Rick Davis Real Estate provides legal, brokerage, closing, and title services exclusively to members of its Guarded Pockets Program. All prospective members are subject to approval by RDRE and no member shall be accepted if it shall result in a conflict of interest with a current member.
Legal and Other Questions
Unlimited scheduled phone calls refers to the ability to schedule a ten minute phone call with an attorney up to one time per business day to answer any legal, business, or real estate related questions being faced by the member. The calls are intended to provide answers to basic questions and do not include the review of documents, drafting documents, legal research, or anything other than a quick conversation and answer to the question being posed. Moreover, questions must relate to the member and not the business or operations of non-members.
Questions submitted via text message are questions that can be stated in a standard sized text message and be read and responded to in less than ten minutes. Responses to text messages will be as prompt as possible but may not be immediate.
Email submissions are limited to questions that can be reviewed and answered within ten minutes and do not include the review of documents, formal legal opinions, legal research, or other services beyond the answering of a brief question.
Registered Agent Services
Resident agent service includes us serving as the resident agent for an unlimited number of Kansas and/or Missouri entities. Resident agent services for entities formed in other states are available through a third-party at the cost of $149 per year. Membership does not include the costs charged by the state for changing or modifying a registered agent, which shall be billed directly to the member and due upon receipt.
If membership is halted at any time, the member is responsible for changing the registered agent service within ten (10) days at the member’s sole cost and expense. Additionally, RDRE reserve the right to withdraw as the registered agent for any member who terminates its membership and/or to hold any documents received pending the payment of the membership dues owed through the date of termination to the date the document was received.
Members are responsible for keeping RDRE informed of the member’s current contact information at all times. Member understands that if RDRE receives legal pleadings on the member’s behalf and is unable to reach the member, default judgment may be entered by the court for failure to respond. It is further acknowledged that registered agent services includes the acceptance of legal pleadings on the member’s behalf but does not include any additional legal services, such as reviewing, advising on or responding to legal documents., and that said services can be provided for an additional fee.
State Registration Compliance Monitoring
RDRE will monitor the state records to ensure the timely filing of all annual reports and other documents with the state. Any fees charged by the state for said filings shall be billed to the member directly and due upon receipt.
Additionally, if the member provides RDRE with a copy of its organizational documents, RDRE will also monitor to ensure compliance with annual meeting and notice requirements for the member entity.
Online Corporate and Meeting Minute Storage
RDRE will provide each member with access to an online portal where the member can enter and store meeting information. The member is responsible for entering the information following each meeting and RDRE assumes no responsibility for the accuracy of the information entered by the member. The member shall have access to information entered in the portal while an active member, and upon termination will be provided with a copy of all meeting minutes stored in the system to be kept by the member.
Daily REO and Distressed MLS Listing Emails
RDRE will set up an automatic email providing a list of properties determined to be bank-owned or REO or that include key works in the description to indicate that the property is distressed. The exact key words used are proprietary and will not be shared with the members. RDRE is providing these listings as a service and the MLS email does not – by itself – create an agency relationship between RDRE and the member. If a member desires to view or make an offer on a property, the member must first engage RDRE as its agent through a separate written agreement.
As RDRE is not an agent of the member when providing these listings, the member is free to utilize other real estate agents to purchase or list properties, including in-house agents.
Real Estate Commissions
Real Estate Commissions listed as part of the membership package refer to the commission paid to the member’s side of the transaction only. In other words, if a Deluxe member hires RDRE as a listing agent, the commission paid to RDRE is 2.0%, and an additional commission shall be paid to any buyer’s agent. This additional commission is usually 3.0%, which would make the total commission in the above example 5.0%; however, this is ultimately up to the member.
If RDRE is the only agent involved in the transaction, RDRE is entitled to receive the commission for both sides; however, RDRE will reduce the commission to 2x the commission stated in the membership. Therefore, if a deluxe member hires RDRE and RDRE is the only broker involved in the transaction, RDRE will charge a commission of 4.0% (2 x 2.0%) instead of the 5.0% commission that would be owed if another broker was involved in the transaction.
Unlimited Review of Form Contracts
Review of RDRE and KCRAR contract forms reviews include the review of populated pre-printed forms provided either by this law firm or the Kansas City Regional Association of Realtors. We will review the documents for inconsistencies or items that are not in conformity with industry standards or your stated goals for the contract. The Guarded Pockets™ does not include drafting additional language for the contract, preparing addendums, or other legal work beyond the review and verbal discussion of the contract forms.
Discount on Closing and Settlement Fees
The discount on closing and settlement fees refers to the member’s side of the transaction and does not include title insurance, charges paid to third parties, or other fees that are not closing/settlement fees. For example, if a premium member sells a $200,000 property to a cash buyer in Kansas, the member would be charged $620 for title insurance, an e-recording fee, the costs of recording, and ay costs for remote notary, wire transfers, etc., as applicable. Moreover, the buyer would still be responsible for paying the $325 buyer’s closing fee. The member, however, only pay $125 of the $250 closing fee that would generally be charged to the seller in this transaction.
Please note that all of the above example numbers were accurate as of the time these terms were drafted but are subject to change. To view our current title and settlement services rates, please go to https://rickdavisrealestate.com/title-insurance-rates/.
Additional Legal Services
Membership in the Guarded Pockets™ program provides access to a lawyer, answers to basic questions, and other services as set forth above. It is not, however, an unlimited legal plan and many legal services will require the payment of additional fees.
All of RDRE’s legal services are billed on a flat-rate that is payable either entirely up-front or on a monthly basis. So as to avoid any confusion or surprise bills, no additional legal services shall be performed until the fees are paid or the monthly payment plan is established and the first payment is made.
Any legal service being provided will include that service only and not additional services, which may require the payment of additional fees.
Unusual Use/Additional Charges
If any member’s use of the Guarded Pockets™ vastly exceeds that of other members, RDRE may require additional fees to be paid by said user; however, this is rare and will not apply to most members. If additional legal fees are required, the member will receive notification at least thirty (30) days prior to any increase in fees.
All prices, terms, and conditions of this program are subject to change upon thirty (30) days written notice to the members.