TREC Form Changes - November 2024

00:51:31
https://www.youtube.com/watch?v=P7HnoLMzKI0

Ringkasan

TLDRVideoen handler om ændringer i formularer for ejendomstransaktioner, som opdateres hvert par år af Texas Real Estate Commission (TREC). Disse ændringer skal træde i kraft den 3. januar og kræver, at mæglere starter med dem med det samme. Ændringerne omfatter opdateringer til seks kontraktformularer og fem andre dokumenter. Blandt de bemærkelsesværdige ændringer er en tilføjelse af geotermiske lejemål og en ny t47.1 erklæring, der ikke kræver notarbekræftelse. Der er også en ny tilføjelse for 1031-bytte transaktioner. Ændringer i tredjepartsfinansiering kræver nu en skriftlig erklæring fra långiveren om hvorfor en køber ikke blev godkendt. Ved agentkommissioner er der tilføjet en ny sektion, hvor sælgeren kan dække buyer's agent's kommission. Backup-kontrakter er forbedret til at tillade ekstra selvtildelt earnest money og optioning fee, som er relevant for ejendomsmarkedets skiftende praksis.

Takeaways

  • 📅 Nye ændringer træder i kraft den 3. januar.
  • 📜 Opdatering inkluderer 11 formularer.
  • 🌐 Tilføjelse af geotermiske lejemål i kontrakter.
  • ✍️ Ny t47.1 erklæring uden notarbehov.
  • 💰 Ændringer i tredjepartsfinansieringsregler.
  • 📝 Sælgere kan dække buyer's agent's kommission direkte.
  • 🔄 Ny addendum for 1031 exchanges er tilføjet.
  • 🔍 Survey sektioner i kontrakter er opdateret.
  • 🏢 Opdateringer på traditionel og backup ejendomsaftale.
  • 🏠 Tilpasning af ejendomsmæglers templates er nødvendig.

Garis waktu

  • 00:00:00 - 00:05:00

    Tre opdaterer deres formularer hver to år, og disse ændringer træder i kraft fra januar. I år blev 11 formularer ændret, inklusiv kontrakt formularer og fem andre dokumenter. En ny tilføjelse er addendum for 1031 exchange.

  • 00:05:00 - 00:10:00

    De første ændringer er i en til fire kontrakter, hvor der er tilføjet geotermisk til leasingsektionen. Formularerne skal nu have dato 114 2024, og hvis man bruger en gammel version, skal man opdatere. Der er også kommet en ny T47.1 erklæring, som ikke skal notariseres.

  • 00:10:00 - 00:15:00

    T47.1 erklæringen kræver ikke notarisation, og det skal udarbejdes. Hvis ejendomssælger ikke leverer både survey og erklæring, skal køber købe en ny. Det er vigtigt at få en ny survey for luksusejendomme, selvom det koster cirka 1000 dollars.

  • 00:15:00 - 00:20:00

    Hvis køber får en ny survey, skal de indgive skriftlige indvendinger til titelflækninger, som ikke er standard prætrykte undtagelser. Hvis det hele er indarbejdet, kan køber ikke opsige kontrakten baseret på survey-mangler.

  • 00:20:00 - 00:25:00

    Mugremediering er blevet tilføjet som et krav i tilfælde af en remediationscertifikat inden for fem år. Salgsoplysningsformularen skal også indeholde denne information, hvis ejendommen er blevet afhjulpet for mug.

  • 00:25:00 - 00:30:00

    En ny sektion angår sælgers bidrag til købers omkostninger. Den tidligere tillæg omhandlende mæglers gebyr er blevet fjernet, og denne sektion dækker direkte betalinger fra sælger til købers agent.

  • 00:30:00 - 00:35:00

    Sektion A1B dækker nu situationer, hvor købers agent har forhandlet en kommission direkte med sælger. Dette gives kun, hvis det ikke er en del af den oprindelige aftale gennem en mægler. Sektionen omhandler også købers eventuelle manglende betaling.

  • 00:35:00 - 00:40:00

    Tilføjelse af nye 1031 exchange addendum for transaktioner inkluderer at de oprindelige kontraktskrav om mæglergebyrer nu er mere klart defineret, og den tidligere tillæg om mæglergebyrer er blevet fjernet.

  • 00:40:00 - 00:45:00

    Formularændringer i backup addendum har nu en indførelse for godkendt mægling, hvor køber ikke behøver at lægge sikre indsatser ved backup-tilbud. Det gælder dog stadig, at man bør være bekendt med de nye bestemmelser.

  • 00:45:00 - 00:51:31

    Mindre ændringer vedrører bl.a. ændringer til tredjepartsfinansierings tillæg, som præciserer krævet dokumentation for finansiel godkendelse. Ændringerne fokuserer på bedre klarhed og større gennemsigtighed i processen.

Tampilkan lebih banyak

Peta Pikiran

Video Tanya Jawab

  • Hvornår træder de nye formularændringer i kraft?

    De træder i kraft den 3. januar.

  • Hvor mange formularer er blevet ændret?

    11 formularer er blevet ændret.

  • Hvilke nye elementer er tilføjet i kontrakterne?

    Der er tilføjet geotermiske lejemål og en ny t47.1 erklæring uden notarbekræftelse.

  • Hvilken dato blev ændringerne annonceret?

    De blev annonceret den 4. november.

  • Hvad er en væsentlig ændring i tredjeparts finansieringsændring?

    Nu kræves der en erklæring fra långiver om, hvorfor køberen ikke blev godkendt.

  • Hvad skal ejendomsmæglere gøre med deres templates?

    De skal opdatere deres templates til den nye version, da de ikke opdateres automatisk.

  • Hvordan påvirker ændringerne buyers agent-kommissionen?

    En ny sektion er føjet til, hvor sælger kan betale købers agentkommission, hvis ikke allerede aftalt ved listing.

  • Er der tilføjet nye dokumenter vedrørende ejendomsskatter?

    Nej, der blev ikke nævnt nye dokumenter vedrørende ejendomsskatter.

  • Hvad gør t47.1 erklæringen forskellig fra den tidligere?

    Den kræver ikke notarbekræftelse.

  • Hvordan er backup-tilføjelsen blevet forbedret?

    Nu kan man angive ekstra earnest money og option fee, der skal betales, hvis backup-kontrakten bliver primær.

