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Winston Salem | Navigate the Real Estate Market With Carolina Living Real Estate

 

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Winston Salem | Disclosure of an off-site condition?

What are an agent’s duties regarding disclosure 

of an off-site condition?

QUESTION: A broker in our office who represents a buyer recently put a home under contract. During the home inspection this week, the buyer was standing outside the house and heard a train go by. It was not visible but the buyer was upset that the existence of a railroad track in close proximity to the back side of the property was not disclosed on the Residential Property and Owners’ Association Disclosure Statement. The seller checked the “No Representation” box on all the questions on the Disclosure Statement.

The buyer intends to terminate the contract. It is within the Due Diligence period, so the buyer has the right to do so and receive a refund of his Earnest Money Deposit. However, the buyer also wants to recover his Due Diligence Fee and the home inspector’s fee because he feels that the presence of the railroad track should have been disclosed and that the sellers have somehow breached the contract. Does the existence of an active train track (that is not visible from the house) have to be disclosed by the seller? Did the seller breach the contract? If not, does the buyer have a claim for damages against the listing agent?

ANSWER: Under North Carolina law, sellers have very limited disclosure obligations to buyers. While sellers may not misrepresent facts, or fraudulently conceal a defect in their property, the general rule is caveat emptor, let the buyer beware. Here, there is no evidence that the seller has misrepresented anything nor actively concealed the existence of the track. As a result, we do not believe that the seller has breached the contract.

Unlike sellers, REALTORS® are required both by statute and by the REALTOR® Code of Ethics to disclose all material facts to their own clients and to the other parties involved in a real estate transaction. Licensees are subject to disciplinary action and potential civil liability for failing to disclose a material fact.

In some cases, it is not easy to determine whether a fact is sufficiently “material” to require disclosure. The North Carolina Real Estate Commission has identified three categories of facts that must be disclosed if the agent has knowledge of those facts OR if the agent should reasonably be aware of those facts: (1) facts about the property itself, (2) facts that relate directly to the property, and (3) facts that relate directly to the ability of a principal to complete the transaction.

The second category, facts that relate directly to the property, are typically external factors that affect the use, desirability or value of a property. Examples given in the Real Estate Commission’s Real Estate Manual are a pending zoning change, the existence of restrictive covenants, plans to widen an adjacent street, and plans to build a shopping center on adjacent property.

In determining whether a particular “external factor” sufficiently affects the use, desirability or value of a property so as to require disclosure, a reasonableness standard should be applied. Ask yourself whether the external factor would affect a reasonable prospective buyer’s decision to buy the property. In the situation you have described, the close proximity of the track to the listed property militates in favor of disclosure because the noise produced by passing trains could certainly be substantial enough to affect the normal use and enjoyment of the property.

Agents on both sides of the transaction have a duty to discover facts which, through reasonable diligence, should be known to them. When those facts are material, they must be disclosed. Here, the existence of an active railroad track adjacent to the subject property likely should have been discovered by both agents and disclosed to the prospective buyer BEFORE the buyer made an offer for the property. Thus, in our view, both agents (and possibly their firms) face potential disciplinary action and/or civil liability for failing to disclose the track to the prospect before the property went under contract.

© Copyright 2013 - 2025. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.

Winston Salem | Selling Your Home? A Kitchen Clean Up Pays Off

When it comes to selling a home, a kitchen clean up pays. You don't have to do an expensive remodel to make your kitchen appealing to buyers. If you're starting with a good kitchen space, then making a few inexpensive modifications can help you get your home noticed and sell for more money.

Here are a few things to start with:

Some people like to leave every single appliance that they've used in the last week out, but, to show good space,you're going to have to clear your counters. One of the major mistakes sellers make is leaving the kitchen, or their home, the everyday way they live in it. The way you sell and show a home is not usually the way you live in it. Yes, it may be an inconvenience but it's worth the hassle if it brings in more money when your home sells.

Look around your kitchen and see what you can put away.

The more empty the counter tops, the better. A few subtle decorations that bring your kitchen to life are perfect. Leave open space for buyers to imagine their own belongings in your kitchen.

If you have any low-hanging pots and pans on racks from the walls or ceilings, consider removing them and patch the holes. Unless the rack is very necessary or really nice decor that doesn't block views or hang too low, removing it will help create a greater feeling of spaciousness.

Wipe the counter tops thoroughly.

Sounds so ridiculously simple and obvious. But many sellers forget to do this and the counter tops are left sticky or with stains on them. A little elbow grease could remove a wine stain or watermark and make the kitchen look much more cared-for.

No island? No problem. 

If you don't have an island in your kitchen but have some extra room, a rolling butcher block island works like a charm for adding convenient working space and a sophisticated look. You might also have some delicious-smelling freshly baked cookies out alongside your flyers for open houses.

Get some light in the kitchen.

If you have all recessed lighting, you might try adding a few pendant lights. They add a completely different look and can be quite attractive.

Change your flooring if it's very old, torn up, or outdated.

Putting in some inexpensive flooring that gives an updated look will help. You don't have to spend lots of money and get the best flooring around; just make sure your flooring doesn't make your home look like it's in a time warp.

Add some plants and greenery to the kitchen.

Using fresh herbs in simple containers is a great way to add some pretty decor plus their lovely aromatic odors help buyers think about the meals they'd cook in your kitchen.

Clean up or replace old worn-down appliances.

You can sell the home with appliances "as is" but a broken dishwasher, for instance, is a point of price negotiation. You can expect buyers to want some money off or for it to be replaced.

