Attorney Connie
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Chad, do you think, in your opinion, the NAR lawsuit will affect homebuyers and sellers? Will it affect real estate agents in general?
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Great topic Chad Burns @chadbush . This NAR lawsuit and new rules is the talk of town. Nobody or better, yet, everyone seems to have their own opinion and interpresentation of the NAR lawsuit ruling and what is in compliance and what is not. So confusing. From my interpretation, the following is what I perceive it as and please correct me if I am wrong:
The National Association of REALTORS® (NAR) recently reached a settlement introducing new rules for homebuyers to make the process more transparent. The changes take on concerns regarding commissions, agent responsibilities, and how buyers navigate the market. Here’s what you need to know and how it could impact you:
Commissions become more transparent.
What’s different: Under the settlement, real estate commissions must be disclosed in a way that is more transparent to homebuyers. This means buyers will better understand how much their agent makes and what portion of the commission goes to the buyer’s agent versus the seller’s.
How it affects buyers: Homebuyers can now see upfront information about different commission structures, which allows them to make smarter decisions. More transparency might also prompt additional negotiation around commission rates, ultimately saving money.
Agent’s duties are clearer.
What’s different: The new guidelines require agents to communicate with clients clearly and without ambiguity about what services they’re providing and at what cost. Agents should also provide an explicit explanation of their role.
How it affects buyers: When agents talk straight, homebuyers know exactly what they’re getting from whom. This can help avoid misunderstandings or conflicts when only some are on the same page! It also ensures buyers are fully informed about payment expectations and desired level-of-service delivery standards.
Buyer representation agreement tweaks possible
What’s different: The settlement, among other things, could change the structure of buyer representation agreements, which have traditionally taken handling commissions. This creates an opportunity for purchasers to negotiate if they want some portion paid sooner rather than later, among other options available under these revised arrangements.
How it affects buyers: Broadening flexibility within such types of contracts would enable consumers looking forward to purchasing homes to save money. This is done by reducing the costs associated with buying houses while still guaranteeing satisfaction derived from working with agents based on an individual’s financial capabilities.
More consumer education is required.
What’s different: The agreement highlights the need to educate buyers about purchasing real estate—especially financial matters. Expect NAR and its members to ramp up efforts to provide educational resources and tools.
How it affects buyers: With more information at their disposal, people planning on buying properties will be empowered with knowledge throughout the process, making them better equipped to make informed decisions regarding cost implications vis-à-vis benefits accrued from such investments, taking cognizance of risks involved, too!
The market could change.
What’s different: As brokerages and agents adjust to these fresh guidelines, there might be a shake-up in how they operate within the industry. This includes reduced commission rates offered by realtors competing against each other for clients’ attention or going above board in service delivery so as not to lose relevance among their peers, hence charging lower fees than competitors altogether.
How it affects buyers: Home seekers may pay less due to increased competitiveness between sellers. One must stay alert because some individuals might try to pass through hidden charges elsewhere. The constant vigilance can do this during transactions
The NAR’s recent agreement will make buying a house more transparent and easier by clarifying commission structures and agent duties. As the buyer, these changes can give you more power to negotiate with sellers and know what exactly you are paying for. It is necessary to stay updated about these changes while dealing with a real estate professional so that everything goes smoothly when purchasing a home.
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I appreciate your inquiry. This is a complicated problem involving estate planning and property law. If I may summarize what you have told me, here are some things to think about:
Joint Ownership: It matters what kind of joint ownership the house has with your brother and his ex-wife.
- Joint Tenancy with Rights of Survivorship—In this case, the surviving owner (usually the wife) takes over the whole thing automatically.
- Tenancy in Common – Your brother’s portion might pass to his children or other heirs here.
Divorce Agreement: The divorce settlement might include instructions on how properties will be handled if one party dies before another does.
Will or Estate Plan: If he has one, it’ll say who gets his share of that place.
State Laws: You didn’t mention where this happened. We need more details. Different states have different rules on inheritance rights and properties in their territories. Outside those owned by residents thereof, they shall be governed exclusively according to the law unless otherwise provided from now on after subsequent acts heretofore until recently.
