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Keller Williams Realty San José - Gateway Team Meeting – November 8, 2011

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Keller Williams Realty San José - Gateway Team Meeting – November 8, 2011. Announcements *Don’t Give Up- Video *7 Forces of Business Mastery - Tony Robbins Video *Broker Risk Management Listings, Sales & Closings *Lotto Tickets ALC Updates *Growth -Recruiting Tri-Fold

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Keller Williams Realty San José - Gateway

Team Meeting – November 8, 2011

Announcements

*Don’t Give Up- Video

*7 Forces of Business Mastery -Tony Robbins Video

*Broker Risk Management

Listings, Sales & Closings

*Lotto Tickets

ALC Updates

*Growth

-Recruiting Tri-Fold

*Culture

-Food Drive thru Nov. 22nd

-Vendor Appreciation Day- after next Team Meeting

-Santa Day- Dec. 10th @ 2-3:30pm

RSVP w/your information by Dec. 2nd

*Education

Wrap-Up

*Wants & Needs

Prospect Mortgage

*Audrey & Rosalio

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Vendor Appreciation Day

Tuesday, November 22nd

11:30am - 2:30pm

after the Team Meeting

Turkey & Potluck

Invite your favorite vendors!

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BROKER RISK MANAGEMENT

  • WEEKLY PRACTICE TIP
  • Short Sale Arms-Length Transaction Certificates
  • Q: I am representing a buyer on a short sale and the seller’s lender has forwarded to me a document that they are requiring my buyer, the seller and both agents to sign. In signing this document, I am being asked to certify:
    • That the sale is an “arms-length transaction” and that the buyer is not related to the seller
    • That there are no side agreements which have not been disclosed to the lender
    • That there is no agreement for seller to rent back after the close of escrow
    • That there is no money or other consideration being paid to seller
    • That all of the above is true and that I will indemnify the lender if any representation is not true
  • I am concerned because I have no knowledge what the listing agent might be doing or agreeing to. Also, while I know of no relationship between the seller and buyer, I have no way of knowing if they are related in some way that has not been disclosed to me. What do I do?
  • A. These types of “Arms-Length Certificates” have been around for a while; but recently lenders have been adding additional representations, and even adding the indemnity provisions that you mention.
  • It would be dangerous indeed to sign such a certificate because you are in essence making a declaration as to matters of which you have no knowledge, and my in fact be agreeing to indemnify the lender if any such matters turn out not to be true.
  • PRACTICE TIPS
  • 1. When being asked to sign such a document in a short sale, as either a listing or selling broker, READ IT IN DETAIL. If the declaration contains statement of which you have no first-hand knowledge, add the following just above your signature line:
  • “Signed to the best of my knowledge and belief”
  • 2. If the lender then requires you to sign this document without such a qualification, then discuss that with your manager or broker before proceeding.
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New Listings

CONGRATULATIONS!

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Open Escrow

CONGRATULATIONS!

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Closed Escrow

lotto tickets!

CONGRATULATIONS!

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ALC

Updates

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