Louisiana REALTORS® Resource - (03-05-2018)
Amy P. Fennell • March 8, 2018
#1 SPECIAL LEGISLATIVE SESSION REPORT
While legislators are still not able to reach a consensus on how to resolve the budget deficit, one bright spot is that issues important to the REALTOR® family have so far been protected. Louisiana REALTORS® was once again successful in preventing sales taxes being placed on your services.
House Bill No. 19 was heard in the House Ways and Means Committee and did not move forward. THANK YOU to those members who responded to our Call for Action! Your voices were heard and gave Louisiana REALTORS a win on this issue.
A crucial bill regarding the renewal of 1/4th of the additional penny sales tax set to expire June 30th and the repeal of various exemptions to the state sales tax (HB No. 23, Representative Dwight) failed to pass the House of Representatives Sunday evening. If the legislature adjourns without passing any budget reform or revenue measures there will likely be a second special session following adjournment of the regular session. This leaves approximately three weeks before the beginning of the 2018-2019 state fiscal year to address the budget shortfall.
#2 SAVE THE DATE: REALTOR® DAY - APRIL 24, 2018
Save the Date and plan to join us on April 24, 2018 for REALTOR® Day an event in conjunction with the Spring Into Action Conference!
This event is a chance for members to rally together as an industry at the State Capitol and discuss issues and concerns that affect Louisiana's homeowners while elected officials are in a legislative session.
This year we will also celebrate the 50th Anniversary of the Fair Housing Act and recognize the important role that has played in homeownership.
Watch the video for what last year's attendees had to say!
#3 LREC MANDATES REVISED PROPERTY DISCLOSURE DOCUMENT
The revised Property Disclosure Form is mandatory as of March 1, 2018. REALTORS® are encouraged to download the form from LREC's website to insure the proper version is used. Many members have asked whether this applies on active listings. While it is good risk management practice, the form is only mandated on listings taken on or after March 1.
To read more about how and why the changes came about, click here.
PLEASE NOTE: LREC has closed their P.O. Box. Any mail sent to P.O. Box address will be subject to at least a two-week delay due to post office sorting. In order to avoid this delay, send mail to the physical address: 9071 Interline Ave., Baton Rouge, LA 70809.
#4 NAR COMMITTEE APPLICATION OPENS MARCH 1
Louisiana REALTORS® encourages more of Louisiana's members to get involved and represent viewpoints at all levels of the organization! The National Association of REALTORS® is now accepting applications for members interested in serving on a committee in 2019.
Submissions are being taken through May 1. NAR’s committees are a great forum for debate and discussion. Being on a committee allows you to contribute to the decision-making process, and gain national experience beneficial for those seeking a leadership role and a great way to build contacts around the country. Applying to a committee is simple; visit the committee application webpage to get started: www.CommitteeApp.realtor.
#5 UPCOMING EDUCATION
New Home Construction & Buyer Representation
April 25, 2018 | Baton Rouge
8:30 am - 5:00 pm
Solid increases in single-family, still historically low interest rates, and high buyer demand point to healthy sales of new-home construction.
This one-day course provides buyer’s representatives with the product knowledge and increased confidence to make new-home construction a win-win transaction for buyer-clients. Earns 1 ABR elective credit, 1 GRI credit & 8 hours of CE credit. Early Bird Registration ends 3/25.
WEBINAR: Fair Housing Compliance
April 30, 2018
9:30 am - 11:30 am
Fair housing is more than a list of dos and don’ts, rights and penalties, and mandatory continuing education. As stewards of the right to own, use and transfer private property, fair housing protects our livelihood and business as REALTORS® and depends on a free, open market that embraces equal opportunity.
Louisiana REALTORS® is partnering with the Louisiana Attorney General's office to host an informative 2-hour webinar. Limited seating available. More information and link to register will be provided as the event is closer.
