David M. Dwares, Title guy with a broker license (Title Professionals Corp.)

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Rainmaker
1,448,232
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Nice to see Florida stepping in.

Dec 06, 2022 04:57 PM
Ambassador
3,187,812
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

It seems unfair and deceptive to me. 

Dec 06, 2022 03:53 PM
Rainmaker
1,784,754
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

totally agree. Glad they are doing something about it. I don't sellers understand this fully.

Never heard of MV Realty.

Dec 06, 2022 01:53 PM
Rainmaker
489,976
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor"

As I'm thinking about how nuts someone would have to be, to agree to a 40-year Listing Agreement. To me it simply comes down to GREED on both parties!!!

 

 

Dec 06, 2022 02:47 PM
Rainmaker
2,147,896
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I can not imagine a 40 year listing holding up in court David M. Dwares even with the money to the potential lister figured in there.

Dec 06, 2022 02:33 PM
Ambassador
3,448,647
Anna Banana Kruchten Phoenix Broker
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Ridiculous....and will be thrown out.

Dec 06, 2022 08:08 PM
Rainmaker
4,653,877
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

After 30+ years in this business, every time I think I've seen and heard everything, something like this comes along and I realize I'm not even close.

At my age it would be hard to talk about a 40 year listing... even a 30 year listing as I'd be over 100 years of age if it didn't sell quickly!

Dec 07, 2022 05:53 AM
Ambassador
4,160,454
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Kathy Streib can tell you how crazy the people are in Delray Beach are, haha.

Dec 07, 2022 04:19 AM
Rainmaker
4,710,017
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

This should be declared illegal of so many reasons. Happy to see it take place in Florida where there still is a semblance of sanity.

Dec 07, 2022 03:41 AM
Rainmaker
1,086,375
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I read the story a few days ago. It is so sad that anyone would be so blind and/or desperate that they would take what is a small amount of money to enter into a 40 year contract with a real estate company.

Dec 06, 2022 09:09 PM
Rainmaker
3,812,278
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello David M. Dwares this is a bad agreement.

Dec 06, 2022 08:24 PM
Rainmaker
1,391,973
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

For fun, I'll bite and say: As the buyer, I'd counter it out or walk.

Dec 06, 2022 03:04 PM
Rainmaker
3,403,079
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It seems deceptive to me. I think the State of FL wins this one

Dec 07, 2022 05:32 AM
Rainmaker
1,027,299
Peter Mohylsky
PMI. Destin - Miramar Beach, FL

I have seen this mentioned before and say wow.  Thanks for the update.  

Dec 07, 2022 05:05 AM
Ambassador
5,897,836
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Anything that constrains trade and competition seems to draw negative attention from the govt, I doubt that they will allow it.

Dec 06, 2022 11:44 PM
Rainmaker
833,799
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Good to hear someone is taking this on. 

Dec 07, 2022 06:13 AM
Rainmaker
964,456
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

People are stupid. Do anything for free money. Except nothing is free! When they go to sell, if they get amnesia they're paying DOUBLE
TOTALLY unfair and deceptive! 
A long and interesting discussion about this earlier this year in Peeps. 

Dec 07, 2022 06:20 AM
Rainmaker
1,405,934
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

If the commission rate is not fixed, I would argue the contract would fail due to insufficient terms.  Being tied to a listing agreement for 40 years, what if the Lender/listing company raised the commission rate to something unreasonable years down the road, despite the fact that all commissions are negotiable.  

Dec 07, 2022 08:35 AM
Rainer
277,100
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

It's a form of derivative- Options. While I enjoyed working with derivatives, I don't recommend most to the public unless they are educated. It's the reason why stock market brokerages require the public go through an extra set of qualifiers before being allowed to trade in Options. In this case of an option to list in the future in exchange for a premium today, most of the public isn't going to be comfortable understanding the implications of this. That said- 40 years? Most corporate entities don't last that long and surely most people are not going to remember a broker agreement dated that long either. 

Dec 09, 2022 09:29 AM
Rainmaker
920,968
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Here in Florida, specifically, inordinately long CONTRACTS have become common place,
Often cited is the BILLION-year contract all Scientologists sign.
The problem with common sense is when one sidesteps it once, it side steps them the rest of the time.
Whether it's a Scientology contract, 40-year listing commitment or a reverse mortgage, all too often the victim admits they FORGET what they did and now expect to be rescued.
The cited event is an example of an extreme way to "BUY" listings.

Dec 07, 2022 09:28 AM
Rainmaker
2,709,867
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It comes across as abuse and approaches the fine line in fiduciary and good business practice. Just the obvious fact of "binding" someone is out of place. 

Dec 07, 2022 06:50 AM
Rainmaker
860,922
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Glad the issue is getting attention. I am sure the 40-year concept is not well explained to customers.

Dec 12, 2022 06:46 AM
Rainmaker
716,450
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

That would be great to go against.  No judge would uphold this listing.

Dec 08, 2022 07:35 PM
Ambassador
3,101,446
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

when I started in real estate there was a 1 year time limit on some real estate contracts.  I think listings would be a good thing to have a legal limit that must be renewed with signatures.

Dec 08, 2022 06:39 AM
Rainmaker
7,219,182
Roy Kelley
Retired - Gaithersburg, MD

Thanks for the link.

Dec 07, 2022 11:56 AM
Rainmaker
629,602
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I heard about this, and it does sound predatory. 

Dec 07, 2022 10:19 AM
Rainmaker
2,078,621
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Not Legal in my State (PA) . 

Dec 07, 2022 09:57 AM
Ambassador
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 Florida to the rescue!

Dec 07, 2022 09:16 AM