New Rule: Renovation and Repair Involving Lead Based Paint

A new rule will go into effect this month requiring renovation and repair contractors to be EPA-certified to work with lead paint hazards if they will work on a residential property built before 1978 in which lead-based paint may be disturbed. HUD estimates that this could be as many as 35 million properties. The rule also applies to places where children under 6 spend large amounts of time, such as child care centers and schools. The certified contractor must provide the occupants (owner or tenant) with a new information booklet and must follow lead safe work practices.

There are several important exemptions to this rule:

1. Homeowner occupants or tenant occupants may do the work themselves without certification.
*Due to the potential hazards, EcoBrokers would recommend that these individuals be provided with the booklet mentioned below to avoid exposing the occupant families to lead hazard.
2. A residence where there are no children under 6 and no pregnant women as regular residents is a possible exemption.
3. If the area disturbed is less than 6 square feet indoors or 20 square feet outdoors, the project is exempt. Because lead paint was so prevalent on window frames in pre-1978 houses, window replacement on these homes is never exempt.
4. If a qualified lead test specialist certifies that no lead paint will be disturbed, the project is exempt.
5. There are a few additional less likely exemptions.

The required disclosure booklet is to be provided by the contractor, but you may wish to have it for your reference as well. You can get it at

http://www.epa.gov/opptintr/lead/pubs/renovaterightbrochure.pdf

(English) or http://www.epa.gov/opptintr/lead/pubs/renovaterightbrochuresp.pdf (Spanish). The EPA has also prepared a 17 minute film of information for Realtors - they appear to believe that all real estate brokerage professionals are members of the National Association of REALTORS®. That film is available to everyone at http://link.brightcove.com/services/player/bcpid25955667001?bctid=29590050001

Thank You Ecobroker.com for this update!

Vermilion Shores on Lake Erie in Historic Vermilion, Ohio

The quant fishing village of Vermilion, Ohio still retains much of its historic atmosphere. The 1837 Harbor Town Historic District is the center of the community and it is where historic downtown Vermilion is located. While some commercial fishing still takes place in Lake Erie as in the other Great Lakes, Vermilion now hosts primarily sports fisherman. Lake Erie is known throughout the world as one of the most fertile fishing spots for anglers of all ages and experience levels.

Vermilion boasts marinas, over 3000 boat slips, galleries, a wide variety of dining opportunities, and of course plenty of access to the Vermilion River and Lake Erie. Vermilion, Ohio is actually in both Lorain and Erie Counties. It is in a region rich in wineries and farm markets.

Vermilion Shores is a condominium development located on the shores of Lake Erie, just east of the historic village of Vermilion. A resort style community, it boasts 2000 ft of shore line, tennis courts, a pool, club house, work-out room and nature trail. Currently lake front condominiums and duplex style condos are available. Vermilion Shores is a modern development with traditional charm!

For more information on this beautiful development or other homes in the Vermilion area contact the Hisey Group with Howard Hanna at RealEstate@HiseyGroup.com .

* Photographer Dan Keegan

Real Estate Tax Credit - There is Still 20 Days to Get a Signed Deal !!

First Time & Current Homeowner Tax Credit

First time home buyers receive a tax credit of up to $8,000

& previous homeowners receive $6,500 when they purchase their new home

The TIME TO BUY OR SELL IS NOW!!!!!

First time buyers areeligible to receive the $8,000 Tax Credit

First time buyer credit time frame is from December 1, 2009 to April 30, 2010

(60 day extension if binding contract is in place by April 30, 2010)

• “Move Up” buyers will now receive a $6,500 Tax Credit ( if they have lived in their principal residence for 5 of 8 previous years)The “Move up” tax credit pertains to homes purchased November 7, 2009 to April 30, 2010 (60 day extension if binding contract is in place by April 30, 2010)
• Income limits have increased to $125,000 for single filers & $225,000 for joint filers
• Eligible home prices have increased to $800,000

* Above from www.HowardHanna.com

Finance Tips

FHA financing programs are designed for first time homebuyers—although a home purchaser does not have to be purchasing their first home in order to apply for an FHA mortgage.

FHA has several advantages over typical conventional programs:

• More liberal underwriting requirements for those who need help from co-signers
• More liberal requirements for non-resident aliens
• †Gifts are allowed for all of the down payment and closing costs
• †There is no minimum credit score—although automated underwriting systems do utilize these scores
• † The standard down payment is 3.5% and the seller can contribute up to 6.0% towards closing costs, pre-paids and points.
• † The loans are assumable at the same rate by owner-occupants with credit approval

Financing Tip of the Week

Effective for new FHA transactions 01/01/2010-FHA Appraisals are only valid for 120 DAYS from date issued

Thanks Underwood Finance Team 440-385-5945 for these tips.

Just Stuff

The ferry boats are running, businesses are opening, cottages are breathing the fresh air of spring! I was on the first boat to Middle Bass Island, and the Lake Erie Islands are already alive with life.

If you are an islander our season is starting! If you'd like to explore becoming a Lake Erie Islander give us a call. We have some amazing deals! Plenty of building lots to choose from, condominiums on St Hazards and East Point Villas, and houses on East Point and in Burgundy Bay.

There is a lot of actions suddenly with tax incentives deadline approaching. You need a signed contract this month folks - if you are considering buying a home now is the time. There are no guarantees that is will stay the same or continue.

Are you considering selling your home? Give the Hisey Group with Howard Hanna a call. We now have five team members providing you with even better service, and a sixth team member joining us later this month. We are truly a regional marketing team covering Cleveland's Westside to the Lake Erie Islands. We cast a wider net to expose your property to more buyers looking for a new home, land or commercial property.

Get out and enjoy the spring weather!

For more info: HiseyGroup@RealEstate.com