JUNE 2022
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OFFICIAL MONTHLY NEWSLETTER FOR SAN ANTONIO AREA REALTORS ®
IN THIS ISSUE: • June is National Homeownership Month • Legal & Ethics: Contract Validity • According to the San Antonio Board of REALTORS® April housing trends, 2022 remains steady for the San Antonio and Surrounding Area Housing Market
Legal & Ethics • Upcoming Board Events • Welcome New Affiliate Members • Events at SABOR • New SABOR Social Media Account • Thank You to Our Advertisers
June is National Homeownership Month There’s really no place like home – and there’s no better time to recognize that than now. Across the United States, June is Homeownership Month. It’s a great time to share our stories and create opportunities for future homeowners.
place that can help build wealth that can be passed down to generations to come.” The website also states the dream of homeownership and the security that comes with it may be out of reach for too many people. For this reason, HUD is committed to supporting sustainable and affordable homeownership opportunities to help low and moderate-income first-time homebuyers. They are constantly enhancing tools and resources to make mortgage financing more accessible. All their efforts also help you as a REALTOR® to better serve your clients as you help them on their journey of finding their perfect home.
Back in 1995, President William Clinton’s administration began National Homeownership Week to promote homeownership across the United States. Fast forward to 2002, President George W. Bush expanded the observance to last the whole month of June. Today, we celebrate the value that owning a home brings to families and neighborhoods across the country, while also highlighting This month, NAR encourages the efforts to help them achieve that REALTORS® to celebrate with the American Property Owners dream. Alliance by joining the conversation According to the U.S. Department of on social media. Share your clients’ Housing and Urban Development’s homeownership stories and read (HUD) website, “a home is more about how others were able to than four walls and a roof. It is our achieve their house dreams with bedrock-a place that serves as a bridge help from a REALTOR®. Just use to greater opportunity and a better #OwnersandNeighbors on social life. A home can connect us to better media to amplify your voices this jobs, more affordable transportation month. options, and communities with cleaner air and cleaner water. It is a
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Contract Validity Some questions that have been asked recently are related to contract validity. One example is a call where a seller’s agent was asking if their client had a valid contract when the buyer had not paid the earnest money yet. Generally, a contract is binding when the parties have executed the agreement, regardless of the delivery of earnest money. Earnest money is commonly a buyer’s obligation under a valid contract and not a condition required for the formation of a contract between the parties. The failure to pay earnest money does not normally give a party the right to walk away from the obligations under the contract. If your clients believe they have this right under the contract, you should tell them to discuss the matter with an attorney of their choosing before making any decisions related to their contractual performance obligations.
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