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The Howard County Association of REALTORS® represents over 1700 REALTORS®
and we hope that you visit our web site often.
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$8,000 TAX CREDIT NOW AVAILABLE AS FHA DOWN PAYMENT
EXTRA! EXTRA! Homebuyers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home - - - at the time of closing or down payment.
FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.
Shaun Donovan, secretary of the Department of Housing and Urban Development, announced the formal approval on Friday, May 29. See the detailed HUD changes here.
"A true housing recovery depends on buyers returning to the market and reducing inventory," said National Association of REALTORS® President Charles McMillan. "Since many of the homes available are lower priced starter homes, the ability for individuals to use the tax credit at closing should have a meaningful impact on home sales and values and will allow thousands of families to achieve the dream of homeownership."
For full details, visit www.realtor.org >>
General 2009 First-Time Home Buyer Tax Credit Facts
Did you know that the maximum $8,000 First-Time Home Buyer Tax Credit may be received by single buyers with incomes up to $75,000 and married couples with incomes up to $150,000?
Discover all of the details at REALTOR.org >>
IRS Form 5405: First-Time Homebuyer Credit >>
IRS Guidelines >>
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The passage of House Bill 287 required modification of three Condominium Sales Forms, effective June 1, 2009.
HB 287 clarifies that a condominium's responsibility to repair or replace the common elements extends to condominium units, exclusive of improvements or betterments installed in units by unit owners other than the developer in the event of damage or destruction to the condominium. The condominium's Council of Unit Owners must also maintain property insurance on the common elements and units, exclusive of improvements and betterments installed in units by unit owners other than the developer.
Additionally, the bill requires a unit owner to pay the deductible of the condominium's master insurance policy, up to the statutory limit of $5,000, if the cause of the damage originated from the owner's unit. Notice of a unit owner's responsibility for the property insurance deductible must be (1) included in a condominium sales contract (both the initial public offering statement and any resale contract); and (2) given annually in writing by the condominium's council of unit owners to each unit owner.
The Statement About Tenancy form is to be used if a tenancy agreement is included in the contract of sale or transfer of a residence in default.
Updated Condominium & New Tenancy Sales Forms effective June 1, 2009:
- Condominium Resale Disclosure/Transmittal of Documents
- Condominium Resale Acknowledgment
- Condominium Resale Notice
- Statement About Tenancy - New!
Log in for the most current contract forms at
hcar.org Members Only !
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The National Association of REALTORS® Ethics Training Membership Requirement
- The NAR Quadrennial Ethics Training is required every four years and was to have been completed by March 2, 2009 to continue operating with a license in MD.
- For NAR's Code of Ethics Training Requirement, click here.
- To review the 2009 Code of Ethics and Standards of Practice, click here.
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NEW REAL ESTATE SETTLEMENT PROCEDURES ACT ("RESPA") RULES.
The purpose of the reform, according to HUD, is to improve the disclosure of the key loan terms and closing costs consumers pay when they buy or refinance their home. Every settlement service provider will be affected by the RESPA reform, including the mortgage industry, the title insurance industry, real estate brokers and agents, and homebuilders. While the final rule allows one year to implement the use of the new Good Faith Estimate and the new HUD-1, there are certain components of the final rule that became effective January 16, 2009.
For the Summary Chart >>
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The latest consumer survey of home buyers and sellers shows first-time buyers have risen in market share and plan to own their homes longer than buyers in the past. Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects will grow. (Walter Molony, November 8, 2008, NAR)
More Information . . .
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How to Reduce Your Risk of an IRS Audit
As a self-employed person, you are three times more likely than an employee who receives a
W-2 form to be audited by the Internal Revenue Service.
Full Article >>
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The National Association of REALTORS ® (NAR) has prepared an overview memo and chart to help answer YOUR questions and your customers' questions about the credit crunch. Also, what is NAR doing to make sure there are responsible policies to help mitigate the effects and deal with the uncertainties of the mortgage market? Plenty!
Click here >>
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