Unless deemed necessary under current practice, albeit against public policy notwithstanding, any such provisions remain invalid. Remains invalid until always repealed except as authorized pursuant hereunto. Therefore, otherwise made known at present while still valid during future legislation without prejudice as to any existing laws enacted prior here forthwith upon ratification notwithstanding the fact.
Mortgage Responsibility: Just because kids inherit part doesn’t mean they don’t owe a mortgage, too!
Deed Details Matter: How a deed is written can change ownership rights quite a bit sometimes, so watch out for those words people use when signing stuff like this.
Please let me know if there is anything else you would like to know about estate planning or property ownership.
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The duties of a mortgage underwriter at a mortgage lender: The mortgage underwriter is an important part of the approval process. The main role of the mortgage underwriter is to assess the risk of lending money to borrowers. The underwriter is the person who determines whether the loan applicant meets the lender’s loan criteria. The underwriter acts as a gatekeeper between the application for credit and its acceptance or rejection.
What does a Mortgage Underwriter do? Commonly, mortgages are utilized by people who want to buy homes but need more time to afford them. A mortgage underwriter, therefore, plays an important role in approving these applications. Here is what mortgage underwriters do:
Review Credit Reports: A mortgage underwriter may review someone’s payment history, credit scores, or outstanding debts, among other things, to help measure their ability to handle debt well.
Go Over Financial Records: The mortgage underwriter will review income tax returns, bank statements, employment history, and income statements. An underwriter must check all these to verify whether one has enough stable earnings to repay loans.
Collateral Assessment: The mortgage underwriter determines the purchase property’s worthiness. The value of the subject property must be confirmed. Lenders will order the home appraisal on behalf of the borrower. The value of the appraisal needs to be at least the value of the purchase price. The home appraisal reports are based on comparable sales. Before awarding any given sum as a loan, the mortgage underwriter will analyze the appraisal report by reviewing its value-required amounts according to lenders’ guidelines.
Debt-to-Income Ratio (DTI) Analysis: The mortgage underwriter determines the borrower’s debt-to-income ratio. The underwriter determines the borrower’s ability to repay the mortgage loan. The ability to repay the mortgage is determined by analyzing what percentage of each month’s gross salary should go towards paying off debts when added to the proposed monthly house payment. It helps tell whether somebody will manage.
Compliance with Lending Guidelines: A loan officer ensures that applications conform to institutional and government regulations of HUD, VA, USDA, Fannie Mae, or Freddie Mac.
Risk Identification: All potential risks associated with lending are identified. Risk is analyzed to determine whether it can be avoided altogether or mitigated during execution. LargeLarge deposits without clear sources, inconsistent income streams, evidenced job gaps, and other layered risks will be considered in processing and underwriting the file will be considered in processing and underwriting the file
Conditional Approval/Denial Issuance: The borrower might receive conditional approval, meaning they still need to provide more documentation or clarify certain issues. Or it could just be outright rejection.
What Does A Mortgage Underwriter Do Exactly?
Here are some of the specific tasks performed by mortgage underwriters:
Initial Review: They review application forms and supporting documents to ensure everything is filled correctly before proceeding further with the evaluation process.
Use of Automated Systems: Fannie Mae’s Desktop Underwriter and Freddie Mac’s Loan Product Advisor are just two examples of many other automated underwriting systems available on the market. These systems assist during preliminary stages when large volumes have been received for consideration within limited timeframes.
Manual Underwriting: When loans fail to fit into standard criteria or any of the automated systems mentioned above, manual underwriting becomes necessary, requiring more detailed scrutiny of individual borrower files.
Decision Making: This is where final decisions about approvals, denials, or conditional approvals should be made after carefully analyzing all relevant information provided, including credit reports, financial records, etcetera.
Communication: It involves frequent communication between loan officers and borrowers, as well as other parties involved in the transaction, such as real estate agents, appraisers, attorneys, etc.
How Long Does It Take For The Underwriter To Clear To Close (CTC)? The duration varies from one case to another. Still, it can take anywhere from a few days to several weeks. The following gives a breakdown.
Initial Underwriting Review: This typically takes 2-5 business days. The review includes the initial application, submitted documents, and verification results.
