Congratula ons Are In Order

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1 January 2011 In This Issue: Page 1: From the President Page 2: Contract Update Page 3 & 4: Contracts continued Page 5: Contact Page 2011 NEFMLS President Clark LaBlond Congratula ons Are In Order By Clark LaBlond, NEFMLS President I would like to start off the New Year by extending my congratulations and thanks to several groups. First, I would like to thank the 2010 NEFMLS Board of Directors for making last year a success. The directors have laid a strong foundation for the 2011 NEFMLS Board to continue serving our members. Second, I would like to congratulate the new NEFAR leadership and extend a thank you to last year s NEFAR board. Third, congratulations are in order to all of the awards winners at the NEFAR installation banquet. But my final congratulations go to you, our members. Already our statistics in early January shows a steady increase in sales and total volume sold over last year. Proving we have a resilient and professional membership within our organization. This year I have no doubt will be an exciting year with new technology and opportunities for both our members and the NEFMLS. We start the year off running with an updated Listing Agreement and a new Brokerage Compensation Agreement. These documents are now on flexmls and will be on Form Simplicity soon (Please take advantage of the free fax service in Form Simplicity). I encourage you to read Jeff Mark s articles on the changes that were made. Again, many thanks to our volunteers who helped with the contracts and attorneys Jeff Marks and Lee Osborne. FIND is a new service that will be offered to all NEFMLS members within the next month. FIND will allow you to access property AND listing information via a very quick and intuitive search engine. It is the result of a partnership between NEFMLS and REALTOR.com. As you can see 2011 is already shaping up to be a very progressive year for all of us. I am very excited to be able to serve you, our members, and work together with the MLS staff to continue making this a successful year for all. Keep Connected The purpose of this newsletter is to provide all members of the NEFMLS with new, current, and updated information to get the most from your MLS computing system. Be sure to visit our website at for access to the MLS, as well as online education. Page 1

2 Changes to NEFMLS Contracts & A New Contract by Jeff Marks, NEFMLS Attorney Recently the NEFMLS Forms Committee completed a review of the NEFMLS forms. I would like to personally thank all of the members of the NEFMLS Forms Committee, and Ron Stephan, Angela Meek, and Amy Trujillo of NEFMLS, for all of their time and effort. The NEFMLS Board of Directors approved the changes, and the revised forms are now available online. There is one new form and the other forms have changes, some of which are stylistic and some of which are substantive. Here is a synopsis of the changes: Exclusive Right of Sale Listing Agreement. There are numerous stylistic changes to make the form easier to read and understand. Several paragraphs have been moved within the form. The first paragraph is now Authority to Sell Property. This had been the second paragraph. At the end of that first paragraph the word automatically has been added to the sentence that now reads: Upon acceptance of a contract for purchase and sale of the Property, all rights and obligations under this Agreement will automatically extend to the closing of the sale of the Property under that contract. Also, in Paragraph 1 where it states that the seller s spouse needs to sign the deed at closing even if the spouse s name is not on the seller s deed if the property is the SELLER s principal residence, this sentence has been added: If applicable your spouse will sign this Agreement. Paragraph 2 is the paragraph that describes the listed property. It now shows the street address, property location, and legal description in the same order as the Purchase and Sale Agreement. Also, in Paragraph 2 under Personal Property, the following words have been added after the word mailbox - and mailbox keys, if any. The paragraph titled Terms (which contains the price, etc.) has been moved from Page 2 to Page 1. In that paragraph under types of financing, USDA has been added in the part that says conventional so that it now reads conventional or USDA loans. The paragraph describing the closing costs that a seller agrees to pay formerly said SELLER agrees to pay: and then listed all the costs. Now it reads SELLER expenses: at closing SELLER agrees to pay: Also, in that same paragraph, a new sub-paragraph has been added titled Prorations which reads like the Purchase and Sale Agreement with regard to taxes, rentals, condo, HOA fees, etc. being prorated. The Possession paragraph has been moved from Page 1 to Page 2 and is now sub paragraph E of Paragraph 3. In Paragraph 3 the following phrase was added to mirror the Purchase and Sale Agreement: SELLER agrees to provide the Buyer with a copy of all current leases within five (5) days after the date of acceptance of a contract for purchase and sale of the property and deliver to the Buyer originals of same at closing. At closing all tenant deposits will be transferred from SELLER to the Buyer, as SELLER will assign the lease(s) to the buyer. Perhaps the most important stylistic change is that the paragraph titled Financial Representations which was Paragraph 11 is now Paragraph 4. This is the paragraph regarding the possibility that the closing may be a short sale. Page 2

