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TRID Frequently Asked Questions

Developed with: Academy Mortgage, Adams Community Bank, Berkshire Bank, Greylock Federal Credit Union, Lee Bank, MountainOne Bank, Salisbury Bank, and Trustco Bank. 

What do the local lenders suggest for contingency and closing dates?

A 60 day closing, following the best practices we’ve identified, ensures you will be able to navigate the new disclosure process. If a buyer needs more time, REALTORS should extend all of the dates that follow and / or contact the lender for specific instructions. The Berkshire Board of REALTORS created an extensive Extension of Performance Dates addendum that allows you to extend all dates in the P&S in one convenient place.  Your other important role is educating buyers on the importance of sticking to the dates they agreed to, and creating realistic expectations.

Mortgage and Insurance Application dates 7 days after termination date
Inspection Contingency Dates 15 days after termination date
Insurance / Mortgage Contingency Dates 45 days after termination date
Closing 60 days after termination date

* Please note that Inspection issues, appraisal issues, failure by the buyer or seller to provide timely documentation or perform, title issues, pay-off issues all may delay this timeline.

How can REALTORS help make sure back-to-back closings stay on track when two sales are involved?

The greatest thing you can do to make sure things stay on task is communicate, communicate, communicate.  It is very important that the lenders are kept informed of any thing you might learn regarding closings, that everyone is clear with their buyer, seller, attorneys and lenders that commitment dates are incredibly important and that you follow the best practices as best as possible. … Read on

TRID Best Practices

Timeline Best Practices

  • Purchase and Sale Suggested Timelines for 60 Day Closing: Consult Your Lender for Variances
Mortgage and Insurance Application dates 7 days after termination date
Inspection Contingency Dates 15 days after termination date
Insurance / Mortgage Contingency Dates 45 days after termination date
Closing 60 days after termination date
  • Termination date is the date found on the last page of the Purchase and Sale agreement whereby a seller and buyer need to accept all terms and agree to the sale.
  • If a buyer needs more time? Extend these dates or contact the lender for specific instructions. Please note that Inspection issues, appraisal issues, failure by the buyer or seller to provide timely documentation or perform, title issues, pay-off issues all may delay this timeline.
  • When calculating dates, use a calendar to ensure you do not pick weekends or holidays for contingency or closing dates.
  • Set the contingency dates based on the offer’s termination date (paragraph 37) to ensure your buyer has the full amount of days to perform.
  • If the termination date is extended to allow the seller more time to execute and deliver the contract, extend the contingency dates as well, so you’re adhering to the basic timeline plus the extra days.

Communication Best Practices

  • COMMUNICATE – COMMUNICATE – COMMUNICATE, with each other, with the mortgage lenders, with the attorneys. Send paperwork promptly, in full, and respond to calls and emails promptly.
  • Paperwork: Email the Purchase and Sale agreement to the chosen Lender and Attorney ASAP so they can add the sale to their closing schedule.
… Read on

2004 REALTOR of the YEAR, Mary-Jane Dalmaso

Mary-Jane Dalmaso, of Century 21 Harold Dupee, REALTORS® in North Adams has been chosen the 2004 Berkshire County REALTOR® of the Year. Nominated and chosen by her colleagues, Mary-Jane is being honored for her commitment to civic-minded leadership in both the REALTOR® organization and

in the Berkshire community.

Mary-Jane is most recognized among her peers for her commitment to education and business leadership in the REALTOR® organization and her dedication to the Code of Ethics process. She has served as a hearing panelist and chairperson of ethics and arbitration tribunals both locally and as an appointed member of the Massachusetts Association of REALTORS® Professional Standards Committee.

“I am always willing to serve in any capacity for which I am qualified, at any time, for the benefit of our Board and MLS.”

Most recently, Mary Jane has served as President of the Multiple Listing Service (MLS) corporation, which provides database listing services for all REALTORS® in Berkshire County, and provides REALTOR.com and on-line advertising display of Berkshire properties for sale or lease. She was instrumental in the selection of the database system used, monitoring the rules and regulations relaed to membership and maintaining financial stability of the organization. Mary Jane has chaired the Finance Committees for both the Board of REALTORS® and the Multiple Listing Service and has actively served on the Board of Directors of the organization since 1986.

