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Did you miss a past Legal Lines article in Michigan REALTOR® Magazine? Download past articles in PDF format here.

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Event Buzz

Achieve After Dark

Taking place February 16th during the Achieve Conference in Kalamazoo, Achieve After Dark concludes a day of knowledge gathering and recognition, with an exuberant celebration and unique networking opportunity. Join your peers in welcoming 2012 MAR President, Beth Foley, along with incoming officers and board of directors in their new leadership roles.

Learn more

For more Upcoming Statewide Events, visit the MAR Website

In this issue:

2011 RPAC State Goal Achieved! 

Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half 

2012 MAR Legal Update Video Series Launched! 

New Years Resolution: Become a Leader

Legal Lines: Tax Credit

9 Ways to Increase Daylighting to Fend Off Seasonal Affective Disorder 

App of the Week 

MAR Edge: New Year, New Great MAR Visa Signature® Card Offer!

2011 RPAC State Goal Achieved!

Thank you to all those who invested in RPAC!

2011 was an outstanding year for RPAC. With a state RPAC goal of $410,000, REALTOR® members around the state met and exceeded it with a final total of $423,571! In addition, 27 local associations met and/or exceeded their local RPAC goal! In the end, state RPAC contributions were at 103% of state goal! CONGRATULATIONS!

A big thank you goes out to all of the local associations who made the final push for investors, along with increasing awareness as to why RPAC is important to the real estate community. Our industry achieved many great legislative accomplishments in 2011, including sweeping tax reform, the prohibition of private transfer fees, and increasing penalties for those who knowingly engage in mortgage fraud tactics. RPAC was a core component of those successes, and continues to unite the over 22,000 REALTOR® members in our state.

As 2012 begins, RPAC continues to lead the charge in the protection of homeownership and private property rights for all Michigan citizens.  Thank you for your commitment to RPAC, and we look forward to continued success this year!

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Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half

Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of REALTORS®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.

Lawrence Yun, NAR chief economist, said the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage,” he said.

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2012 MAR Legal Update Video Series Launched!

MAR has released its 4th edition of the Legal Update Video Series. This video series features MAR Legal Counsel Greg McClelland & Gail Anderson as they cover the hottest legal issues in the real estate industry. Visit the MAR Legal Reference Library to view videos as they are released. Video #1 is now available featuring the topic: Short Sale Addendum.

Watch Video #1 Now!

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New Years Resolution: Become a Leader

Add a new years resolution in 2012 to build your professional network and surround yourself with the real estate industry’s top leaders at Achieve. The Achieve Conference is MAR’s premiere leadership event, celebrating incoming leadership and hosting an impressive speaker lineup. Achieve is all about engaging leadership and building connections. Make plans to attend February 16-17 at the Radisson Plaza Hotel & Suites in Kalamazoo.

Register Online

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With the help of McClelland & Anderson, we are taking the most recently asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.

QUESTION: I represented a Buyer that qualified for the Federal Housing Tax Credit in a sale that occurred in 2010.  Do they have to repay this credit?

ANSWER: NO, with one exception.  If the home the Buyer purchased with the credit ceases to be the Buyer’s primary residence within 36 months from the day of purchase then the Buyer must repay it in full.  The full amount of the credit received becomes due on the tax return for the year the home ceased being the Buyer’s principal residence.  This answer does not apply to homes purchased in 2008 and some homes purchased in 2009.  If any of your past clients has any questions pertaining to the repayment of this credit, have them consult with their tax preparer. 

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9 Ways to Increase Daylighting to Fend Off Seasonal Affective Disorder

By Dave Toht, Houselogic.com

If winter brings on bouts of the blahs, you’re in good company. As days shorten and temperatures drop, most people tend to slow down and feel less energy. For some, however, the problem can be serious. Days of low light may greatly alter moods, and can even be hazardous to your health. The condition has a name: seasonal affective disorder, or SAD. In some cases, medial attention may be necessary. Fortunately, your house can help combat the winter doldrums and even SAD. Here’s how:

1. Trim tree branches and shrubs that block sunlight. An added benefit: cutting back foliage so it’s at least 2 feet away from your house helps prevent water damage to your roofing and siding. Cost: $50 for pruning tools.

