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New Real Estate Regulation goes into Effect on Aug 1st. | Real Estate

By Frank Rubi

Real Estate Broker/Owner with Frank Rubi Real Estate, LLC La Broker 09995688826

June 16, 2015 11:19 PM

Last night my Realtor received a written contract on a land listing. One term included a closing date of Sept 19 2015. This offer included fiance terms etc... It also included the thought of the Buyer using their closing attorney of their choice. This phase was written into the contract by the agent. The contract was rejected without a counter. Several reasons, price and the right to resell the property before closing to name a few.

The Buyer's Agent must not be aware of the TIFF that goes into effect on August 1st. My understanding of the new Regulation is that the lender will determine the closing agent. This is just one of the changes going into effect on Aug 1st.

I have attend two classes so far. The regulation is 1300 page.

Your business depends on your current knowledge.

In order to serve our clients you must be current on all regulations.

Have a real estate related question ask a Real Estate Broker in Metairie.

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Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

interesting - in the DC area the lenders have to approve the title companies because of the record keeping requirements but we can still pick a lender from the approved list. I wouldn't use a title company anyway that had not gone through the approval process ahead of time.

Jun 16, 2015 11:36 PM

Lou Ludwig

Boca Raton, FL
Frank Rubi

Metairie, LA

Frank Rubi

Frank Rubi Real Estate, LLC - Metairie, LA

FrankRubiRealEstate.com

Lise Howe I believe your correct and that is how this TIFF will work in current form. Have a Great Day.

Jun 16, 2015 11:55 PM

Lou Ludwig

Boca Raton, FL

Lou Ludwig

Ludwig & Associates - Boca Raton, FL

Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Frank

Thank for sharing the information on the new regulations that go into effect on August 1, 2015.

Good luck an success.

Jun 17, 2015 08:19 AM

Conrad Allen

Re/Max Professional Associates - Webster, MA

Webster, Ma, Realtor

Hi Frank. I am so glad that the government is here to help us.

Jun 17, 2015 09:04 PM

Endre Barath, Jr.

Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA

Realtor - Los Angeles Home Sales 310.486.1002

Frank I am of the belief that we still have counter offers, so I always educate my sellers that the buyer submitted an offer of 14 pages, Proof of Funds, Agency disclosure, Statewide buyers & sellers disclosure and the list goes on a total of 30 pages in California... and the Counter Offer is one pages long...hence we owe a Counter Offer....I also believe that the sales process begins when an offer is submitted....just sayin... on a side note the implementation was pushed back to October 1st, Endre

Jun 20, 2015 07:12 AM

New Real Estate Regulation goes into Effect on Aug 1st. | Real Estate

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