Conditional Approval: If an underwriter gives conditional approval, they require more time to collect and verify the necessary documents. Depending on how fast the borrower and other participants can submit the required information, this usually takes a few days to a week.
Final Underwriting Review: Once all conditions have been satisfied, the underwriter will do one last review before signing off. This process normally takes 1-2 business days.
Clear to Close (CTC): The mortgage loan underwriter who approves the borrower issues a clear-to-close when they have no further objections or concerns about the transaction. A clear-to-close means that the mortgage underwriter has given their final approval for the mortgage loan application on behalf of the lender.
In summary, the time from initial review to receiving CTC could range from one week to three weeks at maximum, depending on the complexity of loan factors and the responsiveness of the involved parties.
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Starting a vegetable garden as a beginner, especially in small urban spaces, is a great way to offset rising food costs and enjoy fresh produce. Here’s how you can do it step by step:
Choose your location:
- Find an area that gets at least 6 hours of direct sunlight daily.
- Make sure it is close to a water source.
- Consider raised beds or container gardening if space is limited.
Plan your garden:
- Measure the available space.
- Decide between raised beds, in-ground planting, or containers.
- Sketch out a basic layout.
- Select your vegetables.
For beginners with limited space, try:
- Tomatoes (cherry tomatoes are great for small spaces).
- Lettuce and other leafy greens.
- Herbs (basil, cilantro, parsley).
- Green beans.
- Peppers.
- Radishes.
- Zucchini (if you have a little more room).
Prepare the soil:
- Remove grass and weeds.
- Loosen the soil about 12 inches deep.
- Mix in compost or well-rotted manure to improve soil quality.
Build raised beds (if chosen):
- Use untreated wood, bricks, or concrete blocks.
- Make beds around 4 feet wide to reach the center from either side easily.
- Fill with a mixture of topsoil and compost.
Plant your vegetables:
- Follow spacing guidelines on seed packets or plant labels.
- Put taller vegetables towards the back and shorter ones in front for maximum sun exposure.
- Consider companion planting to maximize space and deter pests.
Water regularly:
- Keep soil consistently moist but not soggy.
- Water deeply and less frequently to encourage deep-root growth.
Maintain your garden:
- Weed regularly.
- Monitor for pests and diseases.
- Add support (stakes, cages) for climbing plants like tomatoes.
Harvest and enjoy:
- Pick vegetables when ripe to encourage continuous production.
- Harvest leafy greens from the outside, allowing the center to keep growing.
Extra tips:
- Start small and expand later.
- Use vertical gardening methods to save space.
- Try succession planting for longer harvests.
- Find out about your local growing season and plan accordingly.
- Remember that gardening is a process.
- Don’t get discouraged if things don’t work out perfectly the first time.
- Each season brings new knowledge and understanding.
I won’t comment on political matters, but I agree about inflation and food prices. Starting a garden can be a great way to counteract rising costs while giving you access to fresh, healthy produce. It’s also an enjoyable hobby for people to connect with their food and environment.
Attached is an informative video about starting a vegetable garden for beginners.
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The term “COs” can refer to different things, depending on the context. In real estate and mortgage matters, “CO” usually means Certificate of Occupancy.
What is a Certificate of Occupancy (CO)?
A Certificate of Occupancy (CO) is an official document issued by a local government agency or a building department confirming that a property or building has complied with all the relevant building codes and regulations and is safe to be inhabited. It should be obtained before anyone can legally live in or use any property.
When is a CO Required?
New Construction: A CO must be given before someone moves into newly built homes or commercial buildings.
Major Renovations: If a property has undergone considerable modifications, another CO might need to be issued.
Property Sale or Lease: Sometimes, when selling or leasing out properties, one may be required to obtain COs to ensure conformity with code requirements by structures used for such purposes.
How Do You Get One?
Inspection: The facility must pass various safety inspections conducted by local government officials who check if everything complies with existing laws on construction site safety standards, among others. This step also ensures that public welfare protection measures are strictly followed before issuing certificates authorizing usage for human habitation. Residential house inspections should include checking whether there are adequate fire exits. Commercial buildings’ assessments could involve verifying the presence/absence of proper ventilation systems within these premises, etcetera. More needs to be done here on Grammarly. But I am rushing. Sorry, folks, I got carried away.
