or not they're going to accept that so that sellers again do not have to absolutely say yes or no they will or will not accept the agency or designated agency right then and there if they initial lines three and five they're saying they will think about that at the time the opportunity is presented again pretty self-explanatory let's look at section two section two is entitled compensation to other brokerages let's let's read a little bit owner acknowledges broker has advised owner of brokers general company policy regarding cooperating with and compensating other brokerages here at sedan Joyner we compensate transaction brokers we compensate buyers agents and our policy we do not compensate sub agents of the seller it says owner authorizes listing broker to compensate other brokerages as legally required in the following amounts of US Dollars and our percentage of gross sales price notice it says gross sales price not net sales price we meaning sales price after concessions this contract talks about gross sales price if there's any deviation from that you must make that change within the contract so the lines are pretty self-explanatory here you've got buyers agency a percentage or a dollar amount the transaction brokerage which is the non agency and or a dollar amount or sub agency which you can see I I don't like blank lines that is a pet peeve of mine I don't believe in blank lines in a contract so therefore I have an a on every blank line that's not going to be applicable in this contract other brokers are okay with blank lines I particularly am NOT I like to see that an a or not applicable put in those blank lines other than that if there's any deviation of what you're actually charging or what you're going to provide you need to put those in the lines that are pertaining to that particular deviation I have seen where agents are putting a little bit less percentage within the transaction broker line as opposed a buyer's agent that is not a preference of mine as a matter of fact I do not agree with that however please check with your particular broker in charge I believe our transaction brokers that are bringing a customer should be paid the exact same amount as a buyer agent with a buyer client however there's some discussion about that can be completed at another time anyway as a whole typically we do see these as the same so let's go on to Section three again pretty self-explanatory so Section three talks about the terms of the contract as far as the sales price the terms about what you as the listing agent Arkin compensated for and that what you as a listing agent are going to offer to a buyer agent and/or transaction broker so again that top line a broker agrees to employ brokers best efforts to sell or to secure a contract for the sale of property for a price of blank and once you start typing that within the zip form software once you start typing the actual dollar amount in the line just below there for example we have two hundred twenty-five thousand dollars there once you type in those numerical characters that spelled out amount is going to show up on that top line and it goes on and says and in return owner agrees to pay a broker a fee of blank or a commission of blank percentage typically we do not see a flat fee unless it's a lower priced property so for example let me give you a hypothetical when I was in sale as if I did anything below thirty five thousand dollars which I did a lot of those as being a foreclosure agent my standard fee on a thirty five thousand dollar property would be a two thousand dollar flat fee and I would accept a thousand dollars on the selling side and I would offer a thousand dollars on the buying side in the MLS but most of the time we don't see flat fees we see a percentage amount remember here at CN joiner we have a certain amount that we charge for a a listing and we start out at a certain price and we can negotiate that to a certain amount without broker approval and that is that first percentage there what is the seller paying you as the listing agent the whole entire amount the listing Commission because remember once you then put that in the MLS the MLS is cooperation with co-op brokerages and compensation to co-op brokerages so you as the listing agent are going to offer the portion of what the seller pays you to the cooperating broker to bring you a buyer so that first line there that first percentage is what is the seller paying you in full amount and then the second line that the owner understand that the broker shall pay the cooperating broker's fee of blank dollar amount or a commission of blank percentage of the gross sales price that is what you are going to offer the buyer agent that's want to go that's what's going to go in the MLS it says owner and broker agree there shall be no variation or exception in the amount of the fee or Commission to be paid on less specified in paragraph 27 the brokerage fees shall be earned due and payable when an agreement to purchase option exchange lease or trade is signed by the owner notice it doesn't say closed it says when an agreement to purchase is signed by the owner however if owner shall fail to refuse to sell the described property for the price and terms set forth herein or if the owner shall fail or refuse to complete the sale of such property under any written agreement to buy and sell real estate - which owner has agreed broker's full fee shall be due and payable by owners so it is a what I like to call a team effort you as a listing agent market the property you present an offer you get the terms negotiated an agreement divine sell is ratified or executed if the owner or seller refuses to sell out to that point under contract you are deserving and owed a full commission from that seller so please make sure they understand the terms of this contract on the second page it says owner agrees to pay all costs including reasonable attorneys fees which may be incurred by broker in the collect chin of the fee by owner under this agreement so if they default if they decide not to sell the contract states that they're going to pay the attorney's fees if you have to go after those that's very rare matter of fact in my 12 and a half years of doing real estate I have not actually seen that I'm sure it's probably happened but I personally have not seen that second paragraph page to broker agrees to defer the commission until the closing date which is the typical reason why we get paid at closing or extension thereof stated in the agreement or until default by the owner so just because we provide an agreement buy and sell doesn't mean we're out anything most of the time for the contract we're not going to get paid when the agreement is signed until closing because that's exactly what the contract is stating deferral is agreed to solely as an accommodation to owner and such deferral shall in no way be construed as a waiver of the brokerage fee closing attorney is hereby irrevocably directed to