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GBREB NEWS

A real estate coalition made up of the Greater Boston Real Estate Board, Home Builders and Remodelers Association of Massachusetts, Massachusetts Association of Realtors®, NAIOP—The Commercial Real Estate Development Association, along with the Massachusetts Municipal Association announced today that they have issued a joint letter in support of An Act to promote housing choices. The groups have come together to back Governor Baker’s Housing Choice legislation because of the lack of housing available to meet current and future demand. 

Real Estate Coalition and Muncipalities Join to Support Baker Housing Bill
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Lapatin on the Law is a monthly legal update for RHA Members

Click Here for Lapatin on the Law
Lapatin on the Law - August 2018
GBREB

Click the button below to read the July/August 2018 RHA NextGen Member Newsletter featuring stories on:

  • Multifamily Industry Trends in the Boston Market
  • Member Spotlight of Aaron Cornish, Director of Sales, BG Multifamily
  • 2 Takeaways from APARTMENTALIZE
  • New Community Spotlight: 200 Brookline at The Pierce

Click for Newsletter

NextGen Member Newsletter July/August
GBREB
The National Association of REALTORS® (NAR) has released it’s 2018 Profile of International Transactions in U.S. Residential Real Estate. This report is an in depth look at foreign buyers and sellers, the countries they are moving to and from, how much they are spending and what they are looking for. Overall, the report found that foreign buyers and recent immigrants accounted for 8 percent of the $1.6 trillion in existing home sales, a decrease from 10 percent during the 12-month period that ended March 2017.

“After a surge in 2017, we saw a decrease in foreign activity in the housing market in the latest year, bringing us closer to the levels seen in 2016,” said NAR Chief Economist Lawrence Yun in a press release. “Inventory shortages continue to drive up prices and sustained job creation and historically low interest rates mean that foreign buyers are now competing with domestic residents for the same, limited supply of homes.”

Some of the key findings of the report indicate that:
 
• Foreign buyers purchased $121.0 billion of residential property from April 2017—March 2018, a decrease from $153 billion during the previous 12-month period (April 2016—March 2017). 
• Foreign buyers continued to purchase properties at a higher price point compared with all existing home buyers: among existing home buyers, the median price was $249,300, whereas properties purchased by foreign buyers sold for a median price of $292,400.
• The major foreign buyers were China ($30.4B), Canada ($10.5B), the United Kingdom ($7.3B), India ($7.2B), and Mexico ($4.2B).

If you’re looking to take advantage of this sizeable market of international buyers and sellers, GBAR is offering two elective courses for the Certified International Property Specialist (CIPS) Designation.  

Our first course, The Americas & International Real Estate on August 21st, introduces real estate professionals to the basic skills and knowledge necessary to facilitate international transactions with clients in Canada, the U.S., as well as Central and South America. It is designed to benefit both experienced international professionals as well as those just getting started. Our second CIPS elective course on October 29th focuses on Europe & International Real Estate and teaches the principles and knowledge you need to work with European clients. 
NAR Report Examines Market for International Home Buyers and Investors
GBAR
What are some of the main things to watch out for with escrow accounts?

Three of the most common escrow account pitfalls our members encounter are:

a. Commingling of Funds.
Funds cannot be transferred from the escrow account to an operating account until the transaction has closed. We often hear of members who preemptively transfer funds from their escrow to their operating account so that they can bring a check for the co-broker at closing. Even if it is a near certainty that the transaction will close as scheduled, this is an impermissible commingling of funds. There is nothing in 254 CMR 3.10(a) that would prohibit the disbursement of funds directly from the escrow account after the closing has occurred. 

b. Having Non-Broker Signatories.
The Board interprets 254 CMR 3.10(a) as allowing for only brokers to keep and maintain escrow accounts. Neither salespeople nor unlicensed individuals, such as a bookkeeper, may have check signing authority. 

c. Escrow Accounting:
The broker is responsible for keeping a proper account of the escrow account. This requires not only tracking all deposits and distributions, but also maintaining copies of each check deposited into and withdrawn from the escrow account for a period of three (3) years from the date of issuance. The check register must be kept for a period of ten (10) years.
Escrow Account Pitfalls to Avoid
GBAR
We have extended the deadline to submit a nomination for 2019 REALTOR® leadership positions to Monday, August 20th. We are seeking REALTORS® who have the knowledge, passion and communication skills to be an industry advocate and voice for fellow REALTORS® to help bring our association to the next level in 2019. If you or know someone you know has these traits, please consider submitting a Candidate Nomination Form for yourself or a colleague.

There are several elected leadership positions available for 2019, including the offices of treasurer, vice president and president-elect, as well as six seats for two-year director terms. We also are seeking candidates to serve on the boards of directors for GBREB, MAR and NAR. It’s our strong desire that the association's leadership reflects the diversity of business models and licensee population we serve.

To learn more, access the qualifications and duties of all elected leadership positions and our online Candidate Nomination Form.
 
2019 REALTOR® Leadership Nominations Deadline Extended
GBAR
On July 31, the U.S. Senate approved a bill to keep the National Flood Insurance Program (NFIP) operating for four more months. The NFIP was set to expire that same day, and previously had an extension approved by the U.S. House of Representatives. Following these votes, President Donald Trump signed the bill into law, extending the program until November 30, 2018.

“We applaud lawmakers for taking this needed action to prevent disruptions to closings in thousands of communities across the country,” said Elizabeth Mendenhall, president of the National Association of REALTORS® (NAR) in a statement. “Although the program is now extended through Nov. 30, the NFIP is in desperate need of reforms that will make the program solvent and sustainable for the long term. The National Association of REALTORS® will continue fighting for these reforms.”

REALTORS® have been urging extension of the program for months. Nearly 125,000 REALTORS®—about 15 percent of the NAR membership—sent letters to their members of Congress in support of the extension.

For more detailed information about the NFIP, visit NAR’s webpage here.
 
President Trump Signs Flood Insurance Extension
GBAR
BOMA UPDATE BANNER

Did you miss our August Newsletter? Read about upcoming BOMA Boston events, news, and educational opportunities!

Read the August BOMA E-News

August 2018 ENews
GBREB
Click Here for pictures from the 2018 RHA Summer Golf Outing
2018 RHA Golf Outing Pictures
GBREB

Calendar

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Event
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CIPS- The Americas And International Real Estate
Greater Boston Real Estate Board
8:30am
 
BOMA August Networking Nite
Ned Devine's
5:30pm
 
RHA Breakfast Buzz And Biz (Aug)
The Mastlight, Corcoran Management
9:00am
 
RENE Certification Course (Real Estate Negotiation Expert)
GBAR Member Training & Service Center
8:00am
 
CE Webinar- Fair Housing
9:00am