The Voice for Real Estate 17: Closing Changes, Drone Rule

♪ [music] ♫ real estate closings are changing. the
FAA releases its proposed drone rules and
2015 looks good for commercial real estate as investors around the world flock to the
United States these stories and more on I'm Stephen Gasque with the National
Association of REALTORS® August 1st save the date because that's when sweeping changes
happen to every real estate closing in America
starting the first of August the Settlement Statement the Good
Faith Estimate and the Truth in Lending Act Disclosure
all come off the closing table and go into the
history books in their place will be two brand new
forms the Lone Estimate and the Closing
Disclosure big changes brought about by the
Consumer Financial Protection Bureau their goal is to make the closing
process simpler and more transparent for consumers
you'll have to learn these new forms and learn how they apply to every real
estate settlement you attend. among other things all
paperwork must be finalized three days before the closing no more
last-minute changes in fact if there are last-minute changes the three day clock could start ticking
all over again new rules new procedures and new documents it all starts August
1st and NAR's Ken Trepeta explains what
you need to do to get up to speed '>>'Trepeta: if you plan to close
a transaction on say the 30th of September make sure your clients have all their
ducks in a row by the 23rd of September this way there won't be any last-minute changes
at closing because while you can make changes at
closing it may be more difficult than
it is today and so you should try to avoid last
minute changes and to sellers make sure you your sellers abide by their agreements make
sure they don't make changes or take things out of
their home that they said they were gonna include in the home because these
types of things could lead to changes in the settlement
statement which require going back to the lender
and getting an approval '>>'Gasque: access the entire video with Ken Trepeta and learn about webinars NAR is hosting to explain the changes at REALTOR.org ♪ [music] ♫ real estate
professionals may be one step closer to using to photograph their listings
that's because the Federal Aviation Administration has released its proposed rules on the
commercial use up small Unmanned Aerial Vehicles known
as NAR supports the rule because
it agrees real estate professional should be able
to use the safely and responsibly in their
businesses so far though it's only a proposed rule which means it's not yet in effect and
it could still be changed until it's finalized and in effect its illegal to use for commercial
purposes unless you apply for and receive
certification from the FAA and that's a long and
complicated process NAR’s Stephanie Spear has more '>>'Spear: right
now everything still the same in terms of what regulations govern commercial
drone use it still prohibited except with the
waiver.

People with the waiver it's a very small group but it's growing
you can still apply for a waiver with the understanding that the
waiver will expire when the new rules come out '>>'Gasque: we'll be sure to keep you up to
date on the latest news about drones in the
months ahead ♪ [music] ♫ the dollar has been getting stronger but
even so foreign investment in American
Commercial Real Estate is growing that's the conclusion of a new
report from NAR Deloitte and the Real Estate Research
Corporation SITUS. investors like both the yield and
the relative safety of US commercial property investment
and they're not just looking at the big metropolitan areas they're also looking at smaller cities
like Indianapolis and Omaha because yields there can often
be even higher than in the big markets. NAR's George Ratiu has more '>>'Ratiu: institutional investors
particularly international ones have broaden their
horizon whereas normally they focus on New York San Francisco Miami Washington they start taking a more active
approach into secondary markets especially because the yield, so the return on
their investment tends to be a lot higher.

So if you're in a
tertiary market probably most of your buyers are going to be local or regional much fewer from large
institutional investors or international however if you're in
secondary markets you are likely to see a lot more investor interest from a
broad spectrum of backgrounds '>>'Gasque: NAR also just
released its quarterly commercial forecast and it also sees US commercial markets strengthening access both of these
reports at page on REALTOR.org ♪ [music] ♫ and that's our show for the week of
February 23rd real insights from your nation's Realtors you'll find links to all this week's
topics on page at REALTOR.org thank you for
joining us and we hope you'll join us again when we
bring you all the latest news on The Voice for Real Estate brought to you by The National Association of REALTORS® your advocate for housing and property
rights in Washington across America and in your
neighborhood this is The Voice for Real Estate ♪ [music] ♫

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