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| 1. Disclosure Obligations of Sellers and Realtors By James E. Savitz, Esq. and David Parker, Esq. Effective October 1, 2005, Maryland law changed to now require the disclosure of certain property defects, even if the Seller elects not to answer certain questions about the property condition and instead completes a Disclaimer Statement. MORE... |
| 2. Understanding the “Property Condition” Contract Provisions By James E. Savitz, Esq. No provision in the Maryland Association of Realtors Contract creates more dissension and confusion than Paragraph 12 “Condition of Property and Possession.” MORE... |
| 3. A Review of the GCAAR Regional Contract - Part 1 of 3 By James E. Savitz, Esq. The GCAAR Regional Sales Contract was significantly revised in September 2006. Although it is not the form primarily used in Frederick County, it is a Contract preferred by Realtors in Washington, D. C., Virginia and in some parts of Montgomery and Prince Georges’ Counties, MD. MORE... |
| 4. A Review of the GCAAR Regional Contract - Part 2 of 3 By James E. Savitz, Esq. In the last newsletter, we reviewed in detail the first two pages of the Regional Sales Contract. This article continues with a discussion beginning with Paragraph 10 titled, “Seller Subsidy.” This provision provides for the Seller to pay a specified amount at settlement towards the Buyer’s closing costs. MORE... |
| 5. A Review of the GCAAR Regional Contract - Part 3 of 3 By James E. Savitz, Esq. In our last two articles, we discussed Paragraphs One (1) through Seventeen (17) of the recently revised Regional Sales Contract. This will conclude our review of some of the changes and the unique provisions of that Contract. MORE... |
| 6. Avoid Liability for Fraud (Stay Out of Jail) By James E. Savitz, Esq. In today’s tighter real estate market, we are constantly getting calls from buyers, sellers, agents and lenders regarding various “schemes” which they have been told are legal, and they want to use these plans to help get a deal through. MORE... |
| 7. A Review of Short Sales By James E. Savitz, Esq. A Realtor called me the other day and described the following scenario. Her client had purchased a town home in the spring of 2005. The client paid a purchase price of $355,000.00. While he was short of cash, the client had a good salary and was able to qualify for 100% financing. MORE... |
| 8. The Effects of Sub-Prime Market Woes By James E. Savitz, Esq. The trauma in the “sub-prime” mortgage market has obviously spilled over into the “prime” mortgage markets. The demise of a number of “sub-prime” lenders has had a domino effect, threatening the viability of some of our nation’s largest and formerly most successful lenders. MORE... |
| 9. The Homestead Tax Credit By James E. Savitz, Esq. Effective January 1, 2008, Maryland has amended its rules regarding the Homestead Tax Credit. This credit or reduced tax is given to owner occupants, as distinguished from investors, who pay a higher tax rate. MORE... |
| 10. Fair Housing Act and Americans with Disabilities Act – Working Together to Make American Housing Accessible By Mark Simon, Esq. Disability creates many difficulties and challenges in a person’s day-to-day life including obtaining and keeping meaningful employment, finding appropriate housing, transportation, and even shopping and many other mundane aspects of life that able-bodied people take for granted. MORE... |
| 11. Agency Representation of Buyers and Sellers By David Parker, Esq. QUESTION: I am currently working with a real estate agent as I attempt to locate a new house. The agent has suggested that perhaps she serve as a "buyer's agent." I did not realize that there was any difference between a "buyer’s agent" and a "seller’s agent." Please explain the difference to me. MORE... |
| 12. The Truth About Discount Settlements and "Free" Giveaways By David Parker, Esq. QUESTION: Recently, I have seen a number of advertisements from settlement companies offering discounts and free giveaways if you use them for settlement. How do I know if the fees being charged are fair and what do you think about a settlement company giving away a free TV if I use them for my settlement? MORE... |