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Teks
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Gulir Otomatis:
  • 00:00:03
    okay all right it's two so we'll get
  • 00:00:05
    going so what we're going to do today is
  • 00:00:09
    as you guys know Tre updates their forms
  • 00:00:11
    generally speaking like every two years
  • 00:00:13
    and they do it in November and it's be
  • 00:00:15
    go into effect at the beginning of the
  • 00:00:16
    new year they just announced the changes
  • 00:00:19
    um on November 4th I think they these
  • 00:00:21
    changes are required January 3rd so you
  • 00:00:23
    guys are good to be here like learning
  • 00:00:25
    because you basically need to start
  • 00:00:27
    using them right away and they changed
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    hold on they
  • 00:00:34
    changed 11 of the forms so you can see
  • 00:00:38
    what they've changed here all the six on
  • 00:00:40
    the left are
  • 00:00:41
    um contract forms variations of the
  • 00:00:44
    contract form so for the most part those
  • 00:00:47
    those changes are the same right um but
  • 00:00:50
    they had to change each version of the
  • 00:00:51
    contract so we'll go over what those
  • 00:00:53
    changes look like and then there's five
  • 00:00:55
    changes to
  • 00:00:56
    other documents five other documents
  • 00:00:59
    were changed there's a new document
  • 00:01:01
    addendum for 1031 exchange and then they
  • 00:01:03
    change third party financing Amendment
  • 00:01:05
    backup and condo resale certificate so
  • 00:01:07
    we will go through all of those
  • 00:01:09
    okay good
  • 00:01:12
    deal um so let's get going we have to
  • 00:01:16
    change because there's so many documents
  • 00:01:18
    we kind of have to like finagle around
  • 00:01:19
    so bear with me while I do
  • 00:01:21
    my finagling you want to get going sure
  • 00:01:24
    and if you guys who are uh at home on
  • 00:01:26
    Zoom can't hear let us know and Angela
  • 00:01:29
    will talk louder
  • 00:01:32
    okay
  • 00:01:34
    okay
  • 00:01:38
    so this is me being fancy all right so
  • 00:01:42
    first set of changes okay this is the
  • 00:01:44
    one to four contract so um several
  • 00:01:48
    significant changes in here we're going
  • 00:01:50
    to go Page by Page and on page one
  • 00:01:53
    there's only one change and that is down
  • 00:01:57
    on um the lease section under natural
  • 00:02:00
    resource leases they have added
  • 00:02:03
    geothermal so um if by chance your
  • 00:02:06
    property has a geothermal um lease then
  • 00:02:09
    um the seller is required to provide
  • 00:02:12
    that to the buyer and then just as we
  • 00:02:15
    kick off to get going you guys need to
  • 00:02:17
    pay attention the the the forms that
  • 00:02:19
    you're using will now say 114 2024 in
  • 00:02:22
    the corner here okay so if yours says
  • 00:02:24
    117 2022 that's the old version you're
  • 00:02:28
    required to use the new version on Jan
  • 00:02:29
    January 3rd and so ReChat will be
  • 00:02:32
    updated and zip forms will be updated
  • 00:02:34
    but if you have your own template saved
  • 00:02:36
    you need to update your templates to the
  • 00:02:38
    new version because they're not going to
  • 00:02:39
    automatically do that okay and there
  • 00:02:41
    aren't forms out now it's just the red
  • 00:02:43
    lines is that yes yes which is annoying
  • 00:02:46
    but how they do it so okay so these are
  • 00:02:48
    red lines where it highlights what the
  • 00:02:50
    changes are so you can see additions are
  • 00:02:51
    in blue deletions are in Red so we'll
  • 00:02:54
    keep scrolling yes so page two there are
  • 00:02:56
    no changes okay one of the big changes
  • 00:02:59
    to the the contract has to do with the
  • 00:03:01
    survey and the
  • 00:03:04
    t47 so um what there's a new document
  • 00:03:09
    out and it's called the
  • 00:03:10
    t47
  • 00:03:12
    point1 and this you may use you may
  • 00:03:15
    still use the t47 which you guys know
  • 00:03:18
    has to be notorized but the new document
  • 00:03:21
    it's called the t47 point1 it's the same
  • 00:03:26
    as the t47 except it does not have the
  • 00:03:30
    notorized there is
  • 00:03:32
    a I know good change right there is a
  • 00:03:35
    declaration where the seller is saying
  • 00:03:38
    but you know not to a notary that no
  • 00:03:41
    changes have been made or the changes
  • 00:03:44
    that they're noting have been made so um
  • 00:03:47
    I'm going to show you guys the T the
  • 00:03:49
    Declaration I just have to find it so
  • 00:03:51
    again bear with me
  • 00:03:57
    okay sorry I'm dragging
  • 00:04:03
    yes it can be sent by
  • 00:04:05
    docy um on or just after the you know
  • 00:04:10
    what we'll probably go ahead and put
  • 00:04:12
    that one up because that form is already
  • 00:04:14
    up but here's the problem if you use the
  • 00:04:19
    Declaration with the
  • 00:04:21
    2022 version of the contract it doesn't
  • 00:04:25
    allow for the for the t47 point1 so you
  • 00:04:28
    wouldn't be in compliance
  • 00:04:30
    yeah unless you got one of us to approve
  • 00:04:33
    tweaking at the language right so here's
  • 00:04:36
    the new document so T
  • 00:04:38
    47.1 residential real property
  • 00:04:41
    declaration in Li of affidavit so it's
  • 00:04:45
    really the same thing but the signature
  • 00:04:47
    block you can see on the second page is
  • 00:04:50
    just uh It's tricky because it looks
  • 00:04:52
    like a notary but it's not yeah you
  • 00:04:54
    declare under the penalty of surgery
  • 00:04:56
    that the foring is true and correct yeah
  • 00:05:00
    so you ex you do the same like said like
  • 00:05:02
    the notary you executed and Blake County
  • 00:05:05
    sign and it does require your date of
  • 00:05:08
    birth so just FYI so like I can be by
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    myself and fill this out right zaren con
  • 00:05:14
    date of birth address executed in Taran
  • 00:05:17
    County state of Texas on the second day
  • 00:05:19
    of December 2024 and sign it you don't
  • 00:05:22
    need a notary so that's a huge change
  • 00:05:24
    for you guys
  • 00:05:26
    right to make it feel more official
  • 00:05:31
    no no no no no the seller you're right
  • 00:05:35
    this is as if I were the seller so one
  • 00:05:36
    thing when you guys are filling out the
  • 00:05:40
    um it puts yeah it puts the date of the
  • 00:05:42
    survey so this document is actually a
  • 00:05:43
    little bit different so
  • 00:05:46
    okay
  • 00:05:48
    yeah is that n right or you put you know
  • 00:05:52
    con or you know new driveway something
  • 00:05:55
    like that yes
  • 00:06:03
    well that's the change so the contract
  • 00:06:05
    has changed now oh yeah they know it so
  • 00:06:08
    there's no U that you couldn't T doc you
  • 00:06:10
    sign a t47 because it had to be
  • 00:06:13
    notorized and this does not have to be
  • 00:06:16
    notorized yes
  • 00:06:22
    Penny appr yes it still has to be
  • 00:06:28
    approved will be
  • 00:06:35
    do think they'll I don't think they'll
  • 00:06:37
    care they'll care they may have an issue
  • 00:06:39
    with the survey right if you're an old
  • 00:06:41
    survey and there's a new fence and
  • 00:06:43
    there's a pool and stuff like that just
  • 00:06:45
    before where the title company and the
  • 00:06:47
    lender have to buy off on it also guys
  • 00:06:49
    I'll just get on my little zarine soap
  • 00:06:51
    box here that when you are helping these
  • 00:06:53
    clients buy like luxury properties they
  • 00:06:56
    should get a new survey unless the
  • 00:06:57
    survey is like one or two years old no
  • 00:06:59
    changes have been made the value of your
  • 00:07:02
    title policy and what is being in
  • 00:07:04
    insured references the survey so much it
  • 00:07:06
    should be a new survey that if I were
  • 00:07:08
    helping someone buy a luxury property I
  • 00:07:10
    would for sure be like you should get
  • 00:07:11
    your own new survey that's my opinion
  • 00:07:14
    it's like what maybe a $ thousand dollar
  • 00:07:16
    and like well worth it okay okay so back
  • 00:07:19
    to other changes in the survey section
  • 00:07:22
    of the contract so um again it's added
  • 00:07:26
    the language saying that you know
