State –
ICYMI: Real Estate Wholesaling Takes Effect
- As of this week on March 2, real estate wholesalers must provide homeowners with a new disclosure form before entering a contract to transfer a property.
- The disclosure must clearly identify the party as a wholesaler and state that the wholesaler is not representing the homeowner in the transaction.
- The disclosure must also inform the homeowner that they are entitled to seek advice from an attorney or a real estate professional prior to entering into a contract with the wholesaler.
New Tool for Property Tax Relief: Ohio REALTORS® Testify in Support of SB 42
- The work to address property tax affordability is far from over, and this week Ohio REALTORS® continued those efforts by submitting proponent testimony to the Ohio Senate Local Government Committee in support of Senate Bill 42.
- Senate Bill 42 would allow local governments to establish “residential stability zones.” Within these zones, eligible homeowners could apply for a partial property tax exemption tied to the increase in their home’s assessed value.
- The testimony emphasized that many Ohio residents continue to feel the strain of rapidly rising property values and the corresponding increase in property tax bills.
National –
FinCEN Residential Real Estate Rule – FAQs for Real Estate Professionals
- The Financial Crimes Enforcement Network (FinCEN) Residential Real Estate Rule (Rule) requires designated professionals involved in real estate closings and settlements to report information about certain non-financed transactions to FinCEN.
- The Rule’s purpose is to increase transparency and prevent money laundering and other criminal activity in the residential real estate sector by capturing information regarding the true owners behind legal entities that are engaged in transacting in real estate where there is no financing involved.
- Visit the link in the title to view the FAQs of this new rule.
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