In addition to her duties as part of the elected, volunteer leadership, she also serves on the Contracts & Forms Committee, the Fields Task Force, as a Continuing Education Moderator and New Member Orientation Instructor.… Read on

Rentals / Seasonal and Vacation Homes

Notes from the Attorneys of the Massachusetts Association of REALTORS Legal Hotline

Q: I am renting a summer home and heard that landlord-tenant laws do not apply, is that correct, I am planning on collecting a security deposit, is that okay? Further, does that mean that the lead paint laws don’t apply either?

A: Short-term rentals such as vacation or seasonal rentals are exempt from a number of laws such as those pertaining to security deposits and lead paint abatement. You are free to charge a security deposit, but are not required to provide a statement of condition or to keep it in a separate, interest-bearing account. The lead paint law exempts short-term vacation or recreational rentals of 31 days or less from the lead paint law requirements as long as (1) the rental unit has no chipping or peeling paint and (2) the tenant has received the Short-Term Vacation or Recreational Exemption Notification form. This form must be provided to the tenant by the owner prior to entering into a tenancy agreement.

Q: May I charge a pet deposit for a summer rental of three months?

A: Maybe. Vacation and recreational rentals of 100 days or less are exempt from many of the statutory requirements including security deposit requirements, therefore as long as the rental is 100 days or less you may charge pet deposits.

Q: Normally my office returns a security deposit immediately at the end of a tenancy. Last year one of our tenants ran up a very large phone bill and my office was stuck with the charges.… Read on

Home Inspector Law

Massachusetts’s home inspector licensing law took effect in May 2001 and requires real estate agents to present the “Facts for Consumers” information sheet to buyers prior to writing up an offer for presentation to the seller or listing broker. It should be understood that the “list” of home inspectors to be made available to consumers is the list produced by the state Division of Professional Licensure and is accessible via the link: http://license.reg.state.ma.us/loca/locaprof.asp

REALTORS® should be aware that distribution of the home inspector fact sheet to a buyer does not automatically provide them with a contingency for a home inspection. Contingencies for items such as financing and a home inspection must be agreed to by the parties and should be incorporated into their written agreements.

Facts for Consumers

Board of Registration of Home Inspectors

The Board of Registration of Home Inspectors is charged with evaluating the qualifications of applicants and granting licensure to those who qualify. It establishes rules and regulations to ensure the integrity and competence of licensees. The Board protects the public health and welfare through regulation of the profession in accordance with the state statutes and board regulations.

The Board is responsible for insuring that licensed home inspectors have proper training and experience through an education program and meet minimum inspection requirements in each inspection performed. Applicants are required to pass a board approved examination prior to licensure and fulfill continuing education requirements for license renewal.

The Board publishes a Standards of Practice and Code of Ethics for home inspectors.… Read on

Political Action

REALTOR® Political Action Committee (RPAC)

RPAC is a grassroots political network of REALTORS® who raise campaign contributions for pro-REALTOR® candidates, mobilize REALTOR® voters, and promote critical legislative and regulatory issues affecting the real estate industry. The REALTOR®Massachusetts Political Action Committee is one of the leading PACs in Massachusetts, enabling the REALTOR® voice to be heard on Beacon Hill. The REALTOR® Political Action Committee is one of the strongest advocacy organizations in the nation, allowing REALTORS®  to determine the quality and future of the profession and industry. Now, more than ever, it is critical for REALTORS® to come together and speak with one voice about the benefits a viable and progressive real estate market brings to our communities. Our elected officials make this possible in forums like city hall or the state house, through the support of REALTORS® like you!
 Political Action
 “If Real Estate is our profession then politics is our business.”

The REALTOR Party needs your support, both in responding to calls-to-action and in RPAC funds.  We know that this can be a difficult topic in our region, but we wanted to share what this program is trying to accomplish…. and why it makes good sense to participate at least minimally in the ways that can help champion homeownership.  Now more than ever, it is critical for REALTORS® AND AFFILIATES across America to come together and speak with one voice about the stability a sound and dynamic real estate market brings to our communities.

… Read on

Environmental Factsheets

  • Public Health Fact Sheet – Asbestos:  Asbestos is used in a variety of products because of its physical properties, which make it resistant to heat, fire, and many caustic chemicals. Asbestos has been used extensively as fireproofing, an insulating agent, and for decorative purposes, among many other uses.

