HBA of St Louis & Eastern Missouri

MSD Stakeholder Committee voted to move forward with letter of credit (LOC) option for escrows. Many thanks to Jeff Berger (McBride & Son Companies) who presented the importance of LOC option on behalf of industry. LOC option expected to be voted by MSD Board of Directors in October and implemented January 1, 2011. HBA staff contact: Lyzel Krebs, KrebsL@hbastl.com

New requirements for exercising mechanic’s lien rights in recently signed legislation affect any real estate property conveyance on or after November 1, 2010. If owner intends to close on property on November 1, “Notice of Intended Sale” must be recorded not less than 45 calendar days prior to November 1 (i.e., no later than September 17). Contractors who wish to exercise their mechanic’s lien rights must record “Notice of Rights” not less than five calendar days prior to intended date of closing stated in owner’s notice. HBA staff contact: Lyzel Krebs, KrebsL@hbastl.com

http://www.uschamber.com/sites/default/files/100426_critical_employer_issues_ppaca.pdf

http://www.bizjournals.com/stlouis/morning_call/2010/08/st_louis_has_nations_cheapest_gas.html?ana=e_stl_rdup

Please be advised that many counties do not have e-recording accessible from their own website, but require that you go through a third party company in order to record your document. Please visit the HBA website, www.stlhba.com, and click on “click here for a list of counties accepting e-recordings” to view the list as well as phone numbers for their recorder of deeds office. For your convenience, also listed at this link are names and phone numbers of several third party companies that offer an e-recording service.

http://news.yahoo.com/s/usnews/20100819/ts_usnews/9reasonstochooseanewhomeoveraresale

City’s Storm Water Committee met on August 12 to provide city staff with further direction on new stormwater regulations. HBA requested most current draft reflecting revisions and will meet with city staff to discuss any concerns. Interested parties should contact Lyzel Krebs, KrebsL@hbastl.com or Emily Schwartze, SchwartzeE@hbastl.com.

Ordinance introduced on August 9 to increase residential building permit fees from $5/$1,000 of improvement costs to $6/$1,000. HBA sent letter expressing concern. Earliest date ordinance would pass is August 23. If passed, new fees would be effective immediately. HBA staff contact: Lyzel Krebs, KrebsL@hbastl.com.

http://www.smartmoney.com/personal-finance/real-estate/a-housing-shortage-on-the-horizon/?mod=smartmoney

Considers new escrow ordinance intended to help city with infrastructure damage during home construction. Concept presented to board of aldermen by city staff on July 22. Mayor asked that city staff meet with HBA and HBA has had initial discussions. For more information or draft ordinance when available, contact Jennifer Heien, HeienJ@hbastl.com or Lyzel Krebs, KrebsL@hbastl.com