  • 00:07:28
    sellers existing survey and a
  • 00:07:30
    residential property fdavid or
  • 00:07:32
    Declaration which we just talked about
  • 00:07:35
    um and then it says so if the if the
  • 00:07:39
    buyer is obtaining a new survey at the
  • 00:07:42
    seller's expense no later than three
  • 00:07:45
    days part of closing if the seller fails
  • 00:07:48
    to furnish within the time prescribed
  • 00:07:51
    below both the existing survey and the
  • 00:07:55
    affidavit or Declaration so um
  • 00:08:00
    the so if they don't per do both so you
  • 00:08:03
    can't have one without the other you
  • 00:08:05
    can't has you can't give them just the
  • 00:08:07
    survey but not the affidavit or
  • 00:08:10
    Declaration and just having it in Media
  • 00:08:14
    or transaction desk in netris is not
  • 00:08:17
    sufficient you need to proactively send
  • 00:08:19
    that to to the buyer's agent for that so
  • 00:08:24
    and if the seller fa fails to fish um
  • 00:08:27
    both the survey and after dtive
  • 00:08:30
    declaration um then the you know same
  • 00:08:34
    thing the
  • 00:08:36
    buyers you say as always if if it's not
  • 00:08:39
    accepted by the title company or the
  • 00:08:41
    lender who has to buy the new one so
  • 00:08:43
    nothing's changed about the way
  • 00:08:45
    nothing's really changed in that
  • 00:08:47
    paragraph Yes paragraph
  • 00:08:52
    C2 two yes yes okay within blank days
  • 00:08:57
    after the effective date buyer May so
  • 00:08:59
    they don't have to they may obtain a new
  • 00:09:02
    survey at buyer expense so buyers buying
  • 00:09:05
    the survey and that buyers deem to
  • 00:09:07
    receive the survey on the date of actual
  • 00:09:10
    receipt or the date specified in the
  • 00:09:12
    contract in this paragraph whichever is
  • 00:09:14
    earlier if buyer fails to obtain the
  • 00:09:18
    survey buyer may not terminate the
  • 00:09:22
    contract under paragraph 2B of the third
  • 00:09:26
    party financing agenda because the party
  • 00:09:28
    was not because the survey was not
  • 00:09:31
    obtained so if it's the buyer's
  • 00:09:34
    responsibility and they don't get the
  • 00:09:36
    survey they can't use that as an excuse
  • 00:09:38
    too and I will say I just had a
  • 00:09:40
    conversation with an agent this is a
  • 00:09:42
    sidebar but they were like oh we'll just
  • 00:09:44
    object when we get the survey and I was
  • 00:09:45
    like you have to be really careful
  • 00:09:47
    because you can't just object to
  • 00:09:48
    anything on the survey and use it as an
  • 00:09:50
    out you can you you you need to read
  • 00:09:52
    here it says that buyer May object in
  • 00:09:53
    writing to defect exception exceptions
  • 00:09:56
    or encumbrances to title disclosed on
  • 00:09:58
    the survey other then item 6A through 17
  • 00:10:01
    above so if you go up here these are the
  • 00:10:03
    standard pre-printed exceptions and the
  • 00:10:05
    first one is restrictive covenants
  • 00:10:07
    common to the platted subdivision so if
  • 00:10:09
    the buyer if the whole subdivision has a
  • 00:10:11
    10- foot setback and the buyer gets it
  • 00:10:14
    and they're like oh it has a 10 foot
  • 00:10:15
    subject set setback that's not really
  • 00:10:17
    something that they're allowed to object
  • 00:10:19
    to so you need to be really careful now
  • 00:10:22
    if you had written you know um
  • 00:10:25
    construction of a 7,000 foot home and
  • 00:10:28
    you can't do that because of the setback
  • 00:10:30
    then you can so you just have don't just
  • 00:10:33
    assume you can object on something
  • 00:10:35
    because of the survey okay like I think
  • 00:10:37
    agents are really casual about that and
  • 00:10:38
    we're like oh we'll get a lawyer and
  • 00:10:39
    figure it out when the time comes but
  • 00:10:41
    that's not an automatic out because you
  • 00:10:43
    can't object to these common
  • 00:10:47
    incumbrances okay that's like a weird
  • 00:10:49
    little wrinkle but just I don't want you
  • 00:10:51
    guys to rely on the fact that you'll be
  • 00:10:53
    able to object
  • 00:10:55
    well yes that's not a change that's just
  • 00:10:57
    me being anal retentive
  • 00:11:04
    amen yep yep yep
  • 00:11:07
    yep okay are we good with the survey do
  • 00:11:09
    you guys have questions about this okay
  • 00:11:12
    all right onward um we're gonna go to
  • 00:11:15
    page
  • 00:11:16
    four um down here yes um there is a new
  • 00:11:20
    um you know this is the section with
  • 00:11:23
    different notices and there's a new one
  • 00:11:25
    a certificate of mold remediation that
  • 00:11:28
    if a property has been remediated for
  • 00:11:31
    mold the seller must provide to buyer
  • 00:11:34
    each certificate of mold damage
  • 00:11:36
    remediation issued under Section blah
  • 00:11:39
    blah blah of the occupations code during
  • 00:11:42
    the five years preceding the sale of the
  • 00:11:45
    property so if they're in within the
  • 00:11:49
    past five years there's been mold and
  • 00:11:52
    they found out about it they cleaned it
  • 00:11:53
    up they should have been issued by the
  • 00:11:55
    mold remediation company a certificate
  • 00:11:58
    they need to provide that now this goes
  • 00:12:01
    hand inand already with the survey I'm
  • 00:12:04
    sorry with the seller's disclosure
  • 00:12:07
    because it says in the sage
  • 00:12:10
    disclosure um on the Texas Association
  • 00:12:12
    of Realtors version um that you have to
  • 00:12:16
    that's one of the questions on there
  • 00:12:18
    that if there was an environmental
  • 00:12:20
    hazard such as mold if yes attach any
  • 00:12:23
    other document identifying the extent of
  • 00:12:26
    the remediation like a mold remediation
  • 00:12:29
    things so again this is prior mold this
  • 00:12:31
    isn't mold that comes up during your
  • 00:12:34
    inspection this is prior if it's been
  • 00:12:36
    remediated for mold yes so
  • 00:12:45
    Ral I mean I think it it's saying if you
  • 00:12:48
    have um whatever you have from five
  • 00:12:51
    years before so if you don't have it if
  • 00:12:53
    you bought it three years ago and the
  • 00:12:55
    seller did it four years ago and they
  • 00:12:56
    didn't give you anything hopefully they
  • 00:12:58
    disclose that to you and you can
  • 00:12:59
    disclose it but you can say I don't have
  • 00:13:00
    anything or if it comes up you can be
  • 00:13:02
    like that was before my time right but
  • 00:13:04
    whatever you have you have to disclose
  • 00:13:07
    yeah okay okay so next one is number 12
  • 00:13:12
    um required notices um they've added
  • 00:13:14
    some some theyve changed the language
  • 00:13:16
    and added some more things so the
  • 00:13:19
    following notices have been given or are
  • 00:13:22
    attached to this contract for example
  • 00:13:25
    utility water drainage and public
  • 00:13:27
    utility districts
  • 00:13:29
    um used to say like mud and pit they
  • 00:13:32
    kind of made it a little a little
  • 00:13:34
    broader I would say so and
  • 00:13:45
    that but are you now having
  • 00:13:50
    thec no I think this has to do with um
  • 00:13:53
    drainage District water districts if
  • 00:13:55
    it's a
  • 00:13:57
    mud yeah yeah I think all of those yeah
  • 00:14:02
    yeah and then they added this language
  • 00:14:03
    sellers failure to provide the statutory
  • 00:14:06
    notices may give buyer um remedies or
  • 00:14:09
    rights to terminate so it's not an
  • 00:14:10
    automatic out so they clarified that
  • 00:14:14
    too okay
  • 00:14:16
    questions keep moving yes all right okay
  • 00:14:21
    this is a big one okay yeah this is the
  • 00:14:23
    biggie um this is section 12 which you
  • 00:14:25
    know we've historically used um sellers
  • 00:14:29
    contribution to buyers closing cost you
  • 00:14:32
    know sometimes they're adding an amount
  • 00:14:34
    upfront more often um though when in
  • 00:14:39
    when repairs are being negotiated we put
  • 00:14:42
    an amount in there you know $5,000 you
  • 00:14:46
    know instead of having the seller do
  • 00:14:48
    this this and this but what they've
  • 00:14:51
    changed this to is they are adding a new
  • 00:14:56
    section um having to do with just
  • 00:14:59
    commission okay so um the form that the
