Last year, you may recall the Passage of Public Act 96 of 2008, which enables home sellers to retain 2 principal resident exemptions for property still on the market after the seller has moved elsewhere in the state. To obtain the exemption, home sellers need to submit the “Conditional Rescission of Principal Residence Exemption Form #4640". The form is available on the
Michigan Department of Treasury website.
Click Here to Download Form.Public Act 96 of 2008 enables a person who has established a new principal residence to retain a Principal Residence Exemption (PRE) on property previously exempt as the owner’s principal residence that is not occupied and for sale by submitting a Conditional Rescission of Principal Residence Exemption Form #4640. The conditional rescission allows an owner to receive a PRE on his or her new property and on previously exempted property simultaneously if certain criteria are met:
• the property is not occupied,
• the property is for sale
• the property is not leased
• the property is not used for any business or commercial purpose
To qualify for the conditional rescission in 2009, Form #4640 must be submitted to the assessor of the local unit of government where the property is located on or before May 1, 2009. The Board of Review has no authority with regard to a conditional rescission and cannot institute a conditional rescission on behalf of an owner if a deadline is missed or for previous tax years. An owner must annuall
y submit Form #4640 on or before May 1st to verify to the assessor that the property for which the PRE is retained is not occupied, is for sale, is not leased, and is not used for any business or commercial purpose.
If you have any questions regarding conditional rescissions, please feel free to contact the Homeowner’s Principal Residence Exemption Unit, at (517) 636-4320, or P.O. Box 30440 Lansing, MI 48909.
Local Association Executives from across the state will meet in Lansing on May 1 to continue work on Michigan’s Foreclosure Prevention and Response Initiative. With the continued economic downturn and mortgage foreclosure crisis expanding nationwide, NAR has allocated funding for state and local programs designed to assist REALTORS® and homeowners navigate the complex foreclosure process.
The Michigan project will interact with state agencies, the banking community, the National Association of REALTORS®, other real estate professionals and community groups to develop information pieces, training materials, counseling, and other vehicles to provide high quality products.
The deliverables will include:
• Training kit designed to assist local associations in reaching their broker community with valuable tools and resources to educate on housing resources, foreclosures and short sales. Sent out to each local and branded with NAR/MAR/Local. Components in the kit include foreclosure and short sale video, agent talking points, frequently asked Q&A, Broker Script and virtual booklet.
• Six regional Foreclosure/Housing Resources Public Forums; working with MSHDA loan partners and local legislators. These sessions are tentatively scheduled in Kent County, SE Michigan (2), Marquette, Flint, and Lansing/Jackson. Local associations will coordinate programs.
•REALTOR® and public awareness:
Public Service announcements
MSHDA distribution of 18.000 Save the Dream Brochures
REALTOR® resource web page – built within mirealtors.com; updated
Last week, Monroe REALTOR® Kim Sachs, First Realty GMAC, appeared with Mary Townley, MSHDA Director of Homeownership and Senator Randy Richardville on the Senator’s cable television program. Associate Broker Gary Reggish, Remerica United Realty, made a similar appearance on the Tyrone Bynum television show.
Local Association Executives assisting with development are Sharon Armour, Detroit Association of REALTORS®, June Clark, Monroe County Assocation of REALTORS®, Mark Dickens, Flint Area Association of REALTORS®, Patricia Jacobs, North Oakland Board of REALTORS®, Julie Rietberg, Grand Rapids Association of REALTORS®, Dale Smith, Western Wayne Oakland County Association of REALTORS®, Cynthia Spafford, Upper Peninsula Association of REALTORS®, Melissa Tee, Jackson Area Association of REALTORS®, Gary Walter, Southwestern Michigan Association of REALTORS® and Elaine West, Greater Lansing Association of REALTORS®.
This seven part series continues as MAR's legal counsel, McClelland & Anderson, cover specific legal topics in the real estate industry. Direct your members to tune into video #4 as Greg McClelland offers a refresher on Dual Agency, stressing the need to satisfy the disclosure requirements between both buyer and seller.
Video #4: Duel Agency
Tomorrow kicks off the start of MAR’s seventh annual Broker Summit at the Inn at St. Johns in Plymouth. The two day event will begin with “A New Generation of Real Estate Professionals” with Debra Asher, and a networking reception directly following with complimentary hors d’oeuvres and drink tickets.
For those who are registered, before heading to Plymouth visit the
Virtual Registration Bag. Included on the site are session handouts, directions to the Inn at St. Johns, and the “Know Before You Go” e-mail with all event details. To follow green practices, be sure to print out only the handouts that you’ll need.
Walk in registrations are still welcome. To find out more information on the event visit the Broker Summit Web site.
Through administrator Hartland Insurance Group, Frankenmuth Mutual (FM) provides MAR members with substantial discounts on auto- and homeowners insurance. Members receive discounts of at least 10 percent off normal FM auto insurance rates, 15 percent off homeowners insurance rates, and an amazing 20 percent off of combined auto- and homeowners policies.
Members can enroll by contacting their local Frankenmuth Mutual agent.
To find your local agent, call 800.682.6881 or visit the Hartland Insurance Group web site.
Download a list of preferred agents and agencies nearest you