deduct and pay set broker's fee from the proceeds of the sale so when they have the equity of the house when they go to close on the property it the commission is deducted from the equity of the house from the seller that's all that's saying the third paragraph there if the property is sold within a blank days and I just put 90 there it's just a just an example to show you 90 days of the expiration or termination of this agreement which shall be the protection period to a buyer to whom the property was shown by owner broker another broker or any other person or firm during the term of this Agreement brokers full fee shall be payable by the owner now if that owner terminates the listing agreement or it expires and then re signs another listing agreement unless you provide that owner a document that shows those particular buyers that showed that property the next line is very important it says the protection period shall be terminated if owner enters into a listing agreement with another broker during the protection period so if they decide to relist and somebody that was shown that property goes back to it and buys it after the expiration of your listing agreement your protection period becomes null and void now I've not seen this in court precedent where a buyer looked at a property during one listing agreement and then came back in another listing agreement to find out if that first listing agent was ever compensated or not I am unaware if that's ever happened however this particular contract is very particular when it comes to that agreement either being terminated or expired if the seller realists the perfection period shall be terminated if owner enters into a listing agreement with another broker during the protection period so I don't want to be on that side of taking something to court precedent or the state Supreme Court so let's just go by what the contract states let's now go on to section 4 and talk about earnest money section four discusses earnest-money in the listing contract and basically what it's saying is that we will hold earnest money on their behalf the owner authorizes and designates us as the escrow agent or another company as the escrow agent as designated by the sales agreement to accept and hold on behalf of owner any earnest money or escrow deposit made in accordance with the terms of any agreement to buy and sell real estate for the property so and then it goes on in the event of default or forfeiture by a prospective buyer owner will reimburse escrow agent any fees incurred by the escrow agent including attorneys fees as a result of the release of payment to owner of any of the earnest money deposited and such reimbursement may be made by broker from the earnest money deposit all earnest money will be deposited in escrow agents escrow account so then the next paragraph is really bold it says owner understands that under all circumstances including default broker will not disperse earnest money to either party until both parties have executed an agreement authorizing the disbursement or until a court of competent jurisdiction has directed a disbursement so what will happen many times a seller will refuse to sign the disbursement agreement because they think the buyer should have went through the sale that they don't really have a legitimate reason to get out of the contract or vice-versa the buyer will refuse to sign well this document clearly says and it's by state law we as the escrow agent cannot and will not disperse funds unless a disbursement agreement is signed by both parties agreeing to how the earnest money is to be dispersed it will sit in our account until both parties agree where it's going to be dispersed we have no authority under state law to disperse it without both parties agreeing where it's going to go so make sure that your sellers understand this that just because they refused to sign doesn't mean they're not gonna going to automatically get the buyers earnest money because they're not it's going to sit there until either we get an agreement by both parties or a court of competent jurisdiction either through regular court means or through interpleader means decide whether or not which party is going to get that earnest money let's go into Section five section five is really short and it discusses signs so basically all it says is that the owner grants to broker the exclusive right to display for sale signs under contract sale pending or other similar style signs on the property and to remove other such signs so I guess if there was any other signs on the property that were in any way marketing the property that the owner is going to grant the broker slash listing agent to remove any other such signs but not a whole lot in that section very easy to understand the seller has given you permission to put a sign in that yard which obviously is where we get a lot of our incoming leads from yard signs ciliary major lead generator and shows the power behind a listing when you have that sign in the front yard because it is seen by so many people so obviously we want as many signs in yards as we possibly can so again this just the seller just gives us permission to put that sign right there let's go on to Section six talk about our duties as a broker an agent Section six discusses brokers duties and in so many terms it basically says that you're going to employ your best efforts to bring about the consummation of a sale and closing of the property it says broke roots efforts shall include directing efforts of the brokers organization to bring about the sale advertising the describe properties as broker deems advisable and those advertising media of merit customarily used in the area in other words advertising on any form that is typical or appropriate for how we advertise here in the area of the state that we do for example Facebook MLS magazines any other type of internet marketing postcards you name it it's standard pretty well across the United States let's go on owner understands that broker makes no representation or guarantee as to the sale of the property obviously we cannot see into the future we whole are hopeful whenever we sign a listing agreement that the property is going to sell but we as a whole cannot guarantee the sale of a property unless you have a guaranteed sales program which there are some of those across the state however that's a whole another kit and kaboodle that I'm not going to get into on this particular video but you as a whole when you're signing the listing agreement cannot guarantee the sale of one's property and it says you know that the owner understands that we can't guarantee the sale of a property that we're going to employ our best efforts to bring about the sale it says upon termination or completion of this Agreement broker shall keep confidential all information received during the course of this Agreement which was made confidential by written request or instructions from the client except as provided for under