Event Coverage
C.A.R. Region 9 Directors Report on C.A.R. Business Meetings
Last week, California Association of REALTORS® Region 9 Directors from the Los Gatos/Saratoga and Cupertino/Sunnyvale districts updated their members on meetings they attended at the C.A.R. Spring Business Meetings in Sacramento.
Sharing information with members at the Los Gatos/Saratoga District tour meeting were District Chair Alan Barbic, Past President David Tonna and President-elect Karen Trolan. Updating members at the Cupertino/Sunnyvale District tour meeting were C.A.R. Region 9 Chair Carolyn Miller and Region 9 Director Jeff Bell.
Below is some information they shared with members:
• SILVAR members on Legislative Day took the following C.A.R. hot issues members took to their legislators: C.A.R.–sponsored bill AB 237 (Daly) – Parcel Tax Notification, which would require local governments to notify all property owners of an upcoming vote on a parcel tax, even if the owner doesn't reside in the area; SB 8 (Hertzberg) – Service Tax, which C.A.R. is opposing because this legislation seeks to impose a service tax, essentially a sales tax on services in California that includes real estate transaction services; and SB 364 (Leno) – Ellis Act Restrictions, also opposed by C.A.R., which forces rental property owners in San Francisco to stay in the rental housing business for at least five years.
• On risk management, members were reminded if homeowner died in a property, the agent only would have to disclose this information if the death happened three years or less. However, if the agent is asked the questions specifically, the agent has to disclose.
• Members were reminded that effective August 1, 2015, there will be a new closing statement called TILA-RESPA rule, which combines the HUD and the good faith estimate.
• Agents should write comments about every room in the house in the AVID (Agent Visual Inspection Disclosure).
• zipForms now has the ability to add photos to the document.
• C.A.R. has released a Q & A about Property Assessed Clean Energy (PACE) loans and solar leases. The information can be found here. Though PACE loans are a way to finance important energy upgrades, such as double-pained windows and insulation, they have some very real risks. If a homeowner takes out a PACE loan without finding out whether their mortgage holder allows them to do so, they could be in automatic default of their mortgage. They may also have difficulty refinancing or selling if the new mortgage holder does not allow for PACE loans. Under these situations they would need to pay off the loan in full before proceeding.
• The Bay Area Air Quality Management District (BAAQMD)'s proposal to ban wood-burning fireplaces in any new home construction and mandate that they be removed or replaced with gas-fueled, electric or Environmental Protection Agency (EPA) certified heating devices before a home is sold or rented. If passed, this would be a point-of-sale.
• The C.A.R. nominating committee confirmed the state REALTOR® association's officers for next year and SILVAR member Jeff Barnett was one of three C.A.R. members named C.A.R. Director for Life.
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.