Application: The owner of the building or their contractor submits the necessary paperwork. Included are the plans drawn up according to applicable regulations. Together with application forms filled out correctly and required fees paid at corresponding offices dealing mainly with those related activities that fall under jurisdictional control areas. Construction such as city halls, etcetera, needs more. I am rushing. Sorry, folks, I got carried away.
Approval: After successful completion of all inspections without any reservations expressed by inspectors during various stages, followed closely by making necessary corrections until no further objections are raised against granting such permission. Then, this should be done promptly after receiving word from relevant authorities indicating satisfaction levels attained hitherto. Regarding fulfillment, I assure them everything is okay according to plan before issuing certificates allowing people to live there legally, but I am rushing. Sorry folks, I got carried away.
Why Is It Important?
Legality: Failure to obtain COs may attract fines or even lead to court processes being initiated against offenders.
Safety: Having COs in place ensures that buildings are constructed for specific purposes only, hence meeting required standards that promote general welfare within communities; additionally, they also serve as indicators of whether structures are fit enough for human habitation or not based on their compliance with relevant laws enacted by governments at different levels across nations globally more needs doing here. But I am rushing. Sorry, folks, I got carried away.
Transactions: In most cases, when buying, selling, leasing, etc., one has to produce these permits. Without them, no bank can finance mortgage acquisition deals between seller-buyer, lessee, and lessor, respectively
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To enable her to run Google Ads, Vanessa must verify her Google My Business page. Here’s how she can do that:
If she hasn’t already done so, claim her Google My Business listing:
- Go to google.com/business.
- Log in using the Google account associated with the business.
- Look for the name and address of the business.
- Follow the instructions provided to claim your listing or create a new one.
Fill in all of the required fields:
- Business name, address, phone number.
- Category of business.
- URL for the website.
- Business hours.
- Add pictures of the business.
Choose a verification method:
Postcard: Google will mail a verification code to the business address through USPS.
Phone: Receive an automated call or text message with a verification code.
Email: Get a verification code via email (if eligible)
Instant verification: Available for some businesses already verified with Google Search Console.
Finish verifying her page:
- Enter the received verification code using the chosen method.
- This may take several days, especially when using the postcard option.
Once it has been verified:
- The Google My Business page should become fully active.
- A ‘verified’ badge will show on Vanessa’s listing.
- Vanessa should be able to run Google Ads through this verified account.
If there are still problems after verifying:
Reach out for help from within Google Ads support.
Check if the Google Ads account is properly linked against the verified Google My Business listing.
By following these steps, Vanessa can verify her Google My Business page and run ads on Google for her law firm. If any issues arise during these processes, it might be best if she talks with someone who works in digital marketing and knows about Google’s legal business platforms.
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When a buyer uses an FHA or VA loan to finance the purchase, they typically include provisions called the FHA Amendatory Clause and VA Amendatory Clause in their real estate purchase contracts. These clauses have different requirements and implications even though they serve similar purposes.
FHA Amendatory Clause
Purpose:
The buyer is not required to buy the property if it appraises for less than the agreed-upon sale price.
Key Features of AMENDATORY CLAUSE on FHA and VA Loans:
Buyer Protection: The buyer cannot be forced to purchase the house if its appraised value is lower than the selling price.
Refund of Earnest Money: If the buyer cancels due to a low appraisal, they will receive back their earnest money deposit.
Clause Text:
“It is expressly agreed that notwithstanding any other provision of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein. Or incur any penalty by forfeiture of earnest money deposits or otherwise. Unless such purchaser shall have been given, in accordance with HUD/FHA or VA requirements, a written statement issued by Federal Housing Commissioner, Department of Veterans Affairs or Direct Endorsement lender setting forth appraised value of said property at not less than the appraised or market value, whichever is lower. The purchaser shall have privilege and option of proceeding with consummation hereof without regard to amount(s) so fixed.”
Who Should Use It:
All buyers using FHA financing must sign this document to know their rights concerning appraisals on homes being sold.
VA Amendatory Clause
Purpose:
A veteran borrower should not be legally bound to buy a house whose appraised worth exceeds what was paid for it. This clause protects against overpayment.
