Category Archives: Realtor Risk Management

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Interest Rates Dropping – Again!

Posted on 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 by 3.1% in the third quarter and […]

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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 , , ,

No “Moral Hazard” This Time Around – But Will It Make A Difference?

Posted on 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 real estate markets fell into the abyss, causing […]

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Posted in COVID, Economics, Financial Crisis, Market Conditions, Miscellany, Real Estate General, Real Estate/Distressed, Realtor Risk Management | Tagged , , ,

Specific Performance in Oregon Residential Real Estate Transactions

Posted on 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 reaching the issue of the remedy, a court […]

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Posted in Arbitration, Lawsuits, Litigation, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing, Specific Performance | Tagged , ,

COVID Protocols For Showing Homes Listed For Sale

Posted on 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. Any questions or concerns expressed should be directed to the Supervisor where appropriate. Screening: All prospective […]

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Posted in Broker Risk Management, Miscellany, Real Estate General, Realtor Risk Management, Realtors | Tagged , ,

Is COVID-19 a Defense to Breach of the Oregon Real Estate Sale Agreement?

Posted on 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 are not altogether unreasonable reactions to performance; after […]

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Posted in Broker Risk Management, COVID, Market Conditions, Miscellany, News You Can Use, Oregon - Economy, Real Estate Laws, Realtor Risk Management, Residential Housiing | Tagged , , ,

When Does The OREF Sale Agreement Become Contractually Binding?

Posted on by Phil Querin

Introduction.  This question is important for at least two reasons: It determines the time after which neither party can withdraw from the transaction without facing legal consequences; and It determines the time from which events, such as contingencies, begin and end. Section 32 (Definitions/Instructions).  Here is what the Sale Agreement says: (8) The phrase “signed […]

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Posted in Broker Risk Management, Miscellany, News You Can Use, Oregon Law, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors, Residential Housiing | Tagged ,

Why Oregon Realtors Should Get Out Of The FIRPTA Business

Posted on by Phil Querin

FIRPTA and Buyer Liability. Until the last few years,  the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) was just an arcane acronym; most residential real estate brokers had no knowledge of what it stood for, what it was, or how it worked. Fewer cared. After all, they had never handled a FIRPTA […]

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Posted in Escrow, Miscellany, Realtor Risk Management, Realtors, Tax Issues, Title Insurance | Tagged ,

Landlord Guidance Under Portland’s Additional Renter Protections

Posted on by Phil Querin

Discussion: The Portland Ordinance, 30.01.085 (“Portland Renter Additional Protections”) here, now in effect, has identified the occurrence of certain events that, if triggered, would require landlords to pay Relocation Assistance (“RA”) to tenants. [References below to the “Ordinance” will refer to 30.01.085; references to the Oregon Residential Landlord-Tenant Act, ORS Chapter 90, will be referred […]

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Posted in Landlord-Tenant Laws, Miscellany, News You Can Use, Real Estate Laws, Realtor Risk Management, Rent Control | Tagged ,

Independent Contractor Resources For Realtors

Posted on by Phil Querin

From the IRS “It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any […]

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Posted in Legislation - Federal, Legislation - Oregon, Miscellany, Real Estate Laws, Realtor Risk Management, Realtors, Tax Issues | Tagged ,

Oregon Contract Law: Offers, Counteroffers, And Their Withdrawal

Posted on by Phil Querin

Generally. In its most basic sense, the OREF Sale Agreement is an offer to purchase property; it describes the price and terms of sale, the contingencies, the closing process, and the closing date.  Once signed by seller and buyer, the document is delivered to escrow and, in most cases, the earnest money is deposited in […]

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Posted in Broker Risk Management, Miscellany, Oregon Law, Real Estate General, Real Estate Laws, Realtor Risk Management, Realtors | Tagged , ,
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