Which listing agreement do I use?

I have a seller who wants to sell an unimproved residential lot. What listing agreement should I use?

The choice of listing agreement depends upon the likely buyer’s intended use. Since a buyer will probably use the lot for residential purposes (e.g., to build a home), the residential listing agreement (TAR form 1101) would appear to be the best choice. The listing broker could delete those matters that would apply to improvements or add a statement indicating that the property is an unimproved lot in the Special Provisions paragraph. Either of these alternatives would tend to eliminate confusion by the seller.

It should be noted that these same considerations would apply to the choice of a listing agreement if the likely intended use of a buyer of an unimproved property would be for commercial or farm and ranch purposes.

Learn how a Legal Defense Fund victory upholds Texans' property rights

Listen to the latest Texas REALTOR® Update podcast and hear how the Legal Defense Fund helped a Richardson REALTOR® uphold property rights for all Texans. No matter your comfort level with technology, it’s easy to listen to Texas REALTOR® Update:
Click here to listen to Texas REALTOR® Update on your computer. If you have problems listening to Texas REALTOR® Update on your computer, check out these troubleshooting tips.

Or subscribe to Texas REALTOR® Update, so it automatically downloads to your iTunes or other audio file-management program.

Read about the topics discussed on this episode, or visit the podcast archives to listen to past episodes.

New "green" standard adopted

The International Code Council, which develops the building safety codes used to construct most residential and commercial buildings, approved a National Green Building Standard. The new standard provides guidance for safe and sustainable building practices for all residential construction. The standard's rating system allows builders, designers, and communities to choose the levels of high-performance green buildings that best suit their needs. Key provisions include: land conservation, rainwater collection, construction of smaller homes to conserve resources, improved indoor air quality, and homeowner education on proper maintenance and operation to maintain a home's green status.

Obama announces Homeowner Affordability and Stability Plan

President Obama this week announced his plan to help 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. The Homeowner Affordability and Stability Plan contains three main elements:

1. Government-sponsored enterprise refinancing for responsible homeowners suffering from falling home prices
2. Three-year $75 billion initiative to reduce monthly payments for 3-4 million at-risk homeowners
3. Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac
   

Review the details of each element in this NAR Governmental Affairs Update.

American Recovery and Reinvestment Act becomes law, contains important real estate provisions

The American Recovery and Reinvestment Act contains important housing provisions, which were lobbied for by the leadership of the Texas Association of REALTORS® during a recent visit to Washington, D.C. Some of these provisions include:

• Homebuyer tax credit: The bill provides for an $8,000 tax credit for first-time homebuyers who purchase a principal residence between Jan. 1, 2009, and Dec. 1, 2009. The credit does not require repayment.
• FHA, Fannie Mae, and Freddie Mac loan limits: The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans.
• Neighborhood stabilization: The bill provides $2 billion in additional funding for the Neighborhood Stabilization Program, which provides grants to states and localities to address problems that can be created when whole neighborhoods are decimated by foreclosures.
• Commercial real estate: Commercial real estate is affected primarily through provisions of the bill focused on green building and energy efficiency as well as business tax incentives. HR 1 provides significant funds for state energy programs, which could be used to support commercial property owners' investment in energy-efficiency upgrades.

Visit Realtor.org for more details about what this act means to real estate