3 Contracts-Jeff Marks (continued from page 2) In the paragraph titled BROKER Obligations and Authority, the word desires has been replaced by the word authorizes throughout. For example it reads SELLER [ ] authorizes [ ] does not authorize utilization of a NEFAR authorized lock-box system... At the end of that paragraph the following sentence has been added to the prior portion that provided that the Seller grants to NEFMLS, NEFAR, and broker the unlimited right to use, publish, and disseminate, sell, and license to others all text, graphics, photos, virtual tours, documents, and other types of data entered into the MLS system. Here is the new sentence: SELLER understands and agrees that public websites determine their own content and use of data, and therefore NEFMLS, NEFAR, and BROKER have no control over public websites and no obligation to remove any of the above content from public websites at any time. The next portion of that paragraph has a new heading titled INTERNET DISPLAY: In that paragraph the following has been deleted Note: a Virtual Office Website (VOW) is a password-protected website or a feature of a website that allows Brokers to operate their business online. Also in that paragraph the phrase Virtual Office Website has been replaced with Public Website. In that part of the paragraph titled SELLER s Obligations (which requires the Seller to inform you of certain things) the phrase or filing bankruptcy was added so that the phrase reads as follows: inform BROKER prior to leasing, mortgaging, or otherwise encumbering the Property, including advances on any home equity line of credit, or filing bankruptcy. In that part of the Listing Agreement that describes the homeowner association fees, condo fees, etc., there is now a line for public body or other assessments, to mirror the Purchase and Sale Agreement. Please recall that public body assessments are special assessments for things like water, sewer, or sidewalks. In the BROKER Compensation paragraph the word fee has been replaced by the word compensation throughout. In the paragraph titled Disputes and Waiver of Jury Trial, the words Florida Division of Real Estate have replaced the words Florida Real Estate Commission to mirror the Purchase and Sale Agreement. In the paragraph titled Material Facts and Defects, the part to be checked off concerning whether or not the property was built prior to 1978 added a phrase. It now reads: If the Property was built prior to 1978, the Lead-Based Paint Disclosure is required to be part of any purchase and sale agreement. That same phrase is added to the part about the property being seaward of the Coastal Construction Control Line. In the paragraph titled Complete Agreement and Miscellaneous Provisions, the phrase SELLER and BROKER has replaced the phrase The parties in two places. Also, in that paragraph a clarification has been made to indicate that modifications must be agreed to by SELLER and BROKER. The following sentence has also been added to that paragraph: Headings are for reference only and shall not be deemed to control interpretations. In the paragraph titled Brokerage Relationship the wording had stated that the broker would present all offers and counteroffers in a timely manner unless directed otherwise in writing. Now it reads unless SELLER directs BROKER to do otherwise in writing. Page 3

4 Contracts-Jeff Marks (continued from page 3) Old paragraph 15 has been deleted. It had read Special Clauses and Attachments... Paragraph 14 titled Additional Terms and Conditions has six more lines than before, and it will accommodate any special clauses or references to attachments. In the paragraph titled SELLER Authorizations, the words status letters have been replaced with the words estoppel letters. The signature block has been restyled. Now the seller signs first. Also the word authorized has been removed from the phrase that had read authorized listing licensee because it is presumed that the sales associate is authorized. Listing Agreement SHORT SALE/PRE-FORECLOSURE Addendum. The phrase sales contract was replaced with the phrase sales agreement and in the last paragraph thereof the phrase and/or was changed to and. Change Request form. The only change to this document is that the reference to Paragraph 11 of the Listing Agreement has now been changed to reference Paragraph 4 of the Listing Agreement since the paragraph location changed in the Listing Agreement. Internet Display Amendment to Listing Agreement. This document had been titled Internet Display/ Virtual Office Website Amendment to Listing Agreement. The phrase Virtual Office Website has been deleted since NAR now considers all of this to be Internet Display. Also, the following sentence has been added to the end of the form: Note: This Amendment must be retained by BROKER for at least one year. This is to comply with NAR rules. New-BROKERAGE COMPENSATION AGREEMENT. This is a new form. It is for you to use for what some of you call a one-time listing, a FSBO listing, or a pocket listing. Please recall that somewhat similar language was deleted from the Purchase and Sale Agreement because listing language does not belong in a contract that is between a buyer and a seller. Now NEFMLS offers a new brief form for you to present to FSBO sellers. I encourage you to read the forms carefully and become familiar with the changes even though most are style - not substantive. If you have any questions, please contact Technical Support at (904) x Page 4

5 2011 NEFMLS Directors President Clark LaBlond President Elect Gene Jones Treasurer Wanda Franklin Secretary Dee Bumbarger Marilyn Bearss Clare Berry Chris Bingemann Gonzalo Mejia Billie Motz Jerry Smith Steve Sprague Maria Wilkes MLS Technology Committee Chair: Don Chamblin MARC Chairperson: Musette Gilberstadt Education Taskforce Chair: Joyce Roberts Northeast Florida MLS RealtyWEB.Net 7801 Deercreek Club Rd. Jacksonville, FL Phone: (904) Fax: (904) NEFMLS Staff Chief Executive Officer Ron Stephan General Manager Kimberly Wiggins Office Manager Amy Trujillo Information Systems Brad Corner Web Administrator Sonja Harmon IS/Technical Support Luke James Membership Compliance Angela Meeks Training Technical Specialist Alan Posey Public Records/ Images/Support Dana Thomas Executive Assistant Katherine Sargent Business Manager Wayne Wetherington Partners CompUSA EasyRealtySites FBS Florida Times Union ListHub Syndication Listingbook Metro Market Trends MLS Advantage Real Estate Show REALTOR.com REIS Products ShowingTime Approved Vendors flexmls IDX a la mode, inc. CIS Data Constellation Web Dominion Data Services HouseHunt.com Homes.com Homes & Land Market Leader ihomefinder Onboard Informatics Realty Productions Top Producer Smarter Agent Wolfnet Technologies Membership X 1603 Technical Support X 1605 or Page 5