  • 00:15:05
    Texas Association of Realtors came out
  • 00:15:07
    with the summer um with all after the N
  • 00:15:11
    settlement what that was called the
  • 00:15:13
    246 the addendum regarding brokerage
  • 00:15:18
    compensation brok fees broker's fees yes
  • 00:15:20
    brokerage fees okay that is going away
  • 00:15:25
    that form the 2406 is going away now the
  • 00:15:29
    2401 and 2402 registration Agreements
  • 00:15:32
    are still still around okay but this
  • 00:15:36
    section um it is saying that the seller
  • 00:15:41
    shall pay the following um the following
  • 00:15:44
    amount to be applied to brokerage fees
  • 00:15:48
    that buyer has agreed to pay when you
  • 00:15:50
    put either a dollar amount or a
  • 00:15:52
    percentage of the sales price so this
  • 00:15:56
    would be that if you have a if you have
  • 00:16:01
    a seller that is directly paying the
  • 00:16:04
    buyer agent commission okay it's not
  • 00:16:07
    being run through the listing agreement
  • 00:16:11
    you know in conjunction with a 2402
  • 00:16:13
    compensation between
  • 00:16:15
    Brokers um it's they're paying it
  • 00:16:18
    separately you know if someone got say a
  • 00:16:20
    3% just listing side agreement but then
  • 00:16:24
    in negotiations the seller decided that
  • 00:16:27
    they would pay a commission to the buyer
  • 00:16:29
    agent this is where you would put that
  • 00:16:32
    also let's say there's a situation where
  • 00:16:36
    they were offering through the listing
  • 00:16:38
    agent a buyer agent compensation of 2%
  • 00:16:43
    but you negotiate that additional
  • 00:16:45
    percent um as part of your negotiations
  • 00:16:48
    and the seller's going to pay that you
  • 00:16:50
    would put that additional amount that 1%
  • 00:16:53
    in there so it equals three so if the
  • 00:16:56
    cell if everything's being run through
  • 00:16:59
    the the listing agent you know if
  • 00:17:01
    nothing nothing's coming directly from
  • 00:17:03
    the seller then you would not be filling
  • 00:17:06
    out that section be a
  • 00:17:08
    paragraph 12 but you so
  • 00:17:11
    so so this is where this does
  • 00:17:15
    change where if so if you just put it in
  • 00:17:18
    12 a1b that's because a seller has not
  • 00:17:21
    agreed to pay that amount in the listing
  • 00:17:23
    agreement right so it's a 3% listing or
  • 00:17:26
    just to the listing side right so but if
  • 00:17:28
    it's a six % where it's like three for
  • 00:17:29
    the listing three for the buyer then
  • 00:17:31
    you're still going to have to sign that
  • 00:17:33
    compensation agreement between Brokers
  • 00:17:35
    right where the listing broker is
  • 00:17:37
    agreeing to pay you as the buyer's
  • 00:17:39
    broker and then you're going to
  • 00:17:41
    reference it here on this last page of
  • 00:17:43
    the contract pursuant to a previous
  • 00:17:45
    separate agreement the compensation
  • 00:17:47
    agreement between Brokers the listing
  • 00:17:49
    broker has agreed to pay other broker a
  • 00:17:51
    fee of
  • 00:17:53
    blank does that make sense so now it's a
  • 00:17:56
    little bit more clear the reason that so
  • 00:17:58
    remember Tre is the consumer protection
  • 00:18:01
    agency that is our government right
  • 00:18:02
    Texas Realtors which gave us our
  • 00:18:04
    previous forms is our industry
  • 00:18:07
    Association like they're trying to
  • 00:18:08
    protect us right um so Tre most other
  • 00:18:13
    states do it we like if I'm a seller and
  • 00:18:16
    Angela is my agent I agree to pay her a
  • 00:18:18
    certain amount and when you write an
  • 00:18:20
    offer if Gail writes an offer she writes
  • 00:18:22
    the offer and she asks us to pay
  • 00:18:24
    whatever I haven't agreed in advance
  • 00:18:26
    with Angela to pay anything to the buyer
  • 00:18:28
    broker that's how Most states do it and
  • 00:18:30
    that's kind of how Tre has drafted this
  • 00:18:33
    contract by adding that 12 a1b section
  • 00:18:36
    but they are acknowledging that we still
  • 00:18:39
    because of our Texas realtor forms do
  • 00:18:41
    sometimes negotiate the co-broke fee and
  • 00:18:43
    so they changed this here to acknowledge
  • 00:18:46
    that the seller may have agreed to pay
  • 00:18:48
    the buyer's broker in advance and it's
  • 00:18:51
    documented in that compensation
  • 00:18:52
    agreement and it goes here
  • 00:18:59
    2402 yes yeah so
  • 00:19:02
    again yeah so you can't just write 3% in
  • 00:19:05
    here you it says pursuant to a previous
  • 00:19:09
    separate agreement so that means you
  • 00:19:11
    have to get that compensation agreement
  • 00:19:12
    between Brokers and I know you guys are
  • 00:19:13
    out there like negotiating with agents
  • 00:19:16
    that are like my broker says we don't
  • 00:19:17
    have to sign that well that's just wrong
  • 00:19:19
    and like if you really get sideways with
  • 00:19:20
    them like call us and we'll call their
  • 00:19:22
    broker we'll talk to the agent or
  • 00:19:23
    whatever we need to do but like
  • 00:19:25
    literally the document refers to the
  • 00:19:27
    previous separate written agreement
  • 00:19:28
    which is your compensation agreement
  • 00:19:30
    between
  • 00:19:31
    Brokers so realistically if you as a
  • 00:19:34
    listing agent it may be if you're going
  • 00:19:36
    to negotiate with your sellers to say
  • 00:19:38
    pay me three pay the buyer's broker fee
  • 00:19:40
    you should just have that compensation
  • 00:19:41
    agreement between Brokers like ready to
  • 00:19:43
    go does that make
  • 00:19:47
    sense well this is a red line so you
  • 00:19:51
    know this is what this language that
  • 00:19:52
    they crossed out says such as an MLs
  • 00:19:54
    offer of compensation but that doesn't
  • 00:19:56
    exist anymore so in the the actual
  • 00:19:59
    version you're just going to see what's
  • 00:20:00
    in black and blue here so the separate
  • 00:20:02
    agreement that's going to be like the
  • 00:20:04
    2402
  • 00:20:08
    so no that's what that's what the old
  • 00:20:10
    version says MLS remember it said 3% or
  • 00:20:14
    whatever in but BAC and MLS that was a
  • 00:20:17
    binding promise for them to pay that and
  • 00:20:19
    so that went away in July
  • 00:20:33
    um so so okay hold on let me scroll back
  • 00:20:36
    so we'll go back I just wanted to show
  • 00:20:37
    you guys that part about the mechanics
  • 00:20:40
    of how to use that but we'll go back
  • 00:20:42
    there because you know we used to say
  • 00:20:45
    we're going to ask for closing costs in
  • 00:20:46
    12 a1b to cover plumbing repairs well
  • 00:20:49
    now that's 12
  • 00:20:51
    A1C that's where you put the the
  • 00:20:53
    miscellaneous yeah cost of repairs or
  • 00:20:56
    helping a firsttime buyer out with some
  • 00:20:57
    of their closing costs
  • 00:21:01
    Etc the amendment to the contract line
  • 00:21:04
    we'll get there in a minute and look at
  • 00:21:06
    that
  • 00:21:12
    yes
  • 00:21:14
    she no so no so that Lauren just asked
  • 00:21:17
    if the seller has agreed to pay you know
  • 00:21:19
    listing agent three and buyer agent
  • 00:21:20
    three would we put three% in 12 a1b and
  • 00:21:24
    the answer is
  • 00:21:25
    no you only put it on the last page of
  • 00:21:27
    the contract because we're getting paid
  • 00:21:30
    by the broker not by the seller and the
  • 00:21:32
    20 and we' have the
  • 00:21:36
    242 compensation agreement between
  • 00:21:38
    Brokers which would document that yes
  • 00:21:41
    yes yes and Casey is asking online so
  • 00:21:44
    the addendum regarding broker's fees is
  • 00:21:45
    no longer required or needed at all and
  • 00:21:47
    it's like yes we can light that document
  • 00:21:49
    on fire right once we start using this
  • 00:21:51
    version of the form
  • 00:21:53
    okay they're I don't think they make
  • 00:21:56
    them available until the day they go
  • 00:21:57
    into effect which is really stupid yeah
  • 00:21:59
    January January
  • 00:22:01
    3rd but I think I think they say you can
  • 00:22:03
    start using it but I don't know how to
  • 00:22:05
    access always they're like you can use
  • 00:22:07
    them but you must use them by this day
  • 00:22:09
    but I don't know how to get to them so
  • 00:22:11
    yeah we find them in the meantime we'll
