KC Real Estate Lawyer Attorney Saint Louis Kansas City Missouri Live Real Estate Legal AdviceKC Real Estate Lawyer

Jackson County Missouri is considering a new ordinance for the purpose of classifying  sources of income as protected traits in regard to housing discrimination.  This is considered the first of its kind in the Country.  This is set for hearing 12/5/2023.  This ordinance attempts to force landlords to exclude from consideration the sources of income a landlord may consider in making a determination of being approved for a rental.

Thousands of Midwest home sellers are eligible to join a lawsuit challenging real estate fees KCUR | By Dan Margolies Published April 25, 2022, at 4:17 PM CDT   A federal judge certified the case as a class action, meaning thousands of home sellers in the Midwest may be eligible to recover damages if the plaintiffs prevail. A federal lawsuit in Kansas City challenging rules requiring home sellers to pay commissions to brokers representing home buyers has been certified as a class action, meaning thousands of home sellers in the Midwest may be eligible to recover damages if the plaintiffs prevail. U.S. District Judge Stephen Bough on Friday ruled that the lawsuit, which was originally filed in 2019 on behalf of Missouri home sellers who had listed their homes on the Multiple Listing Services system (MLS), met the criteria for a class action, including numerosity and common questions of law or fact. The Kansas City case, along with a nearly identical federal lawsuit in Chicago, challenges uncompetitive rules that consumer advocates have long criticized for artificially inflating real estate commissions. The suit names the National Association of Realtors (NAR) and the nation’s four largest national real estate broker franchisors: Realogy Holdings Corp.; HomeServices of America, Inc.; RE/MAX Holdings, Inc.; and Keller Williams Realty, Inc. The Defendants own and operate some of the largest real estate brokerages in the country. HomeServices of America, an affiliate of Berkshire Hathaway, owns and operates ReeceNichols Real Estate and Prudential Real Estate, among others. Realogy Holdings owns and operates Century 21 and Coldwell Banker, among others. The plaintiffs allege the real estate brokerages and NAR have conspired to require home sellers to pay brokers representing home buyers inflated amounts, in violation of federal antitrust law, Missouri antitrust law, and the Missouri Merchandising Practices Act. “The cornerstone of Defendants’ conspiracy is NAR’s adoption and implementation of a rule that requires all brokers to make a blanket, non-negotiable offer of buyer broker compensation …when listing a property on a Multiple Listing Service …,” the lawsuit states. As a condition of listing their homes on an MLS, a centralized database listing homes for sale, sellers are required to agree that the listing agent will split the commission with the agent representing the buyer. Absent that requirement, the plaintiffs claim, “seller brokers would set a commission to pay themselves alone and would likely begin to engage in more vigorous competition with one another to lower their rates and/or provide additional services to justify their newly transparent rates.” A federal judge in Chicago has allowed a similar class-action lawsuit to proceed, ruling that the home sellers had supported their allegations of a “pricing system in which the seller is essentially locked into a buyer-broker commission rate upfront that neither the buyer nor the seller has the incentive or ability to negotiate.” NAR argues that the MLS system is efficient and beneficial to consumers. It says that it allows many first-time, low-income buyers to purchase a home they couldn’t otherwise afford because they don’t have to pay brokers directly. In response to a request for comment, NAR emailed a statement to KCUR saying it was disappointed with Bough’s ruling, which it said it plans to appeal. “The pro-competitive, pro-consumer local broker marketplaces serve the best interests of buyers and sellers,” NAR said. “Local broker marketplaces ensure equity, transparency, and market-driven pricing options for the benefit of home buyers and sellers. These marketplaces reduce transaction costs by ensuring, among other things, that a buyer broker and their client understand how much the listing broker will pay the buyer broker for procuring a buyer for the listed property. “Local broker marketplaces also level the playing field among brokerages, allowing small brokerages to compete with large ones, and provide for unprecedented competition among