CYA
The following information is provided to help keep you out of court and out of Realtor Jail…
This is a list… not in any particular order of things you should always complete or check prior to signing a listing agreement or an offer to purchase.
1. Seller Net Sheet- Always have the Seller provide this info and ask if they are current on mortgage(s)
2. Buyer Meets with Lender – In today’s credit score driven market this is a must
3. Seller Disclosures- Make certain Seller fully completes the form and Buyer fully reads the form
4. Keep a copy of the active MLS sheet for your files- Listing Agents may change something of importance and you will need it later for a reference
5. Always keep your sketch and calculation sheet when measuring for square footage
6. Check the Sex Offender website for surrounding area…
7. If there is vacant land adjacent to the property check and see who owns it and the current zoning and possible future uses. Here in NC Progress Energy owns thousands of miles of right of way that has no power lines on it…Yet!
8. Make sure all addenda is added to listing agreements and Offers to Purchase…many localities require certain forms such as air traffic noise addendum, future highway project addendum's etc.
9. Home Inspections should always be strongly suggested…along with Lead Paint, Radon, Termite, and Well/Septic.
10. Surveys…some lenders no longer require a new survey…Not a good idea in my opinion…I suggest the buyer always pay for a new survey.
11. If a buyer is writing a cash offer, always get a proof of available funds letter from the buyer’s financial institution. If they are for real, they will not mind you asking for one.
12. Google search the property address and buyer, seller names…you’d be surprised what you can find with a simple Google search
13. If something seems fishy or unethical, talk with your Broker in Charge, better to play it safe and ask questions than to get caught in a mess. If the buyer, seller, or other agent is trying to bend the rules don’t take part…walk away
14. Check for unpermitted square footage…there can be saftey issues if a permit was not pulled for remodels or additions.
15. Check HOA association for pending assessments and if the seller is current on dues...we recently had a listing foreclosed on by the HOA for non-payment of association dues.
16. Check for flood hazards…(another good reason for a new survey)
17. Check restrictive covenants for subdivision...does the buyer have a need that is not allowed? ie: short wave radio tower, satellite dish, boats, cars, etc.
18. Always request repairs to be done by a licensed contractor and then have major repairs re-inspected
I am sure there may be others but this is a few of the items I see agents running into problems with….your local area may have other specific concerns…if so, add them to your list!
Eddie Brown ©2010
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