South Carolina law so even though the contract nice you should and what my contract says if the seller ashes it in writing however I'm going to go above and beyond that and say if the seller told you something and you have the wits about you to know that it should be kept confidential you should be keeping information confidential as a former or past client under ethics so I believe that explains brokers duties let's go into section seven section seven is probably the hardest paragraph in the entire contract listing agreement to to explain this probably looks very familiar to you it's also within the exclusive right to buy contract I'm not going to read the entire thing basically what this paragraph says that you as a listing agent we as a listing burger our brokerage are providing services and benefits to our client to bring about a sale which brings value to that particular client it says that if we as a listing brokerage or you as the listing agent do something by error or omission without willful and wanton disregard or intentionally doing something wrong so for example you make a mistake something happens and the seller is finds himself in a loss of something that if the seller decides to take you to court and sue you for doing something wrong this particular contract is the limited liability or limitation on you as the listing agent it basically says that the seller if they're going to take you to court and sue you that they are going to pay your attorneys fees and that they're only limited to what you as an agent would have made under this agreement and what you have said that they were going to pay you if they brought about a sale so for example if it was a 6% or 7% listing and it was you were they could charge up to that amount for if they were going to sue you that's what you would be obligated to pay so it's limited to what you would have typically made most of the time it's gonna be half that anyway because another Cobra agent would be bringing that so but it could be up to the amount that you're going to charge and we're going to make begin with that's the limitation of what they could sue you for now if you decide to go out there and be rogue and do something with willful and wanton disregard and intentionally doing something wrong more than likely that's going to be a crime this particular limitation basically goes out the window you could be looking at a lot more worse charges if you do something with willful and wanton disregard for breach of contract owner will indemnify and hold harmless and pay attorneys fees for broker from breach of contract any negligent or intentional acts or omissions by any parties inspectors professional service providers contractors etc including any introduced or recommended by the broker owner agrees that there is valid and sufficient consideration for this limitation of liability and that broker is the intended third-party beneficiary of this provision so basically if owner seller decides to sue you they're limited to what you were going to make and that they will hold you harmless from anything that a third party does that even that you recommend hopefully that explains it remember again I'm not an attorney I'm only looking at this and explaining what I feel is the intent behind this particular contract however if you have any more questions on this please contact our State Association or your particular broker I'm explaining it to the very best of my ability as a non-attorney so hopefully that helps let's go into section eight talk about owners duties Section eight talks about owners duties and I like to tell sellers when I was doing listings that this is a partnership we are a team to work together to bring forth the sale and closing of their property it lists several line items here underneath brokers or correction owners duties that which I'm not going to take the time to read everyone they're there on the screen but basically what I want to bring your to your attention is this seller here you need to be very clear they need to provide as much reliable information to you as possible concerning their ownership and operation of the property and any encumbrances or liens that affect the property that's a that's a very first one we need reliable up-to-date information on the property in order to market it appropriately to permit inspection letter C and showing you the property by brokers or brokers agents to cooperate with the scheduling to to not stop people from seeing the property and to not stop inspections from happening because everything becomes time is of the essence right according to the agreement section e there to MIT broker to incur or incur or pay on behalf of the owner reasonable expenses for repairs and it goes on there so I like to look at section E is if you have an out-of-town owner and they need you to cover costs such as having a yard maintain paying for any utilities you can designate up to a certain amount of what you'll pay and you'll be reimbursed back by the seller when that time comes if you need to get the carpets cleaned or the house press to wash that this allows you a contract between you and the seller to be able to do that where it holds the seller accountable for paying you back page 3 it goes on with with several more line items - without closing attorney to pay the brokers compensation and an amount equal to the compensate should provided above which is in on the first page from owners proceeds at the time of closing so it's just talking about everything that the owner is responsible for and authorizing the attorneys to do on their behalf to convey section I to convey marketable title to the buyer in fee simple fee from all liens except those stipulated here in j2 authorized owners attorneys and the settlement agent of furnace to broker copies it says final hud-1 settlement statement believe there's probably going to be an upcoming change to this where it says the closing disclosure or trade document whatever the wording is going to be we still use the hud-1 on cash closings but basically the owner is saying that we give you permission to give the brokers that are involved in the transaction a copy of that information and then letter M let's see to furnace broker with written instructions regarding the confidentiality of information upon termination or completion of this Agreement which was received during the course of this agreement in accordance with South Carolina law so if the seller told you something that someone needs to write it to you to say hey you need to keep this particular information confidential and I'm letting you know I'm writing it down I don't want you talking about it even after the termination of this agreement so a lot of things that the owner needs to do as a team with you to get this property sold so make sure you go over them and make sure they understand every line item here in this particular section and again they're pretty well self-explanatory not a whole lot of necessary