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HomeHomes
Published: Friday, 1/1/2010

For 100 years, The Toledo Board of Realtors has served the residents of Toledo and surrounding communities by helping them obtain the American dream of home ownership.

A REALTOR is a real estate agent who becomes a member of the National Association of REALTORS . The Toledo Board of REALTORS is a local association which real estate agents in this and surrounding communities may join. Upon joining the Toledo Board, the member is automatically a member of the Ohio Association and the National Association.

By joining The Toledo Board of REALTORS , members must complete Code of Ethics Training and then are required to take this training every four years. One of the roles of the Board is to handle complaints from the public and other REALTORS pertaining to possible ethics violations. This sets REALTORS apart from real estate agents who choose not to become a REALTOR .

Since 1910, the Toledo Board of Realtors has fought, along with the national and state associations, to protect consumers in real estate transactions, to promote affordable housing, and to expand homeownership opportunities for all Americans.

“We will continue to do so into our second century,” Mary Ann Coleman, 2010 President of The Toledo Board of REALTORS, said.

REALTORS played a key role in legislation that created the Federal Housing Administration in 1934; FHA pioneered the long-term amortization that today allows millions of middle-income borrowers to buy a home. In 1938, when the Federal National Mortgage Association was created, which is now known as Fannie Mae, the REALTORS achieved another long-sought goal: creating a steady source of low-cost mortgage funds. More recently, REALTORS were very active working with the federal government to extend and expand the Home Buyers Tax Credit. Today, TBR is still advocating for private property rights, homeownership and housing issues.

“As TBR embarks on its second century, it is with a renewed commitment to ensuring a strong and vital real estate industry and a firm belief in the long-term value of home ownership as the foundation of the American dream,” said Coleman. “Home ownership is a great financial and personal investment that strengthens our community and builds wealth over the long term.”

Home Buyer Tax Credits: The $8,000 First-time Home Buyer Tax Credit at a Glance

•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

•The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

•The tax credit applies only to homes priced at $800,000 or less.

•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

•The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

•The tax credit applies only to homes priced at $800,000 or less.

•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

By joining The Toledo Board of REALTORS , members must complete Code of Ethics Training and then are required to take this training every four years. One of the roles of the Board is to handle complaints from the public and other REALTORS pertaining to possible ethics violations. This sets REALTORS apart from real estate agents who choose not to become a REALTOR .

Since 1910, the Toledo Board of Realtors has fought, along with the national and state associations, to protect consumers in real estate transactions, to promote affordable housing, and to expand homeownership opportunities for all Americans.

“We will continue to do so into our second century,” Mary Ann Coleman, 2010 President of The Toledo Board of REALTORS, said.

REALTORS played a key role in legislation that created the Federal Housing Administration in 1934; FHA pioneered the long-term amortization that today allows millions of middle-income borrowers to buy a home. In 1938, when the Federal National Mortgage Association was created, which is now known as Fannie Mae, the REALTORS achieved another long-sought goal: creating a steady source of low-cost mortgage funds. More recently, REALTORS were very active working with the federal government to extend and expand the Home Buyers Tax Credit. Today, TBR is still advocating for private property rights, homeownership and housing issues.

“As TBR embarks on its second century, it is with a renewed commitment to ensuring a strong and vital real estate industry and a firm belief in the long-term value of home ownership as the foundation of the American dream,” said Coleman. “Home ownership is a great financial and personal investment that strengthens our community and builds wealth over the long term.”

Home Buyer Tax Credits: The $8,000 First-time Home Buyer Tax Credit at a Glance

•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

•The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

•The tax credit applies only to homes priced at $800,000 or less.

•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

•The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

•The tax credit applies only to homes priced at $800,000 or less.

•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.



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