MAX Meeting recap

You can watch the video on our facebook group, here is what we discussed today.

 

Hello, CBOR had a broker meeting with MREC and MR. Here are the results of that meeting and what we will do moving forward:

 

1. Acceptance Deadline
   1. It is ok to leave this blank.
   2. If there is a deadline then you must accept OR counter by the deadline. If you counter you will need to have a new deadline OR an accepted offer by the original acceptance deadline from the contract.
   3. NOTE: You cannot counter a contract that is past the acceptance deadline. Instead you will need to write a new contract to have all parties sign. An addendum will no longer work to remove expired deadlines.
2. Closing Date of on or before
   1. It is ok to have the words “on or before” on line 37 of the contract regarding the closing date. However, we will request an addendum to ensure all parties were accepting of the specific closing date.
3. Earnest Money Receipt
   1. Per the contract earnest money is to be given to the agent at the time the offer is made. This would mean that the receipt and acknowledgement should also be signed at the time the offer is made. (section 29 page 5/6, section z page 29 of MR instruction manual)
   2. If earnest money is not actually supplied and delivered in hand, at the time a purchase offer is submitted, appropriate explanation should be provided and the receipt and acknowledgement lines should be left blank. (per section z page 29, attachment A of MR instruction manual) The explanation should be noted in special agreements as to when the money will be turned in. ex. Earnest money to be delivered within 5 days of finalized date.
   3. NOTE: If we are holding the earnest money and the receipt is left blank due to earnest money being delivered later you will be required to either:

                                                               i.      sign the EARNEST MONEY RECEIPT FORM upon turning in the earnest money CHECK.

                                                             ii.      turn in the transfer receipt for ELECTRONIC earnest money.

4. General Warranty Deed
   1. If a client requires a special warranty deed, quit claim, trustee’s deed, or other type of deed be delivered, then the “Special Agreements” section or an addendum may be used to indicate this change.  (section 6 page 11 of MR instruction manual)

 

 

 

Jamie Thornsberry

RE/MAX Boone Realty

33 E. Broadway, Ste. 200

Columbia, MO 65203

PH:  (573) 256.3182

www.boonerealty.com | www.seeremax.com

www.facebook.com/remaxboonerealty    

@boonerealty

Licensed in Missouri

ABR, RENE, SRS

 

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