FLOOD DISCLOSURE LAW EFFECTIVE TODAY:

Effective TODAY August 9, 2024, Maine law requires flood hazard disclosure as it relates to the sale of Maine real estate. The new law applies to ALL property types including residential, land-only, land with improvements, and commercial properties. Updated property disclosure forms and a Property Disclosure 2024 Addendum (Flood Hazard) loaded into your Zipforms library on July 31. For all current and future listings, including those under contract, update the property disclosure with the new flood hazard disclosure information to comply with the law. Read the new Maine law here. 

Access this tutorial on how to answer the new Flood Hazard Disclosure and how to find the data you need.

Today! August 9: Flood Hazard Disclosure Required for ALL Properties (residential, commercial, land-only, and land with improvements)

August 17: Practice Changes: New policies outlined by the NAR proposed litigation settlement take effect to implement practice changes. August 17 is also the earliest date that the plaintiffs can issue class notice of the proposed litigation settlement.

To be in compliance with the practice changes outlined in the NAR proposed litigation settlement, complete the Buyer Agreement 2024 Addendum or Listing Agreement 2024 Addendum that are in your Zipforms library for all current buyer agreements and listing agreements executed prior to July 31, including those under contract that will close after August 16.

FORMS CHANGES ARE NOW ACTIVE:

On July 31, the updated MAR forms related to the NAR potential litigation settlement and Maine’s flood risk disclosure law became active in your Zipforms library. These updated forms should be used now.

WANT TO KNOW WHAT CHANGED?

To view the changes, marked up versions of the forms are filed in the REALTOR® Access Only section of the MAR website

(password: codeofethics)

ZOOM Q&A FOR SETTLEMENT AND FLOOD DISCLOSURE QUESTIONS:

Full 30 minutes of Q&A - webinar format, no presentation, type your question to the panel. If you have a general question about the practice changes (and forms changes) due to the proposed litigation settlement or flood hazard disclosure, drop in here instead of the MAR Legal Helpline. Join 2024 MAR President Paul McKee, MAR Legal Counsel Hannah McMullen, and MAR Chief Executive Officer Suzanne Guild for Q&A. Registration links below:

Tuesday, August 13: 12:00 – 12:30 p.m. Register Now!

Friday, August 16: 12:00 – 12:30 p.m. Register Now!

MAR CONVENTION REGISTRATION

OPENS AUGUST 13 AT 9:00 A.M. 

Save the dates! Challenge, Change, Opportunity (the MAR Convention) will be an in-person only event October 8-10 at the Samoset Resort in Rockport. The preliminary convention schedule, registration details and deadlines will be posted on the MAR website late today. Convention registration will open at 9:00 a.m. on August 13. Do not send early! Registrations will be accepted by email only after 9:00 a.m. on the 13th. No walk-ins or faxes will be accepted on August 13. 

THANK YOU TO SPONSORS AND EXHIBITORS!

Only 2 exhibit spaces and 6 sponsorships left! Thank you to our convention sponsors, exhibitors, and industry partners! Contact Tanya for exhibit and sponsorship opportunities.  

MAR PUBLIC POLICY STATEMENT: 

The Maine Associations of REALTORS® Public Policy Statement guides MAR’s efforts at the Maine State House. Prior to each legislative session (every two years) the Association undertakes a review of this document. Please give your feedback!

The survey may take 15 minutes to complete – but those minutes are important for us to help protect your business:

NAR’S RESIDENTIAL REAL ESTATE FORECAST SUMMIT:

Did you miss the virtual summit in July? Check out this video recording and presentation slides featuring NAR’s Dr. Lawrence Yun and Dr. Jessica Lautz.

MEDIATION/OMBUDS TRAINING:

On September 11-12, MAR will be offering a two-day training with Diane Disbrow, a national educator, to expand the rosters of Professional Standards mediators and ombuds for local REALTOR® boards across Maine. The training is no-cost to you (but your time). In return, you would be willing to volunteer once or twice each year to help resolve confidential contractual disputes arising out of real estate transactions. If this type of role interests you, please contact Suzanne at MAR for additional information. Space is limited.