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Legal Affairs News
Landlord Not Required to Accept Section 8 Payments
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Most agents and owners involved with residential rental properties are familiar with the phrase “Section 8 assistance.” Section 8 is a portion of the United States Housing Act of 1937 (now title 42 United States Code section 1437f.) The statute sets forth a program that authorizes assistance payments “for the purpose of aiding low-income families in obtaining a decent place to live and of promoting economically mixed housing….” READ MORE... | |
Home Warranty Companies (HWC) & Payments to Real Estate Licensees
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Under RESPA, if a real estate company simply refers buyers to the HWC and does no work, the fee it receives may be considered an illegal kickback. If the relationship is structured properly, however, the real estate company may market the home warranty product and receive compensation.
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BE PREPARED: Broker Tax Reporting Changes in 2012 Regarding 1099 Misc. and W-9 Forms
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Tucked away in the health care reform bill is a dramatic change in the 1099 reporting requirements, designed to close the tax gap. Effective January 1, 2012, payments to corporations in an amount greater than $600 in a calendar year must also be reported. Additionally, if you pay more that $600 in a year to any party (individual or corporation) as an “amount in consideration for property,” you must report the total payments on an informational return. | |
Revised Short Sale Addendum Now Available
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The revised form includes a new Paragraph 5. Paragraph 5 provides that if a Seller receives notice of disapproval of the Contract from third parties, the Seller shall notify Buyer in writing and provide a copy of the written notice of disapproval to the Buyer and, in such event, the Contract shall be deemed null and void and of no further legal force and effect and the Deposit shall be disbursed in accordance with the Deposit paragraph of the Contract. Go to the Statewide Forms page to retrieve the document.
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