The NATIONAL ASSOCIATION OF REALTORS® Code of Ethics 

What Does it Mean for Consumers? 

How does the Code of Ethics affect everyday real estate practices?  

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to: 

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.
For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation. 

2. Put your interests ahead of his or her own, at all times.
A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available. 

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.
If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.  

4. Be truthful in all communications with the public.
When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.
 

Buying a Home Requires Many Difficult Decisions. Make Sure Your real estate agent is a Top Local Expert. 

Your home is probably the biggest purchase your family will ever make, and it involves many decisions that go beyond simply choosing one you like. 

As a top Dallas, Frisco and Plano area real estate agent, here is how I will guide you through the entire process, from viewing homes and financing, to making sure the final contract is in your best interest: 

- You will have full access to ALL homes available on the Dallas, Frisco and Plano market, even listings not yet on the MLS, through my professional Texas real estate affiliations. 

- My expert local knowledge of the Dallas, Frisco and Plano area should be invaluable to you, not just in terms of real estate, but also schools, neighborhoods, the local economy, and more. 

- Every local real estate market absolutely has its own trends and opportunities. This can vary greatly, even one neighborhood to the next. Dallas, Frisco and Plano is no different! It's my job to steer you into opportunities and out of traps. 

- What is the true market value of the home you are interested in? Is it priced too high? Is it a bargain that you should jump on? I help home buyers make decisions like this every day, and I'll make sure that YOU get the best value for your money. 

- Negotiating with sellers can be stressful. I will help you negotiate, so that the final contract includes your best possible terms and conditions. 

- You should know absolutely everything about the property you are buying! You and I will view every home that you are interested in, together. And prior to closing I will make you fully aware of any and all inspections available to you. 

- Have confidence when signing documents. Contracts are full of complicated terms and clauses that can greatly affect your future life in your new home. I will give you the full benefit of my real estate knowledge and experience. 

Let me represent your best interests in your search for a new home in the Dallas, Frisco and Plano area. While you can see a million homes on the web, actually buying your home is another matter entirely. Buyers beware! 

First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees  

The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: 

Extends deadlines for purchasing and closing on a home.
Authorizes the credit for long-time homeowners buying a replacement principal residence.
Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.  

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. 

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. 

Several new restrictions apply to homes purchased after Nov. 6, 2009. 

Purchasers must attach a properly executed settlement statement to their return.
No credit is available if the purchase price of the home exceeds $800,000.
The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
A dependent is not eligible for the credit.
The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
Additionally, there are new benefits for members of the military and certain other federal employees: 

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Question and Answer
Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?  

A. Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.  

Source: National Association of Realtors


 

Questions about buying a home in Dallas, Frisco and Plano? As a local expert I can help you! I can assist you by provide you all the information you need before making your final decision to buy your home.  

Did you know that typically the Sellers will pay all brokers fees if home is listed on the MLS? My services to you as a Buyers Representative is FREE!  

Call or email me today to learn more information!