First Time Home Buyer Rebate Voluntarily Deferred
LOUISIANA REALTORS • April 30, 2018
As of Monday, April 30, House Bill No. 383 was voluntarily deferred in the House Appropriations Committee at the request of Louisiana REALTORS® and the author. Due to state budgetary issues, we do not anticipate this legislation being able to complete the legislative process. Therefore, the bill will not advance any further this session.
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House Bill No. 383 would have likely passed if the measures had been adopted to balance the budget in the 2018 First Special Session. While many committee members were in favor of the bill, they were hesitant to vote in favor of a bill with a large fiscal note just after having cut other programs in the budget. "As an organization, we did not want to subject our friends to criticism for voting for a bill that we know will not advance during these uncertain budgetary times," said Norman Morris CEO.
Representative Paula Davis has agreed to file a resolution encouraging the Legislature to explore and support efforts to assist first-time home buyers in future sessions. "The 500-plus REALTORS® who converged on the Capitol last week deomonstrated the importance of assisting first-time home buyers and ensured the likelihood of successful legislation to assist these buyers in the future," said Kim Callaway - Director of Legal & Governmental Affairs. "We greatly appreciate your efforts, which will go a long way in advancing this legislation in the future," said Callaway.
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NAR is pleased to share the latest consumer guide about contract contingencies and clauses that buyers and sellers may encounter in a real estate transaction. The guide defines common contingencies and clauses and helps consumers understand what happens if the terms aren’t fulfilled. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Real Estate Contract Contingencies Understanding Condo Ownership How to Protect Against Real Estate Wire Fraud 5 Home Selling Tips for Privacy and Safety Do You Need Private Mortgage Insurance? What Is the VA Home Loan Guaranty? Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for the next consumer guide, which focuses on working with a remodeling contractor.
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