 

  • Public Health Fact Sheet – Lead Paint:  Under Massachusetts and federal law, owners and real estate agents must comply with Property Transfer Lead Paint Notification requirements when a prospective buyer or tenant with an option to buy is about to purchase a home built before 1978.

 

  • Public Health Fact Sheet – Radon:  Radon is a naturally occurring radioactive gas. It is produced in the ground through the normal decay of uranium and radium. As it decays, radon produces new radioactive elements called radon daughters or decay products. Radon and radon daughters cannot be detected by human senses because they are colorless, odorless, and tasteless.

 

  • Public Health Fact Sheet – Title 5: Inspections are necessary to ensure the proper operation, upgrade and maintenance of on-site sewage disposal systems. The Code, therefore, requires system inspections to be done in certain circumstances. Most inspections will occur as a result of property transfers when facilities are sold, divided or combined. In order to provide further guidance to the regulated community, this document is intended to clarify the regulatory intent of the Department.

 

  • Public Health Fact Sheet – UFFI: Urea Formaldehyde Foam Insulation (UFFI) is a home insulation made of urea formaldehyde resin and a foaming agent, blown or pumped into the walls and ceiling.
… Read on

Purchase and Sale Agreements

  • P & S Agreement:  The master Purchase and Sale agreement offered by the Berkshire County Board of REALTORS has been approved by legal counsel as it is written. Additions or deletions are not sanctioned by the Board and should only be undertaken at the advice of legal counsel or express direction of the client. Please note that each paragraph marked with an arrow represents a section of the contract that has options or fill-in fields that MUST be completed and change the terms of the standard agreement. Take a look at the Purchase and Sale agreement and see how much easier it is to peruse the ‘changes’, knowing that the rest of the language is standard! The only caveat is that you should always make sure that your clients go through the entire contract to understand the obligations that they are agreeing to before signature.

 

  • P & S General Addendum:  The form is used when language needs to be added to the Purchase and Sale Agreement.  Remember that the addition of legal obligations to a contract remain the job of an attorney, and agent must never participate in the unauthorized practice of law.   In its most general sense, the practice of law involves giving legal advice to clients or drafting legal documents or contract terms for clients. The standard agreement has been drafted, reviewed and approved for use by counsel and any changes or additions should only be done at the direction of counsel.

 

  • P & S Income Property Rider:  In the event that a property that you are drafting a Purchase and Sale Agreement contains income elements, this addendum is an easy way to identify those that are part of the sale. 
… Read on

Buyer Agreements

There are many stages in the real estate process, all that have their own forms, contracts, disclosures and helpful inforamtion. We’ve tried to compile all of the resouces available to Berkshire REALTORS and their clients in the order that you would use them in the field, and guidelines for when and how you should present each form. This is only a guideline and you should ALWAYS defer to your office policy, your broker of record and your legal counsel.

When a Buyer Hires You:

  • Mandatory Consumer-Licensee Disclosure:  Formerly the Agency Disclosure form, this form MUST be presented to all consumers at the first personal meeting to discuss a specific property. More on completing a Mandatory Consumer Licensee Disclosure Form can be found on BerkshireRealtors.org under ‘Transaction Topics / Agency.  (note, many brokers in the business call this form an “agency disclosure form”.)
  • Buyer’s Exclusive Right to Buy Agreement: Completed to secure the right to represent a buyer in the purchase of a property for a fixed time period, or for a specific property.  This establishes the right to compensation, duties that will be performed by the agent, and methods of payment.  Buyer agency agreements are not required, but are recommended to protect your rights, and to ensure that the buyer has a clear understanding of the fiduciary duties and services you will provide.
… Read on

Seller Agreements

There are many stages in the real estate process, all that have their own forms, contracts, disclosures and helpful information. We’ve tried to compile all of the resources available to Berkshire REALTORS and their clients in the order that you would use them in the field, and guidelines for when and how you should present each form. This is only a guideline and you should ALWAYS defer to your office policy, your broker of record and your legal counsel.