  • 00:22:12
    let you know yeah yes okay okay
  • 00:22:16
    questions about this yeah um can I okay
  • 00:22:21
    on B it says The Brokerage fees the
  • 00:22:23
    buyer has agreed to pay so that has to
  • 00:22:25
    be part of the pro contract now good
  • 00:22:27
    point that's in the buyer they're
  • 00:22:29
    referencing really that's referencing
  • 00:22:30
    like the buyer rep yeah that's a good
  • 00:22:32
    question yeah that's the buyer rep
  • 00:22:34
    because everyone has to have a buyer's
  • 00:22:35
    rep yes right so and so it's that so
  • 00:22:39
    you're covering what the buyer would
  • 00:22:42
    have to pay for their agreement with
  • 00:22:44
    their buyers that's a great question
  • 00:22:54
    yes that's only if the listing
  • 00:22:58
    there's not any Corporation yeah so so
  • 00:23:01
    Laura is saying if you have a buyer rep
  • 00:23:02
    agreement that says a certain amount
  • 00:23:04
    you're only going to use
  • 00:23:06
    12a
  • 00:23:07
    1B if the seller has not agreed to pay
  • 00:23:11
    the listing broker a you know extra for
  • 00:23:13
    the buyer broker okay otherwise for the
  • 00:23:16
    most part the way you guys are doing
  • 00:23:18
    business the way we're seeing it in the
  • 00:23:19
    marketplace where most sellers are still
  • 00:23:21
    agreeing to offer buyer agent commission
  • 00:23:23
    and listing agent commission 12 a1b will
  • 00:23:26
    be blank for you and you're going to
  • 00:23:28
    fill out that last page and sign the
  • 00:23:31
    compensation agreement between Brokers
  • 00:23:32
    so that's really how you guys are
  • 00:23:34
    operating the majority of the time if
  • 00:23:36
    moreen more sellers shift to be like my
  • 00:23:38
    husband and not be willing to buy write
  • 00:23:40
    offer buyer agent commission until he
  • 00:23:41
    sees the offer then they're going to
  • 00:23:43
    start you're going to start writing in
  • 00:23:44
    there I have a buyer rep that says three
  • 00:23:46
    so with part of this offer is that we're
  • 00:23:48
    asking the seller to pay the 3% of my
  • 00:23:50
    buyer rep because it was not agreed to
  • 00:23:53
    in the listing agreement but but that's
  • 00:23:56
    not in that's not in 12b though that
  • 00:23:58
    just says the buyer is no so but it says
  • 00:24:02
    that's 12 A1 says seller shall pay the
  • 00:24:04
    following expenses this amount that the
  • 00:24:07
    buyer has agreed to pay it is confusing
  • 00:24:09
    you're right it's confusing how it's
  • 00:24:11
    written but the reason that it says that
  • 00:24:12
    the buyer has agreed to pay is because
  • 00:24:13
    they want to make sure that you you have
  • 00:24:15
    already agreed in writing with your
  • 00:24:17
    buyer and you have some type of
  • 00:24:19
    representation agreement I'm talking to
  • 00:24:20
    the speaker I don't know why um sorry
  • 00:24:25
    does that make sense so it's a good
  • 00:24:26
    question because it is confusing that
  • 00:24:28
    says buyer has agreed to pay but just
  • 00:24:30
    remember the first sentence says seller
  • 00:24:31
    shall pay the following expenses you
  • 00:24:33
    know that the buyer agreed to
  • 00:24:35
    pay does that make
  • 00:24:52
    sense is that to
  • 00:24:56
    substantiate C
  • 00:25:00
    a
  • 00:25:02
    no B it goes back to The Brokerage fees
  • 00:25:06
    at buyers agree to pay that's in B it's
  • 00:25:08
    just tying back to that yeah so this
  • 00:25:11
    says okay so you'll see that this
  • 00:25:12
    language seller willay the following
  • 00:25:14
    amount to be applied to brokerage fees
  • 00:25:16
    that buyer has agreed to pay so I think
  • 00:25:18
    they stuck in that extra in case the
  • 00:25:20
    seller's like okay fine I'll pay two but
  • 00:25:22
    your buyer rep says three so that's
  • 00:25:24
    where it's still saying you still have
  • 00:25:25
    to pay the one does that make sense no
  • 00:25:29
    no so asking in in 1282 in blue it says
  • 00:25:35
    brokerage fees that buyer has agreed to
  • 00:25:37
    pay well she says but up up up in 12 a1b
  • 00:25:41
    it says that the seller is going to
  • 00:25:42
    agree to pay that and they just stuck
  • 00:25:44
    that little phrase in there at the
  • 00:25:45
    bottom because if the seller only agrees
  • 00:25:47
    to pay two but the buyer has agreed to
  • 00:25:49
    pay three then the buyer is still going
  • 00:25:51
    to be responsible for that 1% because of
  • 00:25:53
    that little language that they added
  • 00:25:55
    there but you so generally we'll have
  • 00:25:57
    three%
  • 00:25:58
    MB then yeah yeah but if your buyer rep
  • 00:26:02
    was
  • 00:26:02
    [Music]
  • 00:26:06
    for so it could be
  • 00:26:09
    anything so the way that the market is
  • 00:26:11
    operating right now where sellers for
  • 00:26:13
    the most part are agreeing to pay the
  • 00:26:15
    buyer broker fee right you're not pull
  • 00:26:17
    out 12 a1b because that's in a separate
  • 00:26:21
    written agreement between you and the
  • 00:26:22
    buyers and the listing agent right so
  • 00:26:25
    most of the time you're going to have
  • 00:26:27
    that compensation agreement between
  • 00:26:28
    broker is because the seller has agreed
  • 00:26:29
    in advance to pay x amount in the
  • 00:26:32
    situation where whatever the seller has
  • 00:26:33
    agreed to in advance doesn't cover what
  • 00:26:37
    the buyer's rep says you're either going
  • 00:26:39
    to ask for it here right you're going to
  • 00:26:42
    ask for the difference or the buyer is
  • 00:26:44
    just going to pay the difference okay
  • 00:26:47
    but I'm talking about like if I'm have a
  • 00:26:49
    a
  • 00:26:53
    seller okay and they're offering 3% to
  • 00:26:56
    the buyer agent is that that covered in
  • 00:26:59
    paragraph 12 then no no that's covered
  • 00:27:04
    that's covered you're going to get a
  • 00:27:05
    compensation agreement between Brokers
  • 00:27:07
    signed by the listing broker and the
  • 00:27:09
    listing broker is going to pay that um
  • 00:27:12
    buyer broker fee okay does that
  • 00:27:16
    help I guess yeah so basically this is
  • 00:27:19
    just done if you're representing the
  • 00:27:21
    buyer you have to fill that part out B
  • 00:27:24
    no if the seller isn't if the sell the
  • 00:27:27
    listing agent isn't already offering the
  • 00:27:30
    buyer agent compensation is fill it out
  • 00:27:33
    and you're collecting directly from the
  • 00:27:36
    BAC directly from the seller okay so
  • 00:27:39
    like I said my husband if we listed our
  • 00:27:41
    house he would say we're going to pay
  • 00:27:43
    the listing agent 3% and we're not
  • 00:27:44
    offering anything up front until we see
  • 00:27:46
    the offer and if someone writes us a
  • 00:27:48
    full price offer and asks us to pay
  • 00:27:50
    their buyers I'm still talking up there
  • 00:27:51
    and asks us to pay 3% to their buyer
  • 00:27:54
    agent we'll do it but if they write us a
  • 00:27:56
    very terrible offer we're not going to
  • 00:27:58
    to pay their buyer broker anyway why
  • 00:27:59
    would I agree in advance so in that case
  • 00:28:02
    the buyer's broker if they called me and
  • 00:28:04
    they said zaren what is the buyer's
  • 00:28:06
    broker compensation I said it's zero
  • 00:28:08
    then they're going to have to write in
  • 00:28:09
    here and ask the seller to pay whatever
  • 00:28:12
    their buyer's rep
  • 00:28:14
    says except that it says the seller is
  • 00:28:16
    going to pay yeah so you're agreeing to
  • 00:28:18
    pay the seller is going to pay yeah the
  • 00:28:20
    seller is paying the expenses that the
  • 00:28:22
    buyer has already agreed to pay it is
  • 00:28:24
    confusing
  • 00:28:33
    awesome
  • 00:28:35
    [Music]
  • 00:28:44
    [Music]
  • 00:29:00
    [Music]
  • 00:29:19
    yeah I think we're gonna get used to it
  • 00:29:20
    we're gonna get used to it real quickly
  • 00:29:23
    yeah yeah one less piece of paper you
  • 00:29:26
    know it's going to be we have question
  • 00:29:28
    online So Christine says would you use
  • 00:29:30
    121b if the listing agent because this
  • 00:29:32
    is happening to you guys a lot just send
  • 00:29:34
    me your offer with whatever compensation
  • 00:29:36
    you want and that's really annoying and
  • 00:29:38
