Shannon Register

Hurricane Season Begins Today!

Posted: 01 Jun 2010 12:14 PM PDT

June 1 is the beginning of the Hurricane Season. Make sure you and your family are prepared! Below is a link that will help with Hurricane Readiness for your family.

http://www.nhc.noaa.gov/HAW2/english/disaster_prevention.shtml

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"Hurricane Season Begins Today!" was originally posted as a blog post at Shannon Register Real Estate Team on June 1, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

© 2008-2010 | Shannon Register Real Estate Team

This information is reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS, copyright 2005, All rights reserved. http://www.REALTOR.org/realtormag

1. A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.

2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 180 days. And it usually takes another 60 days or so for the transaction to close after an offer is accepted.

3. Real estate has its own language. If you don't know a CMA from a PUD, you can understand why it's important to work with someone who speaks that language.

4. REALTORS have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you've done it before, laws and regulations change. That's why having an expert on your side is critical.

5. REALTORS provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, home selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they'll ever make. Having a concerned, byt objective, third party helps you keep focused on both the business and emotional issues most important to you.

6. REALTORS are members of the National Association of REALTORS, a trade organization of more than 1 million members nationwide. REALTORS subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

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"5 Reasons You Need a REALTOR" was originally posted as a blog post at Shannon Register Real Estate Team on May 9, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

© 2008-2010 | Shannon Register Real Estate Team

The following information is reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS - copyright 2005 - all rights reserved.

Condominiums and townhouses offer an affordable option to single-family homes in most areas, but consider these facts before you buy.

1. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.

2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you.

3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in owrkers when you're not home.

5. Security. Many condos have keyed entries and or even door attendants. Plus, you'll be closer to other people in case of an emergency.

6. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you're interested in the amenity or not.

7. Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.

8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.

9. Proximity. You're much closer to your neighbors, in a condo or town home. If possible, try to meet your closest prospective neighbors before making a decision.

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"The Pros & Cons of Condos" was originally posted as a blog post at Shannon Register Real Estate Team on May 4, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

© 2008-2010 | Shannon Register Real Estate Team

It's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company. Discussed below are all forms of agency relationships, but in Texas we do not practice all of these types of relationships.

1. Seller's Representation (also known as a listing agent or seller's agent) - A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. (Buyers who call the agent to see the home need to understand they have no representation.) The agency relationship usually is created by a listing contract.
2. Subagent - In Texas, we usually do not practice subagency. A subagent owes the same fiduciary duties to the agent's principal as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not representing the buyer as a buyer's representative or operating in a nonagency relationship, shows property to a buyer. In such a case, the subagent works with the buyer as a customer but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer-customer can expect to be treated honestly by the subagent. It is important that subagents fully explain their duties to buyers.
3. Buyer's representative (also known as a buyer's agent) - A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer's rep may be paid by the seller or by a commission split with the listing broker.
4. Disclosed dual agent - There is no dual agency in Texas. We have Intermediary in Texas. Dual Agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all tof the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent. In many states, this consent must be in writing. Intermediary in Texas must be in writing. Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them, is legal in most states. Because of differing Errors and Emissions Insurance, some brokerage firms refrain from Intermediary Services. The Shannon Register Real Estate Team members can all perform Intermediary.
5. Designated agent (also called, among other things, appointed agency) - This is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as an agent of the seller and which will act as an agent of the buyer. Designated agency avoids the problem of creating a dual-agency relationship for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties. The broker still has the responsibility of supervising both groups of licensees.
6. Nonagency relationship (called, among other things, a transaction broker or facilitator) - Some states permit a real estate licensee to have a type of nonagency relationship with a consumer. These relationships vary considerably from state to state, both as to the duties owed to the consumer and the name used to describe them. Very generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of agency relationship. We do not practice this in Texas. A Realtor in Texas either represents the buyer, the seller, or is in an Intermediary Relationship.

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyriht 2005, All rights reserved.

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"Understanding Agency in Texas" was originally posted as a blog post at Shannon Register Real Estate Team on May 2, 2010.

Shannon Register Real Estate Team named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

© 2008-2010 | Shannon Register Real Estate Team