All Forum Posts by: Kalpesh Patel

Got it. Makes sense. Just trying to understand the correct workflow. Appreciate your guidance. 

@Christopher Phillips thanks for your quick response. So does it mean I cannot transfer license until after that 90 day period?

Hello Everyone,

Can someone please assist in interpreting following termination clause in realtor contract with broker?

Termination.

A. FOR CAUSE. In the event Contractor shall become in default of any provision of this Agreement, or otherwise fails to conduct himself/herself in accordance with the terms of this Agreement, or engages in conduct with is disloyal, disruptive or discrediting of the Market Center, Market Center may terminate this Agreement immediately and without notice.

B. WITHOUT CAUSE. Either party, without cause, may terminate this agreement at any time upon ninety (90) days prior written notice.

C. Upon termination, Market center shall release all currently active Contractors solo listings to Contractor. If Contractor shares listings or agency contracts with other Contractors in the Market Center, the listings or agency contracts shall remain with the market center. After Contractor's association with the Market Center terminates, Market Center will continue to pay Contractor's commissions on closed transactions in accordance with the commission splitting/capping policies that applied on the date of Contractor's termination. If Contractor owes Market Center any Participation Fees or any other amounts at the time Contractor's association with the Market Center terminates, or if any amounts become due after termination, Contractor authorizes Market Center to deduct the amount due from any commissions or other amounts due Contractor until Contractor's account with Market Center has been fully paid.

Now, below are my questions:

1. Do I have to wait for 90 days to transfer my realtor license after giving written notice to current broker?

2. In clause C, it says that market center will release all active listings to contractor. However, what about active contracts on behalf of buyer's agent?

Thanks a lot for assistance.

Hello Everyone,

Can someone please assist in interpreting following termination clause in realtor contract with broker?

Termination.

A. FOR CAUSE. In the event Contractor shall become in default of any provision of this Agreement, or otherwise fails to conduct himself/herself in accordance with the terms of this Agreement, or engages in conduct with is disloyal, disruptive or discrediting of the Market Center, Market Center may terminate this Agreement immediately and without notice.

B. WITHOUT CAUSE. Either party, without cause, may terminate this agreement at any time upon ninety (90) days prior written notice.

C. Upon termination, Market center shall release all currently active Contractors solo listings to Contractor. If Contractor shares listings or agency contracts with other Contractors in the Market Center, the listings or agency contracts shall remain with the market center. After Contractor's association with the Market Center terminates, Market Center will continue to pay Contractor's commissions on closed transactions in accordance with the commission splitting/capping policies that applied on the date of Contractor's termination. If Contractor owes Market Center any Participation Fees or any other amounts at the time Contractor's association with the Market Center terminates, or if any amounts become due after termination, Contractor authorizes Market Center to deduct the amount due from any commissions or other amounts due Contractor until Contractor's account with Market Center has been fully paid. 

Now, below are my questions:

1. Do I have to wait for 90 days to transfer realtor license after giving written notice to current broker?

2. In clause C, it says that market center will release all active listings to contractor. However, what about active contracts on behalf of buyer's agent?

Thanks a lot for assistance. 

Hi all I need advice if we can cancel below contract as buyer ?? Basically we came in contract of one condo 20 days ago, seller never sent us condo rider & we were keep asking for all HOA & condo docs from day 1st but agent never provided us until last week when we already passed our inspection & financing contingencies. At early stage agent only shared HOA phone number but not docs Now since we got rules docs, came to know it has rental restrictions which we did not know before. We, as buyer want to cancel contract. My lender has advised me that I can still do as seller never shared condo rider with us which they must do it. I want to double check with you experts. please advice if I am at strong position?? As I have significant amount in escrow. Need urgent advice Thanks in advance

@Brian Person@Austin Fruechting

thank you for the information :)

@Bruce Lynn I am sorry but do you mind elaborating on this? Thanks

@Carrianne Mucho Thanks a lot for your detailed response. This is helpful. I was actually told by one contractor that it should be fine to take that loan and it will not create any issue in selling the property. 

Hello Everyone, Has anybody used PACE financing program (such as YgreneWorks) to rehab the property and then sell? I was given a suggestion by a contractor to use that to change the damaged roof in one of my flip projects, so that I don't have to put money out of my pocket and it gets carried forward with the property tax for new owner. Is this recommended or the new buyer looks it as an added debt on their house? Any suggestion/information would be greatly appreciated. Thanks Kal

It's between me and another partner. Thanks for the advice.