J&C

 

Winter 2013

Real Estate Practice Group List









 

 

 

 

 

 

 

 

 

By: Roy L. Kaufmann

DISTRICT OF COLUMBIA

DC: Electronically Re-Recording Documents at DC Recorder of Deeds. See Complete Summary.

DC: Lack of Good Standing of a Business Entity is Fatal to Lease, regardless of knowledge of other party. See Complete Summary.

DC:   Transfer/Recordation Tax on Residential Properties Proposed to be Tweaked.  See Complete Summary.

DC:  Proposed Law to Forbid Extra Charges in Residential Rentals and Extend TOPA rights to 1 year AFTER recovery for personal use. See Complete Summary.

DC:  When can ROD apply its 30% rule on transfer tax?  See Complete Summary.

DC: Remember Transfer on Death Act will soon be law. See Complete Summary.

DC:  Proposed Law to Change Tax Sale procedure:  The DC Council is considering a whimsical Bill 20-23  which would significantly change the tax sale process (while missing the opportunity to make other needed corrections) to the point where most tax sale investors will choose other jurisdictions in which to invest.  No hearings are yet scheduled for this Bill. See Complete Summary.

MARYLAND

MD: Foreclosures – Foreclosure Purchaser is within rights to enter premises and change locks while occupant is away.  See Complete Summary.

MD:  Court finds new theory to hold title agents liable.  Agents need to update their agreements with clients.  See Complete Summary.

MD:  Reminder that Employers are obligated to notify its employees who may be eligible for Earned Income Tax Credit.  See Complete Summary.

MD:  Changes in how Montgomery County will tax IDOTS. See Complete Summary.

MD:  S-Chapter and LLC Members May Now Take Credit for More Taxes Paid to Other States.   Court Holds Against State and Permits Credit for County Income Tax Paid to Other States.  Of particular interest to S-Chapter corporations, the Court struck down the state’s distinction between a credit against state income tax and county income tax and allowed both to be taken.  See Complete Summary.

FEDERAL

Federal:  Fannie/Freddie Servicing Requirements Change on Short Sales. See Complete Summary.

Federal: The standard mileage rate employers can use to reimburse employees has changed for 2013. See Complete Summary.

DC LEGISLATIVE UPDATE CHART

20th Council Period (2013)

19th Council Period (2012)

UPCOMING EVENTS:

DCLTA Spring Seminar 2013
March 6, 2013
11:00AM--3:15 PM
Maggiano’s Little Italy at Friendship Heights

David H. Cox will be a speaking on Emerging Trends in Title Claims.

Please feel free to circulate this news alert to others in the industry, both within and outside your office.

Sincerely,

Real Property and Asset Management Group
Jackson & Campbell P.C.


email: Roy L. Kaufmann at rkaufmann@jackscamp.com
voice: (202) 457-6710
web: www.jackscamp.com

email: David H. Cox at dcox@jackscamp.com
voice: (202) 457-1634
web: www.jackscamp.com

 

 

 

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Because each client’s situation must be evaluated on its own merits, taking into account all relevant circumstances, this alert must be understood as intended for general informational purposes only and should not be considered legal advice. Moreover, the mailing of this Title & Real Estate Industries News Alert is not intended to create nor does it constitute an attorney-client relationship.

 

 

 

 

 

 © 2013 Jackson & Campbell, P.C.