TRAINING WEBSITE
Frequently asked questions
- Q) How do I extend a listing I have?
You have two choices.
- You could use the original listing agreement and change it accordingly, with a cross hair in the margin for initials.
- Or use this amendment form: http://www.nat22.com/forms/list/list-amend.pdf
- Q) Why do we use EquiTitle for settlement?
The principal reason is that EquiTitle has Attorneys conducting the settlement, not just employees. They provide great rates comparing 3 of the nation’s largest Title insurers. Because National Realty has a controlled business arrangement with EquiTitle, the settlement process itself is smoother, less chance of misunderstandings and even provides commissions faster. Be sure client signs the disclosure form on this. In addition, if you sign up, you will find a huge complimentary gift basket from you to your client. But most important is that peace of mind, which is very important for you and your client.
- Q) What is the process for Rentals?
Landlord Side: The company policy for listing a rental is 1 month’s rent.
That amount is split 75% to listing Broker and 25% to Tenant Broker.
Typically the agent for the tenant will bring to you or the office, a rental application and two checks made out to National Realty. One is the security deposit of one month’s rent and the other is the credit check application fee of $50 per qualifying applicant on the lease. If he is not approved the tenant will lose the credit check fee, but the other check will be returned.
If approved, the lease is prepared by the listing agent according to the landlord’s wishes and agreement with the tenant. When lease is signed, the tenant will pay another one month check payable to the landlord. Commission will be paid from the Listing Broker to the Tenant Broker out of the first check they provided.
Tenant Side: Tenant agent must drive the rental application along with the checks to the listing company. Be sure to follow up with listing agent continually in order not to have the listing agent drag you out, while waiting for another applicant. You can put a deadline for a decision on your application.
FAQ -Page 2
- Q) Can I advertise National Realty listings? How about other company listings?
Yes you can advertise National Realty listings.
National listings can be found by searching Broker Code: NATL1. This will give you all our listings. You can write “we have the following homes for sale” etc. Just use the word we instead of I.
You can even advertise other company’s listings if the listing agent gives permission. Typically they would agree, because the listing agent is in the MLS offering other agents to bring buyers, so you working on bringing a buyer to their listing, would be a good thing. To protect yourself from customers going around you straight to the listing agent, it’s good to communicate what you will be doing for them.
Can I do land sales?
Yes you can do land sales. It’s the same as residential, but use a land contract.
As for permits etc, the listing agent is responsible to give you all that info. Get the questions from your buyer then call or email the listing agent for the answers. You do not make representations; only pass on information of what you were told by whom. Keep notes to that effect or put in email.
Typically your buyer will want a contract with a feasibility clause. This would say your buyer is buying with a contingency that the land has to be feasible for his use. The buyer then can research and check permits with the County yet be under contract and holding on to the property. However if for any reason he is unhappy or finds permits are not valid, he can back out. If you get to this stage, I have the feasibility agreement.
Knew an agent who got in trouble for stating where the boundary line was. He was wrong and got sued. Again, as a Realtor, you are only a middle man. You should not be making statements that are for the surveyor, or a County zoning administrator. Your job is to have the buyer to sign a feasibility period on his contract, so he can do his own due diligence and own reliance upon seller provided information.
Do I have to deposit the earnest money on a Short Sale after seller and buyer sign or after the 3rd party bank approves it?
On the Short Sale purchase:
On the Short Sale Contingency (page 2 under number 6) it will ask when is the contract considered ratified? Do not check the boxes that state “when ratified.” Instead you check the boxes, “it is considered ratified when the 3rd party bank approves it. “
This is why:
When you check ratified when just seller and buyer sign: escrow must be deposited.
When you check ratified when 3rd party approves: escrow is not deposited until bank approves.