Category Archives: Disclosure & Forms

List2Move Syracuse Forms

The following local forms are available on the List2Move Syracuse site (including the surrounding counties) for active For Sale by Owner properties in Syracuse (Central NY).

Available for free when you are a List2Move client

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Adding the commission to the purchase price

This could be a first. Could times actually be changing?

I got a call this evening from one of our newer listings who had an offer brought in by a real estate agent.  This agent obviously saw in the MLS (database) that our client was only offering $1.00 (one dollar).  But to the agent’s credit, she didn’t moan and groan about how the seller has to pay her commissions. Instead she counseled her buyers, explained the situation and wrote the commission into the offer.  This is called being a PROFESSIONAL.  She was upfront and honest with all parties involved!

 

So we talked about the offer, and it was legit.  Good price, good closing date, good time for financing etc, so basically, it was a “clean” offer.  But I could tell the seller was interested in the win/win her and for this agent.  They weren’t quite at their price and the agent wanted her 3% commission.  The answer to me was simple, just add the cost of the commission to the price that the seller wanted in a counter offer.   I explained that this is done all the time when buyers need help in the form of seller concessions.  The client went on to explain that the agent was very “nice” and accommodating and that she had communicated several time since she brought the buyers in.  And before we ended our conversation, I got the feeling that the sellers liked this agent and maybe they weren’t going to counter with the full 3%.

 

We are going to find out sooner than later, but if I were to guess…I am thinking the sellers are going to counter less then the full cost of the commission and pay it.

 

Real Estate Forms-Rochester, Buffalo, and Syracuse NY

These forms are free to List2Move.com customers.  So go ahead and register now.  Only pay when you you go live!!!!

NYS required real estate sales forms

 

OK, the purpose of posting these real estate forms is to help you sellers sell by owner and save money!

These are the same forms that real estate agents in Rochester, NY use.  They will also be available on the List2Move.com Rochester, Buffalo, and Syracuse NY site.

****Available now to List2Move clients in your Account under Legal Forms*******

 

If you look at any of these contract forms they are all ‘fill in the blank’ because real estate agents can not practice law.  So you don’t need a degree in Rocket Science to fill one out.  List2Move clients can access the broker 24/7 for any questions regarding these forms.

Forms are broken down like this

  1. Contracts-covering the general agreement
  2. Addenda-further spelling out the agreement
  3. Disclosure-forms that are sometimes legally required

When the contract is delivered to you from a buyer it should have the purchase and sale contract with the corresponding addenda (Such as Engineers Inspection details or FHA’s ‘All Parties Agreement) and you will add to it Lead Paint Disclosure if applicable or even maybe a property condition disclosure. See what John Blyth, top real estate attorney, said about property condition disclosure.

 

1. Contracts

Contract-Purchase and Sale-Residential-This is what the buyer’s will present you.

Contract-Purchase and Sale-Manufactured Housing

Contract-Purchase and Sale-Vacant Land

Contract-Purchase and Sale-Condo/HOA

Contract-Continuation of Purchase and Sale Contract-Used when you run out of paper during counter offers etc.

 

2. Addenda to contracts- further spell out the agreements

Addendum-All Parties Agreement for FHA/VA financing

Addendum-Buyer’s Notice Conditional Removal of Contingencies

Addendum-Buyer’s Notice of Removal of Contingencies

Addendum-Lead Compliance (Seller’s-Required if built before 1978)

Addendum-Lead compliance for Leasing of Properties (Landlords)

Addendum-Mortgage Assumption (If you are going to let someone “assume” your mtg)

Addendum-Property Inspection (ex…Engineers Inspection)

Addendum-Seller Financing

Addendum-Transfer of Title Contingency (When your buyer has to sell their home to buy yours)

Addendum-Utility Surcharges

Addendum-Well and Septic Services

 

3. Disclosure

Addendum-Disclosure Notice for All Residential Property in Wayne County

Protect Your Family From Lead In Your Home Pamphlet

Bump Notice to Buyers

Cancellation and Release of Purchase and Sale Contract

Personal Property Agreement

Property Condition Disclosure for COMMERCIAL Properties

Property Condition Disclosure RESIDENTIAL properties

 

4. Other

Open House Sign In Sheet

Bitten by the facts

Disclosure Breach

Dubuque, IA: (Mar-10-08) A lawsuit was filed against a Dubuque woman Rita Russow and her realtor Dominic Goodmann Real Estate, by a couple Chad and Michelle Miller who claimed they were not told of problems with a house they bought at 2801 Summer Drive, including the suicide of the previous owner’s husband.

The Millers who bought the Dubuque home for $136,000, claimed that structural problems, including leaky roof and the suicide of Rita Russow’s husband at the home in 1992 caused them to suffer damage and indicate they wouldn’t have made the purchase, had they known about the issues. The couple also claimed in part that they were haunted by her husband’s suicide.

The lawsuit, claimed negligence, misrepresentation, equitable fraud, recission and statutory nondisclosure and sued Russow for breach of contract. Rita, 65 years old, says she was forced to file for bankruptcy to save herself financially from the lawsuit. The settlement was reached with her real estate agent and co-defendant Dominic Goodmann Real Estate and dismissed last month. [IOWA WIRE: LAWSUIT OVER HOME’S HISTORY SETTLED]

Lead Paint Disclosure

Here is everything you ever wanted to know about lead paint disclosure.

If your home was built on prior to 1978 it needs to have a disclosure. 

Lead Paint Disclosure (this is the form you would fill out) This disclosure becomes part of the contract once you submit it to the buyer.

Lead Paint Disclosure (Example) (Just an example with explainations)

Protect Your Family from Lead Paint Brochure (the actual brochure you can hand out)

Property Condition Disclosure

We would like to acknowledge and thank John Blyth, Esq. for his expertise on this subject.

Many real estate agents will tell you that the Property Condition Disclosure is “required” and you have to fill it out. This is not true. You have options…Please read John’s remarks below… Download here…. Property Condition Disclosure

The New York Property Condition Disclosure Act (the “PCDA”) affecting the sale and puchase of residential property in New York is found in Real Property Law, Sections 460 through 467. It became effective on March 1, 2002.

The PCDA requires the seller to deliver to the residential buyer a 48 question Property Condition Disclosure Statement (PCDS) and provides for actual damages for willful failure to provide truthful answers based on actual knowledge OR a credit of $500.00 at Closing for failure to deliver the PCDS. The provision regarding the $500.00 credit is found in Section 465 of the Act.

Upstate, where the broker usually fills in the blanks in a bar association contract, a PCDS is routinely being delivered. Downstate, where attorneys prepare the contracts and transactions often involve larger prices, the seller often opts to give the $500.00 credit instead of delivering the PCDS.

There is a body of case law developing in New York where sellers have been found liable for willful failure to provide truthful answers based on actual knowledge. Rather than face this potential liability, some sellers have preferred to give the $500.00 credit. The buyer should be encouraged to make its own due diligence investigation by responsible professionals (engineers, etc.) responsible to the buyer.

See Karl B. Holtschue, Responses of the Legislature and the Bar Associations to Court Decisions on Sales of Residences, NYSBA N. Y. Real Property Law Journal, Spring 2005, Vol. 33, No. 2.

John E. Blyth, Esq.
141 Sully’s Trail,
Suite 12
Pittsford, NY 14534
Tel: 585-586-0590
Fax: 585-586-2297