Monday, December 19, 2011

We Believe in Change; So Does the Commission

January 1st starts a new year, and also the use of an important new form for us.  The property disclosure form with which we are familiar undergoes a major revision.  The new form brings in the information formally addressed in the HOA Addendum.  Our new form is The State of North Carolina Residential Property and Owners' Association Disclosure Statement.  Let's just call it the RPOAD, so I don't have to type all of that again.  The RPOAD is four pages and adds questions regarding liens, bankruptcy, and foreclosure along with questions pertaining to home owner's associations.   Remember that the RPOAD is a mandatory disclosure required by law for sellers to complete and provide to buyers.

To answer some of your questions:

  • We begin using it Jan 1st, 2012.  
  • Yes, we need to update all our residential listings with this new form. 
  • Yes, it is in the Dotloop forms list. 
  • No, you can not ignore it.  
  • Yes, you should pull up a copy and read it carefully. 
  • Yep, we'll train on it in January.  Be prepared for the quiz. 
From a service standpoint, let's take advantage of this new disclosure to serve our current and upcoming clients. Here are a few suggestions:
  • Call all active sellers and explain the form and necessity for updating. 
  • Let them know we want them to be in compliance with the laws of our state. 
  • We want to be leaders in compliance and avoid questions about a failure to update.
  • We take pride in being out front on the constant changes in real estate disclosures and contract forms. 
  • Replace old disclosures in the MLS and your blogs with the new ones.
  • Feel free to get started this week so we can be in compliance on Jan. 1. 
Questions?  Kevin and Michelle are available.