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Calculating Commissions on Gross or Net Sales Price?

More and More frequently over the last year or so I’ve encountered disputes at closing regarding Realtor’s Commissions. Of course many of these are quickly addressed without much stress. Lately though, more and more Brokers are requiring commission based upon the gross sales price, not the sales price less Seller’s closing cost credit to Buyer. [...]

By | January 13th, 2015|Uncategorized|0 Comments

Individual Tax Extenders affecting Real Estate

The House and the Senate have passed tax extenders (and the President has indicated that he will sign) relevant to Real Estate matters: the tax exclusion of imputed income from the discharge of indebtedness for a principal residence; the tax deduction of mortgage insurance premiums; the tax deduction of contributions of real property interests for [...]

By | December 20th, 2014|Uncategorized|0 Comments

25th Anniversary Practicing in Manchester

It is with great pleasure that I announce we are celebrating 25 years of service to the Greater Manchester community. I opened my first office in Manchester (on Broad Street) in November 1989. I’ve had two other offices on East Center Street and have been at our current location, 210 Main Street, since late 1997. [...]

By | November 18th, 2014|Uncategorized|0 Comments

Statutory Solution to Private Road Maintenance Issues

Statutory Solution to Private Road Maintenance Issues  Ever gotten most of the way to closing only to discover that buyer’s lender requires that the common right of way (many times a common driveway) at the property have a maintenance agreement in place before closing? I’ve seen that many times so I’m sure most of you [...]

By | September 16th, 2014|Uncategorized|0 Comments

Concerns Regarding Post-Closing Liability in Executing Carbon Monoxide and Smoke Detector Affidavit-Addressed by Legislation

Most are aware, and I have discussed a few times on this blog the requirement, effective January 1, 2014, that Sellers are to complete an Affidavit at closing regarding smoke detectors and carbon monoxide detectors. In lieu of executing such Affidavit Sellers must pay $250.00 to Buyers. Many Sellers, after advice of counsel, have chosen [...]

By | May 13th, 2014|Uncategorized|0 Comments

Long Term Resolution on Rural Housing Loans

The Farm Bill recently signed by President Obama keeps the current maps (and extends the population definition of rural area to 35,000 people) – UNTIL AFTER THE 2020 CENSUS. I had previously written that many areas in Connecticut currently eligible for USDA Rural Housing Loans might not qualify for such loans if the 2010 census [...]

By | April 29th, 2014|Uncategorized|0 Comments

Changes to USDA 100% Financing Eligible Areas

Effective October 1, 2014, barring Congressional action, USDA will begin using 2010 Census data to determine eligible rural areas for Rural Development Housing Programs.  If adoption of the 2010 Census data becomes effective, USDA loans will not be available in many towns that are currently eligible (pre-2010 Census)  for such loans. The first attached map, [...]

By | March 19th, 2014|Uncategorized|0 Comments

Fannie Mae v. Association’s NEW Nine Month Priority

There was some uncertainty created by Connecticut’s law passed last year that extended Condo (PUD’s too) association’s fees priority to 9 months (previously priority in payoff in a foreclosure limited to 6 months). Fannie Mae’s Guidelines only allowed for priority for 6 months – so the issue arose, with the law providing 9 months priority, [...]

By | February 18th, 2014|Uncategorized|Comments Off on Fannie Mae v. Association’s NEW Nine Month Priority