explanation needs to be done here so let's go on to section 9 which talks about the sellers disclosure and let's go down such the nine talks about the residential property disclosure statement and it's a very long paragraph which I'm going to make very short it obviously under state law a seller is obligated under state law unless they are part of an exemption so for example if this is an estate sale if it's a foreclosure if one family member is selling to another family member so for example of husband is selling to a wife that's an exemption they don't need to provide a sellers disclosure an estate if somebody passes away it leaves a property and the new estate owner or representative now owns the property they don't have to provide a seller's disclosure what I want to get across here is just because an owner did not occupy a property ie investors investors are not exempt from the sellers disclosure I see this time and time again I'm not exactly sure where this came from but that is a total false statement an investor must provide a seller's disclosure under state law I don't care whether they check no representation or yes or no or not they have to provide it if a property is being sold that's not part of an exemption it must have a seller's disclosure this is in the MLS rules and regulations and it's also in state law and basically the whole entire paragraph states the following and they need to present they being the seller need to let you and other potential buyers know of any material adverse facts that are a part of the property or that are wrong with the property any be as truthful as possible knowing that other potential buyers are going to be looking at this document and they're going to be making determinations on whether to offer on this property based upon the sellers disclosure so they need to answer this as best as possible and remember that Worman remind you you as an agent cannot write this on their behalf you have to provide this document to them but you can have no say-so within the documents you're not supposed to answer questions about it you theoretically can be a scribe to it under state law you can only be ascribed to write down exactly what they're telling you if that was necessary however you should at all possible costs avoid touching this document presented to the seller let them write it and let them answer every question to the very best of their ability that's what it says and that's what we need to do so let's provide those sellers disclosures when they're not under exemption let's go on to Section ten section 10 talks about disclosure and basically all it says is that owner authorizes broker to disclose information about the property to brokers agents sub agents prospective buyers and all inquiring parties if you know anything about the property especially material adverse effects we have to disclose it we have to let other agents and buyers know if there's material adverse facts about the property but it's also saying that any other information about the property the owner is saying that they give us permission to let other people know and prospective buyers know such disclosure shall be in accordance with brokers company policy owner hereby authorizes have anyone having a lien against the property including the mortgage holder to disclose complete information about the lien to the broker into the closing agent or closing attorney or Asia obviously when it goes to closing title search is going to be done the mortgage is going to be found mortgage company is going to provide that information to the attorney not really a whole issue but it's in the contract so not a whole lot there let's go on to section 11 section 11 talks about taxes and not a major discussion needs to happen here but it does talk about the owner and what they agree to and they agree to comply with the provisions of the state of South Carolina and it gives the South Carolina code regarding withholding requirements of owners who are not residents of South Carolina when they go to close the closing attorney is going to withhold a certain portion for income taxes again that falls under what the closing attorney is obligated to do under tax laws of the state of South Carolina and under the federal government it says the payment of rollback taxes if applicable and past personal property taxes about well shall be negotiated between the owner and any prospective buyer so if there's rollback taxes if there's any past taxes that are owed that can be negotiated between buyer and seller so make sure you look at that especially if you're buying raw land that's categorized as farm Farm liner agricultural a lot of times if somebody's going to take that land and build a house on it there is going to be rollback taxes and so buyer and seller can negotiate that so that's what all that is saying not a whole lot there so let's go on to section 12 section 12 here in the Upstate is not really going to affect us as agents very much if you're looking at this video down in the coastal part of the state then obviously this section will affect you however up here where we're not anywhere near the ocean or anywhere near most of the time wetlands our properties are not gonna be affected by this but let's explain it anyway in the event the property is affected by the provisions of the South Carolina coastal tide lands and wetlands Act and it gives the section there an addendum will be attached to the sales agreement incorporating the required disclosures the payment of any necessary surveys shall be negotiated between the owner and any prospective buyer very self-explanatory not going to spend a whole lot of time here but wanted to let you know that if you're in the South port our correction the coastal part of the state once you get that agreement there needs to be a coastal tide line and wetlands act disclosure provided with your agreement to bind so let's talk about the MLS section 13 the Multiple Listing Service this is pretty easy too not a whole lot in this particular contract is difficult but I didn't want to go over it because there's a lot of questions about this of why do we have two boxes most of the time properties go in MLS that's exactly right most of the time they do but there are certain times where listing agreements are signed and they do not go in the MLS it's called a off MLS or non MLS or MLS exempt sometimes referred to as a pocket listing understand pocket listings are not illegal some people think they are but they are not according to the National Association of Realtors they are not it's the intent behind what the listing agent is doing with that listing so for example if an agent was listing a property with the intent to price properties and the intent to get both sides and to withhold it from the market to get both sides of the property the intent is for the agent the listing agent to get that commission that is when it would be an ethics violation or illegal so to speak however the National