Current Year

Disclosure Requirements

Legal Update 2010 (complete) - 52 pages
includes:

• Seller Financing
  • Land Contracts
  • Remedies for Default by Buyer
  • Due on Sale Clauses
  • Leases with Options to Purchase
  • Sample Forms
• Contract Issues on Foreclosed Properties
  • Lender Addendums
  • New Fees at Closing
  • Multiple Offers Revisited
• Foreclosures & Short Sales - Current Issues
• Legal Liability

Revised TILA Disclsoure Requirements Effective July 30, 2009.

Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). The new requirements apply to loan applications filed on or after July 30, 2009.

FCC Rules

CAN-SPAM Act (a summary)

CAN-SPAM Act (a complete version)

State Laws/Rules

Unlicensed Assistant Rules

Real Estate Law Book (Red Book)

Miscellaneous

Broker Settlement Fees

Ethics in dealing with Multiple Offers

REO Compliance and Other Fees

Mortgage Cancellation Summary

Calculating Commissions based on "Net Sales Price"

Independent Contractor Agreement

HUD's Settlement Cost Booklet

On April 20, 2009, a federal judge in Alabama concluded that a broker's "administrative brokerage" of $149 per transaction fee violated section 8(b) of RESPA.

A brief review of the law demonstrates that the Alabama decision changes nothing in Michigan.

Read the full legal opinion about Broker Settlement Fees from McClelland & Anderson (legal counsel for AAABoR)

Legal Updates 2007 - 2009

Legal Update 2009 (complete)

Legal Update 2008 (complete)
includes:

• Brokerage Firm Organizational Issues
• Buyer's Agency - Current
  Liability Issues
• Departing Agents - Current Listings & Pending Sales
• Dual Agency - A Refresher
• Foreclosures & Short Sales: Selected Issues
• Leases with Options
• Legal Liability Update
• Recent Changes in Real
  Property Law
• Risk Reduction Issues
• State Transfer Tax Issues

Legal Update 2008 (MAR Achieve) Complete
includes:

• Common Corporate Questions
• Court of Appeals Order Example
• Threats of Lawsuits
• Working in Teams (Advertising Rules)

Legal Update 2007
(complete)
includes:

• Dealing with FSBOs
• Foreclosure & Short Sales
• Fraud: What it is and How to Avoid it
• Land Contracts/Leases with Option or Rights of First Refusal
• Legal Liability Update

Legal Issues Update 2007
(complete)
includes:

• The Company within the Company
• Designated Agency - A Refresher
• Foreclosure & Short Sales FAQs
• Independent Contractor Status
• RESPA Hot Tips
• Sales Disclosure Act - An Update

MAR's Legal Update

The MAR Legal Hotline

A Video Series from the Michigan Association of REALTORS®

1. Buyer's Agency Liability (Gail Anderson from McClelland & Anderson presents best practices for Buyer's Agents.
2. Foreclosures & Short Sales (Greg McClelland moves beyond the basics)
3. Legal Liability Update (Greg McClelland discusses the legal trends regarding listing agents premises liability at open houses)
4. Dual Agency - A Refresher

800.522.2820

9am to 3pm
Monday - Friday

AAABoR REALTOR® members have direct access to a qualified attorney who can provide information on real estate law and related matters

FREE to all AAABoR REALTOR® Members

Revised TILA Disclosure Requirements

Effective July 30, 2009

Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). The new requirements apply to loan applications filed on or after July 30, 2009. The new rules are complex and compliance will be a challenge for lenders. REALTORS® will want to learn the basics so they can advise clients of potential delays and the new procedures. Here are key highlights of the changes:

• The new requirements apply to all mortgages secured by a borrower's home, including primary and second homes and refinancings. Investor loans continue to be exempt.
• Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
• The closing may not take place until expiration of a 7 day waiting period after the consumer receives the early disclosure.
• If the annual percentage rate (APR) increases by more than 0.125 percent, the lender must provide a corrected disclosure to the borrower and wait an additional 3 business days before closing the loan.
  The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA disclosure.
• The consumer may modify or waive both waiting periods for a documented personal financial emergency, but must receive the disclosures no later than the time of the modification or waiver.

Read the Federal Reserve Board Final Rule and Staff Commentary (Federal Register, May 19, 2009)