Not Enough Money Can Kill Your Deal
Buying and selling real estate can be both exciting and scary for buyers and sellers. With so much to consider, the process can become overwhelming. One item often overlooked is the amount of closing costs associated with the transaction. A buyer approved for a $150,000 mortgage may assume this allows them to purchase a home for $150,000 with no additional costs. A seller who receives an offer for $150,000 may not account for all fees when deciding to accept an offer.
Kansas law requires licensees to inform the buyer, at the time the offer is made, and the seller, at the time the offer is presented, that certain closing costs must be paid and the approximate amount of such costs. This allows the buyer to adjust their offer accordingly and the seller to be fully informed before deciding to accept an offer.
Some licensees do not provide the buyer with the amount of closing costs at the time the offer is made because they believe the lender has provided this information. In addition, some licensees provide the closing cost information to the seller when the property is listed instead of when an offer is presented. Neither of these situations are compliant with Kansas law. Providing the closing cost estimate to your buyers or sellers, at the appropriate time, can help ensure everyone has considered the financial outcome of the transaction.
To better understand this requirement, refer to K.S.A. 58-3062(a)(16) and discuss it with your supervising broker.
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Disciplinary Actions
Revocations, suspensions, and aggregate fines greater than $500 issued 02/17/21- 03/23/21.
Docket Number
|
Last Name
|
First Name
|
License Number
|
Violation
|
Legal Action
|
Effective Date
|
21-9442
|
Barrera
|
Gloria
|
00233230
|
Failure to Disclose
|
Fine
|
3/15/21
|
20-8314
|
Black
|
Jeffrey
|
00231541
|
Failure to Comply with Commission Directive
|
Suspension
|
3/8/21
|
21-9403
|
Casterline
|
Fred
|
00043942
|
Audit
|
Fine
|
3/15/21
|
21-9441
|
Conderman
|
J. David
|
00039847
|
Failure to Supervise
|
Fine
|
3/15/21
|
21-9392
|
Crow
|
Robert
|
00233999
|
Audit
|
Fine
|
3/15/21
|
21-9365
|
Divilbiss
|
Gregory
|
00054702
|
Audit
|
Fine
|
3/8/21
|
21-9428
|
Holmes
|
David
|
00219130
|
Audit
|
Fine
|
3/8/21
|
21-9429
|
Hulvey
|
Lisa
|
00233729
|
Audit
|
Fine
|
3/8/21
|
20-8232
|
Lowe
|
Melisa
|
00243315
|
Failure to Comply with Commission Directive
|
Suspension
|
3/1/21
|
21-9401
|
Malloy
|
Shaela
|
00241786
|
Audit
|
Fine
|
3/8/21
|
21-9456
|
Meddaugh
|
Whitney
|
00053049
|
Failure to Supervise
|
Fine
|
3/5/21
|
21-9421
|
Meyer
|
Benard
|
00236594
|
Advertising
|
Fine
|
3/1/21
|
21-9439
|
Nelson
|
Blake
|
00054621
|
Advertising
|
Fine
|
3/15/21
|
21-9402
|
Palmer
|
Robert
|
00230120
|
Audit
|
Fine
|
3/8/21
|
21-9430
|
Parrish
|
James
|
00013681
|
Audit
|
Fine
|
3/8/21
|
|