March 27, 2015
Greensboro – North Carolina Association of Realtors® President Tony Smith applauded Sen. Mike Lee (New Hanover) for filing legislation to end consent to rate letters from property insurers. Sen. Lee’s bill would close the legal loophole that forces homeowners to pay higher premiums or risk cancellation of their policy.
Release Date: 3/24/2015
QUESTION: The most recent issue of the Real Estate Bulletin describes a case where a listing agent was disciplined for failing to disclose problems associated with the home's foundation. Shortly after closing, the buyers discovered that cracks were forming on the home's ceilings, molding was separating, and windows and doors were not closing properly. The buyers then discovered that at some point prior to listing the home, the sellers had hired a masonry company to jack up the house and repair the foundation. After the buyers filed a complaint with the Real Estate Commission, the listing agent initially stated that he had no knowledge of any foundation issues with the home. He noted that the sellers had completed a Residential Property Disclosure Statement and answered "no" to the questions about knowledge of foundation problems and structural changes to the property. However, when interviewed, the sellers stated that they had spoken to their agent "in general terms" about the foundation repairs and that he "did not make any further inquiries into these repairs". In view of the fact that repairs to the foundation had been completed prior to the home being listed, what did the listing agent do wrong to deserve the discipline he received?
Congratulations to both the Charlotte Regional REALTOR® Association and the High Point Regional Association of REALTORS® for the honor of receiving the first ever Community Outreach award.