Association of Realtors also understands that there are times when the seller does not want their property on the MLS and displayed for the world to see I always like to give the example if if a if public figure let's go with Sylvester Stallone says I want to sell my property in the cliffs and Sylvester Stallone does not want his property on the MLS which would then go to multiple other web sites he can elect to have his property MLS exempt and that would be where the listing agent would then just market it in-house or to other companies off of the MLS so it does not get portrayed or put on other websites that's a few and far between sometimes we have that for getting photos or getting repairs done there's a certain for off MLS listing and then once that is done in the pine that property is ready to go back on the market we can terminate the non MLS agreement and then create a new MLS agreement there's a lot of provisions to that which I'm not going to go into on this video you need to check with your broker because your broker needs to completely and fully understand off MLS listings before they allow this because they're certainly molestor rules and regulations that if you violate you can pay a huge fine for doing so so please please I'll say this again if you or your broker do not understand often less listings don't do them only do them if you know the ins and outs and the MLS regulations thereof please I thank you but anyway let's let's look at this from the we're entering the property on MLS so it says the property shall be entered into the Multiple Listing Service of which the broker is a member which shall constitute an offer of cooperating brokerage to all members of the listing service owner agrees that broker may compensate any agent representing the buyer from the fee described above so remember on page one that second line there what are you going to pay the cooperating broker that's again it's backing it up here so again shall be animalist shall not be on the less if you don't understand shall not be don't do it give me a call let me explain it up I know it like the back of my hand but also check with your broker some brokers will not allow off MLS listings so you may want to check with them as well so again not a whole lot to say on that let's go in to section 14 and talk about the lock boxes section 14 talks about lockboxes and whether or not the buyer correction the seller is going to allow a lockbox to be on their property or not obviously most of the time if a property is in MLS we see or we will go to the property and we'll see a lockbox on the property it's rare that we have a property within MLS that does not have a lockbox but in certain occasions there that does occur but for the most part we see that the owner agrees we see that box checked owner agrees for an mls lockbox to be installed on the property to facilitate showing an inspection of the property owner acknowledges and agrees that neither broker nor brokers agents sub agents or anyone shown the property through MLS shall be responsible for any damage to or loss of personal property or to the Realty accept such damage or loss may be caused by negligence of such party on page four it goes on to say owner further acknowledges that broker more MLS is an insurer against the loss of personal property and agrees to release the broker and MLS from any responsibility therefore the way I take this is of somebody being a real estate agent that has access to the lockbox and allows them a buyer in or home inspector that has access to law books own appraiser there's any loss that the seller is going to not hold us as the listing agency or the MLS liable just because the fact that they allow the seller allow the lockbox to be on that property obviously we as the listing brokerage or you as a listing agent or the MLS has no idea whether someone's going to go in there and do a willful and wanton theft so therefore the idea is that the seller is going to hold the listing brokerage and the MLS not responsible for somebody else's actions that should clear it up if you have any questions give me a call send an email it's pretty self-explanatory let's go into section 15 section 15 talks about internet marketing as you know that when a property goes in the MLS list of or whatever program is being used all certain data feeds and Rex feeds and idx beats are getting information from the MLS which is being transferred to multiple hundreds and possibly even thousands of other websites so once a property goes in the MLS that property is going to be displayed on multiple other web sites the owner has the ability to say whether or not they want that to happen let's look at this in a little bit more detail this owner agrees or does not agree that the listing may be placed in electronic marketing mediums but not limited to the internet MLS and our net data exchange program rather similar online computer services and to share listing data including the property address with other members of the MLS for marketing and advertising purposes only owner further agrees to permit other real estate firms to belong to any listing service of which brokers remember to advertise the listing on the internet in accordance with a listing service rules and regulations this is what allows other brokerages that do not have the exclusive right to sell that's an agreement to advertise and market the property on their website through broker reciprocity now in today's society it's very difficult to market a property if somebody says no to internet marketing so most of the time we are going to see that the owner does agree to allow us to list a property on the internet but if you have one that says don't do it then don't do it you can't put it anywhere so just want to make that point really clear again not a whole lot to say about that but just be aware of it section 16 talks about other offers let's go there now section 16 other offers so it says owner understands at the brokers responsibility to present offers to purchase to the owner for owners consideration terminates at the closing of the subject property that's a pretty well self-explanatory statement there or expiration of this agreement whichever occurs first so you as a listing agent are not obligated to present offers if you've closed them the property Wow it doesn't take a rocket scientist to understand that particular statement but I had to bring it to you anyway because it's in the contract so obviously if the contract expires too you're not obligated to present the offer there either but it states it in the contract so there you have it other offers you don't have to present them if the property's closed or if it's expired section 17 marketing the property the brokers shall not continue to market the property after an offer has been accepted unless requested in writing by the owner to do so now I'm gonna give you my personal / professional opinion I somewhat disagree with this statement it says the