The Chapel Hill-Carrboro Chamber of Commerce hosted its annual State Legislative Briefing presented by Fidelity Investments, 8-10 a.m., Tuesday, July 10 at the Chapel Hill Country Club in Chapel Hill. The briefing gave attendees the opportunity to communicate with state legislators about the issues affecting their businesses and to hear about what the legislators worked on during the short session.
Speakers include: Representative Joe Hackney; Representative Verla Insko; Representative Bill Faison; and Senator Ellie Kinnaird (Orange/Person).
Additionally, Mark Zimmerman with RE/MAX Winning Edge reviewed legislative issues important to real estate and property owners.
The State Legislative Briefing was presented by Fidelity Investments and sponsored by PSNC Energy, Piedmont Electric Membership Corporation, and the 2012 Chamber Master Sponsors.
11. Chapel Hill-Carrboro Chamber of Commerce
State Legislative Briefing
Real Estate and Property Issues
Mark Zimmerman
Vice-Chair, Legislative Committee
North Carolina Association of REALTORS®
12. North Carolina Association of REALTORS®
• Largest and oldest state association in North
Carolina.
– Non-profit trade association
– Founded in 1921
– 31,000 real estate professionals
– 62 local associations
13. North Carolina Association of REALTORS®
• Mission and Purpose
• "To promote the success of our members and
enhance the Quality of Life in North Carolina.”
– We further pledge to:
• Preserve and promote the right to own, transfer and
use real property;
• Maintain a leadership role in the legislative, political
and regulatory process;
14. 2012 Short Session
• Copper Theft
• BPO
• Mechanic’s Liens
• Jordan Lake
• Landlord-Tenant
• Budget Issues
• Fracking
15. Copper Theft – HB 199
• Sheriffs, DA’s, Retailers, Utilities (life
safety/disruption of service)
• All precious metals, including copper
– Identify & Track
• Picture of seller
• ID Card
• Holding period
• No cash over $25
• Restitution provisions
• Minimum sentences
16. Broker Price Opinions - SB 521
• Banking Industry, REVA, NCPAC (Professional Appraisers
Coalition), NC Appraisal Institute
• In demand by marketplace
– Lower cost and scope than a full blown appraisal
– Price assets for books
– Lending institutions and Feds for mortgage modification
• Not appraisal
– Price opinion, not opinion of value
• Not for lending
– No originations, refis
• Allows Brokers to perform BPO’s for a fee without
anticipation for listing
17. Mechanic’s Liens – SB 42 & HB 1052
• Home Builders, Land Title Industry, Bar
Assoc., others
• “Hidden liens” created crisis
– Title insurance stop writing coverage July 15
• Creates private lien agent
– Requires contractors & subs to notice
– Allows closing attorney to show clear title
18. Jordan Lake
• City of Greensboro initiative
• Delays implementation of new development
rules for two years
– Local governments can implement
19. Landlord Tenant - HB 493
• Streamlined summary ejectment process
• Remove tenant after lease
• Expands landlord use of tenant security deposit
– Cleaning
– Non payment utilities
– Smoke detectors
– Re-rental fees
– Unpaid bills
• Allows acceptance of partial payment w/o compromising summary
ejectment
• Abandoned personal property
– <$750 to nonprofit
– <$500 thrown away
20. Budget
• NC Housing Trust Fund
– Provides low income financing
• First time buyers
• Apartments for working families, seniors, disabled
• Emergency home repairs
– Supported $10 Million funding
• Want dedicated funding source
• This year, reliance on Federal Funds
• Underground storage tank funding restored
– State fund to remediate contaminated soil
– Environmental issue
21. Fracking
• Not involved, no position
• Now that it has passed:
– Disclosure requirements after the fact
To do this we maintain a full time staff in Raleigh.
Short Session - Carry over bills only (few exceptions) Gutted bills, things come up at last minute
Fidelity and First American – 40% title insurance
Not our bill, but we supported it.NCAR supports a delay until 2014 so that local governments and property owners within the watershed can continue analyzing the substantial financial impact of complying with the rules and determining how best to comply.
1st time since 70’s Makes it easier to evict someone deserving of eviction
Part of the legislation is intended to protect consumers and keep them informed of all aspects of gas exploration, including the sale of mineral rights separate from real property. As such, a provision was included to require disclosure of the sale of these rights when selling property. NCAR staff quickly identified the issue and is working with the sponsors and legislative staff to draft such a provision.