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Episode 012 - Locked In - Covid-19 Contract and Title Procedure Updates
Episode 012 - Locked In - Covid-19 Contract and Title Procedure Updates
LOCKED IN – PART 2 of today's podcast is all about three new COVID-19 contract amendment/addendum from IAR (Indiana Association of REALTORS®). We also give a quick update on title issues related to government offices closing or running with a skeleton crew. Are we having fun yet?
SHOW NOTES
- 02:14 – "You're right B!"
- 02:35 – Part 2 of today's content
- 03:00 – IAR (Indiana Association of REALTORS®)
- 03:30 – Don't be adden-dumb.
- 03:55 – Difference between an addendum and amendment.
- 04:50 – Purchase agreement addendum/amendment: pushing dates out due to some delay with COVID-19.
- 05:40 – If buyer and seller come to agreement on changing a date, have them fill out an amendment to provide clarity on the date.
- 06:35 – Talk with your buyers and sellers about the use of this form. It might not be applicable for everyone.
- 06:50 – Listing contract addendum/amendment: will sellers allow physical showings.
- 07:35 – If seller does NOT want showings, make sure you comply with MIBOR rules.
- 08:25 – Don't take advantage of the situation and only allow showings for listing agent clients, not other agent's clients. What you do for one, you must do for all! Could be a fair housing and/or a license law issue.
- 09:50 – Have patience and be a professional in this situation.
- 10:05 – Waiver of Physical Inspection form: mitigates liability in the case of inadvertent spread of the virus during a showing, appraiser or inspection.
- 11:15 – Helps set appropriate expectations for all parties involved.
- 11:45 – Even if you don't want to use these forms, at the very least have these conversations with your clients about all of the issues.
- 12:20 – Another title issue has come about: County offices are either closed or working on skeleton crews and title personnel are not able to visit their offices.
- 12:30 – Concerns: title records may not be completely accurate.
- 13:20 – Title companies might not insure everything. Talk with your title company to see how they are handling.
- 13:25 – Gap insurance policy; some are not charging for it and some might charge.
- 13:55 – Most of the time this won't be a problem, but occasionally there could be a problem.
- 14:20 – Recording of documents might be delayed.
- 14:35 – Filing for exemptions, and proof of ownership issues can result.
- 15:00 – Put a note in your calendar to check in with your client in November/December to verify exemptions have been filed.
- 15:17 – Side Note Tangent with Cate: once county offices re-open, there will be flood of filings, so prepare for clerical errors and missed items because they are trying to catch up. Think about refiling exemptions and GET RECEIPTS!
- 16:05 – Moral of the story, talk with your title company reps.
- 16:10 – This was part 2, make sure to listen part 1.
- 16:28 – Producer Christian: fast moving information. We are watching and will update you on everything.
- 17:12 – WASH YOUR HANDS!
SHOW LINKS
- IAR: https://indianarealtors.com/
- IAR COVID-19 Delay Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Addendum-Amendment-to-Purchase-Agreement-Form-61.pdf
- IAR COVID-19 Listing Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Addendum-Amendment-to-Listing-Contract-Form-62.pdf
- IAR Disclosure & Waiver Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Disclosure-and-Waiver-Prior-to-Physical-Showing-or-Inspection.pdf
- Set expectations: https://blog.hubspot.com/agency/managing-client-expectations
- Title company Gap Policy: https://www.atgf.com/underwriting/news/gap-dealing-recording-and-indexing-delays
BETWEEN THE LINES LINKS
Web
brianclee.com
catelee.com
realestatebetweenthelines.com
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?
View all episodes
By Brian C. Lee, Christian Kemp
4.5
1818 ratings
Episode 012 - Locked In - Covid-19 Contract and Title Procedure Updates
LOCKED IN – PART 2 of today's podcast is all about three new COVID-19 contract amendment/addendum from IAR (Indiana Association of REALTORS®). We also give a quick update on title issues related to government offices closing or running with a skeleton crew. Are we having fun yet?
SHOW NOTES
- 02:14 – "You're right B!"
- 02:35 – Part 2 of today's content
- 03:00 – IAR (Indiana Association of REALTORS®)
- 03:30 – Don't be adden-dumb.
- 03:55 – Difference between an addendum and amendment.
- 04:50 – Purchase agreement addendum/amendment: pushing dates out due to some delay with COVID-19.
- 05:40 – If buyer and seller come to agreement on changing a date, have them fill out an amendment to provide clarity on the date.
- 06:35 – Talk with your buyers and sellers about the use of this form. It might not be applicable for everyone.
- 06:50 – Listing contract addendum/amendment: will sellers allow physical showings.
- 07:35 – If seller does NOT want showings, make sure you comply with MIBOR rules.
- 08:25 – Don't take advantage of the situation and only allow showings for listing agent clients, not other agent's clients. What you do for one, you must do for all! Could be a fair housing and/or a license law issue.
- 09:50 – Have patience and be a professional in this situation.
- 10:05 – Waiver of Physical Inspection form: mitigates liability in the case of inadvertent spread of the virus during a showing, appraiser or inspection.
- 11:15 – Helps set appropriate expectations for all parties involved.
- 11:45 – Even if you don't want to use these forms, at the very least have these conversations with your clients about all of the issues.
- 12:20 – Another title issue has come about: County offices are either closed or working on skeleton crews and title personnel are not able to visit their offices.
- 12:30 – Concerns: title records may not be completely accurate.
- 13:20 – Title companies might not insure everything. Talk with your title company to see how they are handling.
- 13:25 – Gap insurance policy; some are not charging for it and some might charge.
- 13:55 – Most of the time this won't be a problem, but occasionally there could be a problem.
- 14:20 – Recording of documents might be delayed.
- 14:35 – Filing for exemptions, and proof of ownership issues can result.
- 15:00 – Put a note in your calendar to check in with your client in November/December to verify exemptions have been filed.
- 15:17 – Side Note Tangent with Cate: once county offices re-open, there will be flood of filings, so prepare for clerical errors and missed items because they are trying to catch up. Think about refiling exemptions and GET RECEIPTS!
- 16:05 – Moral of the story, talk with your title company reps.
- 16:10 – This was part 2, make sure to listen part 1.
- 16:28 – Producer Christian: fast moving information. We are watching and will update you on everything.
- 17:12 – WASH YOUR HANDS!
SHOW LINKS
- IAR: https://indianarealtors.com/
- IAR COVID-19 Delay Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Addendum-Amendment-to-Purchase-Agreement-Form-61.pdf
- IAR COVID-19 Listing Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Addendum-Amendment-to-Listing-Contract-Form-62.pdf
- IAR Disclosure & Waiver Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Disclosure-and-Waiver-Prior-to-Physical-Showing-or-Inspection.pdf
- Set expectations: https://blog.hubspot.com/agency/managing-client-expectations
- Title company Gap Policy: https://www.atgf.com/underwriting/news/gap-dealing-recording-and-indexing-delays
BETWEEN THE LINES LINKS
Web
brianclee.com
catelee.com
realestatebetweenthelines.com
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?