NAR Legal Affairs identifies five trending residential real estate legal issues for 2014 and discuss them in this 9-minute video. Each issue has its own twist. The goal of the video is to make you aware of these twists so you can have a better idea of what to do if you find yourself dealing with one of the issues this year.
- medical marijuana
- IDX copyright violations
- pocket listings
- broker liability for actions of a sales associate.
For example, many don’t think of the changing status of medical marijuana in many states as having a real estate impact but it does. The landlord has to decide whether or not the rental property accommodates legal marijuana use, and if so, the rental agent has to be sure to adequately disclose the policy to prospective tenants. That’s just one of the issues stemming from the changing legality of this controlled substance. Fracking, which involves extracting gas from shale rock, raises contractual issues: do the rights to the gas leases convey with the property in a sale? The answer is, it depends on what you negotiate. So, agents need to be up on the contractual issues that fracking raise and also has to be able to manage buyers’ and sellers’ expectations about who gets the rights to the gas leases.
9 Minute Video on all five topics from the National Association of REALTOR’s legal staff.