| 13. Dealing with Affiliated Title Companies vs. Independent Ones By David Parker, Esq. QUESTION: I have just signed a contract to buy a new house and now I must select a Lender and a Settlement Attorney. My agent suggests that I go to a lender and title company that are “affiliated” with the real estate agents company. I am not sure if I will get the best deal if I go to one of these affiliated companies and also whether those companies are the best ones out there. Shouldn’t I shop around for the best service, experience and best prices or should I just go with the affiliated companies? MORE... |
| 14. Are Lenders in Trouble? By David Parker, Esq. QUESTION: I have been reading in the papers that many Lenders are in trouble and are going out of business or unable to fund their loans. I am worried that my Lender will not send the loan money to my settlement. What if I get to settlement and the loan money isn’t there? MORE... |
| 15. The Real Estate Settlement Proceedure Act (RESPA) By David Parker, Esq. QUESTION: I have been reading in the newspapers about attempts to change the whole real estate settlement process, the lending process and the many disclosures and documents that have to be signed. I have read that the biggest problem seems to be that people are surprised at settlement with their closing fees. MORE... |
| 16. Taking Title to Real Property By David Parker, Esq. QUESTION: My husband and I are about to purchase a house. We are concerned about what would happen to the house if one of us dies. Is there a certain way to take title to the property in order to protect our interests? Should I contact an attorney in advance or can I ask someone about this at settlement? MORE... |
| 17. Tax Deferred Exchanges and Investment Property By David Parker, Esq. QUESTION: Several years ago, I purchased an investment townhouse which I have been renting out. The property has substantially increased in value, and I am considering selling the townhouse. However, I am afraid that I will have to pay taxes on my profits. MORE... |
| 18. Can You "Lock In" Your Loan Rate? By David Parker, Esq. QUESTION: I am about to settle on a house and I am worried about the interest rate that I will get on my loan. I met with a Lender but I don’t have anything in writing. I am worried that interest rates might increase before my settlement. Can I get something in writing from my Lender? MORE... |
| 19. Purchasing Bank Owned, Foreclosure and Short Sale Properties By James E. Savitz, Esq. A great deal has been written recently about the sale of Bank Owned or Foreclosed properties, as well as “Short Sales.” Buying such properties can certainly result in a significant savings in the purchase price. MORE... |
| 20. IRS Provides Help for Buyers and Sellers By James E. Savitz, Esq. Real Estate Agents need to become familiar with the latest Federal initiatives to assist the housing market and to minimize some of the most difficult challenges in our market place. MORE... |
| 21. The GCAAR Short Sale Addendum By James E. Savitz, Esq. Short Sales have dominated our marketplace as of late and in response to this, many Realtors are now familiar with the new GCAAR Short Sale Addendum (form # 1362). MORE... |
| 22. Purchasing "Short Sale" Versus "REO" Properties By James E. Savitz, Esq. As Realtors are well aware, in the current marketplace, a majority of sales transactions are either bank owned properties (REO) or “Short Sales”. MORE... |
| 23. Maryland's "Cash for Clunkers" Appliance Program Launches April 22nd By Beau R. Pichon, Esq. This spring, the United States Department of Energy will be distributing nearly $300 million in rebates to consumers as part of its energy-efficient appliance rebate program, often referred to as the appliance equivalent of last year’s “Cash for Clunkers” car rebate program. MORE... |
| 24. General Assembly Moves to Block Increased Taxes on Short Sales By Beau R. Pichon, Esq. An emergency bill has been introduced in the Maryland Senate and House of Delegates that would specifically prohibit counties from charging additional recordation taxes on short sale transactions above and beyond those charged on traditional home sales. MORE... |
| 25. There's No Such Thing as a "Rush" REO Settlement By Beau R. Pichon, Esq. Given the recent surge in foreclosures in Maryland and across the country, it is no surprise that bank-owned (also know as “Real Estate Owned” or “REO”) properties now represent a large portion of the current stock of real estate on the market. MORE... |
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