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This is for informational
purposes only!
IT'S THE LAW... (PA)
After November 25, 1999, real estate sales/leasing professionals
(licensees) in Pennsylvania will be required to disclose to consumers of real estate who
they represent the following...
This new "Agency" disclosure notice helps consumers by
clarifying up front and in writing who works for whom in a real estate transaction and
letting consumers know what options are available. Pennsylvania joins 47 other states in
clarifying agency relationships between consumers and real estate practitioners.
The new law is beneficial in that it requires clear and timely disclosure
in the form of a written notice that a consumer is to receive at the initial contact. This
notice will enable buyers, sellers, lessors and lessees to make informed decisions.
Under the new law, all licensed real estate sales/leasing professionals
(licensees) may serve consumers in the following relationships:
Seller Agency - in this relationship, the licensee
works only for the seller, owing the seller client loyalty, confidentiality and a good
faith effort to find a buyer of the property.
Buyer Agency - in this relationship, the licensee works
only for the buyer, owning the buyer client loyalty, confidentiality and a good faith
effort to find a property for the buyer.
Dual Agency - in this relationship, the licensee acts
as the agent for both the seller and the buyer in the same transaction, with the consent
of all parties. Real estate companies have buyer and seller clients; it is not always
possible to predict when a buyer client will choose to buy a property from a seller
client. While this may put the agent in the middle, it does assure that sellers have the
greatest exposure for their properties and that buyers can make selections from the entire
market. A dual agent must provide services fairly without promoting either party's
interests over the other.
Designated Agency - created for the in-house
transaction where both buyer and seller are represented by individual agents in the same
company. It allows the agent selected by the buyer to continue representing the buyer's
interest while the agent selected by the seller continues to represent the seller's
interests. This allows the consumers to retain services they sought when choosing real
estate agents to advocate for them.
Transaction licensee - in this relationship, the
licensee provides communication or document preparation services, or similar real estate
related services without being an agent or advocate for either the seller or the buyer. A
transaction licensee could not disclose the fact that the seller will accept a price less
than the asking price, or any other information deemed confidential by the consumer.
IF YOU ARE A CONSUMER SEEKING REAL ESTATE SERVICES, WHAT DOES THIS
MEAN TO YOU? FIRST, YOU CAN EXPECT TO SIGN THE CONSUMER NOTICE FORM, WHICH OUTLINES YOUR
OPTIONS FOR REPRESENTATION. IN REQUESTING THE SIGNED FORM, LICENSED REAL ESTATE
PROFESSIONALS ARE DOING THEIR JOB AND FULFILLING THE REQUIREMENTS OF THE LAW. EVEN IF YOU
ARE ATTENDING OPEN HOUSES, YOU WILL BE ASKED TO SIGN THE FORM.
THE FORM IS NOT A CONTRACT AND DOES NOT COMMIT THE CONSUMER TO ANY
RELATIONSHIP. ONCE YOU SELECT THE RELATIONSHIP YOU NEED OR DESIRE, YOU WILL SIGN ANOTHER
FORM INDICATING YOUR PERMISSION FOR SUCH A RELATIONSHIP AND THE DUTIES OWED TO YOU.
Consumers can direct questions to their real estate agent. More
information is also available on PAR's Web Site: www.parealtor.org
The Pennsylvania Association of REALTORS® (PAR) supported the
Agency Disclosure Bill, which passed unanimously in both the Pennsylvania House and Senate
before becoming a law. PAR is a 26,000-member professional association serving the
Pennsylvania real estate industry. Members of the REALTOR® organization at the local,
state and national levels are privileged to use the REALTOR® designation, which
distinguishes them from non-member brokers and salespersons and indicates that they
subscribe to a strict Code of Ethics.
CLICK HERE FOR THE
CONSUMER NOTICE THAT WILL BE REQUIRED TO SIGN WHEN BUYING, SELLING,
RENTING OR LEASING.
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NEW ALLEGHENY
ASSESSMENTS!! |
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Don't be left holding the bag! With
the Court ordered re-assessment, many homeowners are going
to be in SHOCK when they receive their value
from the County. While Allegheny County is re-assessing the
550,000 some odd properties, the comparable sales they are
using are older sales. This means, that although many of our
local neighborhoods have begun to drop in value just
recently, the value the County will be putting on your
property may very well not reflect this drop.
As a property owner, you have the right to
appeal current value according to recent Court Rulings
if the value of your property has decreased from the time of
assessment. Additionally, certain types of properties have
inaccurate data which the taxing bodies use in their favor
to raise your assessment.
DON'T LET THIS HAPPEN TO YOU!
For more information on how to be
pro-active and to defend yourself, you can call us for a
free consultation at
412-831-1500
More
info... |
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WARNING! |
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HVCC & YOU! On May 1, 2009 the HVCC was initiated
throughout the Country on every mortgage transaction that
involves an appraisal that is sold to Fannie Mae and Freddie
Mac. This involves all conventional loans which prior to the
present meltdown was approximately 70% of all lending. With
the banking system crippled, conventional loans seized up
and nearly came to a halt. Presently, the conventional
mortgage market is still trying to get back on its feet
albeit very slowly and cautiously. Then there is the HVCC.
The HVCC came about due to pressure put on an appraisal
management company called eAppraiseIT by a large mortgage
lender Washington Mutual in the State of New York. The
Attorney General of New York created the HVCC. To stay out
of litigation (even though not directly involved), the
appellant in the case (The State of New York) arranged to
have Fannie Mae (FNMA) sign an agreement that all loans
placed through FNMA & Freddie Mac would have to adhere to
this new HVCC.
“We knew this was causing extreme hardship to the industry,
but we didn’t expect to get thousands of horror stories from
would-be homebuyers whose dreams have been dashed by this
well-intended, but misguided policy. Every day thousands of
people are getting the rug yanked out from under them in
their quest to become homeowners because of HVCC. You only
need to go to our petition website to read the stories for
yourself,” said Kearns. READ MORE... |
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