Terminated! But what exactly got terminated? In this BIC TIP, Stephen Long explains a distinction every listing agent needs to understand: a seller can terminate your services, but that does not mean they can terminate the terms of the listing agreement. Two Different Things Called “Termination” When a seller says “I am done,” they usually…
Check, check, check, check it out. In this BIC TIP, Stephen Long reminds brokers that the MLS is your friend. Between the document section of a current listing and the history of prior listings on the same property, there is often valuable information waiting for the broker who takes a few minutes to look. Open…
9/1. Not “nine-one,” and not “ninety-one.” September 1st. In this BIC TIP, Stephen Long reminds brokers that September 1 is when the new standard forms are implemented, there is a short grace period for older forms, and by November 1 every new agency agreement and contract needs to be on the new versions. September 1:…
November is coming, and you need to know this. In this BIC TIP, which lands in both the mortgage and real estate worlds, Stephen Long gives agents a heads-up about a major shift in how appraisals are done, and why a little grace and patience with appraisers will go a long way this fall. Goodbye,…
It is my money and I want it now. That is how sellers feel about the due diligence fee. But when is it actually due? In this BIC TIP, Stephen Long explains a practical change in the new Offer to Purchase and Contract that gives buyers one banking day to deliver good funds if they…
What exactly constitutes a bedroom? In this BIC TIP, Stephen Long tackles one of the most common questions in real estate. The short version: the North Carolina Real Estate Commission does not define a bedroom, but it does not want brokers overstating occupancy, and the septic permit is going to govern from most perspectives. NC…
They gave me the report. So, now what? In this BIC TIP, Stephen Long answers a question he hears constantly: a buyer terminates, the listing agent is holding their home inspection report, and the previous buyer does not want it shared. The bottom line is that the listing agent still has a duty to disclose…
Exclusive access! In this BIC TIP, Stephen Long talks about deeded easements. If you are selling a property that does not have road frontage but does have an easement, the first thing you need to understand is whether that easement is deeded, because deeded easements run with the land. No Road Frontage? Start With the…
You break it, you bought it. Well, sort of. In this BIC TIP, Stephen Long reminds buyers and buyer agents that under the Offer to Purchase and Contract, if a buyer’s inspection causes damage to the property, the buyer is responsible for repairing it and restoring the property to its original condition, whether they buy…
Sell it or tow it? That is the question. In this BIC TIP, Stephen Long explains the critical difference between a modular home and a manufactured home, and why a manufactured home is not real property until its title has been relinquished. Modular and Manufactured Are Not the Same A modular home is built to…
Crossing a line? Here is what you need to know. In this BIC TIP, Stephen Long responds to a week full of calls about encroachments: sellers who think the road is on their property, owners who want to fence off a path, neighbors who want to block access. His answer is the same every time:…
The closing date is a target, not a guarantee. In this BIC TIP, Stephen Long walks through the 7-day grace period built into the standard North Carolina Offer to Purchase and Contract, what happens when that grace period runs out, and the key point many brokers miss: the contract does not die on day eight….
