Back in 2000 the Oklahoma Relationship Act was enacted by the State. The act was put in place to protect home buyers as it allowed and defined the manner in which a real estate agent could represent a client.

But the law had one unintended consequence. It confused the hell out of everyone; consumers and real estate agents alike.

However the confusion is about to be cleared up with pending House Bill 2524. HB 2524 aims to streamline the Oklahoma Relationship Act. With a two year effort by the Oklahoma Association of Realtors and the Oklahoma Real Estate Commission the bill has made its way through the Senate and passed with 40 Ayes and 1 Nay and with with some changes. It will go back to the House where it is expected to be signed into law Governor Fallin.

What are the expected changes to the Oklahoma Broker Relationship Act?

Before we dive into the new language let’s take a look at the language that was added back in 2000. The law back then authorized two types of broker relationships, a “transaction broker” and a “single-party broker”.

A transaction broker was defined as “a broker who provides services by assisting a party in a transaction without being an advocate for the benefit of either party.” In other words their function was to act as a facilitator to help and assist both seller and buyer in closing the transaction. All without favoring one party over the other.

A single-part broker was defined as a broker who entered into a written agreement with a party in a transaction to provide services for the benefit of that party. A single-party broker represented just his client and worked very much like a traditional agent. A single-party broker could obtain permission from either part to work as a transaction broker.

Not only that but a broker could be a  single-party broker to one party and a transaction broker to another.

ARE YOU CONFUSED YET?

 Well if you are so were hundreds of other.  Lots of confusion with both consumers and licensee about how the law really works out in the field.  Most of the confusion was in the differences between single-party brokers” and “transaction brokers”, the responsibilities of each and the effectiveness of how it was conveyed to the consumer.

Introducing House Bill 2524

HB 2524 should eliminate the confusion by removing the two type of agency “single-party broker ” and “transaction broker” and replacing it with a single broker definition that states each agent will have the same duties and responsibilities regadless of the transaction.

Lisa Noon, CEO of OAR said the bill will help clarify how a licensee would perform when involved with one party or both parties in a transaction.

No longer will there be a “single-party broker” or a “transaction broker”. Everyone will be a broker with the identical duties and responsibilities.  An agent can still work with one party or both and those responsibilities and duties will be outlined in the brokerage agreement between the agent and their client.

If the bill becomes law it will take effect on November 1, 2013.

To see the entire bill Click Here

Add your comments below and if you like this article please share it on Facebook. If you’re still a bit confused shoot me an email and I will help anyway I can.

The Oklahoma Housing Finance Agency has a program for first-time home buyers or those that have not owned a home in the last 3 years that may help you pay up to 3.5% of your down payment. Give us a call to find out more.

Starting June 1, 2011 and specifically for conventional loans Fannie Mae (FNMA) will institute a new policy regarding a borrower’s monthly obligations. Going forward lenders will be responsible for ensuring a borrower’s monthly debt or monthly obligations have not increased since the initial credit report was pulled and on through closing. Right now this does not apply to FHA, VA or Rural Development loans but the possibility of this policy being adopted across the board is very likely.

Lenders will now pull your credit report at the beginning of your mortgage application and five days prior to closing to make sure you have not entered into a new debts. So the advice here is not get into any new debt until after you have closed on your home.

Here are some Do’s and Don’ts to keep you out of trouble:

• DO NOT apply for any new credit until after closing,
• DO NOT shop for new furniture, windows treatments, etc.,
• AVOID those Buy Now Pay Later deals,
• DO NOT use any lines of credit,
• DO NOT make any large purchases with your credit cards,
• DO NOT co-sign any loans,
• DO NOT buy a car or go car shopping as your credit report might be pulled by the dealer,
• DO MAKE payments on time on any debt you do have,
• DO KEEP a paper trail of deposits or any major activity on your bank accounts,

Should you have any questions always talk to your lender as they are usually the most qualified to help and answer your questions.

RISMEDIA, December 3, 2010—Pending home sales jumped in October 2010, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator, rose 10.4% to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5% below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.

Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Read the rest of this story here.

Despite the economic crisis in the U.S. which has put many out of work and forced others to accept decreased benefits and pay, two in five Americans (41%) say this Thanksgiving they feel they have more to be thankful for than a few years ago. Another two in five (41%) say they have about as much to be thankful for this Thanksgiving, compared to a few years ago and just over one in ten (13%) say they have less to be thankful for this year; 5% say they are not sure.

These are some of the results of The Harris Poll of 3,084 adults surveyed online between October 11 and 18, 2010 by Harris Interactive.

Read the rest of the story here.

Pending home sales retreated after two monthly gains, signaling an uneven recovery entering 2011 with some near-term disruptions from the foreclosure moratorium, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, slipped 1.8 percent to 80.9 based on contracts signed in September from an upwardly revised 82.4 in August. However, the index remains 24.9 percent below a surge to 107.8 in September 2009 when first-time buyers were jumping into the market to take advantage of the initial deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Read the rest of this story here.

Below are the MLS statistics for the month of August 2010. Two items to note is that average price has dropped from July 2010 but is up from the same period last year.  Also average days on the market has remained relatively stable.

Based on information from the MLSOK.com for the period (8/01/10) through (8/31/10), while information is deemed reliable it is not guaranteed.