Member
Legal Services has published a revised legal article, Homebuyer
Tax Credit Update (Feb. 22, 2010). It is available on Legal's What's New,
the Legal
Articles pages, and the 2010 Q&As
page on C.A.R. Online. This Legal Q&A provides a detailed explanation
of the changes to the homebuyer tax credit law after passage of the federal
Worker, Homeownership, and Business Assistance Act of 2009. It contains
detailed information for both first-time homebuyers for homes purchased in
2008, 2009 or 2010 as well as long-time resident homebuyers for homes purchased
in 2009 or 2010. One of the requirements to obtain this tax credit,
according to IRS Instructions to Form 5405, was attaching the settlement
statement showing all parties’ names and signatures. The IRS has amended
this requirement since some states’ settlement statements (including those in California) do not
contain signature lines. Please see the revisions to Questions 5 and 9.
The California Department of Real Estate (DRE) has recently adopted a new regulation clarifying the law that requires DRE license numbers on business cards and all other solicitation materials intended to be the first point of contact with consumers. The licensing law came into effect on July 1, 2009 as we previously reported.
Under the new section 2773 regulation adopted by the DRE, the solicitation materials that must contain the license identification number include the following items:
- Business cards;
- Stationery;
- Websites owned, controlled, and/or maintained by the soliciting real estate license; and
- Promotional and advertising flyers, brochures, email and regular mail, leaflets, and any other marketing or promotional materials designed to solicit the creation of a professional relationship between the licensee and a consumer, or intended to induce a consumer to contact the licensee about any licensed services.
DRE's new regulation also states that the following items are not solicitation materials under the license number requirement:
- Advertisements in electronic media, including radio, cinema, and television ads, and the opening section of streaming video and audio;
- Print advertising in any newspaper or periodical; and
- "For Sale" signs placed on or around a property intended to alert the public the property is available for purchase or lease.
The eight-digit DRE license number must be in a type size no smaller than the smallest type size used in the solicitation material. If the name of more than one licensee appears in the solicitation, then each person's license number must be disclosed. However, the license number of employing brokers or corporate brokers whose names, logos, or trademarks appear on solicitation materials along with the names and license numbers of licensed employees or broker-associates, need not appear on those materials.
In addition to solicitation materials, a licensee's DRE license number must also be disclosed on real property purchase agreements when the licensee is acting as an agent in those transactions. C.A.R.'s standard form purchase agreements already conform to this new requirement.Sources: California Business & Professions Code section 10140.6 (filed September 25, 2008); Section 2773 of Title 10 of the California Code of Regulation (filing with the Secretary of State still pending).
Right Tools, Right Now NAR is working to support its members right now during this challenging time. Take advantage of some valuable tools that will help you in your daily efforts - today! To see their June offerings, click here
ForeclosureRadar All of the details in one place with the tools you need to manage a successful foreclosure. CAR members can sign up today for a FREE 7-day trial and 10% off! Click here and use promo code RADAR99
The Marin Chronicle (aka The Next Big Thing)
Stay current on Marin real estate data. How? Go directly to http://www.marinchronicle.com
The MAR Board of Directors voted to roll back by 20% (from $150 to $120) the price of the new iBox lockboxes we sell at our MAR store in San Rafael. (Please note that MAR staff CANNOT re-program or service any lockboxes that we do not sell). In addition to the 20% discount on new iBoxes, REALTORS? will also receive a 15% discount when they purchase any of the 400 other items we sell in the store at the time of lockbox purchase.
CAR Launches Market Response Center on car.org Through CAR's Strategic Market Assistance and Response Tools (SMART), CAR has developed a one-stop shop for critical information REALTORS? can use in this challenging market. Highlights include free resources you can send to clients, CAR market resources, information on foreclosure scams and CAR's 2009 Housing Market Forecast, and charts on the 2009 Home Buyer Tax Credit and Loan Modifications. For more information, please go to http://www.car.org/tools/smart/.
MAR PERSONAL RESOURCE CATALOG
This is a free online gateway to access a wide range of free housing-related reports, calculators, and other valuable real estate-related information. "Click here" to begin using the catalog.
Follow the easy sign-in and start-up directions. Information in the PRC is updated automatically, and, after sign-up, you will not have to log-in again. Here are some of the reports you will see.
* Marin Reality Check Report for 2008
* Marin Average Price By City -- 2008
* Days on Market Report for 2008
* MAR Mobile - load reports onto your handheld device;
* The Dow vs. Marin Average home prices
* Marin County Rental Price Report
* Marin Third Quarter Report by City
* How to Prepare Your Home for Sale
* Rent vs. Buy calculator
* Homes of Marin--a monthly real estate online listing magazine
* Homes of Sonoma--a monthly real estate online listing magazine
Report
* Facts of Marin Real Estate Report - updated for 2009
* Marin Days on Market Report for 2007
* The Zillow Report 2008
* The MAR Profit by Publicity series
* Sonoma Average Price by City
* San Francisco Average Price by City
From NAR you can find National statistics and forecasts. Simply go to http://www.realtor.org Select Research on the left blue bar, then select Housing Statistics, then select Report and choose from several options including existing home sales; pending home sales; housing affordability index; and more.