By Christal Park Keegan, NVR Legal Information Line Attorney
The article in the adjacent link addresses a popular issue often discussed on the Legal Information Line. NVR Legal Information Line Attorney Christal Keegan touches on key points during this current busy real estate era like --Do a husband and wife both need to sign real estate contracts.
Do you know how Nevada law reads on the subject? Read this short legal-themed FAQ article and learn all you need to know. If you have any questions, please email the Legal Information Line at InfoLine@NVRealtors.org. You can view the legal article on the subject by clicking here.
Throughout October, the National Association of REALTORS® (NAR) is again recognizing Cybersecurity Awareness Month and the critical importance of protecting Americans' data and sensitive information from fraud.
Real estate fraud is one of the nation's most prevalent forms of cybercrime, with REALTOR® associations and Multiple Listing Services being among criminals' latest targets. Information breaches can jeopardize real estate transactions and have the potential to expose businesses to client lawsuits, government sanctions and large fines. According to the FBI's 2020 Internet Crime Report, more than 13,000 people were victims of wire fraud in the real estate and rental sector in 2020.
Home buyers are bidding up home prices in competing for the home they want. But appraisals don't always agree with that final seller's accepted offer price. Some homes are appraised below the agreed-upon sales price, which could upend a deal. Twenty-three percent of contracts were delayed due to appraisal issues, according to the latest REALTORS® Confidence Index Survey, based on a survey of real estate professionals' transactions. About 12% of transactions were then terminated due to appraisal issues.
Buyers are stretching their budgets to win a bidding war. But mortgage lenders will usually only offer a loan amount for the appraised value of a home. When a home appraises too low, parties must come back to the negotiation table. Sellers may need to agree to lower the price or buyers may have to come up with more money on their own. Or the deal may fall through. Click here to continue reading.