Home » Articles posted by Kristin Rosan, Madison & Rosan, LLP | Hondros College Contributor (Page 3)

Posts By: Kristin Rosan, Madison & Rosan, LLP | Hondros College Contributor

Does Your Referral Fee Violate RESPA?

Industry Articles

Ohio law permits real estate licensees to pay referral fees to real estate licensees licensed in another state or country. Conversely, licensees are prohibited from paying referral fees to unlicensed entities. When paying a referral fee, care should be taken to confirm that: The referral is reduced to a written agreement The recipient of the… Read more

Statute of Limitations for Fraud Claim Against a Real Estate Agent

Industry Articles

Ohio’s Eighth District Court of Appeals issued a ruling last week that established when the statute of limitations begins to run for a fraud claim against a real estate agent. A statute of limitations is the time frame in which a claim must be filed against another, or be forever lost. In the case of… Read more

Pre-Sale Home Inspections and Fees Declared Unconstitutional

Industry Articles

Earlier this year, the Federal District Court for the Southern District of Ohio issued a long-awaited ruling on the constitutionality of the City of Oakwood’s pre-sale or point of sale inspection ordinance. The Court ruled these laws requiring mandatory inspections violate owner’s fourth amendment rights because the laws subject owners to a warrantless search without… Read more

Ohio Housing Finance Agency’s Homeownership Programs

Industry Articles

An important part of a licensee’s duties is aiding clients with obtaining financing to purchase their home. Ohio’s Housing Financing Agency (or OHFA) offers homeownership products that help low to moderate income buyers purchase a home. The governmental agency helps first time homebuyers, renters, senior citizens and others to find affordable housing. This is done… Read more

Helping Your Client Navigate Real Estate Liens

Industry Articles

In advance of closing, clients (whether buyers or sellers) will receive a report from the title company disclosing the liens against the property being sold. A basic understanding liens affecting real estate will aid agents in reading and understanding the title search report. Mortgage The mortgage is actually a lien on the property. It is… Read more

Five Best Practice Tips for an Escalation Clause

Industry Articles

With a tight seller’s market, the use of escalation clauses is on the rise to give buyers an advantage over other competing buyers. Unfortunately, poorly worded escalation clauses can hurt your client and leave you at risk. Below are some tips to consider before recommending your client use an escalation clause. What is an escalation… Read more

Bed Bugs – Prevention, Discovery, and Eradication

Industry Articles

There are a lot of myths about bed bugs, and understanding how to prevent them, find them and get rid of them can be critical in avoiding a comprehensive investigation with significant costs to resolve. First to some of the myths courtesy of the U.S. Environmental Protection Agency. Bed bug Myths: Bed bugs are only… Read more

Federal Fair Housing Act Turns 50

Industry Articles

President Lyndon Johnson signed the federal Fair Housing Act in to law on April 11, 1968. The Act prohibits discrimination based on specified protected classes in the sale, rental, financing of residential housing. This significance of this historic legislation is captured in President Johnson’s remarks following his signature of the Act into law: I do… Read more

How to Establish Your Business Entity

Industry Articles

A little-known provision in license law permits licensees to receive their commissions in the name of their business entity rather than personally. Many licensees see tax and other benefits from establishing an entity for their real estate practice. For those licensees that provide other services (inspection, home staging, construction, consulting, etc.), setting up a business… Read more

5 Tips for Complying with Ohio’s Unclaimed Funds Law

Industry Articles

Many real estate brokerages do not realize they are subject to Ohio’s Unclaimed Funds Law. The law sets for the process of identifying and reporting funds a real estate brokerage is holding that belong to others. One obvious fund that brokerages hold is the escrow deposit on a purchase contract, but there are others. Commissions,… Read more

Unlicensed Staff in Residential Property Management

Industry Articles

Managers of multi-unit residential rental properties invariably will need to utilize unlicensed staff in performing services for their landlord clients. Brokers routinely inquire about what their unlicensed staff can and cannot do in the course of property management. This article clarifies those activities that unlicensed staff can perform and those activities only a licensed professional… Read more

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