    you guys need to remember that when
  • 00:29:39
    you're listing agents like if you have
  • 00:29:41
    negotiated with your seller that they're
  • 00:29:43
    going to pay a certain amount amount it
  • 00:29:45
    does not make sense to hide the ball and
  • 00:29:47
    not tell the agent if you have a seller
  • 00:29:49
    that's like well I don't know how much
  • 00:29:50
    I'm going to pay until I see the offer
  • 00:29:51
    then there're a z% seller like my
  • 00:29:53
    husband right they don't want to offer
  • 00:29:56
    they don't agree to pay any amount
  • 00:29:58
    until they see what the offers look like
  • 00:30:02
    okay and that's not catastrophic that's
  • 00:30:04
    fine because if you write the best offer
  • 00:30:06
    and you ask for your 3% here it may be
  • 00:30:08
    better right so does that make sense
  • 00:30:11
    Christine does that answer your question
  • 00:30:14
    she says what would you would you use
  • 00:30:15
    121b yes if they're being kg and weird
  • 00:30:18
    which doesn't make sense if you have the
  • 00:30:19
    seller already agreed in writing in the
  • 00:30:21
    listy agreement to pay a certain amount
  • 00:30:23
    they should tell that amount because if
  • 00:30:25
    they're being weird about it then
  • 00:30:26
    they're not really committed to that
  • 00:30:27
    amount and should be zero but if you're
  • 00:30:30
    in that situation just write in what
  • 00:30:32
    you're asking and then they're going to
  • 00:30:34
    have to clean up the paperwork on the
  • 00:30:36
    back end if what you have written is
  • 00:30:38
    different than what they have in their
  • 00:30:39
    agreement okay
  • 00:30:41
    but got a question yeah okay um okay so
  • 00:30:46
    let's say you're this is the this is the
  • 00:30:49
    deal with zarin's husband and he uh the
  • 00:30:53
    offer is really good and so he agrees to
  • 00:30:55
    pay the 3%
  • 00:30:58
    after um there's an
  • 00:31:01
    inspection and there's a major problem
  • 00:31:03
    with the
  • 00:31:04
    foundation that he's gonna have to pay
  • 00:31:08
    to repair and he says well if I'm doing
  • 00:31:11
    this Foundation I am not going to uh now
  • 00:31:14
    pay 3% I'll pay
  • 00:31:16
    1% at that point do you need to do an
  • 00:31:19
    amendment to this uh contract yes and
  • 00:31:24
    it's in the new Amendment form just like
  • 00:31:26
    you guys do now right
  • 00:31:28
    so so you would so then at that point
  • 00:31:31
    he's going to pay that 1% directly so
  • 00:31:34
    you have to
  • 00:31:36
    change on the amendment
  • 00:31:38
    12b because and he never agreed up front
  • 00:31:42
    to do the 3% it was only directly right
  • 00:31:47
    and so that's what we would be changing
  • 00:31:49
    is the paragraph 12 B AB right is that
  • 00:31:54
    right yes okay okay yes I mean obviously
  • 00:31:59
    if you agree in the first version of the
  • 00:32:01
    fully executed contract to pay a certain
  • 00:32:03
    amount and then you're renegotiating
  • 00:32:05
    your amendment is going to have to
  • 00:32:06
    incorporate any amount that you're
  • 00:32:08
    changing whether it's 12 A1C 12 a1b like
  • 00:32:11
    whatever it is um yes and we'll get
  • 00:32:13
    there when we look at the amendment all
  • 00:32:15
    right have we beat this to death yet all
  • 00:32:20
    right yes and we'll get
  • 00:32:23
    there um okay all right so here this is
  • 00:32:26
    a fun one yes we have new addendum right
  • 00:32:29
    here the no it's easy it's actually a
  • 00:32:32
    good one you guys will like it one pager
  • 00:32:34
    a couple of sentences we'll go there
  • 00:32:36
    next so that there is if the transaction
  • 00:32:39
    is a 1031 exchange um you have to attach
  • 00:32:43
    an addendum just acknowledging that
  • 00:32:45
    that's what it is if you've ever done a
  • 00:32:46
    1031 exchange there's a paragraph that
  • 00:32:49
    the 1031 qualified intermediary wants
  • 00:32:51
    you to include on the original contract
  • 00:32:53
    that says the other party will cooperate
  • 00:32:56
    it just says we'll cooperate I mean you
  • 00:32:58
    might mean you have to sign two extra
  • 00:32:59
    pieces of paper so instead of calling us
  • 00:33:01
    and being like what is that language
  • 00:33:03
    there's an addendum that says that now
  • 00:33:04
    it's very easy it's not like material
  • 00:33:06
    it's just a disclosure saying hey we're
  • 00:33:09
    doing this if I need you to sign two
  • 00:33:11
    extra pieces of paper at closing will
  • 00:33:12
    you do it yes so we'll look at it in a
  • 00:33:16
    second okay so that's it guys you know
  • 00:33:20
    we talked about this already you know
  • 00:33:22
    you
  • 00:33:26
    have Lawrence asking if people are
  • 00:33:28
    having trouble getting compensation
  • 00:33:29
    agreements
  • 00:33:31
    signed yeah which doesn't make sense to
  • 00:33:33
    me like if your seller has agreed
  • 00:33:34
    upfront in the listing agreement to pay
  • 00:33:36
    a certain amount like why are we being K
  • 00:33:38
    about what that amount is it doesn't
  • 00:33:40
    make sense and I'm sure you have sellers
  • 00:33:42
    that are like that but then they're not
  • 00:33:43
    a 3% seller right they're like a let's
  • 00:33:45
    wait and see kind of seller which is
  • 00:33:47
    fine I think that that we might shift
  • 00:33:49
    that way in general which is not a bad
  • 00:33:53
    thing you guys are good negotiators
  • 00:33:54
    you're very good at what you do
  • 00:34:21
    right yeah I do think that the lawsuit
  • 00:34:24
    has just made has put commissions on the
  • 00:34:26
    table as the more negotiable item but
  • 00:34:28
    because we're talking about it more but
  • 00:34:30
    the reason was probably because a lot of
  • 00:34:32
    people not you guys weren't talking
  • 00:34:33
    about it enough before and not now
  • 00:34:35
    that's just where we are but I think
  • 00:34:37
    this is an opportunity for you guys to
  • 00:34:38
    just show how good you are and like that
  • 00:34:40
    you're worth that's the up that's the
  • 00:34:42
    like positive spin on it I know that
  • 00:34:44
    that's
  • 00:34:46
    annoying
  • 00:34:52
    yes that's section 22 that's the section
  • 00:35:00
    no because this is the Tre form right
  • 00:35:03
    Tre is not going to acknowledge our
  • 00:35:05
    Realtor
  • 00:35:07
    Association and it's between the listing
  • 00:35:09
    a that document is between the listing
  • 00:35:11
    agent and the buyer agent not the buyer
  • 00:35:15
    seller you know the parties to this
  • 00:35:17
    contract are the buyer and the seller
  • 00:35:19
    and the parties to that contract are the
  • 00:35:20
    listing broker and the buyer's broker
  • 00:35:22
    they are kind of acknowledging it here
  • 00:35:24
    right pursuant to a separate agreement
  • 00:35:27
    okay all right so I'm going to show you
  • 00:35:29
    guys real quick the
  • 00:35:31
    um the 1031 exchange language just
  • 00:35:35
    because that's easy and we'll like give
  • 00:35:36
    our brains a Break um let's
  • 00:35:40
    see
  • 00:35:42
    here
  • 00:35:43
    okay so this is what this looks like and
  • 00:35:46
    before it was just a paragraph that you
  • 00:35:47
    wrote
  • 00:35:49
    in but it it says you know seller or
  • 00:35:52
    buyer whoever is doing the 1031 is
  • 00:35:54
    disclosing that they intend to use the
  • 00:35:55
    property to accomplish the 1031 like
  • 00:35:57
    kind exchange and the parties will
  • 00:35:59
    reasonably cooperate to accomplish The
  • 00:36:01
    Exchange provided it will you're not
  • 00:36:04
    going to incur any additional expens
  • 00:36:05
    reliability and closing will not be dis
  • 00:36:07
    so it's as it's as gentle language as
  • 00:36:10
    possible to like disclose and
  • 00:36:11
    acknowledge that yes this person is
  • 00:36:13
    doing a 1031 exchange and I will
  • 00:36:14
    cooperate before we had to write all
  • 00:36:16
    that in so now they just gave us an
  • 00:36:18
    addendum good all right that one was
  • 00:36:21
    easy okay do we want to go through the
  • 00:36:23
    other forms of the con let's go through
  • 00:36:26
    the rest of the addendums then we can
  • 00:36:27
    come back
  • 00:36:29
    okay so now there are changes to all
  • 00:36:33
    like there's new home complete new home
  • 00:36:35
