New Tax Credit for First-time Homebuyers Available (July 30, 2008) A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008. Features of this Act include:

* Ten percent of cost of home, not to exceed $7500 * Any single‐family residence (including condos, co‐ops) that will be used as a principal residence. * Reduces income tax liability for the year of purchase. Claimed on tax return for that tax year. * Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively). * Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. * Portion (6.67 % of credit) to be repaid each year for 15 years. If home sold before 15 years, then remainder of credit recaptured on sale. * Purchases on or after April 9, 2008 * Termination date is July 1, 2009

A written agency agreement is required to establish a buyer agency relationship. By signing an exclusive right to buy, buyer agency agreement, your real estate agent is required by law to provide you with fiduciary duties to include loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting. In doing so, the agent must represent and promote your best interests above all other interests. The two fiduciary duties that are paramount in this relationship are Confidentiality and Accounting.

If you are serious about buying real estate, you owe it to yourself to ensure your confidential information is kept confidential. This will most likely be the largest investment you will ever make. With the Success Team, you will never pay for this legal representation so long as you, as the buyer, meet your obligations under this agreement. Unfortunately, many agents neglect to share with clients that the client also has legal obligations. With the Success Team, you will know everything you need to know to ensure you can make an informed decision.

Buyer obligations in an agency agreement include:

Compensation (Buyers will not pay for any compensation)
-Sellers that have listed their homes for sale have already agreed to compensate the all agents.
-The Success Team will represent you at no charge if you decide to purchase a For Sale By Owner (FSBO) if the FSBO is not willing to pay our compensation so long as we speak to the FSBO prior to you looking at the property.

Opportunity

Good Conduct

Indemnity
-Includes right to reimbursement of agent expenses

Do I really need legal representation of a real estate agent?

Answer: ABSOLUTELY!

As stated above, buyers will not pay anything for services of the Success Team when the buyer purchases real estate. So many buyers are getting some inaccurate information. It is true that buyers can find real estate for sale on the internet without the help of an agent. Finding the property is not the issue. The issue is to ensure all legal disclosures are made in writing as well as contracts be properly structured. Without legal representation, you could find yourself in a situation costing you thousands of unexpected expenses you were not anticipating. With the Success Team, you have absolutely nothing to lose and everything to gain!

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