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   Michigan REALTOR E-News

 

 

Work Continues on Transfer Tax Legislation

Although the legislature is on summer break, Michigan Realtors® continue to meet with interested parties to discuss legislation streamlining the refund process when dealing with the transfer tax.  House Bill 4173, introduced by Realtor®-member and State Representative Dave Maturen (R-Brady Twp.) has moved through the House and has passed the Senate Finance Committee. It is now awaiting a vote on the Senate floor once the legislature returns.

Under Michigan law, a seller may apply for a refund where the transfer tax was paid in error, or unnecessarily. This refund is available to the seller for a period of 4 years and 15 days from closing. However, it is not uncommon for a buyer to pay the transfer tax at closing, especially when buying from Fannie Mae or Freddie Mac. Currently, there is no mechanism for a buyer to seek a refund where the transfer tax was paid, unless they go back to Fannie and Freddie to apply for a refund. The legislation would streamline the refund process for both buyers and sellers.

Michigan Realtors® believe that the refund should be available to the party that paid the tax. We will continue to update the membership as this bill moves through the legislative process.

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Michigan Realtors® Offers New TRID Consent Form

The new TRID timing requirements will make it more important than ever that a buyer's Realtor® be in the loop. The linked consent form authorizes the buyer's lender and the title company to discuss the status of the loan with the individual Realtor® named and provide that Realtor® with copies of the Closing Disclosure and other loan documents. (The form includes the Realtor’s® license number as a convenience to the lender/title company who will need that information for the Closing Disclosure.)

Download Form

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2016 District Director Elections – Nominations Close July 17

Interested in running for Michigan Realtors® District Director? Nominations close next Friday. There are eight districts holding elections this year for district director: 2, 3, 5, 7, 8, 10, 12 and 13. In addition, district 11 will hold a special election for a one year term.
If you are interested in running, visit the elections web page.

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Economic and Forecast Update

NAR Chief Economist Lawrence Yun addresses a wide range of real estate-related topics in his forecast for the U.S. economy and housing market. View the update, slides and the full U.S. Economic Outlook.

View Update

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NOW CASTING: Home Flippers, Real Estate Agents and Home Renovation Experts!

A major television production company is now seeking people who work in the real estate / home flipping / home renovation arena. We’re looking for dynamic and energetic individuals who are experts in their industry and would be open to appearing on television.
 
Specifically, we are looking for people who work with family members in their industry, or a group of people who work together who have met in an organic way (maybe you were all in the same sorority, perhaps you were all childhood friends, or you’ve all changed jobs to work on the business together - just something that makes your situation unique when compared to others in your industry).
 
If interested in finding out more, please submit the following to casting@tfcasting.com:
 
Name
Location
Email and Phone Number
Recent photos of yourselves and your work
A brief paragraph describing your business setup and outlining the people you work with, including why you think you and your business would make a good TV show.
 
*A producer may contact you with more information (Production Company, Show Development Process, etc.) - Please feel free to forward this information to people you think would be a good fit for this project**

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Legal Lines – Question of the Month

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 am representing a seller in the sale of his residence. My seller now has seller’s remorse. I have heard that broker’s can file liens on real estate in order to collect commissions. Is this true?    
   
ANSWER:
NO. The Commercial Real Estate Broker’s Lien Act allows brokers to file liens for a commission owed in connection with the sale or lease of commercial property. Since you have a residential listing, filing a lien could result in a lawsuit for slander of title.

For more Legal Q&A, visit our Legal Resources Web site

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Featured Member Benefit: Waymark Teladoc

Teladoc is the first and largest telehealth provider in the nation, founded in 2002. Teladoc’s U.S. board-certified doctors can resolve many of your medical issues, 24/7/365, via phone or online video consults from wherever you happen to be. It’s health care on your terms – simple as that.  

Learn more

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In This Issue:

Events

District Director Candidate Filing Deadline
July 17, 2015
Learn More

Convention & Expo
September 30-October 1, 2015
Detroit Marriott at the Renaissance Center
Visit the Website

Sponsorship Opportunities

Register Today

REALTORS® Conference & Expo
November 13-16, 2015
San Diego Convention Center
Register

For more Upcoming Statewide Events,
visit the Statewide Calendar

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NAR

Waymark Insurance

2015 Convention & Expo

Michigan Realtor

Real Estate Today: Real Estate Today’s July 4th Special

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions. 

Listen to Podcast

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