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Legal updates from Three Rivers Association Attorney

By Gary S. Mueller, Three Rivers Association of REALTORS® Attorney

Phone:  815-725-7300                        e-mail:  This email address is being protected from spambots. You need JavaScript enabled to view it.

Gary Mueller resized cropped CopySterlingR 2019 Med

May, 2019

I simply love the end of the Spring season and the start of the Summer buying frenzy!  I trust and hope that your business plan is ready for the impending onslaught.  I remain optimistic in the local real estate market due to a number of factors----low interest rates, some stock market stability, and inventory.  No matter what the market, however, we must all continue to work hard to remain relevant to each deal.  Harken back to your earlier days as an agent---when everything was new and fresh.  Go back to the time when all of this was exhilarating and fun.  That is what we all need now!

In a recent survey analyzing the Generation Z population(18-24 year olds), 61% indicated that the reason they wanted to buy a home was to customize their living space (as opposed to 29% who viewed home ownership as an investment and 16% who pursued a home for the tax benefits to be realized).  In the same study, Millenials (25-34 year olds) indicated they viewed home ownership through the lens of raising a family (55%) or because they could finally afford to buy a home (43%) (obviously, in the survey, participants could rate their views, hence the high %ages).  54% indicated that they wanted to customize their space.  For Generation X’ers (35-50 years of age), their two most often listed reasons for buying a home was to customize their space and to have a place to raise a family. ( TitleNews, April 2019).  If this survey has any validity, you may want to use these findings as you help pair qualified buyers with their dream home.

I have been asked a number of questions about the 7.0 Multi-Board contract.  Probably the most important question came from a lawyer concerning the use of the 7.0 Contract as opposed to the 6.1 Contract (after the transition/grace period).  In short, the only approved contract in our area is the 7.0 Multi-Board Contract----not the 6.0, the 6.1, or the Three Rivers Association contract. Thus, the contract that should be used in this area is the 7.0 contract; the other contracts are no longer accepted and, therefore, no longer approved.  Though you may receive a contract written on an approved form contract from another area or a contract drafted, from scratch, by a lawyer, and those contracts are valid and usable since they are approved contracts, the Multi-Board contracts that predate the 7.0 contract as well as the Three Rivers Contract are no longer valid and acceptable.

Finally, keep pushing out there.  I view IAR and NAR as a type of Malware against those matters that would adversely affect our industry. Please take the time to educate yourself on the benefits afforded you by IAR and NAR.  The information dissemination alone makes active participation even more important and a worthy investment of time and resources. 

Take care.

Gary