Sentences with phrase «deposits in a real estate transaction»

RECO says Van Dyk was convicted under REBBA 2002 for improper handling of a trust deposit in a real estate transaction.

Not exact matches

Remember that everything in a real estate transaction is negotiable, so you and the seller can always discuss increasing the amount of your deposit as part of the contract.

The amount deposited with a neutral third - party, called an escrow agent, who holds the borrower's escrow payments to disburse and distribute monies to proper parties involved in a real estate transaction.

The deposit is a sum of money negotiated in a real estate purchase / sale transaction by the seller and buyer upon removing subjects.

Under the rule in Louisiana, if a broker can not reach the parties to a failed real estate transaction, the broker may return the escrow deposit monies in accordance with the Uniform Unclaimed Property Act.

See also OREA's online pamphlet Deposits and the Terminated Transaction and also the OREApedia article on the Real Estate Trust Account in particular Subtitle 4.1 — Deposits and the Terminated Transaction.

Deposits that are given by Buyers in a Real Estate Transaction in the Province of Ontario are generally given in good faith with the clear understanding that such deposit would be returned in the event any of the conditions were not met.

And finally, if the sale was a cash sale as the salesperson stated, all of the various deposits and closing payments deposited into banks by the real estate professionals involved in the transaction would have triggered another series of reports to FINTRAC by each bank that received $ 10,000 or more in cash.

Although you may represent only one party in a real estate transaction, you should recognize that you may nonetheless owe the other party a fiduciary duty with respect to deposited funds.

Just a tidbit info: When I first opened my boutique real estate business in 1991 (and the concept was quite new to my area), I set up my «correspondence system» to include a courtesy letter to the buyer, saying where their deposit was physically (what bank and location), and stating that the deposit would form part of the closing funds organized by their lawyer, and would be released and or paid out as we were instructed, AFTER being notified in writing (fax) that their transaction had, in fact, closed.

730 DOS 02 DOS v. New World Realty of New York, Inc. — availing of license; deposits; disclosure of agency relationships; duty to supervise sales associates; failure to pay judgment; proper business practices; DOS has jurisdiction where disciplinary action was started while individual was licensed as an associate broker and was eligible to automatically renew at the time of the disciplinary hearing; salesperson owned voting stock in licensed corporate real estate broker, failed to pay judgment and failed to present evidence of inability to do so, and engaged in unlicensed activity after license expired; representative broker availed corporate real estate brokers license to salesperson; representative broker failed to properly supervise salesperson by permitting and authorizing salesperson to act as a real estate broker; broker and salesperson failed to make agency disclosures and failed to deposit funds of principal in a special bank account; real estate transaction conducted was a fraudulent business practice; DOS fails to prove the unauthorized practice of law; salesperson's license revoked and salesperson ordered to pay refund of $ 1,406.00 of illegal commission collected; representative broker's license revoked and broker ordered to refund $ 74.00 of illegal commission collected; representative broker fined $ 5,000.00

960 DOS 03 DOS v. Vazquez - deposits; unlicensed activity; duty to supervise sales associate; failure to cooperate with DOS investigation; failure to pay judgment; sanction; broker fails to reply to DOS's request for information; broker allows two individuals to work in association with brokerage without being properly licensed; broker fails to pay judgment; broker fails to return rental deposits in two transactions where the rental was not consummated; broker fails to supervise sales associate and is accountable for monies received by salesperson and unaccounted for; in setting penalty, it is proper to consider licensees were found to have availed themselves of improper licensed real estate salespersons and to have retained an unearned commission; corporate broker's license and representative broker's license revoked and brokers ordered to pay restitution in the amount $ 7,725.00 and judgment in the amount $ 740.37

242 DOS 97 Matter of DOS v. Hinds - deposits; proper business practices; fraudulent practices; due process; exparte proceeding is proper where there is evidence of proper service of process; unlawful retention of deposit monies constitutes larceny; illegal exercise of right of ownership over principals» funds is conversion; broker's illegal retention of deposit monies of principals in four, separate real estate transactions is a fraudulent practice; broker's failure to pay lawfully obtained judgments without a showing that he is unable to do so is a demonstration of untrustworthiness; license revocation; restitution with interest

