|October 20, 2009|
NAR is pleased to report that we now have a 15.2% response rate to the homebuyer tax credit Call for Action (CFA). For the first time, we have reached - and beat - our national goal!! This is no small thing. Over 154,000 REALTORS® have taken action, sending nearly half a million letters to Capitol Hill. Those are numbers that cannot be ignored.
The CFA is still live and we're still pushing to get more letters up to Congress. PLEASE ask every REALTOR® you know to respond. Tell them to go to the REALTOR® Action Center, follow a few prompts and it's done.
We can't stop now. Congress still needs to act to "expand and extend" the homebuyer tax credit. Please send your message today, emphasizing how the tax credit is helping homebuyers and our economy. Thank you for adding your voice!
NAR representatives testified at a hearing of the U.S. House Small Business Committee on October 7 that the best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, and it is essential that Congress extend the credit into 2010.
The tax credit expires November 30.
"The credit is working," NAR Regional Vice President Joseph Canfora said, pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.
Further, NAR data has estimated that every home purchase pumps into the recovering economy about $63,000 - the equivalent of one new job added to the employment figures.
Al Monshower has notified us of the implications of the change in the law concerning conservation easements and has urged PGCAR to make all of our members aware of these changes.
During the 2007 Session of the Maryland General Assembly, the Legislature enacted a requirement that properties affected by one or more conservation easements or other restrictions limiting or affecting use of the property be fully disclosed to a prospective purchaser of the property.
However, under the laws enacted effective October 1, 2007, the buyer had no right, upon receipt of any applicable conservation easement affecting the property, to declare the contract null and void, provided the purchaser received the easements within ten (10) days from the date of the contract of sale.
During the 2009 Session of the Maryland Legislature this oversight was corrected. Effective October 1, 2009, a new Maryland law took effect which now provides the purchaser with the right, under certain circumstances, to rescind the contract of sale.
Specifically, under the new law, a buyer who receives the required notice as set forth in the Conservation Easement Addendum and copies of the conservation easements applicable to the property on or before the buyer and seller enter into a contract of sale, would not have any right to rescind the contract of sale based upon the information as perceived from the seller regarding such conservation easements.
However, under the new law, a buyer who does not receive the notice as contained in the Conservation Easement Addendum or copies of all applicable conservation easements on or before entering the contract of sale of the property, upon written notice to the seller or the seller's agent, has the unconditional right to rescind the contract at any time before receipt of the notice as set forth in the Conservation Easement Addendum or the receipt of the conservation easements, or within five (5) days after receipt of the notice and copies of all applicable easements. In such event, the buyer would be entitled to the immediate return of any deposits made in accordance with the contract of sale.
THIS NEW LAW WILL HAVE SIGNIFICANT IMPACT
First, the new law, as stated above, does now grant to the buyer the right to rescind the contract, unless the notice, documents and easements were provided to the buyer before the contract of sale was entered into, any time before the buyer receives the notice and easements or within five (5) days thereafter. THIS IS A MAJOR CHANGE FROM THE LAW AND A MAJOR CHANGE IN THE CONTENTS OF THE CONSERVATION EASEMENT ADDENDUM.
More problematic, if the contract of sale was prepared by a REALTOR® and does not contain the Conservation Easement Addendum, then the buyer, even if they received copies of the conservation easements prior to entering into a contract of sale, would still have the right to declare the contract null and void.
The MAR Conservation Easement Addendum and 8 other contract forms were either updated or added to Members Only in early October. Visit www.pgcar.com Members Only and run an update on ZipForms today if you haven't yet updated these forms. Don't risk a settlement due to outdated forms. Do a forms check today!
Click here for a summary of those which impact residential or commercial real estate, including changes to new home construction contracts and the replacement of septic systems in Maryland's Critical Areas.
Information on other homebuyer savings can be found on www.pgcar.com - in the Homebuyer Savings section.
Please click here to contribute. Any amount will help put a family into a home.
Thank you for your generosity!
PGCAR is collecting food until November 15th. Let's each contribute one can . . . or two. Do you realize that if each member contributed 1 food item that would be 3300 items? Imagine how many people that would help!
Please drop off cans at the Association office, or collect them in your own office throughout October before bringing them in.
Earn ALL of Your Continuing Education requirements for Maryland and DC license renewal at PGCAR!
Sign up for YOUR choice of classes here!
Subregion 6 Master Plan and Sectional Map Amendment (SMA), covering almost one third of Prince George's County, was approved by the Prince George's Council on September 15, 2009. Council Resolution (CR-62-2009), a schedule of related events, and the Preliminary Master Plan can be found on the Subregion 6 project website.
Copies of the Preliminary Subregion 6 Plan and approved Amendments are available in hard copy at these locations:
Historic Sites and Districts Plan Staff Draft
The Prince George's County Planning Department released the Staff Draft of the Historic Sites and Districts Plan (HSDP) on the plan website for public comment on September 25, 2009. A hard copy version of the staff draft will also be available at the Planning Information Services Office located on the lower level of the County Administration Building at 14741 Governor Oden Bowie Drive in Upper Marlboro.
Written comments (letter, fax and/or email) will be accepted until COB next Monday, October 26. Staff will consider those comments as they finalize the document for review by the Planning Board for "Permission to Print."
What are a master plan and SMA?
A master plan is a written report, approved by the District Council, which establishes how the county would like the land in the project area to develop in the future. It establishes recommendations that guide the county officials in making decisions on the use of land within the project boundary. The result of this planning process will be to guide growth in the Developing Tier and promote land preservation in the Rural Tier by creating a sustainable community.
A sectional map amendment (SMA) is a process that establishes the zoning of properties in an area. Zoning is the legal power of government to regulate the use of private property. The SMA may change the existing zoning in the area to permit the land use recommendations in the master plan.
SAN DIEGO NOVEMBER 13-16 2009
Navigate Your Way to Success
In the rough waters of today's economy, you have the choice to sail to success. The new ideas, networking and motivation you can gain by participating in the 2009 REALTORS® Conference & Expo will put the wind in your sails and help you chart a winning course! Click here and register for this year's exciting conference.
Agents who missed the August 31 DC Salesperson License Renewal deadline cannot practice in DC until they have met requirements, completed the renewal process, and paid their renewal and $50 late fee. Agents have until October 31, 2009 to renew DC licenses at the DCREC license renewal website before they will be required to apply for a new license. There are tutorials for Brokers and for Salespersons at the license renewal website. For any renewal technical questions or problems, please call Pearson-VUE at 1-888-204-6192 for renewal instructions, and additional details.
Are you successful in the real estate business, creative in your career, active in the community, or have an innovative marketing approach or story of triumph? If this sounds like you, you are a member of NAR, and you'll still be under age 30 as of May 31, 2010, apply to be recognized as one of 30 rising young stars in the real estate industry. Winners will be featured in the June 2010 REALTOR® Magazine and on the www.realtor.org web site.