Web-Ex Briefing May 8 for NAR MidYear Meeting Attendees

New Mexico MidYear meeting registrants should have received an invitation to May 8^th’s New Mexico's Midyear Meeting WebEx Briefing, hosted by Sam Whitfield and John Ferruggiaro.  The briefing is scheduled to begin at 12:00 noon New Mexico time.  Participation in this briefing is required for all New Mexico REALTORS® planning to attend breakfast on Capitol Hill with the New Mexico Congressional delegation.  If you have not received your e-mail invitation to the briefing, please contact Mary Martinek.

RPAC Opera Party Next Month – Buy tickets now

Why should you support RPAC?  The REALTORS® Political Action Committee (RPAC) makes campaign contributions to candidates who support the REALTOR® platform.  Every year we fight legislation that can hamper YOUR business.  It is vitally important that those political doors stay open to us in order to protect you.  Support RPAC and have fun in the process – join the REALTOR® Family at the Santa Fe Opera on Saturday, June 28, for The Marriage of Figaro, a comic opera.  Click here for details and call now to order tickets.

HUD'S Final Rules on Down Payment Assistance Will Not Take Effect

The United States District Court for the District of Columbia recently vacated HUD's Final Rule dealing with seller-funded down payment assistance programs.  The Final Rule which was to take effect October, 2008 provided that FHA would no longer insure loans originated with seller-funded down payment assistance.  In pertinent part, the Final Rule provided that FHA would not insure a mortgage if the funds for the buyer's down payment consisted, in whole or part, of funds provided by any of the following parties before, during or after closing of the property sale:  1) the seller or any other person or entity that financially benefited from the transaction; or 2) any third party or entity that would be reimbursed, directly or indirectly, by any of the parties described in paragraph 1above.  In other words, the Final Rule stated that down payment assistance provided by home sellers indirectly through charitable organizations was impermissible.  Several charitable organizations filed suit against HUD.  After review of the evidence, the Court ordered that the Rule be vacated and remanded to HUD for further proceedings consistent with the Court's opinion.   Look for more information in the Second Quarter REALTOR® Voice, which should reach your mailbox in late June.

LEGAL ISSUES

REALTOR® Arbitration Process Upheld

New Jersey appellate court reverses lower court's vacation of award decided through the REALTOR® Code of Ethics arbitration hearing procedures.  Please note: The following link is to a member-only area of realtor.org.  Read more...

Buyer Can Rescind Contract over Nondisclosure

The Interstate Land Sales Full Disclosure Act allows a buyer to cancel a purchase contract with a developer because the developer failed to comply with all of the Act's disclosure requirements, the United States District Court for the Southern District of Florida ruled (link to member-only area of realtor.org). The buyer argued that the developer failed to disclose a description of the property and a date for when the purchaser's deposit would be returned in the event of a breach.