FAR President’s Webcast

President Cynthia Shelton

First-time home buyerspurchase homes between January 1 and

December 1, 2009. (must close before December 1 of this year)

his/her spouse may not have owned a residence during the three years prior to the purchase

primary residences, including: single-family homes, condos, townhomes, and co-ops

First-time home buyers (continued)

Maximum allowable credit is $8,000

credit is equal to 10% of the purchase price of the home, up to $8,000

single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

First-time home buyers (continued)

• Buyers’ income exceeds the above limits, the credit is phased in--home buyers earning more than $95,000 for singles and over $170,000 for couples are not eligible for the credit.

• Tax credit does not have to be repaid, if he/she occupies the home for three years or more.

First-time home buyers (continued)

For More Details visit:

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019

Vice President Public Policy – John Sebree

2009 Legislative Session Update:• Down-payment Assistance for those who

qualify for 1st Time Home Buyers Tax Credit• Assessment Relief for 1st Time Buyers and

5% Non-homestead Property Assessment Cap

• Presumption of Correctness• Impact Fees-burden of proof• Growth Management and Housing• Reduction in Eviction filing fees

Property Insurance Repeal of Windstorm rating disclosureCap on Citizens Property Insurance Rate Increase

Surplus LinesConsumer Choice

Crash Tax$400k for DBPR Unlicensed Activity

CampaignDoc Stamp Loophole

$3 million in Real Estate Trust Fund for the Education and Research Foundation

$540,000 for Study re: Septic Tanks S.A.F.E Mortgage Licensing ActDefeated New Agriculture DisclosureLandlord-Tenant IssuesCondo Glitch Bill and HOA DisclosureDefeated Transfer Tax/Impact Fee Swap

Vice President Law and Policy-Randy Schwartz

Chinese Drywall InformationWhite Paper

Chinese Drywall Addendum

Update to Seller’s Real Property Disclosure Statement

Seller’s Knowledge: Except as indicated below, Seller has no

knowledge of the presence of Chinese/defective drywall or of any records or reports pertaining to Chinese/defective drywall affecting the Property: (describe all known Chinese/defective drywall information and list all available documents pertaining to Chinese/defective drywall and provide documents, if any, to Buyer before accepting Buyer’s offer)

Chinese/Defective Drywall Inspection: (Check One) Buyer waives the opportunity to conduct a risk assessment or inspection

for the presence of Chinese/defective drywall and accepts the drywall in the Property in its existing condition.

Buyer, at Buyer’s expense, may have a home inspector, licensed contractor

or other licensed professional (if required by law) to conduct an inspection or risk assessment of the Property for the presence of Chinese/defective drywall within________ days from the Effective Date (“Drywall Inspection Period”). Buyer shall be responsible for prompt payment for such inspections and repair all damages to the Property resulting from the inspections. If the inspection or risk assessment reveals the presence of Chinese/defective drywall or reveals damage to the Property resulting from the defective drywall and the cost to remove/replace the defective drywall or damage resulting from the defective drywall exceeds $__________________ ($500 if left blank), Buyer may cancel the Contract by giving written notice to the Seller within 3 days from the end of the Drywall Inspection Period and receive a refund of the deposit. If Buyer fails to cancel timely or fails to conduct the inspections permitted in this paragraph, Buyer may not terminate this Contract pursuant to this Addendum.

Professional Advice:Buyer acknowledges that all representations

about Chinese/defective drywall by Broker are based on Seller representations and that Broker has not conducted any independent investigations to verify the accuracy or completeness of the information. Buyer agrees to rely solely on Seller, professional inspectors, governmental agencies or any third parties retained by the Buyer regarding any issue related to Chinese/defective drywall.

Executive Vice President – John Fridlington

President Cynthia Shelton

After Today’s Webcast:

Visit:www.floridarealtors.org

(home page)To obtain key links to the

information provided today!