Episode 012 - Locked In - Covid-19 Contract and Title Procedure Updates LOCKED IN – PART 2 of today's podcast is all about three new COVID-19 contract amendment/addendum from IAR (Indiana Association of REALTORS®). We also give a quick update on title issues related to government offices closing or running with a skeleton crew. Are we having fun yet? SHOW NOTES 02:14 – "You're right B!" 02:35 – Part 2 of today's content 03:00 – IAR (Indiana Association of REALTORS®) 03:30 – Don't be adden-dumb. 03:55 – Difference between an addendum and amendment. 04:50 – Purchase agreement addendum/amendment: pushing dates out due to some delay with COVID-19. 05:40 – If buyer and seller come to agreement on changing a date, have them fill out an amendment to provide clarity on the date. 06:35 – Talk with your buyers and sellers about the use of this form. It might not be applicable for everyone. 06:50 – Listing contract addendum/amendment: will sellers allow physical showings. 07:35 – If seller does NOT want showings, make sure you comply with MIBOR rules. 08:25 – Don't take advantage of the situation and only allow showings for listing agent clients, not other agent's clients. What you do for one, you must do for all! Could be a fair housing and/or a license law issue. 09:50 – Have patience and be a professional in this situation. 10:05 – Waiver of Physical Inspection form: mitigates liability in the case of inadvertent spread of the virus during a showing, appraiser or inspection. 11:15 – Helps set appropriate expectations for all parties involved. 11:45 – Even if you don't want to use these forms, at the very least have these conversations with your clients about all of the issues. 12:20 – Another title issue has come about: County offices are either closed or working on skeleton crews and title personnel are not able to visit their offices. 12:30 – Concerns: title records may not be completely accurate. 13:20 – Title companies might not insure everything. Talk with your title company to see how they are handling. 13:25 – Gap insurance policy; some are not charging for it and some might charge. 13:55 – Most of the time this won't be a problem, but occasionally there could be a problem. 14:20 – Recording of documents might be delayed. 14:35 – Filing for exemptions, and proof of ownership issues can result. 15:00 – Put a note in your calendar to check in with your client in November/December to verify exemptions have been filed. 15:17 – Side Note Tangent with Cate: once county offices re-open, there will be flood of filings, so prepare for clerical errors and missed items because they are trying to catch up. Think about refiling exemptions and GET RECEIPTS! 16:05 – Moral of the story, talk with your title company reps. 16:10 – This was part 2, make sure to listen part 1. 16:28 – Producer Christian: fast moving information. We are watching and will update you on everything. 17:12 – WASH YOUR HANDS! SHOW LINKS IAR: https://indianarealtors.com/ IAR COVID-19 Delay Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Addendum-Amendment-to-Purchase-Agreement-Form-61.pdf IAR COVID-19 Listing Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Addendum-Amendment-to-Listing-Contract-Form-62.pdf IAR Disclosure & Waiver Addendum: https://www.indianarealtors.com/wp-content/uploads/2020/03/COVID-19-IAR-Disclosure-and-Waiver-Prior-to-Physical-Showing-or-Inspection.pdf Set expectations: https://blog.hubspot.com/agency/managing-client-expectations Title company Gap Policy: https://www.atgf.com/underwriting/news/gap-dealing-recording-and-indexing-delays BETWEEN THE LINES LINKS Email brian@brianclee.com cate@craftsmanrg.com Web brianclee.com catelee.com realestatebetweenthelines.com Facebook https://www.facebook.com/groups/realestatebetweenthelines/ https://www.facebook.com/Brian-C-Lee-111822417027919/? YouTube https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?