NVAR works throughout the year to keep you informed of legislative and regulatory developments that affect your business.

New for February 2012:

2012 Realtor(R) Legislation is on the Move!

Your Realtor(R) Association legislative initiatives are progressing through General Assembly. They include:

• Agency and Professionalism – HB 206 (Del. J. Miller)
• Appraisal Management Companies (AMCs) – HB 210 (Del. J. Miller)
• Alternative Septic Systems – HB 942 (Del. Lingamfelter)
• Condo and POA – HB 377 (Del. Pogge)
• Mortgage Lender Act – HB 572 (Del. D. Marshall)/SB 76 (Sen. Watkins)
• Water and Sewer Liens – HB 567 (Del. D. Marshall)
• Landlord-Tenant – HB 1110 (Del. Greason)
• Landlord-Tenant: Code Inspections – HB 1111 (Del. Greason)

 You can follow the progress of our Realtor(R) bills here. 

NAR Announces Federal Issue Priorities for 2012

During its February Public Policy and Advocacy Conference in Washington, DC, NAR’s Leadership unveiled the association’s 2012 Public Policy Priorities. Included are:

• Taxation related to homeownership;
• Financing, including the GSEs and short sales;
• Property Insurance;
• Appraisals; and,
• Commercial lending.

 You can read the full Issue Brief on these policy priorities here.

 State of the Union features Housing Proposals

A key focus of President Obama’s State of the Union Address was our nation’s housing market and proposals to aid in its recovery. NAR President Moe Veissi urged “Congress and the Obama administration to come together and make housing a priority issue.”

Read the full text of Veissi’s statement on the State of the Union initiatives at the NAR web site. He also discusses these issues in this edition of the NAR President’s Podcast.

Governor Releases 2013-2014 Budget

Governor Bob McDonnell has unveiled his two-year budget for Fiscal Years 2013 and 2014, as well as his amendments to the concluding Fiscal Year 2012 budget. Highlights of the Governor’s budget include funding for the Virginia Retirement System, resources for higher education and K-12, reallocations for transportation maintenance, and tools for job creation efforts. 

The full text of the Governor’s remarks to the General Assembly can be found here.

A breakdown of all the Governor’s budget actions can be found here.

The full budget document is available here.

HUD Offers Language Interpretation Service

The U.S. Department of Housing and Urban Development (HUD) announced that it has launched the HUD Language Line, a telephone language service pilot that will offer live, one-on-one interpretation services in more than 175 languages. Accessible throughout the nation, the language line will help HUD staff to better communicate with Limited English Proficient individuals and families about HUD housing programs, services, and activities. Click here to read the full press release from HUD.

Not one but two chain emails are currently circulating, describing significant tax increases that could harm the economy in general and the housing market specifically. And, as it turns out, neither is entirely truthful.

The first is the recurring “3.8% Sales Tax on Real Estate” email, which has been debunked many times. The bottom line for home sellers is that the $250,000 (single)/$500,000 (married) tax-free net gain exclusions still apply and that there is no sales tax on the gross sales price of a home. This NAR publication explores the true provisions of the tax code for real estate transactions that exceed those exclusions. 

The other email claims the White House has imposed a 1% fee on all banking transactions (including real estate). This is also false. A measure that would replace the federal income tax with such a fee has been introduced several times in the past seven years by a Pennsylvania Congressman, but has gained little to no traction. Factcheck.org and snopes.com have the full explanation.

2011 New Laws Summary Now Available

Your state and local Realtor® associations were successful in passing a robust legislative agenda that benefits you and your clients. These measures were approved by your elected association leaders, lobbied by association public policy staff members, and met with overwhelming approval by the General Assembly. These measures include:

• Prohibiting private developer transfer fees;
• Increasing agent professionalism and minimizing liability;
• Easing the property tax appeals process; and,
• Preventing anti-growth ordinances.

Click here to read summaries of these and other real estate-related measures.