Due to recent changes in State and County Law, several forms have been revised or added.
- Form 502 - Maryland Lead Poisoning Prevention Program Disclosure
- New Form 904 - Notice of Referred Service Provider and Contractor Licenses
- Form 1100 - Property Management and Exclusive Rental Agreement
- Form 1105 - Single Family Dwelling Lease
- REALTORS® Introductory Guide to Rentals
- Form 1300 - Residential Contract of Sale (MAR)
- Form 1400 - Property Inspections Addendum
- Form 1400A - Property Inspections Notice
- New MAR Form - Independent Contractor Agreement Template
President's Letter - January 9, 2015
Happy New Year!
2015 PGCAR President
As we wrap up the first week of 2015, your Association, PGCAR
, is in full swing. The Board of Directors and Committees are hard at work to ensure we do our part to help you have a positive and productive new year.
There are many workshops, community activities, and political actions gearing up, so I encourage you to stay tuned and engaged via our "PGCAR" email notices and at PGCAR.com
. Click here
to see photos from our recent events.
On the subject of "workshops", mark your calendars for February 4th
to come out and learn how your homebuyers might qualify for up to $20,000 in down payment assistance through the new and exciting MMP Triple Play program, now available exclusively in Prince George's County. PGCAR is partnering with the Maryland Department of Housing and Community Development to offer morning and afternoon instructional workshops in New Carrollton on Wednesday, February 4th
. Watch for more on this under separate cover.
Guarantee your success. Take time in 2015 to stay informed and get involved with the Prince George's Association of REALTORS®
Association. Do it now and take your career to the next level!!!
On behalf of the Officers and Directors, I wish you all the joy and success you can handle.
Desiree Callender, President
Prince George's County Association of REALTORS®
The Prince George's County Planning Department is conducting a comprehensive rewrite of the County Zoning Ordinance and Subdivision Regulations. This project will transform the current zoning code. This action is of great importance to the future of economic development in Prince George's County and to REALTORS®
. It's been more than 50 years since the last comprehensive update. REALTORS®
are strongly encouraged to engage in this process.
There are three Countywide Forums scheduled where the public can learn more of this comprehensive rewrite.
Learn more here >
Tuesday, January 27, 6 - 8 pm
Parks and Recreation Auditorium
6600 Kenilworth Avenue
, Riverdale, MD 20737
Wednesday, January 28, 6 - 8 pm
Southern Regional Technology and Recreation Complex
7007 Bock Road
, Fort Washington, MD 20744
Thursday, January 29, 6 - 8 pm
Wayne K. Curry Sports and Learning Center
8001 Sheriff Road
, Landover, MD 20785
On Wednesday, November 12, in a 9 - 0 vote, the Prince George's County Council passed much needed rental security deposit reforms. At the encouragement of PGCAR and AOBA (The Apartment and Office Building Association), Council Member Derrick Davis
introduced CB 63 - Residential Leases - Rental Security Deposits
The new County law (CB 63
) rescinds the County's 4% interest on deposit mandate in favor of the U.S. Treasury rate or the 1½% floor dictated by Maryland law. The new County law also changes the timeframe under which a property owner (landlord) must provide notice of damages to the tenant with the intent to retain a portion of the security deposit. CB 63
extends the notice timeframe in Prince George's County from 30 days to 45 days, which is now in conformance with Maryland state law.
Please take notice; the new state law and County law are effective as of January 1, 2015.
The PGCAR Single Family Residential Lease
) has been revised in accordance with the new laws. Please download and use the new lease dated 01/15, and remove all copies of earlier lease revisions, to be in compliance with present day law.
Read more >
Mortgage financing could improve as a result of recent qualified residential mortgage (QRM) rulings. The Federal Deposit Insurance Corporation (FDIC) is the first of six financial regulators to release the final version of the long-awaited QRM rule, which stems from the big 2010 banking reform bill the federal government enacted after the financial crisis.
The final FDIC rule made several improvements over the initial proposals which NAR had fought for:
Read a PGCAR synopsis >
Read the complete NAR article >
- No minimum down payment requirement. Regulators had proposed a 20% down payment requirement, which NAR and coalition partners strongly opposed.
- Lenders do not have to retain 5% of the loan amount on its books.
- The QRM rule will match up with the qualified mortgage (QM) rule, implemented in early 2014.
- Under the QRM and QM rules, loans are generally considered qualified if the borrower's debt-to-income ratio is 43%, among other things.
At the PGCAR Annual Legislative Breakfast on November 20th
, Director Eric Brown of the County's Department of Housing and Community Development (DHCD), announced the launch of the NEW Maryland Mortgage Program TriplePlay
Initiative designed exclusively to assist Prince George's County Homebuyers. The $100 million initiative is intended to help stabilize County neighborhoods by promoting home ownership. Read more >
On the same day, PGCAR President Desiree Callendar along with Chuck Ottley, Linda Simpson and Mike Graziano, represented PGCAR at a press conference announcing the TriplePlay
Initiative. Read more >
Over 100 REALTORS®
attended PGCAR's Legislative Breakfast on November 20. The event, organized by the Association's Legislative Committee under the supervision of Committee Chair Isaac Showell, was a huge success. REALTORS®
in attendance were excited to hear from Congresswoman Donna Edwards (MD D4); Prince George's Senate Delegation Chair, Douglas Peters; House Delegation Vice-Chair Geraldine Valentino-Smith; County Council Chair Mel Franklin; Brad Frome representing the County Executive; and Director of Housing and Community Development Eric Brown.
All in attendance were also excited when Director Brown announced the unveiling of a new $100 million dollar down payment initiative
exclusively for Prince George's County.
More photos and details >
have been helping "provide a boost to home values and a facelift to vacant properties," as well as helping people avoid going into foreclosure by helping investors buy and renovate short sales, then sell them to new homebuyers.
John Lesniewski, 2014 PGCAR President, is quoted in the article, "We anticipate a greater number of foreclosures coming back on the market in the next 18 to 20 months. We want the banks to process them, we want people living in theses houses, stabilizing the neighborhoods, and that will bring values back up." Lesniewski also stated the flipping trend will help create construction and remodeling jobs, increase home values and aesthetically improve neighborhoods.
Read the article at www.gazette.net >