Suburban West Realtors Association
Suburban West Weekly
February 14th, 2018
IN THIS ISSUE
Security Deposits and
Last Month's Rent

Association Office Closed 
on Monday, February 19th

There is Only Less Than Two
Months Left to Take Classes 
Under the MCE Season Pass
Program
 
Starbucks Morning: Cyber
Crime, Cyber Security and
Real Estate

NAR Urges House to Support
the Mortgage Choice Act

Calendar of Events
 



Security Deposits and Last Month's Rent

The Landlord Tenant Act states that a landlord cannot collect more than 2 months rent for the 1st year of a lease and cannot retain more than 1 month in year 2 and beyond. A recent opinion by the Pennsylvania Superior Court ruled that a landlord violated the Landlord Tenant Act by requiring tenants to pay a security deposit equivalent to two months rent AND advance payment of the last month's rent. 
In a recent PAR JustListed article, PAR Counsel Jim Goldsmith advises that landlords and managers should "(f)irst assess if you've collected excess amounts from current tenants. Consult with Counsel and consider reimbursing any excess security deposit to tenants with an explanation, preferably drafted by Counsel. Second, ensure that your business practices are compliant for future tenants."
PAR provides a summary of the limit on escrows and the interest on escrows

There is Only Less Than Two Months Left to Take Classes Under the MCE Season Pass Program!

Have you put off signing up for the MCE Season Pass and benefitting from the extensive savings? Don't hesitate because the deadline to take classes for MCE Season Pass holders is March 31st, 2018.
Purchase the MCE Season Pass for only $125 and you'll save on the regular tuition price for classes. Pass holders can take unlimited standard continuing education at our main location in Malvern or offsite in Blue Bell, Glen Mills or Kennett Square (online classes not included). In addition to offsite courses, ARS will be offering evening and Saturday courses. Click here to access the remaining MCE Season Pass Calendar.
But remember, the Season Pass is only good through March 31st and classes are filling up quickly! Call 610-560-4900 to purchase the Pass today!

Association Office Closed on Monday, February 19th

The Suburban West REALTORS Association office will be closed on Monday, February 19th in observance of President's Day. The office will reopen on Tuesday, February 20th at 8:00am. Please take note of this closure as you consider any business you may have with the Association. And remember, that you can always visit the Association's virtual office at www.suburbanwestrealtors.com.

Starbucks Morning: Cyber Crime, Cyber Security and Real Estate

From identity theft to wire fraud, real estate transactions are increasingly the target of cyber criminals. The same technologies that have increased efficiency also leave REALTORS and their clients vulnerable to cyber attacks. Join SWRA on March 7th (10:00am-11:30am) for Starbucks Morning: Cyber Crime, Cyber Security and Real Estate to learn of recent concerns and discuss best practices to avoid becoming a victim. Click here to register (once logged in, click "events" and then "upcoming meetings").

NAR Urges House to Support the Mortgage Choice Act

On February 5th, the National Association of REALTORS sent a letter to the US House of Representatives urging support for H.R 1153, "The Mortgage Choice Act".  H.R. 1153 is bipartisan legislation that would make adjustments to the Truth in Lending Act (TILA) definition of points and fees under the Ability to Repay/Qualified Mortgage (QM) rule. An identical bill passed the House with a greater than two-thirds vote in the last Congress. The Mortgage Choice Act will enhance competition in the mortgage and title insurance markets, and ensure that consumers will be able to choose the lenders and title providers best suited for their home-buying needs.
Don't forget to follow the Suburban REALTORS Alliance on Facebook for updates and news on industry and consumer advocacy.

Calendar of Events

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Suburban West REALTORS Association
1 Country View Road, Suite 201, Malvern PA 19355
P: 610-560-4800 | F: 610-560-4801
Association of REALTORS School
1 Country View Road, Suite 101, Malvern PA 19355
P: 610-560-4900 | F: 610-560-4801
  Equal Housing Opportunity Realtor
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