04-12-2012

Good afternoon,

 

Paul Ressler, (Manager Battle Creek) stated yesterday that “it appears that sunspots and solar flares really bring out the buyers."  I don't know what it is… but listings and sales are strong.  Following are this week’s questions - each one of them is pertinent to the market today:

 

Question 1:

Jim, I can't believe this happened- I generated an offer from my buyer and sent it over to the listing agent. She had the nerve to tell me that the offer was not valid because the buyer’s signature was not witnessed. Does an offer to purchase real estate require a witnessed signature? Tell me it’s not so!

 

Answer:

No, there are no legal requirements for the witnessed signatures in a contract for the sale of real estate.  (Some agents get all the weird transactions.)The listing agent is pulling some kind of fast trick on you. Beware. Witnessed signatures are a "best practices" and should always be encouraged.  

 

Question 2:

I have a property listed and hope to close soon. The sellers are two brothers, they own the property as joint tenants and both are married. I got the wives’ signatures on the listing contract, as I was trained to do. The staff at PPR Title is saying that the wives need not sign the deed.  Could you please explain?

 

Answer:

Great job in getting ALL signatures on the listing contract. I would have done the same thing. However, the PPR Title staff is correct. A wife has no dower right in lands owned by her husband and another person when title is held as joint tenants. They do not need to be on the deed.  Remember, advising a client on how to hold title is an area for attorneys only, not Prudential agents. It is very complicated.

 

Question 3:

Jim, I was in a listing appointment last night and we were talking about earnest money deposits. The client asked me what happens to the deposit if we cannot find either the buyer or seller to return it? What would the company do with the money?

 

Answer:

We make the check out to the "Mike Cole Vacation Account."  JUST KIDDING!   The real answer is all unclaimed money "escheats" to the State of Michigan, Michigan Department of Treasury.   It really is a good question.  

 

Until next time...list and sell your socks off.

 

Jim Fase

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