79 DOS 99 Matter of DOS v. Pagano - disclosure of agency relationships; failure to appear at hearing; proper business practices; unauthorized practice of law; unearned commissions; vicarious liability; fraudulent practice; jurisdiction; ex parte hearing may proceed upon proof of proper service; DOS has jurisdiction after expiration of respondents» licenses as acts of misconduct occurred and the proceedings were commenced while the respondents were licensed; licensee fails to timely provide seller client with agency disclosure form prior to entering into listing agreement and fails to timely provide agency disclosure form to buyer upon first substantive contact; broker fails to make it clear for which party he is acting; broker violates 19 NYCRR 175.24 by using exclusive right to sell listing agreement without mandatory definitions of «exclusive right to sell» and «exclusive agency»; broker breaches fiduciary duties to seller clients by misleading them as to buyer's ability to financially consummate the transaction; broker breaches his fiduciary duty to seller by referring seller to the attorney who represented the buyers when he knew or should have known such attorney could not properly protect seller's interests; improper for broker to use listing agreements providing for broker to retain one half of any deposit if forfeited by buyer as such forfeiture clause could, by its terms, allow broker to retain part of the deposit when broker did not earn a commission; broker must conduct business under name as it appears on license; broker engaged in the unauthorized practice of law in preparing contracts for purchase and sale of real estate which did not contain a clause making it subject to the approval of the parties» attorneys and were not a form recommended by a joint bar / real estate board committee; broker demonstrated untrustworthiness and incompetency in using sales contract which purported to change the terms of the listing agreement to include a higher commission; broker demonstrated untrustworthiness and incompetency in using contracts of sale which were unclear, ambiguous, vague and incomplete; broker failed to amend purchase agreement to reflect amendment to increase deposit amount; broker demonstrated untrustworthiness in back - dating purchase agreements; broker demonstrated untrustworthiness in participating in scheme to have seller hold undisclosed second mortgage and to mislead first mortgagee about the purchaser's financial ability to purchase; broker demonstrated untrustworthiness by claiming unearned commission and filing affidavit of entitlement for unearned commission; DOS fails to establish by substantial evidence that respondent acted as undisclosed dual agent; corporate broker bound by the knowledge acquired by and is responsible for acts committed by its licensees within the actual or apparent scope of their authority; corporate and individual brokers» licenses revoked, no action taken on application for renewal until proof of payment of sum of $ 2,000.00 plus interests for deposits unlawfully retained

Its mission is to indemnify victims of a fraud, a dishonest transactions or a misappropriation of funds or other property which, under the Act, must be deposited in a trust account, in the context of a real estate transaction brokered by a real estate broker or agent.

Established pursuant to the Real Estate Brokerage Act in 1985, the Fonds d'indemnisation du courtage immobilier indemnifies victims of fraud, dishonest transactions or misappropriation of funds or other property which, by law, must be deposited into a trust account during a transaction brokered by a real estate broker or agReal Estate Brokerage Act in 1985, the Fonds d'indemnisation du courtage immobilier indemnifies victims of fraud, dishonest transactions or misappropriation of funds or other property which, by law, must be deposited into a trust account during a transaction brokered by a real estate broker or Estate Brokerage Act in 1985, the Fonds d'indemnisation du courtage immobilier indemnifies victims of fraud, dishonest transactions or misappropriation of funds or other property which, by law, must be deposited into a trust account during a transaction brokered by a real estate broker or agreal estate broker or estate broker or agent.

The deposit will be held in trust by (name of third party, e.g., conveyancer / notary / builder) as a stakeholder pursuant to the provisions of the Real Estate Services Act pending the completion of the transaction.

The Council recommends that licensees advise clients to obtain such advice in any circumstance where a deposit is going to be held by a third party other than a real estate brokerage, including by one of the parties to the transaction.

Remember that everything in a real estate transaction is negotiable, so you and the seller can always discuss increasing the amount of your deposit as part of the contract.

The deposit to be disclosed under § 1026.37 (h)(1)(iv)(A) is any amount that the consumer has agreed to pay to a party identified in the real estate purchase and sale agreement to be held until consummation of the transaction, which is often referred to as an earnest money deposit.