FAR President’s Webcast
President Cynthia Shelton
First-time home buyers <ul><ul><li>purchase homes between January 1 and December 1, 2009. (must close before December 1 of...
First-time home buyers  (continued) <ul><li>Maximum allowable credit is $8,000 </li></ul><ul><ul><li>credit is equal to 10...
First-time home buyers  (continued) <ul><ul><ul><li>Buyers’ income exceeds the above limits, the credit is phased in--home...
First-time home buyers  (continued) <ul><ul><ul><li>For More Details visit: </li></ul></ul></ul><ul><ul><ul><li>http://www...
Vice President Public Policy –  John Sebree
2009 Legislative Session Update: <ul><li>Down-payment Assistance for those who qualify for 1 st  Time Home Buyers Tax Cred...
<ul><li>Property Insurance  </li></ul><ul><ul><li>Repeal of Windstorm rating disclosure </li></ul></ul><ul><ul><li>Cap on ...
<ul><li>$3 million in Real Estate Trust Fund for the Education and Research Foundation  </li></ul><ul><li>$540,000 for Stu...
Vice President Law and Policy- Randy Schwartz
Chinese Drywall Information <ul><li>White Paper </li></ul><ul><li>Chinese Drywall Addendum </li></ul><ul><li>Update to Sel...
 
Seller’s Knowledge: <ul><li>Except as indicated below, Seller has no knowledge of the presence of Chinese/defective drywal...
Chinese/Defective Drywall Inspection: (Check One) <ul><li>Buyer waives the opportunity to conduct a risk assessment or ins...
Professional Advice: <ul><li>Buyer acknowledges that all representations about Chinese/defective drywall by Broker are bas...
Executive Vice President –  John Fridlington
President Cynthia Shelton
After Today’s Webcast: <ul><li>Visit : </li></ul><ul><li>www.floridarealtors.org </li></ul><ul><li>( home page ) </li></ul...
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Powerpoint slides from President Cynthia Shelton’s May 6th Webinar.

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Powerpoint slides from President Cynthia Shelton’s May 6th Webinar.

  1. 1. FAR President’s Webcast
  2. 2. President Cynthia Shelton
  3. 3. First-time home buyers <ul><ul><li>purchase homes between January 1 and December 1, 2009. (must close before December 1 of this year) </li></ul></ul><ul><ul><li>his/her spouse may not have owned a residence during the three years prior to the purchase </li></ul></ul><ul><ul><li>primary residences, including: single-family homes, condos, townhomes, and co-ops </li></ul></ul>
  4. 4. First-time home buyers (continued) <ul><li>Maximum allowable credit is $8,000 </li></ul><ul><ul><li>credit is equal to 10% of the purchase price of the home, up to $8,000 </li></ul></ul><ul><ul><li>single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit. </li></ul></ul>
  5. 5. First-time home buyers (continued) <ul><ul><ul><li>Buyers’ income exceeds the above limits, the credit is phased in--home buyers earning more than $95,000 for singles and over $170,000 for couples are not eligible for the credit. </li></ul></ul></ul><ul><ul><ul><li>Tax credit does not have to be repaid, if he/she occupies the home for three years or more. </li></ul></ul></ul>
  6. 6. First-time home buyers (continued) <ul><ul><ul><li>For More Details visit: </li></ul></ul></ul><ul><ul><ul><li>http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019 </li></ul></ul></ul>
  7. 7. Vice President Public Policy – John Sebree
  8. 8. 2009 Legislative Session Update: <ul><li>Down-payment Assistance for those who qualify for 1 st Time Home Buyers Tax Credit </li></ul><ul><li>Assessment Relief for 1 st Time Buyers and 5% Non-homestead Property Assessment Cap </li></ul><ul><li>Presumption of Correctness </li></ul><ul><li>Impact Fees-burden of proof </li></ul><ul><li>Growth Management and Housing </li></ul><ul><li>Reduction in Eviction filing fees </li></ul>
  9. 9. <ul><li>Property Insurance </li></ul><ul><ul><li>Repeal of Windstorm rating disclosure </li></ul></ul><ul><ul><li>Cap on Citizens Property Insurance Rate Increase </li></ul></ul><ul><ul><li>Surplus Lines </li></ul></ul><ul><ul><li>Consumer Choice </li></ul></ul><ul><li>Crash Tax </li></ul><ul><li>$400k for DBPR Unlicensed Activity Campaign </li></ul><ul><li>Doc Stamp Loophole </li></ul>
  10. 10. <ul><li>$3 million in Real Estate Trust Fund for the Education and Research Foundation </li></ul><ul><li>$540,000 for Study re: Septic Tanks </li></ul><ul><li>S.A.F.E Mortgage Licensing Act </li></ul><ul><li>Defeated New Agriculture Disclosure </li></ul><ul><li>Landlord-Tenant Issues </li></ul><ul><li>Condo Glitch Bill and HOA Disclosure </li></ul><ul><li>Defeated Transfer Tax/Impact Fee Swap </li></ul>
  11. 11. Vice President Law and Policy- Randy Schwartz
  12. 12. Chinese Drywall Information <ul><li>White Paper </li></ul><ul><li>Chinese Drywall Addendum </li></ul><ul><li>Update to Seller’s Real Property Disclosure Statement </li></ul>
  13. 14. Seller’s Knowledge: <ul><li>Except as indicated below, Seller has no knowledge of the presence of Chinese/defective drywall or of any records or reports pertaining to Chinese/defective drywall affecting the Property: (describe all known Chinese/defective drywall information and list all available documents pertaining to Chinese/defective drywall and provide documents, if any, to Buyer before accepting Buyer’s offer) </li></ul>
  14. 15. Chinese/Defective Drywall Inspection: (Check One) <ul><li>Buyer waives the opportunity to conduct a risk assessment or inspection for the presence of Chinese/defective drywall and accepts the drywall in the Property in its existing condition. </li></ul><ul><li>Buyer, at Buyer’s expense, may have a home inspector, licensed contractor or other licensed professional (if required by law) to conduct an inspection or risk assessment of the Property for the presence of Chinese/defective drywall within________ days from the Effective Date (“Drywall Inspection Period”). Buyer shall be responsible for prompt payment for such inspections and repair all damages to the Property resulting from the inspections. If the inspection or risk assessment reveals the presence of Chinese/defective drywall or reveals damage to the Property resulting from the defective drywall and the cost to remove/replace the defective drywall or damage resulting from the defective drywall exceeds $__________________ ($500 if left blank), Buyer may cancel the Contract by giving written notice to the Seller within 3 days from the end of the Drywall Inspection Period and receive a refund of the deposit. If Buyer fails to cancel timely or fails to conduct the inspections permitted in this paragraph, Buyer may not terminate this Contract pursuant to this Addendum. </li></ul>
  15. 16. Professional Advice: <ul><li>Buyer acknowledges that all representations about Chinese/defective drywall by Broker are based on Seller representations and that Broker has not conducted any independent investigations to verify the accuracy or completeness of the information. Buyer agrees to rely solely on Seller, professional inspectors, governmental agencies or any third parties retained by the Buyer regarding any issue related to Chinese/defective drywall. </li></ul>
  16. 17. Executive Vice President – John Fridlington
  17. 18. President Cynthia Shelton
  18. 19. After Today’s Webcast: <ul><li>Visit : </li></ul><ul><li>www.floridarealtors.org </li></ul><ul><li>( home page ) </li></ul><ul><li>To obtain key links to the information provided today ! </li></ul>

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