| MLS Rules and Procedure Questions | |
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Q: |
"I have a specific question regarding an MLS procedure, who do I contact?" |
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A: |
Certainly you can ask Beryl. |
| You can also call the Regional MLS Directly | |
| Hugh Trimble Rules and Regulations Administrator | |
| 651-251-3205 | |
| In the past we've invited Hugh Trimble to our Tuesday Business Meeting. Hugh shared with us some of the most frequently asked questions and violations. He also brought a well written MLS guide book. If you would like to download and print your own personal copy, click on the link below. | |
| Multiple Listing Service Rules and Regulations Guide Book | |
| Paperwork Questions | |
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Q: |
"My paperwork (Listing Form, Purchase Agreement, Closing Worksheet, Change Form etc) is not complete, should I still turn it in, and assume that the staff will fill it out?" |
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A: |
The short answer is: "NO, do not turn in paperwork if it is incomplete." |
| I'll continue for those of you in need of a longer, friendlier explanation: | |
| The multitude of forms and documents that are utilized throughout a real estate transaction help communicate various pieces of information to different parties and departments. The accuracy with which you complete these documents can influence how smooth the transaction will flow. When you turn in an incomplete form, even though the omission may be a small one, it is probably necessary somewhere down the line. Please do not turn in an incomplete form, and assume that the our listing coordinator or office administrator will 'take care of it'. | |
| Our staff is awesome! Many times throughout the work day they perform mini-miracles on your files that you never hear about. They also assist on agent projects as well as office and community events far beyond the call of duty! They do this because they sincerely care about our office. However when it comes to filling out incomplete forms, paperwork or contracts, this responsibility falls 100% to the agent. Why? | |
| Liability The client is working with you, our licensed agent. While our staff is certainly an extension of our service platform, they are NOT to be involved in the data collection, interpretation or completion of the contracts and related paperwork. The exposure and liability of having the staff performing the agent's function is substantial! | |
| Time Commitment & Distraction: Researching and completing your paperwork can be incredibly time consuming! It takes the staff away from the other core functions necessary to run the front desk systems. | |
| It's All In The Details: As I have mentioned time and time again; your attention to detail is one of the jewels in your full service value equation. Take the time to put your systems in place to catch the details! | |
| Staff Procedure For incomplete Paperwork | |
| To maintain consistency, continuity and fairness, I've instructed the staff to adhere to the following procedures on incomplete paperwork. | |
| Identify what is missing or incomplete by either highlighting or utilizing post it notes. | |
| Communicate the omission or error with the agent via voice mail. | |
| Return the documents to the agent. (Typically by placing them in the agent's mailbox) | |
| The agent would then turn the paperwork back in when it is complete. | |
| If you have any questions please don't hesitate to ask! | |
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The staff and your fellow agents, appreciate your understanding! |
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| Storm Damage | |
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Q: |
"A home that is pending, but not yet closed, has sustained some storm damage. Do I need to write up an amendment to the Purchase Agreement? If so what do I write?" |
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A: |
Yes, at minimum you will need to amend the seller property disclosure statement. |
| Depending on the terms of the original PA, and the extent of the damage, the purchase agreement may be null and void. However, in most cases the buyer and seller work together, with the Seller's insurance company, to resolve the situation, handle the insurance claim and subsequent repairs. To assist you, our legal department has created a series of amendments and guidelines, these can be found on Edina Place . | |
| Edina Place > Company Forms > Legal Click Here for a direct link | |
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Q: |
"When It's our listing and ER Title closes the transaction, why don't I receive my commission check at closing ?" |
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A: |
Edina Realty can no longer issue agents’ commission checks at closing effective November 21st 2005. In August 2005, HUD asserted that Coldwell Banker Residential Real Estate, Inc. had violated RESPA by paying agents their commissions at closing. In the settlement that followed, Coldwell paid HUD $250,000.00. Edina Realty approached HUD on this issue in 1992; as a result of these discussions, we understood that paying agents at closing was not a RESPA violation. Despite these changing interpretations, we will continue to lead the industry by ensuring that our RESPA compliance continues. Continued compliance, however, will require a change of payment practices. Edina Realty has always had a “funds availability policy” to pay commissions as soon as possible after receiving the funds from any settlement agent once the paperwork can be processed to issue the commission check. Although Edina Realty cannot issue commission checks to agents at closing, it will deliver agent commission checks as soon as it is practically possible. When Edina Realty Title Closes the Seller’s Side of the Transaction If agent attends closing: Quick Checks will be delivered to the Office Administrator in the agent’s office. At the closing the agent will be given the commission check made payable to Edina Realty and two copies of the final HUD. The agent will bring the Edina Realty commission check back to his/her office and submit it to their Office Administrator. The Office Administrator will in turn give the agent a Quick Check and submit the commission check and one copy of the HUD to the accounting department. If agent does not attend closing: If the agent is unable to attend the closing, the Edina Realty Title closer will collect the Edina Realty commission check and submit it to the accounting department. The agent will be able to receive their Quick Check from the Office Administrator once confirmation has been given by accounting that we are in receipt of the funds from the closing. This will require a phone call from the Office Administrator to the accounting department. When Another Title Company Closes the Seller’s Side of the Transaction When an agent closes at other title companies, the agents may bring the Edina Realty commission check to the accounting department for processing that day if they are given the check at the time of closing. Otherwise, the agent can send the check through inter-office mail to the accounting department for processing on the next business day as per our current procedures. Cooperative Broker now paid at Closing Effective with this policy, Edina Realty will authorize title companies to split all commissions with the MLS company at the time of closing. |
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