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Timely Ordering Of Real Estate Title Report Is A Requirement
By: James L. Goldsmith, Esquire The last major change to the Standard Agreement of Sale for Real Estate (ASR) added the requirement that the buyer order a title report within so many days of execution of the agreement. The reaction to this change was all over the place, but most folks were calm. So the question is, nearly a year later, how is this working? I am advised that in many transactions reports are not...
Real Estate Transaction Dual Agency and the Escalation Clause
By: James L. Goldsmith, Esquire A broker recently called seeking an answer to what he thought was a dilemma created by an in-house transaction in which he was working with the seller and one of his sales agents with the buyer. Yes, that would be dual agency. Not only would this be dual agency, it would be dual agency without designated agency. (NOTE:  This is not the focus of the article and I don’t want...
Real Estate Seller Disclosure Law
A Checklist of Issues that a Listing Agent Should Review with Their Seller By: James L. Goldsmith, Esquire The disclosure of a home’s material defects didn’t begin with passage of the Real Estate Seller Disclosure Law (“RESDL”).  Pennsylvania common law has long required that sellers disclose latent and material defects.  The problem, prior to the use of the mandatory form required the RESDL was that sellers often overlooked problems.  In the old days we elicited...
Deadline Dates and Times Can Impact Real Estate Deals
Does anybody really care what time it is? By: James L. Goldsmith, Esquire You don’t need to be reminded how time-sensitive the business of real estate can be. Timing is not always everything, but it is critical in the executory period that exists between signing an agreement and settlement. A good practitioner should never lose sight of the timing of events, the periods within which tasks must be completed and even the timing of settlement....
Independent Contractor Agreement
By: James L. Goldsmith, Esquire Real estate licensees can be transient.  When a sales associate moves on, the broker will likely take one of three paths: 1) congratulate and thank the associate and release her listings and buyer agency contracts; 2) go berserk and escort the associate to the door; or 3) take a path somewhere in between.   In general, I am inclined to believe that moves are to be expected and that sales associates...
Referral Fee Real Estate – Legal or Illegal?
The answer is simple: it depends “It depends” is the right answer to most questions. Here the question is whether it is legal to give thank you gifts to people who refer buyers and sellers to real estate licensees. The reason I can’t give a straight answer to this simple question is because it lacks the details that accompany real life situations. If a salesperson announces that she is offering a $100 gift card to...
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