Key Features:
Buyer Protection: If, after valuation, the appraised price turns out lower than an initial agreement between parties, withdrawal from the deal will protect interests protected under this section.
Refund of Earnest Money: The same here. In case the applicant backs off because they feel cheated, all contributions made towards the acquisition, including those used up front, should be refunded immediately without fail.
Negotiation Option: Two options are available for Buyers who wish to negotiate downwards with sellers. We are asking them to reduce selling costs to meet new market standards set forth during the inspection process, whereby both parties agree upon the same figure. OR pay the entire difference themselves later, thus saving time and energy in negotiations, which might drag on unnecessarily long periods. Especially where trust has broken down completely between partners involved because neither party wants to lose anything but only win every battle fought until victory becomes inevitable.
Clause Text :
“It is hereby expressly agreed that notwithstanding any other provisions herein contained no penalties shall attach nor shall any person become liable under said contract if such contract purchase price/cost exceed reasonable value thereof established by Department Veterans Affairs.”
Who Should Use It:
Any Veteran who wishes to ensure fairness while dealing with real estate agents should always use this clause whenever negotiating prices during home purchases financed through loans provided exclusively to eligible individuals serving the country, military service members, and veterans alike.
Comparison And Key Differences
Scope Of Application :
FHA – All buyers using FHA loans.
VA – Only applicable to specific categories of people, namely those who have served in the armed forces, military personnel, veterans, etc
Protective Measures:
Both provide similar protection, allowing cancellation without punishment when appraisal reveals a lower than-sale price.
Refund Of Earnest Money :
Both guarantee the return of the full amount deposited towards securing residence.
In a mutually beneficial manner, each partner was satisfied, the outcome was achieved in the best interest of the respective parties concerned, and transactions took place between them and one another during course events, leading up to the final decision.
Negotiation Flexibility:
The VA clause states buyers can negotiate with sellers to change the purchase price. This is usually implied in FHA transactions, too.
The FHA and VA Amendatory Clauses protect buyers from paying too much for a home. They do this by ensuring they don’t have to buy the house if it appraises less than originally agreed upon. However, these clauses differ because each meets different criteria and safeguards for its respective loan program – FHA or VA.
https://gustancho.com/fha-and-va-amendatory-clause/
gustancho.com
Understanding the FHA and VA Amendatory Clause
FHA and VA amendatory clause is required to protect buyers to be able to cancel contract if the appraisal comes in lower than the contract.
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Chardonnay is one of the world’s most popular and widely cultivated varieties of white wine. This is what you need to know about Chardonnay:
Origin:
The Burgundy area of France
Flavor Profile: From crisp and mineral to rich and buttery
Common flavors: apple, pear, citrus fruits, tropical fruits, vanilla, butter.
Winemaking Styles:
Unoaked: Crispier with more pronounced fruit flavors.
Oaked: Richer, with notes of vanilla and toastiness.
Malolactic fermentation: Generates buttery tastes.
Versatility: It can grow in different climates and produce various styles. It is often used for sparkling wines (e.g., Champagne).
Notable Regions:
Burgundy France (especially Chablis)
- California (Napa Sonoma).
- Australia (especially cool climate regions).
- Chile, New Zealand, and Italy (specially blended wines).
Food Pairings:
Unoaked: Light salads, seafood, chicken.
Oaked: Creamy sauce dishes with rich fish and poultry.
Serving Temperature: Chilled at around 50-55°F(10-13°C) is best served.
Aging Potentiality:
- Most are young drinkers’ best friends.
- Top-quality ones may be aged for over five years or even a decade or two.
“ABC” Movement: Over-oaked varieties prompted the “Anything But Chardonnay” movement, which has led to a recent rise in balanced and diverse options.
Blending: I used it mostly in blending—especially sparkling wines.
Clones: Many existing clones, each having distinct features.
Price Range: Affordable budget-friendly options exist alongside ultra-premium offerings across all price ranges.
Health Benefits: When consumed moderately, it may contain anti-oxidant properties that have heart health benefits. Remember that personal taste plays an important role in how much someone enjoys any wine, so trying various kinds could help narrow down favorites within this category!