NAR’s latest consumer guide, “10 Tips for Unpacking Smartly After a Move,” was developed to help ease the burden buyers may feel when surrounded by boxes. For your clients on the cusp of a move, the guide suggests establishing a priority unpacking order, wiping down each room before unpacking, discarding boxes quickly, having garbage and donation bags at the ready, and more. Share the new guide along with the companion guide “10 Tips for Packing Smartly for a Move.” As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: 10 Tips For Unpacking Smartly After A Move UPDATED : Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase How Solar Impacts a Real Estate Transaction Navigating Interest Rate Shifts Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Check out the next consumer guide on identifying homebuying wants vs. needs.
Thinking about buying a home? Discover how homeownership can help build wealth, increase financial stability, and create lasting value.
From the Louisiana Department of Insurance: During a press conference today with Governor Jeff Landry, Insurance Commissioner Tim Temple announced that registration for the next round of the Louisiana Fortify Homes Program (LFHP) will open at 8 a.m. on Monday, June 1, and will include 3,000 grants. The registration period for this lottery will be open for three weeks, closing at 5 p.m. on Friday, June 19. During the press conference, Gov. Landry signed HB 1187 by Rep. Paul Sawyer, which will allow Louisiana Citizens Property Insurance Corporation to transfer $50 million in additional Katrina bond assessment funds to the LFHP. Combined with the $30 million in funding the program will receive through taxes and fees on insurance entities, the LFHP will receive a total of $80 million this year. “By lowering overall losses, we can reduce insurance and reinsurance costs, draw more insurers into the market, motivate existing companies to write additional policies and lower insurance premiums,” said Commissioner Temple. “That is exactly what the Louisiana Fortify Homes Program is designed to do.” The list of coastal parishes that are eligible to participate is expanding to include Acadia, Jefferson Davis and Lafayette parishes. Additionally, homeowners who live in the portions of Ascension, Calcasieu, Iberia, Livingston, St. Martin, St. Tammany, Tangipahoa and Vermilion parishes that were previously not included in the program will now be eligible to participate. A map showing the full list of eligible parishes is available on FortifyHomes.La.Gov . “Louisiana is the fastest growing state in the country for Fortified roofs, and that growth is not by accident—it is the result of strong support from Governor Landry and legislators like Chairman Talbot, Chairman Firment and Representative Sawyer, targeted program design, and a clear recognition that strengthening homes is one of the most effective ways to reduce insurance losses,” said Commissioner Temple. “At the end of the day, this program is about more than just roofs. It is about protecting families, it is about strengthening communities, and it is about putting Louisiana in a stronger position—both physically and economically—to face the challenges ahead.” To participate in the lottery, homeowners must register during the June registration period. Homeowners who registered for a previous round but were not selected must register again to participate. People who register on the last day of the registration period have the same chance of being selected as those who register on the first day, so there is no need to rush to register as soon as the period opens. When registering, homeowners will need to upload their homestead exemption, insurance policy declarations page that includes wind coverage, and flood insurance declarations page if the residence is in a flood zone. Homeowners who need assistance obtaining a copy of their homestead exemption should contact their parish tax assessor. Homeowners can contact their homeowners and flood insurance companies or agents for a copy of their policy declarations page. Homeowners are required to create a profile in the LFHP system before registering for the lottery and may do so by visiting the LFHP website and clicking the Login button. Homeowners who previously created a profile may use the same one for this and future rounds. Once the lottery registration period closes, the LFHP will randomly select 3,000 participants and send email notifications to registrants about whether they were selected to participate. These selection notices will be sent via email beginning on Monday, June 22. There are several program requirements that homeowners should be aware of before registering. Those interested in the program are encouraged to review eligibility information and frequently asked questions at FortifyHomes.La.Gov to determine whether their home meets the requirements for the program. If selected to participate in the grant program, homeowners will be financially responsible for having the home evaluated by a FORTIFIED-certified Evaluator as well as costs for the roof upgrade including permits, inspections and construction costs beyond the amount of the grant The LFHP provides grants of up to $10,000 for homeowners to upgrade their roofs to standards set by the Insurance Institute for Business & Home Safety. The program helps Louisiana homeowners strengthen their roofs to better withstand hurricane-force winds.
