Can Earnest Money Deposits Be Made “Nonrefundable”?
January 23, 2021 by Phil Querin
Earnest Money Deposits Generally. The term “earnest money” has been historically used to refer to the “deposit” paid by buyers that accompany an offer to purchase real property. Metaphorically, it is intended to show the buyer’s “good faith” intent to complete the purchase. Most [...]Continue reading “Can Earnest Money Deposits Be Made “Nonrefundable”?” »
Posted in Broker Risk Management, Legal Drafting, Miscellany, Real Estate General, Real Estate Laws, Realtor Risk Management, Residential HousiingUnpermitted Remodeling – What Realtors®Need to Know
January 23, 2021 by Phil Querin
What Must Sellers Disclose? Oregon’s Property Disclosure form asks sellers whether they have had any additions, conversions or remodeling to the home. If the answer is “yes” the form asks three follow-up questions; (1) Was a building permit required? (2) Was a building permit obtained? (3) [...]Continue reading “Unpermitted Remodeling – What Realtors®Need to Know” »
Posted in Miscellany, Property Disclosure, Real Estate Laws, Realtor Risk Management, Residential Housiing | Tagged Building Permits, Real EstateSurveys, Deed Descriptions, and Adverse Possession
November 22, 2020 by Phil Querin
Surveys vs. Visual Inspections. Most buyers do not order a survey before purchasing a home. Some visually check corners for survey pins in the ground, but most do not. When borders and boundaries are already identified by the location of pre-existing fences, bushes, trees, lines of occupation and [...]Continue reading “Surveys, Deed Descriptions, and Adverse Possession” »
Posted in Adverse Possession, Broker Risk Management, Deeds of Conveyance, Lawsuits, Miscellany, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential HousiingInterest Rates Dropping – Again!
May 24, 2020 by Phil Querin
In a recent Housingwire.com article (here) by Kathleen Howley, we learn that the current average 30-year mortgage interest rate of 3.24% is within one basis point[1] of its all-time low of 3.23%. According to article:
Fannie Mae projected last week the average this quarter would be 3.2%, followed [...]Continue reading “Interest Rates Dropping – Again!” »
Posted in City of Portland, COVID, Economic News, Fannie&Freddie, Interest Rates, Miscellany, News You Can Use, Real Estate General, Realtor Risk Management, Realtors, U.S. Economy | Tagged Interest Rates, Market Conditions, Real Estate, RealtorsNo “Moral Hazard” This Time Around – But Will It Make A Difference?
May 17, 2020 by Phil Querin
In a recent Reuters article (here), authors Ann Saphir and Lindsay Dunsmuir note that the Federal largesse of trillions of dollars currently being spent to address the inevitable fallout from sidelining millions of employees and businesses is far different from 2005 – 2009 when the financial and [...]Continue reading “No “Moral Hazard” This Time Around – But Will It Make A Difference?” »
Posted in COVID, Economics, Financial Crisis, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtor Risk Management | Tagged Banks, Market Conditions, Real Estate, Wall StreetSpecific Performance in Oregon Residential Real Estate Transactions
May 10, 2020 by Phil Querin
Introduction. The term “specific performance” is not, as commonly believed, a form of legal action that may be brought for enforcement of a contract. Rather, it is a remedy for a breach of contract claim because the underlying agreement has not been performed.
In other words, before [...]Continue reading “Specific Performance in Oregon Residential Real Estate Transactions” »
Posted in Arbitration, Lawsuits, Litigation, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing, Specific Performance | Tagged Real Estate, Realtors, Specific PerformanceCOVID Protocols For Showing Homes Listed For Sale
May 9, 2020 by Phil Querin
These guidelines require the consent of third parties, e.g. sellers, buyers, tenants, buyer brokers, inspectors, appraisers, property managers, contractors, plumbers, and others involved in the home purchase/sale transaction. Accordingly, they should be provided with a copy of these requirements. [...]Continue reading “COVID Protocols For Showing Homes Listed For Sale” »
Posted in Broker Risk Management, Miscellany, Real Estate General, Realtor Risk Management, Realtors | Tagged COVID, Real Estate, RealtorsZOOM Couture
April 18, 2020 by Phil Querin
According to Family Court Judge Dennis Bailey of Broward County, Florida, ZOOM hearings have become way too casual. This, according to a recent ABA article (here) by Debra Cassens Weiss. It seems Judge Bailey, in a letter to the Weston Bar Association (here), had grown tired of seeing attorneys [...]Continue reading “ZOOM Couture” »
Posted in Miscellany, News You Can Use, Q-Rants | Tagged Lawyers, Q-RantsIs COVID-19 a Defense to Breach of the Oregon Real Estate Sale Agreement?
April 14, 2020 by Phil Querin
Introduction. Almost as soon as the COVID pandemic flared up, I began to receive calls asking whether the virus could constitute the basis for refusing to perform under a pending Sale Agreement. One broker reported that the buyer wanted out of the contract because of “uncertainty”.
These [...]Continue reading “Is COVID-19 a Defense to Breach of the Oregon Real Estate Sale Agreement?” »
Posted in Broker Risk Management, COVID, Market Conditions, Miscellany, News You Can Use, Oregon - Economy, Real Estate Laws, Realtor Risk Management, Residential Housiing | Tagged COVID, Market Conditions, Real Estate, RealtorsNAR: Interest Rates Near 50-Year Low!
March 8, 2020 by Phil Querin
Mortgage rates have just dropped to the lowest level in almost 50 years, compelling both homeowners and home buyers to get off the couch to take advantage of record-level savings on their mortgage.
“The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its [...]Continue reading “NAR: Interest Rates Near 50-Year Low!” »
Posted in Economic News, Lenders, Market Conditions, News You Can Use, Real Estate General, Residential Housiing | Tagged Market Conditions, Real Estate, Realtors
