Signature is keeping watch for what could be a growing trend in cities and towns charging a fee to provide tax status information on a property. For example, effective July 1, 2010 the City of Portland will charge a $25 fee to provide tax and municipal services status information on a property. These fees would become seller charges as the information is necessary to provide clear title to the buyer. We will keep you abreast of updates on these trends as they become more relevant to our geographic market area (Rockingham, Strafford and York Counties). Should you have any questions, please contact your Signature Representative.

Signature Escrow & Title Services, LLC sponsored a 1031 Credit Course for Real Estate Professionals on June 2nd at Kittery Estates. There was very high demand for the course and registration was full within 24 hours! Thank you to our presenter, John Hamrick of Edmund & Wheeler, Inc. QI and to our attendees for making this a successful event.

If you are interested in attending a similar credit course in the future, please contact us to be added to our mailing list.

Effective March 25, 2010.

As you may recall, last fall a new law, Chapter 162 – An Act to Protect Maine Residents from Home Fires and Carbon Monoxide, created new requirements relating to the installation of smoke and carbon monoxide detectors in all single-family and multifamily dwellings, multiapartment buildings and rental units. It also created a new buyer certification form to be signed at real estate closings.

The Maine Legislature recently amended this law by enacting Chapter 551 -Act to Amend the Law Pertaining to Smoke Detectors and Carbon Monoxide Detectors. This amendment revises the requirements for installation of smoke and carbon monoxide detectors and will, therefore, result in a new buyer certification form. Changes to the new law of particular interest to closing agents include the following:

• Buyer must now certify that buyer will properly install operational smoke detectors and carbon monoxide detectors, if they are not already present, within 30 days of acquisition or occupancy of the building, whichever comes later.
• A person has no claim for relief against a closing agent or lender for any damages resulting from the operation, maintenance or effectiveness of a smoke detector or carbon monoxide detector.

Download NEW Certification Form

Signature Escrow & Title Services along with Tiffany Liebsch and Ann Steffiare of Sovereign Bank will be sponsoring a Free Realtor Elective Class for NH and ME credits.

When: April 13, 2010

Where: Holiday Inn, 300 Woodbury Ave., Portsmouth, NH

Time: Registration at 8:30am, Class from 9-12.

Topic: “Code of Ethics” by Kathy Roosa

To register or for more information, please contact us.

Each of us is in control of our intentions, efforts, direction and execution. Each of us is in control of setting our individual goals and reaching them. Are your goals vague and comprised of statements like, “I want to sell more”, “I am going to do better”, and “I am going to prospect more”? If so, then please give some thought to the examples.

Question: What percentage of marathon runners start and finish the 26.2 mile New York Marathon?

Answer: 95%.

Delta Force, the US Elite Combat Group, recruits go through rigorous training. One of their  measurements of whether they are accepted is whether can “run until you can’t run any longer”. Of the strongest men and women alive, only 2% are still running when told to stop. 

Question: How far do you think the 2% remaining runners ran before they were told to stop? 

Answer:  Less than 26 miles. 98% stopped running well before the marathon distance.

These examples demonstrate that when there are clear cut goals, 95% completed the task, when there are vague goals 2% completed the task.

Knowing and implementing daily activities numbers is the main difference between a moderate sales person and a professional sales person.  Knowing how many calls it takes to get an appointment and how many appointments it takes to close a sale is how a professional sales person drives sales and uncovers the average “sales cycle”. Without this information it is impossible to set goals, forecast revenue or run a successful sales operation.

Try these daily activity goals for 60 days, adjust the numbers if necessary; I promise that your focus will NOT be on what is happening in the market, it will be on how you will manage all your new business. You will finally break the code that will lead you to your sales cycle. Never again will you have to wonder what it will take to close a sale.

Daily Activity Tasks:
• Call 20 new prospects
• Call 10 past customers
• Follow up on 20% of your missed opportunities
• Set at least 2 appointments
• Send out 50 email marketing pieces
• Touch base with 20% of your current listings
• Spend 1 hour doing research (market, listings,
demographics, industry etc)
• Invest at least 1 hour a week reading sales books or articles and for at least 2 hours a week spend some quality time in the path of people as you hand out your business cards

Did you know…

The New HUD Rule and RESPA Reform was effective January 1, 2010. Closing Officers at Signature are available to share and discuss the changes to the Settlement Statement so that you may be better prepared to review it with your clients.

Click HERE to view a new HUD

Contact us to inquire about training for you and your staff

Please be advised that as of October 31, 2009, the following Maine Law has become effective:

Maine law, Chapter 162 (LD 550): An Act to Protect Maine Residents from Home Fires and Carbon Monoxide, will require a new buyer certification form at real estate closings. Chapter 162 creates new requirements relating to the installation of smoke detectors and carbon monoxide detectors in all single-family and multifamily dwellings, multiapartment buildings and rental units. Of particular importance to settlement agents is a requirement that, after October 31, 2009, a person who acquires by sale or exchange a single-family dwelling or multiapartment building must certify at the closing of the transaction that the single-family dwelling or multiapartment building is provided with smoke detectors and carbon monoxide detectors which meet the requirements of the new law.

Download Certification Form

State Fire Marshal’s Fact Sheet

The $8,000 tax credit for first time homebuyers expires after November 30th, 2009.

Here are a few things to keep in mind:

• Suggest a closing date earlier than November 25th for your first time homebuyer.
• If your buyer is not eligible for the tax credit, or if you have a client that is refinancing, target a closing date PRIOR to November 24th or AFTER November 30th.
• Keep in mind that the only day between Thanksgiving and November 30th is considered to be a holiday by most businesses and certainly by town and county offices.  Appraisers, inspectors and insurance companies, etc., may also not be available on the 27th.  Closing earlier in the month will give everyone a buffer in case any issues arise.
• Careful advance planning will be critical to ensure your clients’ tax benefits.

Signature will be proactively reviewing files to ensure efficient,

easy and smooth closings for you and your clients.

Congratulations to Bob Kelley of Keller Williams Coastal Realty on winning 6 lobsters!

We want to thank all of you for your positive feedback on our new website. Our goal was not only to have a new look, but to give our clients a place to go for the latest information in our industry. We also wanted to implement a calculator (up and running for NH) that would give you the ability to quote title insurance right at your fingertips. We hope you find our website informative and useful to your business practices!

Lenders are subject to new disclosure requirements (as of July 30) for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z).

The new requirements apply to loan applications filed on or after July 30, 2009. REALTORS will want to learn the basics so they can advise clients of potential delays and the new procedures.

Here are the key highlights of the changes:

• The new requirements apply to all mortgages secured by a borrower’s home, including primary and second homes and refinancing. Investor loans continue to be exempt.
• Lenders must give good faith estimates of mortgage loan costs within three business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
• The closing may not take place until expiration of a seven day waiting period after the consumer receives the early disclosure.
• Consumers may shorten or waive the three-day and/or seven-day waiting periods for a “bona fide personal financial emergency,” but only after receiving an accurate TILA disclosure. In the final rule’s preamble, the Fed stated that it “believes waivers should not be used routinely to expedite consummation for reasons of convenience.” The Fed decided not to insulate lenders from liability even where a consumer modifies or waives the waiting periods.
• If the annual percentage rate (APR) changes by more than 0.125%, the lender must provide a corrected disclosure to the borrower and wait an additional three business days before closing the loan. The APR includes not only the interest rate on the loan but certain other costs related to settlement, so it will be important for any fees that affect the APR to be as accurate as possible, as early as possible, to minimize the need for a corrected TILA disclosure.

Information provided by NHAR eNews, www.nhar.org