CFPB Makes Correction! CFPB clears up inconsistency in its regulations. Of course, the way it was written didn’t make sense. Still, some peace of mind here for lenders… Here’s the changes: According to the CFPB’s addendum, the supplementary information states that “property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees” are [...]
Real Estate Property Lawyers and Probate Frequently when the Seller is a surviving spouse of jointly owned property or a tenant in common, or one with a life use that has passed away – an ownership interest in real property – I am assured that the Seller’s have addressed everything necessary with the Probate [...]
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. [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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, [...]
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, [...]