When a Seller Meets You

  • Mandatory Consumer-Licensee Disclosure:  Formerly the Agency Disclosure form, this form MUST be presented to all consumers at the first personal meeting to discuss a specific property. Click here for a Mandatory Consumer Licensee Disclosure Form.  (Note, many brokers in the business call this form an “agency disclosure form”.)
  • Consumer Guide to Representation:  A helpful fact sheet you can use to explain agency representations, outline your fiduciary duties and let seller and buyers know what to expect when working with you in a real estate transaction. This is an optional form that is great to use when explaining the Mandatory Consumer-Licensee Disclosure.
  • Dual Agency Roles:  This outlines for the consumer exactly what duties are limited in a dual agency situation. This is an optional form to help you present the concept of dual agency to clients, and can be provided at any time.
… Read on

Agency Agreements

  • Seller’s Exclusive Right to Sell Agreement:  Completed to secure the right to sell a property, offer co-brokerage compensation to other agents and establish the terms, duration, asking price and parcel that is for sale.  Careful notice should be taken to ensure the legal deed holder signs the right to sell the property.
  • Seller’s Consent to Dual Agency Addendum:  If your office is a traditional firm offering buyer and seller representation, this addendum should be completed per your indication on the Exclusive Right to Sell agreement.  It should be used if your office represents both buyers and sellers and has chosen to operate as dual agents when a conflict occurs. It must be provided and consent must be obtained so that in the event that a dual agency situation occurs, you have previously received seller’s content and can then proceed to operate in a dual capacity, with notice, as a disclosed dual agent.
  • Seller’s Consent to Designated Agency: This addendum should be completed per your indication on the Exclusive Right to Sell Agreement.  If your office represents both buyers and sellers and has chosen to operate as designated agents when a conflict occurs (where the broker acts as a dual agent and designates agent(s) in the office to fully represent the buyer and other agent(s) to fully represent the seller. It must be provided and consent must be obtained so that in the event that a designated agency situation occurs, you have previously received seller’s content and can then proceed to operate in a designated capacity, with notice, as a disclosed designated agent.
… Read on

Contracts and Forms Overview

Below you’ll find a description of all of our contracts and forms, broken down by agreement types. Click on the header to receive a detailed list of the forms along with guidelines when you should present each form.

Agency Agreements:[click for details]

  • Mandatory Consumer-Licensee Disclosure
  • Seller & Buyer Notice of Design. Agency
  • Seller & Buyer Notice of Dual Agency
  • Consumer Guide to Representation
  • Dual Agency Roles
  • Open House Display

Seller Agreements [click for details]

  • Seller’s Consent to Designated Agency
  • Seller’s Consent to Dual Agency Addendum
  • Seller’s Consent to Sub-Agency
  • Seller’s Deferral of Showing Addendum
  • Seller’s Exclusive Right to Sell Agreement
  • Seller’s Refusal to List Property in the MLS
  • Modification of Exclusive Right to Sell
  • Open House Disclosure
  • Carbon Monoxide & Smoke Detector
  • Flood Insurance Disclosure

Buyer Agreements: [click for details]

  • Buyer’s Exclusive Right to Buy Agreement
  • Buyer’s Consent to Designated Agency
  • Buyer’s Consent to Dual Agency Addendum
  • Waiver of Professional Home Inspection
  • Home Inspector Facts for Consumers
  • Homestead Act
  • Right to Farm Disclosure
  • Sex Offender Registry Information
  • Private Well Water Flyer Information
  • Flood Insurance Disclosure

Purchase & Sale Agreements [click for details]

  • P & S Agreement
  • P & S Agreement Land
  • P & S Extension of Time for Contingencies
  • P & S Extension of Time for Performance
  • P & S General Addendum
  • P & S Income Property Rider
  • P & S Instructions to Release from Escrow
  • P & S Termination of Contract
  • P & S Condo Rider
  • Dispute Resolution System
  • Lead Paint Property Transfer Notification

Environmental Fact Sheets [click for details]

  • Public Health Fact Sheet – Asbestos
  • Public Health Fact Sheet – Lead Paint
  • Public Health Fact Sheet – Fair Housing
  • Public Health Fact Sheet – Radon
  • Public Health Fact Sheet – Title 5
  • Public Health Fact Sheet – UFFI
  • Public Health Fact Sheet – UST
  • Public Health Fact Sheet – Wetlands