The kitchen is one of the most important areas of a home for most buyers, even if they don't cook. Taking the time to enhance it before you list your home will help make sure your home sells for top dollar.

Information provided by RealtyTimes

Winston Salem | This Document Is Boring, But It Will Save You THOUSANDS when buying or Selling Real Estate

 

Great information from one of our Partner Real Estate Attorneys,   It is my job to stay on top of things making your transaction go smoothly.   This is one of our resources.   This is a good watch!

Winston Salem | Financial Benefits of Being Pet Friendly

This information is courtesy of PetScreening.com.      Please keep in mind that while this article references Apartments and/or multi-family properties, it also applies to single family homes which we manage.   

There are many benefits to multifamily communities being pet-friendly, including happier residents, an improved reputation and more homes available for pets that don’t have one. But the residual effects don’t stop there.

Another major benefit is that it widens the pool of prospective residents. According to Apartments.com, more than 70% of renters own a pet, yet many of them indicated that pet-friendly housing is hard to come by.

In addition to attracting new residents, apartment operators will often experience an increase in renewal rates by becoming pet-friendly. While pet owners tend to stay in an apartment home for an average of 46 months, non-pet owners stay an average of just 18 months, according to the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare. This places an average value of $63,572 on a pet-owning resident, compared to a value of $24,875 on a non-pet owner.

Less vacancy, plus increased renewal rates, equals powerful financial benefits for owners and operators.

Consider that a pet-prohibited portfolio of 1,000 apartment homes will have approximately $588,000 in additional turnaround costs and suffer a massive $10.7 million hit to its overall value. By allowing pets to reside in their communities, operators attract and retain residents, which in turn creates new revenue streams.

One way to earn additional revenue from pets could be to have a dog walking service or pet spa that pet-owning residents can use. Another way is by simply charging a small, monthly ‘pet rent’ fee based upon the pet’s track record on top of the traditional rent.

If operators sensibly relax breed and weight restrictions - and they have a way to thoroughly screen pets and pet owners before they move into their communities - they can offer a spectrum of monthly fees and pet rent. They could generate more revenue by charging fees that are not one-size-fits-all but, rather, tailored to the underlying risk presented by the individual pet and pet owner. For instance, a more rambunctious pet could have higher fees associated with it than a calmer, more tranquil pet. A puppy clearly presents more risk than a mature dog (who is potty trained), which could reasonably justify a little extra pet rent for the puppy risk until it’s more mature. Think of it as using a sliding scale to assess the appropriate fees for each pet individually, rather than across the board for all pets.

And while you certainly hope that pet owners behave well, there are fees that may be generated by way of a pet owner's missteps. A 2020 pet policies and amenities survey conducted by PetScreening in conjunction with J Turner Research found that 71% of residents, pet owners or not, support property managers charging more fees for irresponsible pet ownership.  

The fee-inducing offenses could include things such as repeatedly allowing dogs to roam off-leash, not picking up pet waste and allowing dogs to engage in excessive barking.

By completely banning pets from communities, owners are not only excluding themselves from a large subset of potential residents, but they’re also limiting their sources of revenue. Making properties pet-friendly will not only broaden the field of prospective residents interested in living in a community, but it will also provide additional financial benefits for the owner, adding to the bottom line.

I am offering a Buyer Rebate!! Is it Legal?

 

Yes, it is true.  I am now offering a buyer rebate.  In this market,  we Realtors need to be true Brokers. By that I mean, it is our job to help 'broker' the deal.   If this mean helping out buyers ( which will ultimately help sellers)!   The article below discusses the legal aspects of this offer.   Yes, it is legal.

However, in addition to the rules below, there are also a couple other requirements.   You know by now, sellers are not required to offer buyers any compensation.   As you read below, rebates must be paid our of commissions, so this offer is dependent on the overall compensation.     Also, based on this new rule regarding compensation, it is not possible to dis close an amount.    However, this will be honored and negotiated.  

As always,  contact me regarding you real estate needs with zero obligation!

May I offer to rebate part of my commission to a buyer?

QUESTION: I am thinking about offering a rebate of a portion of my commission to buyers who work with me. Is that okay and if so, may I advertise the offer?

ANSWER: The answer to both your questions is yes, provided you do it properly.

First of all, although the license law generally prohibits a broker from sharing his or her commission with an unlicensed person, he or she can share commissions with a party  to the transaction. Any such arrangement should be put in writing, and if the buyer is getting a loan, any such payment must be disclosed to the buyer’s lender prior to closing and must be reflected on the HUD-1 settlement statement (see Real Estate Commission’s Broker-in-Charge Guide, Chapter 5).

Regarding advertising, Standard of Practice 12-3 of the REALTOR Code of Ethics confirms that advertising a commission rebate to buyers is not unethical, subject to the  following proviso:

…However, REALTORS® must exercise care and candor in any such advertising or other public or private representations so that any party interested in receiving or  otherwise benefiting from the REALTOR®’s offer will have clear, thorough, advance understanding of all the terms and conditions of the offer.

Thus, for example, any advertising should make it clear that the rebate is subject to lender approval. Also, although it may seem obvious, it should be clear that the rebate will be made from commissions actually received.

If you haven’t already, you should discuss this idea with your broker-in-charge. Your firm may have a policy on the offering of rebates or other inducements, and your BIC is  responsible for the proper conduct of advertising by or in the name of the firm. Remember that you must disclose the name of your firm in any advertisement of real estate  services or listed property in any medium (see Standard of Practice 12-5 of the Code of Ethics).

Release Date: 09/02/2014

© Copyright 2014 - 2025. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.