Thursday, August 25, 2011
There's a storm front coming - what if the house is destroyed pre-closing?
Monday, August 22, 2011
Cell Phone Deposits
Recently, there have been developments in technology, notably, smart phone applications which allow persons who bank at large franchises to take snapshots of the front and back of a check in order to immediately send it for deposit. This can be useful-or detrimental-when it is done by a Seller at a real estate closing.
Cell phone applications now make available the option of taking a photograph of the front and back of check for immediate deposit.
Beware of this as the Buyer because Sellers should not be depositing checks without Buyer's awareness or consent, or until such time has passed that it is acceptable to do so.
This can be an extremely efficient way to deposit funds and move forward in a deal in the best case scenario-when everything goes smoothly. In fact, this can help where Seller is going to turn around and purchase a house after selling their former residence.
However, it does not always work out where that is appropriate. Checks should be monitored because there may be situations where they are initially presented (and deposited unbeknownst to the Buyer). If Seller immediately deposits, then the deal goes bad by bickering, which we all know is possible, by the end of the closing Seller now has money they are not entitled to.
Wednesday, August 17, 2011
Modification Uptick
Tuesday, August 16, 2011
Opt-Out Deadline Approaching Quickly
Monday, August 15, 2011
How to get my commission?
Thursday, August 11, 2011
Divorcing couples not subject to capital gains tax on their real estate
In contrast to the rule on transfer tax, just discussed, Federal Law provides that such a transfer of property incident to divorce does not work a gain or loss concerning capital gains tax; hence no stepped-up in basis results.
§ 1041. Transfers of property between spouses or incident to divorce
No gain or loss shall be recognized on a transfer of property from an individual to (or in trust for the benefit of)—
(2) a former spouse, but only if the transfer is incident to the divorce.