Important Information from the Maryland Insurance Administration

MARYLAND INSURANCE ADMINISTRATION PROHIBITS TITLE AGENTS FROM PROVIDING FREE HOME WARRANTIES In a bulletin issued on December 18, 2017, the Maryland Insurance Administration has declared that “offering rebates or discounts in the form of free home warranties or home inspections as thank you gifts to consumers who purchase a title insurance policy from an insurance…

Fraudulent Email Alert

Goldstein & Levy, P.A., General Counsel Legal Bulletin NOVEMBER 2, 2016 | FRAUDULENT EMAIL ALERT! There is another fraudulent email scam involving real estate agents which is circulating widely in our area and which we want to bring to your attention. Listing agents have received emails, purportedly from a buyer’s agent, that indicate there is…

New Maryland Laws of Interest to Real Estate Professionals

Goldstein & Levy, P.A., General Counsel Legal Bulletin JUNE 20, 2016 | NEW MARYLAND LAWS OF INTEREST TO REAL ESTATE PROFESSIONALS Governor Hogan signed the following bills passed by the MD legislature in its most recent session.  All of these new laws (or amendments to existing laws) take effect October 1, 2016. Residential Real Property –…

U.S. Treasury Cracks Down on Cash Buyers of Luxury Real Estate

Goldstein & Levy, P.A., General Counsel Legal Bulletin MARCH 15, 2016 | U.S. TREASURY CRACKS DOWN ON CASH BUYERS OF LUXURY REAL ESTATE In an effort to detect money laundering and illegal activity associated with it, the U.S. Treasury Department has imposed new rules requiring title companies to identify and disclose the beneficial owners (shareholders,…

Congress Increases FIRPTA Withholding Rate

Congress Increases FIRPTA Withholding Rate… FIRPTA is a law passed in 1981 requiring foreign persons to pay U.S. Income tax on the gains they make from the sale of U.S. real estate. The buyer of property sold by a foreign person is legally obligated to withhold a portion of the sales price and report the…

MAR Residential Contract of Sale Changes

Goldstein & Levy, P.A., General Counsel Legal Bulletin February 8, 2016 | MAR Residential Contract of Sale Changes… Please note the following changes that have been made to the MAR Residential Contract of Sale as of February 8, 2016: Paragraph 38 – Paragraph 38 was added to the Contract because some lenders are refusing to…

ALTA Best Practices Certification Awarded to Capitol Title

Capitol Title becomes one of the first to be awarded certification in ALTA Best Practices by leading national auditor… Federal regulations now require that lenders and providers of real estate settlement services protect customer’s personal information and adopt practices that ensure proper and compliant handling of lenders’ and clients’ transactions and funds. In response to…

Mortage Forgiveness Debt Relief Act Extended Retroactively for 2014 Uncertain Whether Extension Through 2015 Will Come…

Goldstein & Levy, P.A., General Counsel Legal Bulletin January 7, 2015 | Mortage Forgiveness Debt Relief Act Extended Retroactively for 2014 Uncertain Whether Extension Through 2015 Will Come… On December 16, 2014, President Obama signed a bill that extended the Mortgage Forgiveness Debt Relief Act retroactively to cover mortgage debt cancelled in 2014. The Mortgage…