Jameson Stone, legal counsel for the Greater Harrisburg Association of REALTORS®, provides a legal column to our membership.
Two new laws have recently been enacted that may affect businesses in Pennsylvania, including limited liability companies and real estate holding companies. The laws are directed at compelling disclosure of the current ownership interests in a business. More importantly, both carry significant penalties for non-compliance. Report to FinCEN: In 2021, Congress passed the Corporate Transparency Act (CTA)…
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In a previous article, I discussed much of the inspection process including timeliness, renegotiating the agreement as a result of inspection findings, who should repair and use of the Reply to Inspections/Reports or Written Corrective Proposal. This article picks up with a discussion of advanced and/or interesting issues that pertain to inspections. Can you prevent a buyer from using any particular inspector(s)? …
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Here are two situations for your consideration. The first involves a home inspection that was compromised because the natural gas service to the property was off. The heating system, hot water heater, range and anything reliant on gas could not be properly inspected. The buyer agent notified the listing agent of the problem, and since there were few days left in the inspection period…
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Every now and again I like to see who’s reading these missives. Answer this quiz and if you are correct it is because: a) you read the article where I addressed this…what I’m hoping for, b) you’re smart…also good, or c) you looked on the paper of the quiz-taker beside you. No, this is not the quiz…
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This is not my first article on the subject. Many calls later, including a recent one, suggests the need for a revisit. The recent caller is a seller’s agent whose client, a flipper, had listed a handful of properties with her. Shortly after settlement on one of these properties she got a call from a ‘fired-up’ buyer agent…
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So everyone is familiar with the Real Estate Seller’s Disclosure Law (“RESDL”), right? I’d agree that most are, except when it comes to exceptions! And the exception that seems to cause most confusion is that applies to decedent’s estates. The law makes clear that a transfer by a fiduciary in the course of the administration of the decedent’s estate need not provide a real estate seller disclosure form…
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This article, and the situation that inspired it, is didactic in two categories. It considers how to describe the subject property in an agreement of sale; it also explores whether imposing one’s practice standards on cooperating agents is a wise and lawful practice. The situation arises from the demand of a seller agent that all offers include a copy of the last recorded deed in its entirety…
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I’m sure many of you found your eyes drawn to a news article about a buyer agent who cut short a showing when she discovered an unresponsive and naked elderly man on the floor. The salesperson initially believed the man might be dead but he grunted when she asked whether he was okay. She later said that she did not want him awakening with her standing over him!
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I thought “confounding” would sound a tad more generous than “confusing”, however one definition says “confounding is to throw into confusion.” So much for my generosity. I believe that confusion or whatever you care to call it, especially in a form, can be eliminated by careful study and reading (and rereading and rereading). Trust me, you can learn how to use this form effectively though it may not be as intuitive as other forms…
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At one time what we now call “wholesaling” was performed by those who did not hold real estate licenses and who, for the most part, advertised on telephone poles: “We buy houses in any condition.” I concluded that the practice was an end of run around licensing requirements by those who were happy enough to take advantage of home sellers who were afraid of fees…
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