brokers, including different service and pricing models.” NAR, which is headquartered in Chicago, represents more than 1.3 million real estate agents belonging to some 1,200 local associations and boards in all 50 states, the District of Columbia, and U.S. territories. Not long after the lawsuits in Kansas City and Chicago were filed, the U.S. Justice Department filed a civil suit against NAR alleging it had established and enforced illegal restraints on how real estate agents compete. The department later withdrew from a proposed settlement of the case, saying it was too narrow in focus and didn’t sufficiently protect its ability to pursue future claims against NAR. “Real estate is central to the American economy and consumers pay billions of dollars in real estate commissions every year,” Acting Assistant Attorney General Richard Powers said in a statement about the department’s withdrawal from the settlement. “We cannot be bound by a settlement that prevents our ability to protect competition in a market that profoundly affects Americans’ financial well-being.” NAR has petitioned to block the Justice Department’s withdrawal from the settlement, which was reached during former President Donald Trump’s administration. The petition is pending. In granting the plaintiffs’ request for class certification, Bough certified three separate classes, including one consisting of all home sellers since April 29, 2015, who used a listing broker affiliated with the defendants and who paid a commission to the buyer’s broker when they sold their homes. The plaintiffs estimate the classes include “hundreds of thousands of class members geographically dispersed throughout the state of Missouri and portions of Kansas and Illinois.” AFFIDAVIT OF SURVIVORSHIP affidavit of title BUYERS commercial real estate COMMON LAW MARRIAGE COVID AND EVICITION DEATH AND REAL ESTATE Deed estate planning estate planning real estate trends FSBO future of commercial real estate Future of real estate home buying Home seller home selling inheritance KC real estate LANDLORD Landlords land use midwest real estate PROBATE Property Management real estate closing real estate contracts real estate deeds Real estate deed work real estate ethics real estate finance Real estate financing real estate investing real estate lawyer real estate management real estate market real estate markets real estate planning real estate transactions real estate trends seller financing SELLERS SURVIVORSHIP AFFIDAVIT TENANTS …

If you’re the buyer in a real estate transaction, you’ll receive a copy of the title commitment before closing and have several days to review it. Here’s why that document is so important and what it means to your property. What is a Title Commitment? A title commitment is a document that iterates the details surrounding the property. It lists the various requirements, exclusions, and exceptions behind issuing title insurance on the property. It’s also a promise to issue title insurance as long as all stipulations in Section B are met. Without a title commitment, the buyer knows little about the property’s possible peculiarities such as a third-party ruling body like a condo association or any right-of-way existing on the property. Understand a Title Commitment The title commitment is divided into several sections. Depending on the state in which the property is located, the title commitment could vary slightly but they always contain the following parts. Schedule A Schedule A contains the commitment date; the policies to be issued, the amounts, and proposed insured; the interest in the land and the owner; and the description of the property. Schedule B Schedule B contains the requirements, exceptions, and exclusions. Schedule B is the most important part of the title commitment. Buyers should pay close attention to it. Requirements: this section lists the things that must be completed/adhered to in order for title insurance to be issued. If one of the requirements cannot be met, this will affect escrow, so the buyer should inform the escrow officer immediately. Requirements can include things like: Tax payments Recording the new deed Recording loan documents Release of liens Proof of identity Exceptions: this section lists what is not covered under title insurance. You’ll usually find generic wording contained in this section about mineral rights as well. In order for a buyer to fully understand the coverage of the title insurance on the property, the exceptions section should be read carefully. If any of the exceptions are unacceptable to the buyer, it might be possible for the title company