2. Add a solar light tube. A 10- to 14-inch reflective solar tube is a relatively simple way to bring outdoor light into otherwise dim areas of your home, such as hallways. Cost: $500, installed on a one-story house.

3. Add a skylight to your home. A skylight provides 30% more light than a window. Cost: $2,500 and up, installed.

4. Add windows. If you have the wall space, consider letting in more daylight with a new window. Cost for a 3-by-5-foot window: $1,000 to $1,500, installed.

5. Add a bay or bow window. These windows bring in a lot of light and give a room a sense of spaciousness. Cost: $5,000 and up, installed.

6. Replace a solid exterior door with an all- or partial-glass door, or a door with glass sidelights. An upscale door replacement is $5,000 to $10,000.

7. Open curtains and blinds so they don’t block natural light. Make a habit of opening your window coverings first thing in the morning. Cost: $0

8. Rearrange furniture in your living room, office, or den so you’ll be closer to bright windows. Place large pieces of furniture against walls so they don’t block light. Cost: $0

9. Get outside. Whenever possible, take a long walk or tackle an outdoors chore. Cost: $0

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NAR Express

The National Association of REALTORS® has been the premier resource for the U.S. residential and commercial real estate industry for more than 100 years, and now the association’s top information and resources are available on the go, 24/7.

» Get the App

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New Year, New Great MAR Visa Signature® Card Offer!

Start the year on the right foot with the MAR Visa Signature® Card, Sign up for the MAR Visa Signature® Card today and you’ll get a 0% Intro APR on purchases and balance transfers for six billing cycles, and after that a variable rate, currently 9.99% - 21.99%1!  Plus, you’ll earn one point for every net dollar spent any where Visa is accepted, whenever you use your MAR Visa Signature® for your everyday spend, or to just lighten the load from the holidays, now is the time to apply! 

The MAR Visa Signature® Card also provides great benefits, including:

• 1,000 bonus rewards points with your first purchase2
• Unlimited rewards points2
• No preset spending limit 3
• Special Signature advantages such as Concierge Services4

Plus, with every Visa Signature Card purchase, U.S. Bank will make a contribution to the Michigan Association of REALTORS®!

Click here to apply today

Hurry, offer ends 03/31/12.

1 The 1.99% introductory APR applies to purchases and is valid for the first six billing cycles. The 0% introductory APR applies to balance transfers [made within 30 days of account opening] and is valid for the first six billing cycles. The introductory rate does not apply to cash advances. Thereafter, the APR may vary and as of 10-01-11, the undiscounted variable APR for Purchases and Balance Transfers is 9.99% - 21.99% based on your creditworthiness. The variable APR for Cash Advances is 23.99%. Cash Advance fee: 4% of each advance amount, $10 minimum. Convenience Check fee: 3% of each check amount, $5 minimum. Cash Equivalent fee: 4% of each cash amount, $20 minimum. Balance Transfer fee: 3% of each transfer amount, $5 minimum. There is a $2 minimum finance charge where interest is due. The annual fee is $0. Foreign Transaction fee: 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. We may change APRs, fees, and other Account terms in the future based on your experience with U.S. Bank National Association ND and its affiliates as provided under the Cardmember Agreement and applicable law. We apply your minimum payment to balances with lower APRs first. Amounts paid over the minimum payment will be applied in the order of highest to lowest APR balances.

2 Accounts must be open and in good standing (not past due) to earn and redeem points.

3 Certain restrictions and exclusions may apply. Individual transactions are evaluated by U.S. Bank based on factors such as suspected fraud, Account history, credit record, payment resources, revolving balances, prior cash advances, and safety and soundness considerations. If U.S. Bank authorizes a transaction that causes you to exceed your revolving credit line, then you must pay, as a part of your monthly minimum amount due, the amount by which your new balance exceeds your credit line.

4 Cardmembers are responsible for the cost of any goods or services purchased by Visa Signature Concierge on cardmembers’ behalf.

The creditor and issuer of the Michigan Association of Realtors Card is U.S. Bank National Association ND, pursuant to a license from Visa U.S.A. Inc.

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