LDO Changes discussed at Brown Bag

Representatives from the City of Greensboro's planning department joined us on Thursday to talk about the changes in the city's Land Development Ordinance. If you missed it, catch up with the Powerpoint below!LDO Changes

Greensboro among Money's 'hot metro areas'

The August issue of CNN's Money Magazine is out, and it has some good news for Greensboro: Our city was given the highest rating among nationwide 'hot' metro areas, a conclusion derived from the strength of a city's housing market and economy.

Read more about how cities were scored in the link below.

Click here to view the map (.pdf)

Forms Guy weighs in on Offer to Purchase

Revisions to Offer to Purchase and Contract

by Will Martin

NCAR General Counsel

Courtesy: Insight Magazine, the North Carolina Association of REALTORS®

Dear Forms Guy: I’ve just been told that the Offer to Purchase and Contract has been completely rewritten. Is it so? Sincerely, Lumpy

Dear Lumpy: It’s true that significant changes to the Offer to Purchase and Contract (form 2-T) were recently approved by the NC Association of REALTORS® and the NC Bar Association, but the form hasn’t been completely rewritten. A great deal of the content of the current form (copyright July 2008) has been carried forward into the new form. The organization of the current form has also been significantly changed to group-related provisions in a more logical way. For example, defined terms are grouped together in a new “Terms and Definitions” paragraph at the beginning of the new form, and buyer and seller representations and obligations are grouped together in paragraphs 5 through 8. Sincerely, Forms Guy

Lumpy: What are the big changes?

Homebuyer Tax Credit closing deadline, flood insurance: Crucial extensions PASSED!

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

For additional information on the extension visit www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit www.realtor.org/government_affairs