The new forms are here, and with them come some major overhauls in the way North Carolina brokers do business. But do not panic. Stephen Long reminds agents that there are 60 days of grace, during which the old forms may continue to be used in conjunction with the new ones. The Deadline to Circle…
Good news, agents: there is no ban on single agent dual agency, at least not right now. Stephen Long has been tracking a proposed rule change at the North Carolina Real Estate Commission, and the Commission has tabled the idea for the time being. What Was on the Table You may have heard Stephen talk…
Five o’clock on the due diligence date has come and gone, and now the buyer wants repairs. Is it too late? According to Stephen Long, a buyer can ask for repairs right up until closing. What changes after the deadline is not the right to ask. It is the buyer’s leverage. The Myth of the…
Money in lieu of repairs sounds like an easy fix late in a transaction. But be careful. Stephen Long warns that if you already have a signed Due Diligence Request and Agreement and then add an Agreement to Amend for more closing cost money, your seller could end up bound to do both. How the…
The listing says the house comes fully furnished. The fridge stays. The couch stays. The patio set stays. Or do they? Stephen Long reminds brokers that personal property only stays if the Offer to Purchase and Contract says so. Marketing promises are not binding on their own. Marketing Is Not a Contract You have seen…
Picture it: you are the listing agent, and the phone rings. It is a buyer who says, I do not want an agent. I do not need a buyer agent. I just want to see the home. What paperwork do you need? According to Stephen Long, in that scenario there is only one form you…
Listing agents, stop it. Seriously. Stephen Long has a direct message for anyone still preparing a Form 220 at the listing appointment: with the new forms, that is no longer your job. The responsibility is shifting to the buyer agent and the new buyer compensation addendum. The Old Habit Many listing agents have gotten into…
Does your seller want to be a landlord? Because if they agree to let the buyer move in before closing, that is exactly what they are signing up for. Stephen Long explains that buyer possession before closing creates a temporary landlord-tenant relationship, with the seller as the landlord. A Simple Favor With Big Strings Attached…
Do you want the seller to fix that? Then you had better put it in writing. Stephen Long reminds buyer agents and listing agents alike that in a North Carolina transaction, if it is not in writing, it does not exist. The Friendly Hallway Promise It happens more than you might think. The buyer bumps…
This one sounds obvious until it is not: in North Carolina, if you are married, you stay married until you are divorced. Stephen Long regularly fields questions from buyers who have filed for divorce and want to purchase a new home. The catch is that separated still means married, and that has real consequences for…
Some states allow a transactional broker relationship, where a licensee facilitates a deal without representing anyone. North Carolina is not one of those states. Stephen Long reminds brokers that if you want to be paid a commission here, you have to be someone’s agent. The Question Every Broker Gets It usually sounds like this: I…
As Stephen Long’s friend Allison likes to say, it is not over until it is over. In North Carolina real estate, there is a big difference between settlement and closing, and mixing them up can put you in an awkward spot, or worse. Signing Is Not the Finish Line Settlement is the part where everyone…
