Goldstein & Levy, P.A., General Counsel Legal Bulletin February 28, 2011 | FTC Mortgage Assistance Relief Services (MARS) Rule Impacts Many Real Estate Professionals On January 31, 2011 the FTC’s Mortgage Assistance Relief Services (MARS) Rule (the, “Rule”) took effect. The Rule is designed to protect financially distressed homeowners from mortgage relief scams that have…
Goldstein & Levy, P.A., General Counsel Legal Bulletin February 28, 2011 | FHA Waives 90 Day Anti-Flipping Rule Through December 31, 2011 HUD has announced that it has instituted a temporary moratorium on FHA’s 90 day anti-flipping rule. With certain exceptions (such as HUD-owned and bank-owned properties) FHA currently prohibits insuring a mortgage on a…
Goldstein & Levy, P.A., General Counsel Legal Bulletin February 11, 2011 | MD Real Estate Commission Provides Guidance To Agents Holding Open House On February 7 the Maryland Real Estate Commission issued a communication providing clarification and guidance on the proper role of the agent while holding an open house. Some of the more significant…
Goldstein & Levy, P.A., General Counsel Legal Bulletin February 15, 2011 | Is It Time To Repay The First-Time Homebuyer Tax Credit? The IRS has a reminder for homebuyers who took advantage of the first time homebuyer tax credit for purchases which were completed in 2008—it’s time to start repaying the credit. Qualified taxpayers who…
Goldstein & Levy, P.A., General Counsel Legal Bulletin February 3, 2011 | A 25-Year Foreclosure? Recent news stories have focused on the problems and delays that have been encountered throughout the country by mortgage lenders and their attorneys in connection with the management and processing of an overwhelming number of foreclosures on residential properties. A…
Goldstein & Levy, P.A., General Counsel Legal Bulletin January 12, 2011 | Withholding Rate on Sales of MD Real Estate by Non-Resident Sellers Reduced as of January 1, 2011 The rate of withholding taxes to be withheld and paid to the Clerk on the sale of real estate by non-residents in MD has been lowered,…
Goldstein & Levy, P.A., General Counsel Legal Bulletin September 30, 2010 | New 1099 Rules for Small Landlords On September 27, 2010 the Small Business Jobs Act (the, “Act”) was signed into law and became the most significant small business legislation in over a decade. There is a little known provision in the Act which…
New Legislation Regulates Services Provided Through “Real Estate Teams” On May 20, 2010, Governor O’Malley signed into law Chapter670, HB 406 entitled “Real Estate Licensees—Services Provided Through Teams” (the “Act”) which regulates the provision of real estate brokerage and sales services and activities provided through “Real Estate Teams”. The Act becomes effective October 1, 2010.…
Goldstein & Levy, P.A., General Counsel Legal Bulletin September 27, 2010 | Are Unregistered Ground Rents Extinguished After 9/30/2010? On May 8, 2010, Governor O’Malley signed into law Chapter 290, HB 580 entitled “Ground Rents – Registry of Properties Subject to Ground Leases” (the “Act”) which provides for the creation of an on-line registry for…
Goldstein & Levy, P.A., General Counsel Legal Bulletin September 24, 2010 | New Legislation—Maryland General and Limited Power of Attorney Act On May 20, 2010, Governor O’Malley signed into law Chapter 689, HB 659 (the “Act”) which repeals Estates and Trusts Sections 13–601 through 13–603 (Powers of Attorney) and adds Estates and Trusts Sections 17–101…