    incomplete unimproved property farm and
  • 00:36:37
    ran actually let's look at unimproved
  • 00:36:38
    property because it does have that um
  • 00:36:41
    areas thing
  • 00:36:45
    okay okie doie okay so they've added a
  • 00:36:49
    section and the farm and ranch contract
  • 00:36:52
    had something similar has unov property
  • 00:36:54
    yes yes but now the unimproved property
  • 00:36:56
    has this um that you will check whether
  • 00:36:59
    or not the price will be adjusted based
  • 00:37:03
    on based on a new survey so if it's a
  • 00:37:06
    little bigger you know you just do the
  • 00:37:08
    math and um because a lot of times with
  • 00:37:11
    farming ranches or unimproved property
  • 00:37:13
    you're negotiating like a per acre price
  • 00:37:15
    and then you get your survey back and
  • 00:37:17
    it's 70 Acres smaller than you thought
  • 00:37:19
    it was that can be substantial so in raw
  • 00:37:22
    land deals like farm and ranch or this
  • 00:37:25
    you can adjust sometimes the price based
  • 00:37:27
    on a per per acre price so that's just a
  • 00:37:29
    little nugget for you guys to remember
  • 00:37:31
    but this you'll see same change
  • 00:37:33
    geothermal the the changes carry
  • 00:37:36
    throughout the the survey so there's
  • 00:37:39
    like we said there's six different
  • 00:37:41
    contracts but the changes for the most
  • 00:37:43
    part of the same
  • 00:37:47
    okay okay so now I was going to share
  • 00:37:50
    the um third party or backup yes let's
  • 00:37:54
    see here's the third party financing
  • 00:37:58
    okay third party financing
  • 00:38:02
    um the biggest change on this has to do
  • 00:38:07
    with buyer
  • 00:38:09
    approval so it and this is aange yeah so
  • 00:38:14
    this is saying that if you've checked
  • 00:38:17
    that this contract is subject to buyer
  • 00:38:20
    approval that now you have to show A
  • 00:38:24
    lender statement on why the buyer did
  • 00:38:28
    not approve so just like we've had this
  • 00:38:31
    requirement on the property approval
  • 00:38:35
    right so we've been doing that but you
  • 00:38:38
    haven't so people have been manipulating
  • 00:38:41
    this section they you know let's say you
  • 00:38:43
    had a 7-Day option period and a 20-day
  • 00:38:46
    financing period and on day 18 buyer
  • 00:38:50
    changes their mind people were just
  • 00:38:52
    saying no my buyer didn't didn't um make
  • 00:38:56
    approval they can't buy it and as the
  • 00:38:59
    contract was written that could be an
  • 00:39:01
    out there was no substantiation you know
  • 00:39:04
    documentation so this is this makes it a
  • 00:39:08
    lot more ethical and honest so I always
  • 00:39:10
    thought it was slimy when when that
  • 00:39:12
    happened before so it's a good change I
  • 00:39:14
    would
  • 00:39:16
    say so that's different that's property
  • 00:39:19
    approved this is just the buyer the buy
  • 00:39:22
    buyers income debt creditworthiness just
  • 00:39:25
    all them not the house
  • 00:39:35
    says The Bu it gives permission for them
  • 00:39:40
    to get the honest money but it does it's
  • 00:39:43
    not clear about earnest money for
  • 00:39:45
    selling does that make sense well I mean
  • 00:39:48
    if the buyer terminates because they
  • 00:39:49
    were unable to qualify for financing
  • 00:39:51
    individually they're going to ask for
  • 00:39:53
    their earnest money back
  • 00:39:57
    I
  • 00:40:04
    me know what my brain is
  • 00:40:09
    ising
  • 00:40:11
    yeah yeah yeah whatever
  • 00:40:19
    reason
  • 00:40:20
    assest money but it's not well it's an
  • 00:40:24
    event that's an event of default right
  • 00:40:26
    because the buyer is unable to close are
  • 00:40:27
    they still going to require that both
  • 00:40:29
    parties sign off I think the title
  • 00:40:32
    company is pretty much always going to
  • 00:40:33
    require that because otherwise they're
  • 00:40:34
    just asking for trouble you know um okay
  • 00:40:38
    and then this is a good change too I was
  • 00:40:40
    actually just talking about this with an
  • 00:40:41
    agent it's like oh well it's the third
  • 00:40:44
    day before they just cleaned up the
  • 00:40:45
    language buyer May terminate this
  • 00:40:46
    contract honor before the third day
  • 00:40:48
    before the closing date it's just a
  • 00:40:50
    little bit cleaner than later than three
  • 00:40:52
    no later than three days because that
  • 00:40:54
    was confusing okay and as an Yi uh about
  • 00:40:59
    the lender approval I'm sorry the lender
  • 00:41:02
    letter the lender written um notice of
  • 00:41:05
    termination written statement um before
  • 00:41:08
    this even came to effect I had a
  • 00:41:10
    situation with an agent this summer and
  • 00:41:13
    they were they were wanting to terminate
  • 00:41:16
    because cause of property approval and
  • 00:41:18
    their statement was from a mortgage
  • 00:41:22
    broker not an actual lender and so they
  • 00:41:24
    were fighting back the seller was
  • 00:41:26
    fighting back back saying you don't this
  • 00:41:28
    it's a mortgage broker Not A lender so I
  • 00:41:31
    called the Texas Association of Realtors
  • 00:41:33
    hotline and they agreed and said that a
  • 00:41:36
    mortgage broker is not a lender so just
  • 00:41:40
    beware so if they were some want to be
  • 00:41:45
    really interesting yeah that's that's a
  • 00:41:48
    very Pro
  • 00:41:50
    tip okay all right questions about
  • 00:41:55
    this yes Donna
  • 00:42:09
    yeah he got a boat um I mean I think
  • 00:42:11
    that they'll have to say something like
  • 00:42:12
    they're dead to income ratio didn't meet
  • 00:42:14
    our expectations or whatever I mean it's
  • 00:42:16
    just the point is that the the lender
  • 00:42:18
    has to go through the act of doing
  • 00:42:20
    something versus just being like Oh
  • 00:42:21
    didn't qualify yeah
  • 00:42:32
    yeah well I think I think as long as you
  • 00:42:34
    have that letter from the lender you
  • 00:42:36
    kind of can't argue about it but the
  • 00:42:37
    point is that you have to have a lender
  • 00:42:39
    that will do it I mean people will argue
  • 00:42:40
    about anything so
  • 00:42:43
    um but that's a good question okay let's
  • 00:42:46
    look at the amendment um yeah or dend
  • 00:42:49
    them for backup either one okay oh I
  • 00:42:50
    just did this
  • 00:42:53
    one Okie okay yeah y'all were asking
  • 00:42:56
    about this earlier um the amendment so
  • 00:42:59
    this is the plain old
  • 00:43:03
    Amendment so what they've done is the
  • 00:43:07
    part um
  • 00:43:09
    where in the Susan matusitz example
  • 00:43:11
    where they were like we were going to
  • 00:43:12
    pay 3% but just kidding now we're just
  • 00:43:14
    going to pay 1% because I have to pay
  • 00:43:15
    for all these other repairs you you'll
  • 00:43:17
    check this fourth box and then you'll
  • 00:43:19
    say 1% here instead so that amends what
  • 00:43:22
    was in the original contract right 12
  • 00:43:24
    a1b is about buyer broker fee and then
  • 00:43:27
    if you're like and you're going to give
  • 00:43:29
    me $7,000 towards Foundation repairs
  • 00:43:33
    that goes into 12
  • 00:43:35
    A1C that Mak sense they made it super
  • 00:43:37
    easy
  • 00:43:38
    yeah and then these numbers all just
  • 00:43:40
    changed now one more thing I have I I
  • 00:43:42
    have to talk about this every time
  • 00:43:43
    because I had a client I was not working
  • 00:43:46
    with them at the time and they regretted
  • 00:43:48
    that where when you write an option
  • 00:43:50
    Amendment guys and you're asking the
  • 00:43:52
    seller to do X Y and Z before the end of
  • 00:43:55
    the option you should check this here
  • 00:43:57
    because you say seller if you do X Y and
  • 00:43:59
    Z we are waving the remainder of our
  • 00:44:02
    option because if you were negotia if
  • 00:44:04
    the option expired on Wednesday and you
  • 00:44:06
    get this agreed to and you sign off on
  • 00:44:09
    it and you didn't wave the remainder of
  • 00:44:10
    the option then the buyer is still in
  • 00:44:12
    their option and they can come back and
  • 00:44:13
    ask for more right so you always just
  • 00:44:16
    want to make sure on behalf of your
  • 00:44:17
    sellers if you're signing an option
  • 00:44:20
