Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Real
Estate News
New CFA Analysis of Real Estate Cartel Explains How It Can Set Prices
WASHINGTON - June 19 - This morning, the Consumer Federation of America (CFA) released a report showing how many traditional real estate brokers, and their associations, successfully stifle competition, what reforms are needed to protect home buyers and sellers, and how these consumers can protect themselves. “Many traditional real estate brokerage firms, and their organizations, function as a cartel that tries to set prices and restrict service options,” said Stephen Brobeck, CFA’s Executive Director. “But consumers can take steps to lower 6-7% commissions without jeopardizing the sale or purchase of a home,” he added.
According to the report, the desire of traditional brokers to maintain 6-7% commissions and the opportunity for a “double-dip” – one broker collecting the entire commission – lies behind almost all of their anti-competitive actions. In nearly all areas of the country, traditional brokers have tried to charge commissions of either 6% or 7%, although many sellers of higherpriced homes have been able to negotiate reductions of one percentage point or even more.
“The preoccupation of many traditional brokers with maintaining their compensation largely explains not only their opposition to discount and fee-only brokers but also their defense of seller-paid commissions, advocacy of anti-rebate and minimum service laws, and efforts to maintain control of multiple listing services,” said Brobeck. The report is based on information from dozens of real estate professionals and from hundreds of articles in journals, real estate publications, and the general press.
Covenant condition restriction is an agreement, usually included in the deed to a property
This tool acts as restricting the manner in which the property can be used. For example, a deed for a residential property may contain a covenant that the owner won’t permit “noxious uses” on the property, or any of a lengthy list of particular offenses such as stables, factories and so forth.
Newsroom
News about real estate cases in Montana and nationwide:
Definition:
Calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.
Escrow account
Definition:
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
Cap
Definition:
A limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease.
If you live in the following cities and need an real estate attorney you should contact
our Real Estate Attorney as soon as possible:
Belgrade
Billings
Bozeman
Butte
Columbia Falls
Great Falls
Hamilton
Havre
Helena
Kalispell
Laurel
Libby
Livingston
Miles City
Missoula
Polson
Whitefish
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Montana Real Estate Lawyers.com is not intended to be real estate advice, but merely conveys
general information related to real estate issues commonly encountered.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?