Each year, Tennessee REALTORS must be attentive to “Forms Up-dates” lest they unwittingly put their clients in harm’s way.
The Tennessee Association of REALTORS (Soon to be re-branded to be a more concise “Tennessee REALTORS”) provides all of the necessary contracts, addenda, amendments, and Disclosure forms that any REALTOR could possibly need for any real estate transaction. Each year, the “TAR Forms Committee” endures hours long meetings each month to scrutinize and slice and dice every paragraph and clause of every form to be sure that they reflect appropriate changes to comply with ever fluid (changing) trends, rules, legislation, and technology. I had the honor of serving on this committee in 2016 and feel compelled to give a BIG shout-out to all of the REALTORS who come from all over state to participate in these meetings.
The professionals who serve on this committee are the best in the industry with vast depth of knowledge and experience, and what they do for all of us REALTORS AND for all of the Home Buyers and Sellers throughout the state is nothing short of phenomenal.
The intent of these forms is to create a level playing field for all parties with the necessary structure to maintain safety and peace of mind that the transaction will proceed as smoothly as possible with minimal ugly surprises.
As long as all parties to the transaction “follow the rules” as defined in the contracts, things DO go smoothly.
Of course, the average Home Buyer or Seller does not do these transactions frequently, so they rely heavily on the advice and counsel of a trusted REALTOR to navigate the process.
Having been a Real Estate Sales Professional for 25 years and 10 of those years as a Principal Broker managing literally hundreds of REALTORs, I have literally had my hands on thousands of transactions. The process of a real estate transaction seldom goes wonky UNLESS one of more of the parties do not understand the terms of the contract OR chooses to ignore them.
Virtually every component of the process is “time-bound” – That is – Has a deadline for completion with very specific requirements for proper documentation.
Done right, there’s a smooth rhythm from start to finish.
Yesterday was the meeting for Principal Brokers to hear the updates for the 2017 forms . . . While none of the changes are drastic, they ARE significant and bear some very important timing and notification requirements that every REALTOR in Tennessee MUST know prior to writing their first offer of the year. Unheeded, these changes create potential for a transaction to fail or result in financial harm to the Buyer or Seller.
I do not write this email to foster fear . . . I am writing this as a plea to ALL Principal Brokers to do as I know you do every year . . . Learn these changes and inform your agents. If you are not aware of the changes, connect with your local REALTOR Association and find out when the update class will be held in your area.
One thing I know for sure . . . Tennessee REALTORS rank very high Nationally in terms of Ethics and Professionalism, and KUDOS to our Tennessee REALTOR Association for continuing to raise the bar every year.