    amendment that you check this box I've
  • 00:44:23
    had this happen to me before where the
  • 00:44:25
    when the buyer's agent I was a agent and
  • 00:44:27
    they wrote the amendment and they didn't
  • 00:44:29
    check this box instead of like having
  • 00:44:31
    them go back and initialize just sat on
  • 00:44:33
    it until 4:57 p.m. and then I sent it
  • 00:44:36
    back to them right that's annoying so
  • 00:44:38
    just on the sales side make sure this is
  • 00:44:40
    checked or wait until 455 at the end of
  • 00:44:42
    the option to send it back to them does
  • 00:44:45
    that make
  • 00:44:45
    sense okay sorry you guys are probably
  • 00:44:48
    all know that but it makes me crazy um
  • 00:44:52
    okay so that's that's it with the
  • 00:44:54
    amendment they made that easier and and
  • 00:44:57
    what else do we have how's our time okay
  • 00:45:01
    backup this is a good change this is a
  • 00:45:04
    really good
  • 00:45:05
    change all right angel I really excited
  • 00:45:08
    about it um what people used to call us
  • 00:45:10
    about for this language and to doctor up
  • 00:45:13
    when you are in a back I can't I can't
  • 00:45:15
    find my little window hold
  • 00:45:21
    on
  • 00:45:23
    yes there we go
  • 00:45:27
    okay okay here we go okay so they've
  • 00:45:29
    added a whole bunch of language to this
  • 00:45:32
    backup agenda because you know usually
  • 00:45:34
    if you're
  • 00:45:35
    backup chances are as a general rule
  • 00:45:38
    pretty slim that you're going to become
  • 00:45:40
    primary so a lot of people don't want to
  • 00:45:42
    have a lot of money out there they they
  • 00:45:44
    don't want to have you know hundreds or
  • 00:45:47
    a thousand dollars as an option fee out
  • 00:45:50
    there and one to two% as earnest money
  • 00:45:53
    so kind of what's become standard
  • 00:45:54
    practice is you put a small amount in
  • 00:45:58
    say like $10 and $10 or something just a
  • 00:46:01
    small amount of
  • 00:46:02
    consideration um and then we You' ask
  • 00:46:05
    Serene and I to write language for you
  • 00:46:08
    um saying that if and when you become
  • 00:46:10
    primary then you would put the bigger
  • 00:46:13
    portions of you know the real amount
  • 00:46:17
    right so now the way that frk has
  • 00:46:21
    grafted this it takes care of all of
  • 00:46:25
    that so it's says buyer shall deliver
  • 00:46:29
    the earnest money and option money as
  • 00:46:31
    provided in paragraph five of the backup
  • 00:46:33
    contract so that's paragraph five that's
  • 00:46:35
    the regular section of the contract
  • 00:46:38
    buyer shall deliver additional earnest
  • 00:46:40
    money of blank and additional option fee
  • 00:46:44
    of blank um within blank days after the
  • 00:46:47
    amended effective date um so you know
  • 00:46:50
    the amended effective date is when it
  • 00:46:52
    becomes primary so you know um and then
  • 00:46:55
    it also says you know the if the third
  • 00:46:59
    day is legal holiday or weekend for
  • 00:47:02
    either the additional earn the
  • 00:47:03
    additional fees or the original that
  • 00:47:06
    it's extended to the next business day
  • 00:47:09
    and and all of that so um it just spells
  • 00:47:13
    it out much more clearly and gives you
  • 00:47:15
    the option the ability not the option
  • 00:47:18
    that's confusing gives you the ability
  • 00:47:20
    to like increase your earnest money once
  • 00:47:22
    you become the primary which is what you
  • 00:47:23
    guys were all doing anyway and we had to
  • 00:47:25
    like give you special language so this
  • 00:47:26
    is a
  • 00:47:27
    awesome change and there wasn't a there
  • 00:47:29
    wasn't anything for additional option
  • 00:47:31
    money either so we'd have to kind of do
  • 00:47:33
    a slash and write that in special
  • 00:47:34
    provision so this is makes it just very
  • 00:47:37
    self-explanatory and Dives with the way
  • 00:47:40
    the market functions but you do have we
  • 00:47:42
    have agents all the time being like I'm
  • 00:47:43
    just not we're just not going to deposit
  • 00:47:45
    the option in earnest money it's like no
  • 00:47:47
    with this 100 million th% you absolutely
  • 00:47:50
    need to deposit your option and your
  • 00:47:52
    earnest money when you execute right and
  • 00:47:55
    that option money is never you're never
  • 00:47:56
    getting it back so make it a small
  • 00:47:58
    amount and you can make the earnest
  • 00:47:59
    money a small amount too um and then you
  • 00:48:02
    can add more but you have to do it
  • 00:48:04
    people are always like oh we just won't
  • 00:48:05
    deposit it right don't do that follow
  • 00:48:09
    follow it and do it the right way
  • 00:48:15
    okay yeah $10 option fee a 100 a th
  • 00:48:19
    escrow or whatever I mean are you some
  • 00:48:22
    less 10 or 20 just
  • 00:48:27
    whatever
  • 00:48:31
    works additional yes yeah that's a good
  • 00:48:35
    question yes good way to PR that okay so
  • 00:48:38
    that was a good
  • 00:48:39
    change spelling it all out yes that's it
  • 00:48:43
    okay okay and then we have this condo
  • 00:48:46
    resale thing we'll just point out to you
  • 00:48:48
    guys
  • 00:48:51
    um they condomini the there's a form
  • 00:48:57
    about what needs to go into the resell
  • 00:49:01
    certificate most big condomini
  • 00:49:03
    associations are not using the Trek form
  • 00:49:06
    but Trek does have a form that meets the
  • 00:49:07
    minimum statutory requirements of what
  • 00:49:09
    an HOA has to disclose in the resale
  • 00:49:11
    certificate so this is this this is the
  • 00:49:14
    form and um they just changed there must
  • 00:49:16
    have been some bad lawsuit or case where
  • 00:49:19
    this language was confused so now it
  • 00:49:21
    says the board has no knowledge that any
  • 00:49:23
    alterations or improvements to the unit
  • 00:49:26
    um or to the common elements assigned to
  • 00:49:27
    that unit violate the Declarations or
  • 00:49:30
    Association rules so they Chang no
  • 00:49:33
    knowledge of they just cleaned up the
  • 00:49:34
    language but just this just makes you
  • 00:49:36
    guys aware
  • 00:49:38
    that this is like section 82.1 57 of the
  • 00:49:42
    Texas property code is what is
  • 00:49:45
    statutorily required from HOAs and then
  • 00:49:48
    they cleaned this
  • 00:49:50
    up yes this is not some this is you guys
  • 00:49:53
    are never going to have to fill this out
  • 00:49:55
    the HOA companies and HOA management
  • 00:49:58
    companies will have to fill it
  • 00:50:03
    out right right so you know you're going
  • 00:50:05
    to get your HOA docs but then you're
  • 00:50:07
    also going to get this resale
  • 00:50:08
    certificate that gives like a snapshot
  • 00:50:09
    of where are we financially what
  • 00:50:11
    lawsuits do we have going on what are
  • 00:50:13
    our reserves etc
  • 00:50:21
    etc yeah I mean like a like if you if
  • 00:50:24
    you there's like a three unit condo that
  • 00:50:27
    like one of the owners manages the HOA
  • 00:50:29
    they probably go and find this form and
  • 00:50:31
    fill it out if you're contacting some
  • 00:50:33
    like large HOA management company there
  • 00:50:36
    it's not going to be on this piece of
  • 00:50:38
    paper the resale certificate that your
  • 00:50:39
    client gets but it will still meet the
  • 00:50:41
    statutory requirements that are in here
  • 00:50:44
    does that make sense
  • 00:50:48
    okay no no no no no and you'll never be
  • 00:50:51
    filling this out this is just to show
  • 00:50:53
    you what still submitted
  • 00:50:57
    [Music]
  • 00:50:58
    no no you don't need to do thisen yeah
  • 00:51:01
    yeah no um this yeah it's it's like the
  • 00:51:06
    association's management and then who
  • 00:51:07
    filled it out the name of the
  • 00:51:08
    association and who's the person that
  • 00:51:10
    completed it um
  • 00:51:14
    okay so those are the new forms we can
  • 00:51:17
    go through farman ranch or condo or do
  • 00:51:20
    you guys have questions is there
  • 00:51:21
    something you want to talk
  • 00:51:23
    about poj was that exciting he was like
  • 00:51:25
    can you guys make exciting I was like
  • 00:51:27
    probably
  • 00:51:28
    not um
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