broker shall not continue to market the property well as you know once the property goes to under contingency contract it the property stays on the MLS under contingency contract if it goes into pending the problem the property does come off websites and comes off the MLS it goes into a pending status it stays in MLS but under pending so it doesn't show on a lot of the other websites for example realtor.com Brazil oh listen my personal opinion my professional opinion is I would market a property until we are at the closing table documents are being signed and the property is fully closed you never know what can happen on that property until it is closed at the 11:00 and a 30-hour a property that's getting ready closed ken's stopped can be stopped from closing don't make the mistake of stopping marketing a property it is your responsibility listing agent to get that property sold so you need to continue to market that property continue to provide offers if you get them have back up office offers ready and willing for in case something happens again my personal opinion check with your broker on that however to me better to be safe than sorry let's go on to the next section section 18 talks about commission rates there that it says no control of commission rates or fees you should know as a listing agent that every company every brokerage every office basically has a policy that states with their commission is going to be that we as Realtors can't get together with other companies to establish a set fee in any given era area that is against the law we all know that if we are associated licensees and it just reiterates this to the sellers that we as listing companies we as listing agents we as listing brokers I don't care with your ABC Realty one two three Realty whatever it may be we cannot get together to control what we as agents charge it's completely and totally up to the listing brokerage of what is the seller is going to be charged the MLS doesn't control it and nobody controls it just be sure to get that across to your seller that there is no standard I don't like the word standard fee the fees are all different all shapes of life all walks of life all listing agreements are different make sure you get that point across I don't think I have to say anything else about that I think you're I think it's pretty well self-explanatory let's go on to section 19 section 19 talks about maintenance of the property and there are some things in here that I really want to point out especially if you are an agent that was pre January 1st 2016 agents in Greenville County or that used to go by the Greater Greenville Association of Realtors contract for sale because when the agreement to buy a cell came out and appliances and windows were removed from the repair procedure there was a little discontentment with with agents and with how we were handling their repair procedure in regard to appliances and windows so I wanted to bring a few things out that may help you and your listing agreements too to help you and to help sellers take care of things up front as well of what their obligations are so let's read it together under maintenance it says owner agrees to maintain the property including lon strawberry ground and grounds until the day of closing or possession whichever occurs first owner also warrants that all heating air conditioning electrical and plumbing systems as well as built-in appurtenant equipment or appliances shall be an operative condition on the day of closing or possession whichever occurs first unless otherwise agreed here n owner shall deliver the premises to the buyer with no listen broken panes broken window panes it says the owner will not sell the property with broken windows right near the listing agreement it says they won't sell a property with any torn or missing door screens or windows screens and with no missing or broken hardware lighting or plumbing fixtures so what happens we totally overlooked this particular paragraph when we're listing the property and the sellers don't do anything to the property but yet the agreement between you and them says that they're not going to sell a property like this that all these things should be taken care of before we list the property but yet we overlook this so let's be more cognizant and diligent as listing agents to point this out to our sellers to say hey mr. and mrs. seller there's a myth that a broken windowpane in the master bedroom or in the kitchen let's get that repaired that plumbing problem or the hardware here or the stove that's not working or this or this or you say that AC is not working properly let's get those things repaired before we sell the property because it says it right here in our listing agreement we want to put forth the best efforts so that these little things don't hold us up when we get a contract for sale the listing agreement is trying to do that for you go by what the document says and let's get the sellers to do these things upfront so that there's not a problem on the back end I hope that helps make sure you bring it to your sellers attention let's go on to number 20 agreement to sell number 20 the agreement to sell talking about the South Carolina or the contract for sale agreement between the buyer and seller it's just basically saving when the buyer is found for said property the property that you're listing the owner shall enter enter into a written sales agreement which will contain the terms and conditions of the sale customary provisions as to the examination of title the curing of any defects in the title the proration of taxes remember the seller is responsible from January 1st up until the date of sale and then at a closing date till the end of the year the buyer is responsible for rents and applicable property expenses so again not a whole lot here but it's just letting the seller know what front there's going to be another contracted agreement to buy and sell my personal opinion go ahead and provide the seller the contract for sale so they can begin looking it over maybe set up maybe even set up a time to go and speak with the seller about the contract so when they do get an offer presented that they've already seen it you've already explained it to them then all you have to do is go over the terms of the contract so you get things done in a timely and orderly fashion they've had time to look at it may buy time to understand everything and then all you're doing is talking about the terms of the contract it makes it so much easier for everybody just let them know an agreement to buy and sell hopefully is coming but remember before it says it's not guaranteed but let's let's try to get everything done as much up front as we possibly can let's go on to talk about number 21 lead-based paint and we for the most part we know about what's getting ready to come up on this one so let's talk about it section 21 the lead-based paint section I'm gonna put this up on this screen because I want to