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October/November 2006 Issue
Page 4
HOW DO MEMBERS GET SELECTED FOR THE BOARD OF DIRECTORS AND WHAT ARE THEIR DUTIES? continued...
Board Member Responsibilities
Both Boards meet 11 months out of the year and ECBOR and MLS meet together. The Board meeting dates are generally the second Thursday of each month but that can vary depending on the schedule. The meetings start at 8:30 a.m. and usually end anywhere from 9:30 am to 10:00 am. The ECBOR & MLS President, in conjunction with the Executive Officer, run the meeting. The Board’s main job is to review the financials which are done quarterly by McGladrey and Pullen and to set policy. They are given issues by the Executive Officer and collectively or separately make decisions that impact the lives of members. The Executive Officer and the staff make sure the policies are followed and both organizations remain fully functioning.
A Board member’s responsibility is to attend the meetings and give input. Board members are encouraged to attend the Installation Banquet and other meetings that are considered critical to the planning process. Board staff generally does the work required to prepare for the Board meetings. Prior to the meeting, staff sends out the agenda and the minutes of the previous meeting through the Board of Director’s list serve. When a member walks into the meeting, they are given a packet of information containing an agenda outlining what will happen at the meeting, the previous minutes, a calendar, a list of new members and MLS offices and any documentation needed to support the issues outlined on the agenda.
The commitment to the Board of Directors is a serious one but it is not overly time consuming. Being a part of the Board of Directors helps members to stay on top of all the information, changes and events that impact the real estate industry. This is part of the reason we have so many members who want to stay on the Board after their term expires.
2006 MEMBERSHIP MEETING DATES & TOPICS
October 26, 2006
Annual Meeting
Speaker: Cathy Searcy, Republican candidate for Elkhart County Assessor in 2006
Topic: Your Assessment and Your Tax Bill”
(No November meeting)
December 14, 2006
Holiday Auction
STATE NEWS
2006 IAR RESIDENTIAL FORMS GUIDE
By Jodi L. Tuttle
IAR General Counsel
The IAR residential forms revisions (copyright IAR 2006) will be available from Zipform after January 1, 2007. Hopefully, reviewing the guide a few months prior to the release date will facilitate your 2007 transactions. The revisions (mostly minor clarification and “user friendly” changes) were made as a result of statewide user comments and the excellent work of the IAR Forms Committee. As always, we recommend reading the revised set in its entirety especially those members who will be utilizing the library for the first time. The 2006 residential revisions are as follows:
1. All of the revised residential forms will reference the 2006 copyright date. Please dispose of all IAR residential forms (i.e. paper copies) with any prior copyright date. On many occasions, we receive faxed forms to the LISA Legal Hotline (we know who you are!) that are not from the current library.
2. The Zipform Transaction Cover Sheet (utilized by some) will include more options for information, phone numbers, email addresses, etc., for convenience purposes for those users completing the electronic cover sheet in their transactions.
3. Pursuant to several users’ requests, the overall size of the font will be increased in the IAR Purchase Agreement as a risk reduction measure especially in the case of numerous faxed agreements.
4. Purchase Agreement, line 139, after the word “then”, it will now read: “Buyer may terminate this Agreement or waive such defect and the transaction shall proceed toward closing” for clarification.
5. Purchase Agreement, line 207, the word “midnight” was deleted and replaced with “11:59pm” for risk reduction purposes.
6. Purchase Agreement, line 208, the following language from the Counter Offer form (lines 25 and 26) will be added in bold font: “Note: Seller and Buyer have the right to withdraw any offer/counter offer prior to written acceptance and delivery of such offer/counter offer.”
7. Where the language is similar in the Purchase Agreement (Unimproved Property) with the Purchase Agreement (Improved Property ), new language was added where appropriate for consistency.
8. Listing Contract, lines 65 through 73, the instructions “Check appropriate paragraph number/numbers” and the boxes were deleted in that section for convenience. Users only need to complete the applicable blank choices in that section.
9. Listing Contract, line 72, the words “to be” were added after the word “amounts” for risk reduction purposes.
10. Listing Contract, line 168, the language in Section 6 was replaced with the following: “Seller grants to Broker an exclusive, non-revocable, copyright license to disseminate, publish, modify and reproduce all of the content of this Listing Contract, including but not limited to, price and terms of financing on a closed sale, photographs, drawings, written descriptions, narratives, and motion pictures obtained or produced by Broker and Broker’s agents pursuant to this Listing Contract to members of the Indiana Association of REALTORS®, Inc., to other brokers upon request and to a MLS, Internet or any advertising media. Seller agrees that Broker shall own all rights, title and interest, including but not limited to, any copyright in Property images taken by Broker’s photographers or agents.”
11. Listing Contract, line 177, the following sentence was added at the end of Section 9: “If Seller has authorized disclosure of the existence of offers on the Property, Broker shall also disclose whether offers were obtained by the listing licensee, another licensee in the listing firm or by a cooperating broker. (NOTE: Disclosure of individual and company names is not necessary.)
12. Throughout the Listing Contract - Exclusive Right to Lease, new language was added where appropriate (see Listing Contract---Exclusive Right to Sell for consistency.
13. Independent Inspection Response, line 34, the following sentence was added: “If Seller fails to respond, the Buyer may terminate the Purchase Agreement” for risk reduction purposes. NOTE: Members should always pay close attention to all inspection time periods.
14. Independent Inspection Response, top of page two, “Date” and “Property Address” will be added for consistency with page one of the form.
15. Independent Inspection Response, line 56, the following new response will be added: “Seller accepts Buyer’s Inspection Response # ______________” for convenience. The other responses will be re-numbered.
16. Where the language is similar in the Radon Inspection Response to the Independent Inspection Response, new language was added where appropriate for consistency.
17. Extra copies of the Amendment to Purchase Agreement were added to the library—i.e. Form # 20A, # 20B and # 20C for convenience when completing electronic forms.
18. A new “Addendum # ______ To Listing Contract” was added to the library in similar content to the “Addendum # _____ To Purchase Agreement” for convenience.
19. A new “Confidentiality Agreement” was added to the library based upon Code of Ethics changes with respect to terms, provisions and conditions of an offer.
Please note that we have had several members this past year switch to IAR statewide forms due to the similarities in their forms with the IAR residential library. Because our goal has always been achieving uniformity and consistency across the state with regard to forms practice, we welcome any opportunity to travel to your area, address your questions and concerns and/or assist with training. In addition, we are pleased to make room on the IAR Forms Committee for any forms expert(s) from any Board/Association desiring to gather information during any transition period to statewide forms. Let us know if we can assist you!
Source: Indianarealtors.com
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