MLS


ImageThis is a continuation of my August 24, 2007 entry How Nevada Probate Affects Listings and Sales Contracts.

Listing Property during Probate. Real property can be sold during probate. That is prior to the real estate being transferred to the heir(s).  Per Nevada law 148.110 the personal representative of the estate can enter into an exclusive listing agreement. The commission must not exceed 7% for improved (that’s both residential and commercial) and 10% for raw land.

Warnings to Buyers.  If you are the listing agent, make sure and make a note in the agent to agent remarks that the “sale is subject probate court approval/confirmation hearing.”  Also, counter any offers with this same language.

Buying During Probate.  If you are the buyer’s agent, remember your purchase is subject to Nevada law 148.270 which requires that after the estate representative has agreed to sell, a hearing is held for Court Approval. The hearing is a public auction in open court.  Bids are accepted at this hearing as follows: if the sales price is less than $100,000, competing bids must be at least 5 percent of the sales price, if more than $100,000, then bids $5,000 above the sales price are accepted.  It is best that the buyer be present at the hearing. In the event the buyer’s contract is out bid at the hearing; that first buyer can participate in the bidding process to potentially save their purchase.

Real Estate Sales Commissions.  If the procuring buyer is outbid, the first buyer’s agent is still paid ½ of the real estate commission per Nevada law 148.120.

This is a continuation of my August 24, 2007 entry How Nevada Probate Affects Listings and Sales Contracts

Don’t hesitate to contact me with questions or a referral for a real estate – probate attorney.  darren@dwelshlaw.com

 

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In honor of Memorial Day, which commemorates U.S. men and women who have died in military service to their country, I post a photograph of my Uncle James Welsh (Eldest brother of my father Myron Welsh). As you are aware “net sales listings” are not allowed within our MLS at this time.  Read this MLS Tip Sheet from GLVAR. (This topic is on page 5 of the Tip Sheet.)  Recently at the Mid-Year National Association of REALTORS meeting, this topic came up.  

  • Gave MLSs discretionary authority to enable participants to offer cooperative compensation through the MLS as a percentage of the net sale price. The net sale price is the gross price minus seller concessions and new-construction buyer upgrades.

These changes are not automatic; and our local GLVAR will have to vote if it is to be adopted.  We here at Prudential®, Americana Group, REALTORS® anticipate that  the annual Participant’s meeting may be held next month just for this purpose.

 If this is passed the measure would not be restricted to REO or new home sales, but rather would open the door to virtually any listing being able to be offered in this manner. 

 Since, a majority of sales include Seller’s concessions it will affect most every REALTOR®.  If you have an opinion you should contact your Directors at http://www.lasvegasrealtor.com/site/committees.asp?code=08BD and let them know it.

 I will keep you posted as I learn more.