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Notes from the Legal Hotline: October 2024
October 3, 2024
Q: Do I have to hold the buyer’s deposits in my escrow account? What if I do not want to pay the buyer’s broker or the seller is paying the buyer broker directly? A: As a licensed broker in Massachusetts, you are authorized to hold client funds for a real… -
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NAR Announces New “Consumer Guide” Series
September 20, 2024
CHICAGO (September 19, 2024) – The National Association of Realtors® today announced a new series of consumer resources designed to help agents who are Realtors® empower home buyers and sellers following recent practice changes. To date, NAR has published six installments in the series and will continue to release new… -
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FinCEN Issues New Anti-Money Laundering Rule for Real Estate
September 12, 2024
Recently, the Financial Crimes Enforcement Network (FinCEN), a Bureau within the U.S. Treasury Department issued a final anti-money laundering rule for the real estate industry. In February 2024, NAR submitted a formal comment in response to FinCEN’s proposed anti-money laundering rule on this issue. The final rule requires certain real estate professionals… -
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Notes from the Legal Hotline: September 2024
September 4, 2024
Q: The Listing Broker is offering compensation to the Buyer Broker, does the Buyer memorialize that compensation offer in their Contract to Purchase, paragraph 2? A: Memorialization of this type of cooperative compensation offer belongs on MAR Form 311: Cooperating Compensation Agreement (or its equivalent). If the Listing Broker will… -
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First, Last, Security, Lock and Key Fees. Period.
September 4, 2024
Residential rental fee collection is governed by M.G.L. c. 186 §15B which is most often cited for the statutory requirements regarding the handling of security deposits. Any misstep regarding the handling of the security deposit will automatically result in penalties, including an award of three times the amount of the… -
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New Inspection Regulations are Coming
August 30, 2024
On August 6th, the Governor signed the Affordable Homes Act into law. This law includes a provision that requires the Executive Office of Housing and Livable Communities to create regulations mandating a right to conduct an inspection. The Act itself does not mandate this right. The new inspection regulations are… -
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Notes from the Legal Hotline: August 2024
August 2, 2024
Q: The Listing Broker is asking for a copy of my Buyer Agreement with my client, am I required to share it? A: No. Buyer agreements contain private information and business practices, similar to listing agreements. They are not meant to be enforced by other members in the field. The existence of a buyer agreement does not change the terms of compensation offered in the listing agreement or the purchase… -
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End of 2023-24 Session
August 2, 2024
The two-year legislative session came to a close with a flurry of late-night activity. Here are some highlights: Housing Bond Bill (Affordable Homes Act, H.4977) This bill, which is updated every five years, aims to increase housing funding and improve policies. It allows over $5 billion in bonds, nearly three times more than the previous bill in 2020. Key outcomes include: MAR successfully blocked a much-discussed transfer tax proposal. Rent… -
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2024 Snapshot of Race and Home Buying in America
July 8, 2024
The 2024 Snapshot of Race and Home Buying in America delves into homeownership trends within each racial group and explores obstacles encountered in the pursuit of homeownership. Leveraging NAR’s 2023 Profile of Home Buyers and Sellers data, the report also explores the demographics of home buyers, motivations for purchasing, types of properties acquired and financial profiles – specifically focusing on racial distinctions. -
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Notes From the Legal Hotline: July 2024
July 1, 2024
Q: How and when will MAR be updating forms to comply with the practice changes proposed in the National Association of REALTORS® Settlement?