to remove them, insure over it (with the use of an endorsement), or discard it with a release or affidavit. Contact the escrow officer or an attorney if there’s anything that strikes you as unusual in this section. It’s better for you to understand the stipulations and gain clarification now than find out later you left yourself exposed by not fully reviewing the document. Exclusions: this section discloses things that the title company will not cover. Common exclusions include: Governmental regulations relating to the use of the property Rights of eminent domain Claims arising from bankruptcy A title commitment is one of the most important documents in closing because it details what is covered and not covered in the title insurance policy. Without one it’s impossible to understand the stipulations and exclusions of the title insurance. You may be leaving yourself open to future legal challenges if you don’t examine it carefully. You have a choice when it comes to title agencies. Selecting a title company that helps you understand the process and works with you is wise. HTTPS://KCREALESTATELAWYER.COM AFFIDAVIT OF SURVIVORSHIP affidavit of title BUYERS commercial real estate COMMON LAW MARRIAGE COVID AND EVICITION DEATH AND REAL ESTATE Deed estate planning estate planning real estate trends FSBO future of commercial real estate Future of real estate home buying Home seller home selling inheritance KC real estate LANDLORD Landlords land use midwest real estate PROBATE Property Management real estate closing real estate contracts real estate deeds Real estate deed work real estate ethics real estate finance Real estate financing real estate investing real estate lawyer real estate management real estate market real estate markets real estate planning real estate transactions real estate trends seller financing SELLERS SURVIVORSHIP AFFIDAVIT TENANTS IN COMMON TRANSFER ON DEATH DEED wholesale real estate Jackson County Missouri Ordinance Classifying Source of Income as a Protected Trait ASSISTANCE/SERVICE ANIMAL AS AN EXCEPTION TO LANDLORD PET POLICY BASED ON FAIR HOUSING ACT KANSAS REAL ESTATE TAX APPEAL KANSAS TAX FORECLOSURE AUCTIONS TAX SALES AND TAX OVERAGES IN MISSOURI SearchSearch Accredited Investor Verification LetterAreas of PracticeBrokerage ServicesSeller Listing – Kansas City Real Estate LawyerBuyer Representation – Kansas City Real Estate LawyerBrokersBuy Real Estate Form TemplatesCartCheckoutContactFlat Fee Legal Protection for Buyers and Sellers of Real EstateForeclosureFSBO Lawyer in Kansas CityFSBO-OWNER FINANCINGGeneral DisputesGlossary of TermsInvestor ListInvestor ServicesKansas City Real Estate Lawyer – Book Online Legal Services TodayKansas City Real Estate Lawyer in Missouri – Book same-day, online document reviews for transfer of beneficiary & quit claim deeds, marital waivers, commercial & residential contracts, Investments & more.Kansas Legal ResourcesKansas ResourcesLandlordsLegal ServicesReal Estate Sale Contracts – Kansas City Real Estate LawyerAccredited Investor Verification Letter – Kansas City Real Estate LawyerDeeds – Kansas City Real Estate LawyerTrusts – Kansas City Real Estate LawyerEstate Planning Law – Kansas City Real Estate LawyerLLC Formation – Kansas City Real Estate LawyerContract/Lease Review – Kansas City Real Estate LawyerRealtor Disputes – Kansas City Real Estate LawyerEarnest Money Disputes – Kansas City Real Estate LawyerLIFE ESTATE DEEDMissouri Legal ResourcesMISSOURI REAL ESTATE TAX ASSESSMENT APPEALSMissouri ResourcesMLS Commission RatesMy AccountMy accountMy CabinetOur FirmAffordable Legal Services – Kansas City Real Estate LawyerProfessional References – Kansas City Real Estate LawyerReal Estate Broker and Investor – Kansas City Real Estate LawyerPurchasersReal Estate Tax Sales Overages in MissouriSame Day ProductionSeller AgentSeller Financed InstrumentsShopShort SaleSitemapTestimonialsTHE SANDWICH GENERATIONTitle InsuranceWHAT IS AN EASEMENT?What Makes Us DifferentWho we RepresentSellersBuyers – Kansas City Real Estate LawyerInvestors – Kansas City Real Estate LawyerBroker/Agents – Kansas City Real Estate Lawyer December 2023 M T W T F S S  123 45678910 11121314151617 18192021222324 25262728293031 « Aug     Boundaries Deeds Divorce Estate Planning For Sale by Owner Home Buying Home Selling Land Use llc Locations Real Estate Brokers real estate finance, FSBO, real estate markets, home buyers, home sellers Real Estate Markets Tax-Related Issues Title Issues December 2023 August 2023 July 2023 June 2023 May 2023 February 2023 October 2022 September 2022 August 2022 July 2022 June 2022 April …