read this because I want to be very specific this is a federal document that we're talking about the lead based paint disclosure it's not some local bucket it's the federal document one thing that I tell everybody one of the rules of life that I live by I don't mess with two things I don't mess with nature and I don't mess with the federal government and so when it comes to the lead based paint disclosure this is a very important document that a lot of people don't think is really important but let's put this up on the screen and let's read it it says for dwellings built before 1978 I'm going to go on as on record and say as a broker if it's built in 1978 I still want to see a lead-based paint I don't care if it says 'before if it's built in 1978 or before I want to see all that base paint disclosure because lead-based paint was still in circulation out there in the market in 78 so for dwellings built before 1978 and as required by applicable law a disclosure of information on LED based paint and lead-based paint hazards the disclosure must be signed by the owner and attached to this Agreement which says it's going to go along with a listing agreement it's also going to be uploaded in the MLS it's a required document owner represents that either number one the improvements on the property were all constructed constructed after December 31st 1977 or the disclosure has been fully completed and is attached to this Agreement owner agrees to provide broker with any such information our reports as may come to the owners possession during the term of this Agreement owner acknowledges that broker has informed owner of the owners obligations to provide a buyer of the property with the pamphlet protect your family from lead in your home to provide information to a buyer the property with copies of all available records and reports with respect to the property and lead-based paint and lead based paint hazards all pursuant to 42 USC code for 582 amended that is a federal statute so why did I do that because it a federal law live by the philosophy don't mess with the government make sure this form is filled out it's signed by you as the listing agent it's signed by the buyer's agent it's signed by the seller it's signed by the buyer and its initial than all applicable places one thing I don't want to happen is I don't ever want to want myself or anybody that I work with or anybody that has our Realtors license to be set up on some federal court over this particular document don't do it take it serious it's federal let's go on to section 22 mediation section 22 talks about mediation mediation between the listing agent and the seller so if the seller feels that you as a listing agent or us as a listing brokerage has done something wrong that they will take this and try to settle any disputes through mediation a lot of times this can be done at the local level at the if you're a member of the greater Greenville Association of Realtors there's an ombudsman there and so they can submit that to mediate any problems sometimes though we have sellers that they're just gonna not do that and they're just going to contact an attorney for litigation hopefully we will avoid that at all cost but it does talk about going to mediation first under the dispute resolution system of the National Association of Realtors so we want to let them know that there they do have they being the sellers have a change so to speak that if we do something wrong that they can go through to mediate the problem I didn't want to point out at the last portion of this particular paragraph it says this mediation clause shall survive for a period of 120 days after the date of closing so property closes if the seller feels you've done something wrong they have up to 120 days to file a mediation claim against you so wanted to let you know about that let's talk about some of the reasons why they could mediate it says a couple lines down disputes shall include representations made by the owner or broker in connection with the services to which this agreement pertains including without limitation allegations of concealment misrepresentation negligence and/or fraud any agreements signed by the parties pursuant to the mediation conference shall be binding so there is a resolution dispute system by our National Association of Realtors it can be followed we just see the local Association first if it can't have be handle to the local Association it can go to the state if the state can't handle it and go to the national so just one of them no that's the provisions set forth here and for them and also for you as the listing agent hope that helps that's one of the next section section 23 fair housing we don't really have to spend a whole lot of time here this is extremely self-explanatory and if you are a member of Association Realtors and the National Association of Realtors you know how Fair Housing is taken federally and what you as an agent must do that you do not discriminate in any way shape or form on fair housing so it says owner and broker agree that this property is offered without regard to race color religion sex handicap familial status or national origin and is listed in full compliance with local state and federal housing laws if you're unfamiliar with the federal housing laws please do yourself a favor and familiarize yourself with them simple Google search will help you with that so just it says it in the contract be aware of it don't discriminate make sure that you are fulfilling your federal housing walls hope that helps twenty-four facsimile yes we are still using the word facsimile even though most people don't use facsimile anymore all this chapter or this section is saying in section 24 is that anything that is hand signed faxed digitally signed whatever signed okay it's still legal and binding the the days of having to have things signed in blue ink to be legal are now null and void if it's signed digitally or fax signed or whatever it's still illegal and binding so just be aware of that you don't need absolute original signatures on a document for things to be binding or communicated number 25 enforcement this is protection for us as the listening agents or the listing broker it says the parties agree that broker may need take action to enforce this agreement or collect any associated costs fees and damages owner agrees to reimburse or indemnify or pay all broker cost and enforcing this agreement or collecting cost fees and damages including any incidental expenses or attorneys fees so this is a legally binding document and you as a listing agent do have the authority to enforce it and that the seller may have to pay fees in order for you to enforce it so don't just think that it's worthless you do have some rights here and section 25 does help you enforce the rights of the contract section 26 talking about the sex offender / criminal information this particular section should look very familiar as well because it's also in the in the