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Congress Extends Tax Credit Closing/Flood Insur. Program |
On the evening of June 30th, Congress passed an extension of the Homebuyer Tax Credit closing deadline. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010. The new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30th and the date the President signs the bill into law.
Congress also passed the National Flood Insurance Program Extension Act of 2010, an extension of the National Flood Insurance Program (NFIP) until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1st to the date of enactment of the extension.
NAR worked closely with Congressional leaders on both sides of the aisle to enact this legislation. NAR credits the assistance of nearly 83,000 REALTORS who responded to NAR’s Call to Action, resulting in over 250,000 letters to Congress requesting the extension of the NFIP.
More information on both programs is available at www.Realtor.org/government_affairs |
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Online Advertising - What You Must Know |
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More and more Realtors are advertising online – promoting themselves or their listings – using websites, craigslist, email, Facebook etc. Yet many Realtors are not aware of the online advertising disclosure requirements already in effect by Virginia’s Real Estate Board and NAR’s Code of Ethics. Click here for a one-page flyer outlining these disclosure requirements.
RVAR has updated its Advertising Rules & Regulations, effective August 1st, to include the online advertising requirements. Click here for the latest version of the Advertising Rules. |
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Online Scams - What to Do |
The FBI has issued a consumer alert affecting real estate listings in a rental housing scam. Earlier this month, such a scam was identified in Roanoke when an elderly couple drove from Greensboro to check out a supposed rental, which was actually a listed property. The surprised homeowner called the police, craigslist and Channel 10! Click here for a one-page flyer including a description of the scam, guidance on how Realtors can spot and report such scams, plus how Realtors can educate their buyers and sellers.
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