Here is a copy of my unedited fast and furious notes written during the Southern Maryland Annual Realtor Fair held near California MD this past week. There were Exhibitors plus Breakfast, Lunch and Dinner Treats and lots of agent classes. I think it was the first time I have attended the Southern Maryland Realtor Fair and I will definitely go back. I won $50 in one of the contests so the next day I buzzed right on over to the local Dry Cleaners to spread the FUN around.
Here are my notes. I am really using Evernote a lot lately. I can write class notes that hit all my laptops while writing and saving them on my iPAD. Then I can access them anywhere to recheck or look up something I heard or post and share them on Active Rain.
Here's the scoop for the year. I would normally say take this class because this is a quick snapshot and I may have scrawled something incorrectly. But Maryland Agents are required to take 7.5 hours of the 15 as required class and this class is on the required list. Again, these are unedited and fast and furiously compiled. Fasten your seat belts:
Bill Castelli Instructor MAR
Scan Handout!
Actual passed legislation presented today.
Watch out for recording fee increase 20 to 40 in July.
October bill in effect for no signs in State Highway. Local counties will get signs and collect fees effective October plus $25 bill per sign.
Mdrealtor.org will have follow up info to State Highway Admin. State roads delineated.
Continuing Ed has new requirements...
Look on Md Real Estate License site
Electronic certs coming!
Take Fair Housing next then I have 7.5 hours for 2013.
Team or Group is collective name, one entity to public, one or more agents.
Requirements for team NEW..three years....list, broker updates, supervision.
Broker Supervision ...reasonable and adequate supervision.
Classes, Company Manuals, Ethics, Law Changes...Evidence of meetings and training...Review of Contracts and Teams.
Oct 1 Broker can designate person per office to designate who represents buyer or seller...helps multiple offices.
Teams in ads...Teams are not the Company...use Broker Name, one member of team on ad, no use of real estate in team name i.e. no name confusion.
Homestead Tax Credit
Can appeal Md tax assessment...Jan to June...or Petition for Review in second half of year.
Right to appeal is the point! New language is in contract.
New disclosure to buyers about advice and availability of house purchase counseling...purchase mortgages..this is in effect.
This is voluntary!
Disclosure of affiliated business business relationship.
No kickbacks. Compensation for work ok.
Federal law covers this but MD State wants RESPA FED Laws clear on State Level also.
Disclose if there is an ownership interest.
Condo Insurance Coverage.
Condo Common Elements....then cover deductible up to 5K....Tell NEW Purchasers, new forms, 51% vote to require individual owners to maintain insurance.
Check out reserves and condo fees for Conventional loans to determine if there is a problem on condos.
Finance Contingency is not required by law I.e. new home contract IS not contingent. Now have to clarify in NEW Home Contracts.
Deposit is big issue.
RESPA changes yield spread, GFE, HUD1...
Three different tolerance levels on GFE. None, some difference...
Foreclosure Law Reform...
Transactions...
Cliff note versions...
Maryland...previous law 2007 go from default to foreclosure in fifteen days...notices, court schedules..a month...
135 days.. Certain info required...notified..now in default...contact a lawyer...rectify or
Another notice, no payment, in 90 days
Then 45 days then file with court.
Then docketed. Then mediation that establishes that papers in court...have to show what loss mitigation has been done with homeowner..loan mod or refinances...once mortgage lender court...qualif for mod or refi shows that programs exhausted...incorrect..loss mitigation...appeal...cannot schedule 60 day mediation...atty with Lender...mitigation...
135 day is longer actually. Mediation request ok.
Foreclosure Fraud misstatements for clients with particular lender suggestion
Consultants comp limits, disclosure requirements must be in marketing...
Foreclosure Purchaser investors have similar Real Estate Agent rules and regs.
Sellers can rescind contracts since default scenario emotions etc. within five days.
MAR contract if property in default clan be done in five days
Mdrealtor.org legislative session lets you know if property in disclosure.
Enter property address to find out if prop in foreclosure.
Once short sale process begun should stop foreclosure but slips thru cracks.
Not supposed to happen.
RECISSION PERIOD.
Related Mortgage changes about fully indexed loans, teaser rates, bank statements, tax returns.
Default is 60 days past due.
Tenant Protection in Foreclosure. State and Fed Laws give default notice to tenant. Possible 90 extra.
File, mediation, sale, court ratification, rat can takes three months.
This is residential not commercial.
Mortgage holder sends first notice default, motion to disclose, legal advice.
Second disclosure 30 and ten days, date scheduled, may have 30 days with new tenant.
Next disclosure principal owner can evict after 90 days....if Investor the investor has to honor lease.
No extra 90 days if not paying. Bona Fide lease only not related.
Sale is subject to lease.
Market rent...same landlord tenant laws in effect for eviction.
Bank forecloses, then REO process since buys back frequently...
After foreclosure, ratification process up to three months... does tenant pay Bank or whom...owner up to sale then Bank gets paid rent.
Legislation passed for tenant in this confusion time....Bank must tell tenant where to pay rent....bona Fide tenant could be absolved of that first months rent with no notice.
After 2012 changes in laws with tenants.
Preemption issue. Md laws apply to State Banks. Fed State laws in MD about the same. Changes after 2012.
Occupants notice by first class mail.
Federal law ends the end of 2012 then state law left.
HAFA thru 2012
Short Sale or Deed in Lieu if no mod
Strategic defaults
Criteria is distress cannot make payments.
Banks stopped foreclosure robo signings about to start up again.
Ninety percent of modifications cannot go thru. Or lost job and no money.
Second liens kill short sale.
Fed mortgage forgiveness debt relief act and debt cancellation 2007 to 2012 not taxable income.
Insolvency or bankruptcy issues.
Some counties applied recordation taxes on this amount of forgiven debt.
Deed in lieu does still have the recordation. Short sale not allowed to do this.
Commercial...Residential semi annual thru Sept 30 then Dec 31...cash mgt benefits for Commercial...small business taxes under 50 or 100K...commercial use sdat code.
Homestead Tax Credit...application at settlement for principal residence....if values up more than ten percent limit of ten percent
Up to 2007 benefited homeowners...had to register and file..under law new app process....everybody has form...
Fed employee resets if move and move back six years.
Private transfer fees PTF help developers fund projects ...none in MD.
Capital Gains Tax revert to 20 percent in 2013.
Non residency withholding tax in MD.
Fed and State Law same.
Talk to tax person to learn about withholding exemptions. Thirty days after sale.
6.75 for residential and 8.25 for commercial.
Here's another POT LUCK Southern Maryland Photo while i learn to navigate my Mac on iPhoto:
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