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Greetings from Michigan Realtors®! View the top 5 news and resources for the month of March:
1. Important Revisions to the Condo Act Passes Unanimously out of the Senate
Legislation modifying the condominium development process passed unanimously in the Senate. Senate Bill 610, sponsored by Realtor® member and Senator Margaret O’Brien (R-Portage) amends the Condominium Act to revise provisions under which a developer may withdraw undeveloped portions from a project, or convert them to “must be built.” SB 610 is receiving wide-ranging support from the real estate and home building industry. Its passage would create a clearer roadmap for the Developers and Condominium Associations when considering the future of a development and how to treat undeveloped property – eliminating automatic triggers that could create unintended consequences for all interested parties. Further, this bill would address some FHA Approval issues that members have been experiencing when marketing condominiums, by allowing greater flexibility in meeting occupancy and ownership requirements for a condominium development. The bill now heads to the House Local Government committee for consideration. We will keep you updated as this bill moves through the legislative process.
2. New Guidance Available on State Transfer Tax Refund
At the close of 2015, Governor Snyder signed into law legislation providing clarity to Michigan’s State Real Estate Transfer Tax. House Bill 4173, sponsored by Realtor®-member and Representative Dave Maturen (R-Brady Twp.) revises the State Real Estate Transfer Tax to clarify two items:
1. The party that paid the transfer tax may request the refund if a refund is due, and
2. Clarify that Exemption (u) applies when the SEV at the time of sale of a Principle Residence is less than or equal to the original SEV on the purchase.
The Michigan Supreme Court recently broadened the application of Exemption (u) by removing the requirement that True Cash Value be realized in a transfer. The legislation enshrines this change, offering important clarity and tax relief to distressed sellers. Most importantly, this change offers potentially significant savings for your clients both past and present.
Click here to better understand how to help your client navigate the transfer tax refund process.
3. Register for the Broker Summit in East Lansing
The Michigan Realtors® Broker Summit is a one day event that brings together elite brokers and Realtors® from around the state to address current real estate and market trends. This year, we are pleased to host our 13th annual conference on April 21st at the Breslin Center in East Lansing. As March Madness begins this week, make plans to attend this unique venue and bring business into focus.
Register Online, Hotel, Schedule and Speakers
4. West Michigan Realtor® Makes 30 Under 30 Finalists List
Congratulations to Philip Bouman of @HomeRealty for making Realtor® Magazine’s 2016 30 Under 30 Finalists list! Starting this Friday, March 18th, you can vote for Philip as your favorite finalist in the Web Choice Awards.
View All 50 Finalists
5. Homebuyers and Sellers Generational Trends Report
Read this new report, which can help you improve your business with buyers and sellers of all generations.
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