Share* Preemptive Strike on Private Transfer Fees
Legislation to prohibit Private Transfer Fees before they become a problem in Michigan passed the legislature this summer, supported by the Michigan Association of REALTORS®. These fees, which have sprung up in other states, allow a private party to collect a fee every time a property is sold in a development, similar to a transfer tax.
* Mich. Wins Pocket License Law
Because today’s tech-savvy home buyers and sellers are unlikely to ever set foot in a real estate broker’s office—favoring meetings at properties and communicating online—the Michigan state law no longer requires all real estate brokers to publicly display their paper license and those of their salespeople. The former law was out of step, says the Michigan Association of REALTORS®, which recently won passage of a modernization of the state’s occupational code, instituting pocket real estate license ID cards in place of wall licenses.
* Business Tax Ends in Mich.
The Michigan Association of REALTORS® supported much-needed structural tax reforms, along with the elimination of the Michigan Business Tax and its 22 percent surcharge. The new business tax structure puts Michigan on a level playing field with surrounding states in the commercial real estate arena.