Washington REALTORS® Advocating for REALTORS® and their clients and providing services to help members prosper.
WA REALTORS® applaud U.S. Congress For Extension of Tax Credit Deadline
Washington Association of REALTORS® today thanked the entire Washington state Congressional delegation and praised the decision of the U. S Congress to pass an extension of the popular home buyer tax credit set to expire on June 30. Congress has sent President Obama a plan to give home buyers an extra three months to qualify for up to $8,000 in federal tax credits.
Buyers who already have signed contracts will now have until September 30 to complete their purchases. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.
Real Estate Forms Revisions
More than 80 real estate forms are in the process of being revised. Most changes relate to the new vernacular required by the amendments to RCW 18.85 (effective July 1, 2010) and are not substantive. However, some of the changes to the listing agreements, the buyer representation agreements, and the purchase and sale agreements are substantive changes. Other substantive changes to the forms include revisions to the financing forms, the short sale forms, the septic and well forms, the optional clauses form, and the seller financing form. The substantive changes to the forms are fully explained in Legal Bulletin 187.
DOL / RE Commission revise rules that concern industry
The new RE license law rules are effective July 1, 2010. Upon publication of the rules, members of the real estate community raised some concerns regarding certain aspects of the rules. The DOL and the RE Commission heard the concerns of the real estate industry and modified several new rules regarding advertising, the delivery of client funds and instruments, and the responsibilities of all licensees. DOL has recently issued a Q&A to help explain those modifications. Read the Revised Rules Q&A.
Read this second Q&A concerning the delivery of transaction and brokerage service documents.
You can also read the Revised Rules on the DOL website.
More News
Fact or Fiction? Federal health care legislation imposes a 3.8% tax on homes sales?
FICTION!
An article is still circulating that mischaracterizes and overstates what is actually in the recently passed legislation. Here are the facts.
There is a new 3.8% Medicare tax for "High Income Filers" that goes into effect January 1, 2013. The tax is on unearned income and will apply ONLY to single filers with more than $200,000 of Adjusted Gross Income (AGI) and joint filers with more than AGI of $250,000. Unearned income includes interest, dividends, capital gains and net rents.
Keeping in mind the income limitations above, real estate income that will be affected for high-income filers includes:
- Sale of a primary residence: If the gain from the sale of the property is below $250,000 (individual)/ $500,000 (couple) NO tax will have to be paid on the gain. The new Medicare tax would only apply to any gain realized over the $250K/$500K existing primary home exclusion that will bring the filers AGI over the $200K/$250K limits.
- Second Home/Investment property: The additional 3.8% tax will apply to the portion of the gain realized on the sale of a second home or investment property that will bring the filers AGI over the $200K/$250K limit.
- Rental Income: The portion of net rental income that exceeds the $200K/$250K AGI limits will be subject to the new 3.8% tax.
WR 2010 Endorsed Candidates
We have published our preliminary list of 2010 Endorsed Candidates. Please check back often as the list will be continually updated.
2010 Officer Elections
See who will be leading the Washington REALTORS® in 2012. Elections were held by the Board of Directors on April 16, 2010.
2010 Legislative Session Wrap-up
Read all about WR's 2010 Leg Session activities.
Housing's Powerhouse Lobbyists: Featuring NAR
Register Now for ED CON 2010—Early Bird Price Until July 31st!
The 77th Annual Education Conference and Trade Show will be held on October 11-12 in Sea-Tac at the Hilton Airport Inn Hotel. Register online by July 31st for only $139.00 (includes: 15 clock hours, continental breakfast, coffee, trade show and box lunch); or $174.00 (also includes Tuesday's Keynote Lunch - Speaker To Be Announced).
Join over 800 REALTORS® at Washington's largest REALTOR® event! Earn up to 15 clock hours for license renewal. Don't Miss the Best State Education Conference in the Country! Classes ranging from high tech to high touch will keep you informed and enthused. Washington REALTORS® Education is setting the industry standard. Join national speakers Tom Lundstedt and Walter Sanford. Don't miss hotline attorney Annie Fitzsimmons, as well as many local speakers at the best state education conference in the country! Topics Include: Increase Your Bottom Line, DOL Mandatory Transition course, Legal Update, Core Curriculum, Investing, Branding, Surviving Down Markets, Green Building, Social Media Marketing, Blogging and many more!