buyers agency agreement it says that the seller agrees that broker is not responsible for obtaining or disclosing information in the South Carolina sex offender registry and no course of action may be brought against the broker for failure to obtain or disclose sex offender or criminal information obviously if this is occurring in in a particular area this can affect a seller however the state in this document specifically says that we're not responsible for obtaining or disclosing in any way shape or form if the seller wants to get this when they go to put their house in the market we should advise them to contact our local county sheriff's office to get that information but we are not going to do it we're not going to obtain it we're not going to disclose it because that's what this document says it goes on to say the seller agrees they have the sole responsibility to obtain their own sex offender deaths psychological stigma clandestine laboratory and crime information from sources for example law enforcement the seller may obtain information about the sex offender registry in persons registered with the registry by contacting the local county sheriff or other appropriate law enforcement officials so again leave it to the seller to do this if that's important to them which it's important to a lot of people so that leave it to the seller to do it don't do it yourself you're not responsible for it as a matter of fact stay clear from it my professional opinion section 27 talks about terms and conditions and it's blank obviously they're just blank lines there so if you need to write anything in the agreement that is related to your listing agreement for example let's let's maybe you're going to do a an agreement that if you sell the property under dual agency that your commission may be adjusted and that's going to go in MLS regarding a variable rate Commission you may want to write that day or if you choose to do so and any other conditions that you may think about I mean things come up all the time that some people just want this to be as a term or condition of the contracts you could write that in there this form allows you to do so not a whole lot to say about that obviously it's blank like use your own imagination with what can be written in there on the rest of page five you see this large bolded paragraph there that simply says the undersigned hereby warrant that they own the property and or they have the authority to execute this agreement this is a legally binding agreement owner shall seek further assistance if the contents are not understood owner acknowledges receipt of a copy of this agreement look here and a copy of the South Carolina disclosure of real estate brokerage relationships form again reiterating what's on page one owner agrees to receive communications from the broker at the email address phone number and fax number listed below then it goes on and it says the owners signature date/time email phone fax there's a witness line there that I as a broker don't need but the line is there if you wanted to do that in the witness date and time so have both sellers or how my over many sellers sign the document but I also wanted to bring forth to your interpretation under understanding that if you are a greater Greenville Association of real to remember or another member of another gramma less make sure you know the rules of entering the property into the MLS and the timeframe therein after this document is signed and in the greater Greenville Association of Realtors as of right now today's day there is a 48-hour time frame that once this document is signed by the seller it needs to be in the Multiple Listing Service no questions asked if you are not going to list the property in the Multiple Listing Service within that 48 hour time frame you need to either input the property as temporarily off the market or you need to discuss with your seller and possibly your broker about the possibility of signing the listing agreement to be a non MLS or MLS exempt listing until the time you can get it into MLS don't want to go into a whole lot about that there but if that ever comes up and you cannot get this property in to the MLS within a 48 hour time frame please talk to your broker talk to your seller and there's other options and opportunities that you can do and take and actions that you can take to help the seller and this time frame and they also can help you to make sure that you're sticking with the rules and regulations of the MLS okay you cannot put in stipulations proper to be property to be in the MLS within so many days of listing or or signature you can't do that you can't override the MLS once they sign on this document you have 48 hours from the time of signature so make sure that you follow the rules accordingly underneath the seller signatures you have the owners mailing address if it's not the same as the the property that's being listed and then you have the real estate firm that's listing and that's self-explanatory the number and then whoever's listing the the listing agent to sign date and time as well just want to make mention that at the bottom of each page other than page five there are initials to be initialed by the seller and also by the broker or associated licensee that's doing the listing please make sure that those get initialed on every page as well just so you have a fully executed contract let me go back and say this that there's any blank lines remember that's a pet peeve of mine I don't like blank lines use n/a whenever possible check with your broker on how they want to handle that and if there's anything that I have said that's not an exact of the the what you think that this says please please make sure that you check your broker and charge or the South Carolina Association of Realtors again I'm not an attorney I am interpreting this contract the way that I Mathew thrift interpret the contract and through discussion and experience with the South Carolina Association of Realtors legal team but because I'm not an attorney I cannot interpret this contract by law because if this ever went into a court of law I am NOT a an expert witness so to speak on this particular document I did not write it so therefore speak with an attorney speak with your broker speak with the software and Association of Realtors if you feel that I've said anything wrong or that's contrary to what the document says remember my disclaimer I try to do everything and say and teach everything appropriately try not to dissuade or persuade anybody to do something that's not in accordance with what this document says okay not an attorney real estate broker putting it together this video to help each and every real estate agent out there with the listing agreement form 220 as put out by form by the South Carolina Association of Realtors I hope it helps until the next video take care have a great rest of your day and look forward to meeting you around the real estate corner soon bye bye