An individual who has submitted an application for tenancy has a service dog or comfort animal. Can the Landlord turn down tenant if the Landlord has a “No Pets” policy? Can the Landlord charge a pet deposit? When does the agent have to disclose that a prospective tenant has a service animal? May 3, 2017By Cindy Sellers Ethics, Transactions Involving Condos 0 Comment Read More »
Does a licensed real estate professional become a foreclosure consultant when a past client, who is a homeowner in default or foreclosure, contacts the agent and asks for assistance in contacting the current mortgage lender or refinancing the property if it is in default or foreclosure, even if the licensee is not paid for this service? May 3, 2017By Cindy Sellers Distressed Properties 0 Comment Read More »
Is a licensed real estate agent, who represents a buyer under a buyer agency agreement considered a foreclosure consultant if he contacts, on behalf of his buyer-client, an unrepresented homeowner in default who has his property advertised in the local paper (i.e., a “for sale by owner” situation)? May 3, 2017By Cindy Sellers Distressed Properties 0 Comment Read More »
I would like to prepare a BPO for a bank. What do I need to know? Is it legal for a Maryland real estate licensee to prepare a Broker Price Opinion for a fee? If so, must I include the Competitive Market Analysis disclosure? May a salesperson or associate broker receive payment for a BPO directly from the person requesting it? May 3, 2017By Cindy Sellers Distressed Properties 0 Comment Read More »
I know that there have been a lot of laws passed regarding the rights of tenants after a foreclosure. I also understand that I cannot provide legal advice to my clients; however, I would like to have a basic understanding of the rights of a purchaser at a foreclosure sale and the rights of tenants occupying the foreclosed upon property. May 3, 2017By Cindy Sellers Distressed Properties 0 Comment Read More »
In the Maryland Homeowners Association Act (HOA) (Title 11B, Section 106 (f)), it states that “the provisions of subsections (a), (b), (d), and (e) of this section do not apply to the sale of a lot in an action to foreclose a mortgage or deed of trust.” I assume this means that if a bank institutes foreclosure proceedings, no HOA disclosure requirement is enforced. But does that also apply to a bank-owned property that the bank is selling as a result of acquiring the property in foreclosure? Is the bank exempt from providing HOA docs to the potential purchaser and that the 5-day right of rescission does not apply? May 3, 2017By Cindy Sellers Distressed Properties 0 Comment Read More »
I list REO properties. In many cases, I am contacted after the foreclosure sale, but before the sale is approved (ratified) by the court. Other times, I am informed that the seller has a deed, which is unrecorded. In this case, the tax records indicate the former owner is still the owner of record. This situation is very confusing to listing agents as well as buyers and buyer’s agents. What is my obligation concerning disclosure of the status of the title of an REO listing? May 3, 2017By Cindy Sellers Distressed Properties 0 Comment Read More »
A licensed Illinois real estate broker has developed an interactive website that generates buyer and seller leads. The company enters into a referral agreement with a licensed broker in Maryland to participate in the program. Upon a closing the company collects a referral fee paid from the Maryland broker to the Illinois broker per the referral agreement. The Illinois broker is not licensed in Maryland, are there any restrictions regarding payment of the referral fee from the Maryland broker to the Illinois broker? May 3, 2017By Cindy Sellers Commission 0 Comment Read More »
I am a listing agent involved in a short sale transaction. The lender has requested that I reduce my commission. The selling broker will not agree to accept less than what was advertised in MRIS. I included a comment in the remarks section that the commission was subject to lender approval. What happens if the selling broker refuses to take a commission that is less than what the listing broker offered in MRIS? Also, is it true that Fannie Mae servicers cannot condition the approval and closing of short sales on the willingness of the listing firm to alter its fee arrangement with the borrower as long as the total commission does not exceed 6%? Does this mean the mortgage company has to pay the fee if it’s less then 6%? May 3, 2017By Cindy Sellers Commission, Ethics 0 Comment Read More »
An agent was affiliated with my company. She left the company before a transaction that she had been working on closed. I paid her compensation but it was not the compensation she would have received had she remained with the firm. Is there a law or regulation that obligates me to pay a full commission under these circumstances? May 3, 2017By Cindy Sellers Commission, Ethics 0 Comment Read More »
The buyer submitted an offer to purchase a property. The seller's counter-offer included a slightly lower price and a reduction to the amount of requested closing cost assistance. The seller also sought a reduction in the commission to be paid to the buyer's broker. Does the seller have the authority to reduce the commission as offered in the multiple listing service by the listing broker? May 3, 2017By Cindy Sellers Commission 0 Comment Read More »
I am the broker of record for a small real estate firm and the only individual who is licensed with me is my wife. Under Maryland agency law, are my wife and I permitted to act as Intra-Company agents under dual agency in the sale of our company’s listings? How many people does it take to provide dual agency? May 3, 2017By Cindy Sellers Agency 0 Comment Read More »
May a broker pay a referral fee to a builder for seller and buyer referrals? May a broker pay a referral fee to a builder for seller and buyer referrals? If so, what is the recommended method and timing for disclosure? Is the referral fee required to be shown on the Closing Disclosure and Settlement Statement? April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »
May a licensee accept compensation from a Home Warranty Company without violating RESPA? May a licensee accept compensation from a Home Warranty Company without violating RESPA? April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »
May a broker charge an Administrative or Flat Fee or does that violate RESPA? May a broker charge an Administrative or Flat Fee or does that violate RESPA? April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »
If a tenant and landlord agree that the tenant is to pay rent in advance, is that a violation of the law limiting the amount of security deposit to two months' rent? If a tenant and landlord agree that the tenant is to pay rent in advance, is that a violation of the law limiting the amount of security deposit to two months' rent? April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »
Potential Liability Where Tenant has a Pit Bull Potential Liability Where Tenant has a Pit Bull April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »
Interest Rate for Security Deposits Interest Rate for Security Deposits April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »
Is there a limit on how much a condominium association or homeowner’s association may charge for the resale package? Is there a limit on how much a condominium association or homeowner’s association may charge for the resale package? April 26, 2017By Cindy Sellers Transactions Involving Condos 0 Comment Read More »