Scott B Umstead, PA

02/24/2026

Agent on the Street

Episode 24: What to Know about FinCEN

Call from the Agent 📞:

Sure, it is actually pretty simple. FinCEN goes into effect for certain closings occurring on or after March 2nd. The U.S. Department of the Treasury, through FinCEN (the Financial Crimes Enforcement Network), has adopted a rule requiring that certain information be collected and reported to the U.S. Department of the Treasury in residential real estate transactions in which:
• the buyer is an entity (such as an LLC) or a trust;
• the property is residential (homes, condos, residential lots and 1-4 family dwellings); and
• the transaction is not financed through a traditional bank or institutional lender**

**in other words, cash or seller-financed transactions

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https://scottumstead.com/agent-on-the-street/

04/09/2024

Agent on the Street

Episode 23: The Threat of Impostor Sellers

Call from the Agent 📞:
I’m hearing more an more about “imposter sellers.” Can you explain it and also explain what is being done and can be done to protect my clients?

Those of you who have been in the real estate business for a few years remember when wire fraud was just talk, but it didn’t take long for it to become a reality here on the Grand Strand. Now we have a new and rapidly emerging criminal threat: Imposter Sellers. The US Secret Service has declared “seller identity fraud” (a/k/a “imposter sellers”) the newest and fastest growing fraud in the real estate industry. The risk is especially keen along the Grand Strand because of the great number of non-owner-occupied properties in the area.

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On this page, we salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real...

03/12/2024

Agent on the Street

Episode 21 - The buyer has asked for early occupancy – should my seller allow it?

Call from the Agent 📞:

This is a very common question, but the situations are different from one another, so let’s run down the things to know and the things to consider. The question almost always arises just before closing when one party or the other is unable to perform the contract on the date of closing (ex. the buyer’s lender is delayed, the seller is trying to resolve a title issue, etc.).

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On this page, we salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real...

10/06/2022

Agent on the Street

Episode 19 - Should we file a lawsuit?

Call from the Agent 📞:

Following the recent episodes discussing remedies for buyers and sellers where the other party breaches a real estate contract, the reasons to file or not file naturally follow. A decision to initiate a lawsuit is unique to each situation and should be made only after calm thought. While there is no substitute for consulting with a skilled and experienced litigation attorney, here are few things to know:

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https://scottumstead.com/agent-on-the-street/ -you-in-court

08/22/2022

Today’s episode: What happens when a buyer breaches the contract?

Call from the Agent 📞: The buyer has defaulted on the contract -- what remedies does my seller have?

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On this page, we salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real...

07/27/2022

Our FAQs for Due Diligence Buyers are already in use by a significant group of Horry/Georgetown County agents — now we publish them for general use. Giving a buyer client a copy has already demonstrated itself as helpful to the buyer and the transaction itself. Things tend to go best when everyone understands the contract mechanics. Click link below to read the FAQs

Click here to Print Article Disclaimer: The answers below are not legal advice nor are they a substitute for legal advice. They are presented strictly as a courtesy and are based on the general real estate contract currently in use rather than your particular contract. If you do not understand the c...

06/13/2022

The "New" Due Diligence Procedure - Part 2

Though the “new” contract presents the due diligence procedure without alternatives, the parties can alter or eliminate the due diligence procedure, through an addendum.

As-Is Offers:

To begin, the buyer can make an as-is offer. If this is the Buyer’s wish, simply strike through paragraph 8 of the contract (have it initialed) and prepare an as-is addendum (which we can furnish to you upon request)

Modified Due Diligence Offers:

Next the buyer can retain his due diligence period and termination right, but make termination more convenient. Because of the potential inconvenience of delivering a “Termination Fee,” certain alternatives suggest themselves -- they are designed to curtail the time involved in effecting a termination. In Part 1 of this article, we pointed to the need to at least consider how much time will be needed to effect a termination.

Click below for full article.

Though the “new” contract presents the due diligence procedure without alternatives, the parties can alter or eliminate the due diligence procedure through an addendum. As-Is Offers: To begin, the buyer can make an as-is offer.  If this is the Buyer’s wish, simply strike through paragraph 8 o...

06/09/2022

The “New” Due Diligence Procedure – Part 1

The “new” contract going into common use on June 13th is actually the same contract Horry County agents have been using, except the “repair procedure” and “as-is” options in paragraph 8 are gone. The “newness” is that “due diligence” is brought into the mainstream. Therefore, it will be a good idea to closely examine the meaning of the due diligence provision and the new responsibilities imposed on agents. Part 2 of this article (being published in a couple days), will present alternatives to the due diligence procedure, but here in Part 1, we examine the due diligence procedure exactly as it is written. Click link below for full article.

https://scottumstead.com/due-diligence-part-1/

03/21/2022

Today’s episode: In the “Repair Procedure” part of the contract, what does “Make Improvements Structurally Sound” mean?

Call from the Agent: I just received a home inspection report from the buyer. The buyer says the inspection shows the home “isn’t structurally sound” – I see that phrase in the contract, but what does it actually mean?

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On this page, we salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real...

02/17/2022

Today’s episode: A Seemingly Innocent Marketing Fee

Call from the Agent: I was approached by a person who “markets” to find properties. Once he finds a property, he says he’ll refer it to me to list. The sales are to close like normal sales, but I am to pay him a “marketing fee” after closing. The person is not a licensed real estate agent. Is it okay for me to do this?

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On this page, we salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real...

01/26/2022

Today’s episode: What happens when a seller breaches the contract?

Call from the Agent: It’s 2 days before closing and the seller says he refuses to close. What remedies does my buyer have?

Click below to read more about it!

On this page, we salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real...