Jackson & Campbell P.C. Update October 17, 2003
Dear Real Estate Professional: Maryland Withholding Tax on Sale to Nonresidents: The Comptroller's Office has posted the required forms and explanations on its website at www.marylandtaxes.com.
Click here to connect to Maryland Web Site on Withholding from Nonresidents A synopsis of the new House Bill 935 was included in our last newsletter.
District of Columbia Office of Tax and Revenue Symposium: The Office of Tax and Revenue, RPTA, will host its Advisory Group, RPTA Focus Group and DCLTA meeting on October 21, 2003 from 8:30 - 12:00. The meeting location is 941 North Capitol Street, NE, Washington DC 20002 in Training Room A - 4th Floor. The purpose of the meeting is to share new requirements, solicit open, honest, and direct communication about issues that affect real property assessments, billing and/or recordation.
District of Columbia Proposed Domestic Partners Issue: D.C. Councilmember Jack Evans (D-Ward 2) has introduced a bill that would exempt deeds from transfer/recordation tax when the name of one partner is added to the principal place of residence. All 12 members of the Council have signed on as co-introducers. As explained, however, the exemption would not be as broad as the spousal exemption which is not limited to the residence.
Common Title Claims: An abnormally high percentage of title claims arise under the following circumstances: errors in legal descriptions, typographic errors in parties' names, failure to have requisite number of witnesses in states where required, failure to ensure that an equity line is closed and released in a refinance, intra-family ("accommodation" transfers).
Title Company Practice Suggestions: We suggest you alert those you think may need this reminder. Similarly, purchasers should initial or sign the house location drawing at closing, as well as a copy of exhibit B-1 of the binder so they do not later claim they were unaware of any exceptions to coverage. No settlement is complete without copies of the photo-identifications being made and placed in the files.
Be cautious in your use of powers of attorney. We suggest that you contact the party who executed the document to confirm his/her understanding and, include in a memo to file, the reason why a POA was used, as opposed to the party attending settlement in person.
Roy Kaufmann will be presenting again the Legislative Updates Session at the upcoming general meeting of the Greater Capital Area Association of Realtors on November 19 at the Washington Convention Center.
To update your list of very handy websites:
www.NTIWeb.com: an excellent site made available by Chicago Title to its agents and clients with state-specific customs (i.e. who traditionally pays for premiums, recording taxes, recording requirements, etc.) and other information.
www.FreeTimeSheet.com: provides a free integrated timesheet, expense reporting and project tracking for up to 5 users (you will have to put up with their advertising).
www.FindLaw.com: good, free portal with links to resource materials in various practice groups.
http://Thomas.loc.Gov: Full text of federal legislation, roll-call votes, complete Congressional Record.
www.USCourts.gov: An ever-improving site giving access to federal courts, opinions, rules, guidelines.
http://www.washington.dc.us.landata.com: Obtain copies of documents recorded at the D.C. Recorder of Deeds. Search by party name, lot/square, or instrument number. Free version will not let you view documents. Registered users may view documents for free (but modest per-document charge to print).
www.EntreWorld.org: A wonderful site geared towards entrepreneurs produced by the Kauffman Foundation (no relation to Roy Kaufmann)
www.TheUltimates.com: one of the best search tools for addresses and names. It includes a "reverse search" where you put in the phone number and the listing is provided, but does not include a "criss-cross" whereby you can put in an address and confirm the listed phone and/or occupants.
U.S. Patriot Act affects title companies! You have to make sure the parties to your transaction are not "Specially Designated Nationals" the names of which are found on a list of approximately 250 names of people suspected in terrorism matters. The Act freezes assets of those people and restricts everyone from having "transactions" with these individuals. Fortunately, the ALTA has a site that enables you to do this very quickly. You may want to add this step to your settlement procedures. Hint: search field is at the bottom of the page. After you have conducted your search, you can use the "Edit" button at the top of your screen, then "Find on this page" for the specific name you searched for.
Click to see ALTA Search for Specially Designated Nationals under the USA Patriot Act
Please feel free to circulate this newsletter to others in the industry, both within and outside your office.Sincerely,
Roy L. Kaufmann of the Real Property and Asset Management Group
Jackson & Campbell P.C.
email:
rkaufmann@jackscamp.com
voice: (202) 457-1600
web: http://www.JacksCamp.comcall us :: (202) 457-6710
This email was sent to rkaufmann@jackscamp.com, at your request, by Jackson & Campbell P.C..
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