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Virginia Realtors: Zillow’s touring agreement may not be legal

Housing Wire

Earlier this week, Zillow launched a new “touring agreement,” a nonexclusive contract for buyers and agents to use for home tours. While a non-agency, non-exclusive agreement is not a problem legally in Virginia, such an agreement must contain specific information to be in compliance with the law.

Legal 308
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Real estate firms may be on the hook for wire fraud losses: CertifID

Housing Wire

In an analysis of more than 100 real estate wire fraud cases, CertifID found that the most common wire fraud-related legal liability issues for real estate firms are negligence, breach of contract, deceptive business practices and breach of fiduciary duty. As a custodian of funds, you are in a position of trust and knowledge.

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PennyMac pays $158M to Black Knight in servicing platform dispute

Housing Wire

million to Black Knight Servicing Technologies , concluding a five-year legal battle over allegations of trade secret theft involving two of the biggest companies in the housing industry. million in damages related to a breach of contract claim, plus interest and attorneys fees. PennyMac Financial Services has paid $158.4

Legal 345
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Consumer advocacy group: Buyer agency agreements often contain “unfair” terms

Housing Wire

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

Buyers 361
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Real estate commission dispute? Do this.

Housing Wire

Over the past year or so, we have seen an uptick in questions relating to commission disputes between brokers and their clients. A typical commission dispute arises when, after signing a listing agreement or buyer-broker agreement: A seller-client “cancels” a valid purchase contract. A seller-client cancels a listing.

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Crisis management in real estate: 8 tips for handling difficult situations

Housing Wire

Consider the residential client disappointed at the lack of inventory , or the commercial investor with many vacancies in a once-thriving property. Communicate effectively with clients Proactive communication — answering the question before it’s asked, or offering solutions to impending problems — is key. Legal disputes.

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Q2 AgentPulse survey: Low inventory is greatest challenge

Housing Wire

Some agents also reported that they show their seller clients what other sellers in the area were offering in terms of buy-side commissions. “I I would highlight that the real estate industry operates within legal frameworks and regulations to ensure fairness and transparency in transactions.

Inventory 380