There are five hot legal issues that's getting the most buzz these days and they are:
1. The risk of identity theft- having access to clients' confidential information makes brokers attractive targets to identity theft. To protect yourself, institute document management policies for both paper and electronic files.
2. Sham affiliated business arrangements- both state-level law enforcement and HUD are ready to play hardball against affiliated business arrangements that function only as shells for illegal kickbacks.
3. Outlawing rebates and incentives- some state laws prohibited estate practitioners from paying incentives to consumers. The recent focus on the legality of such statutes by the U.S. Department of Justice in states such as Kentucky has put this marketing practice under the microscope.
4. Disclosure obligations when a seller faces financial woes- as declining home prices make short sales more common, the issue of how, when and how much real estate professional must disclose to other brokers and prospective buyers is getting a lot of attention.
5. The persistence of mortgage fraud- current prices instability in many local real estate markets provides an easier opening for fraud and makes it more challenging for appraisers to assess value. Brokers and sales associates who are eager to close deals and help pressured sellers may be tempted to turn a blind eye to one price on the HUD-1 statement and another on the check. More recent fraud schemes include both foreclosure experts who take the title to the home without satisfying the loan and those who offer fraudulent reverse mortgages to hard pressed seniors. Even if you don't profit and you're only trying to help, it's still fraud.
As an exclusive Buyer's Agent, will hekp you to avoid any of these legal issues or any other issues.
