Author: Carrie B. Reyes

Lender acting as mortgage broker owes a fiduciary duty to borrower

A borrower contacted a lender seeking a refinance of his mortgage on the condition the refinance did not contain a prepayment penalty. The lender, who was not a licensed mortgage broker, orally promised to “shop the loan” with other lenders. The lender offered the borrower a loan on terms the lender itself would fund, informing the borrower it was the best loan available. The loan documents signed by the borrower contained a prepayment penalty and heavily marked-up profit margin, both of which the borrower was unaware of on signing. After closing, the borrower discovered these provisions and sought compensation...

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Notice to quit and UD protected under anti-SLAPP law

A disabled tenant occupied an apartment unit with a service dog. With the intent of having the disabled tenant evicted, a neighboring tenant in the same project repeatedly complained to the landlord and Animal Control about the dog’s aggressive behavior. Later, the landlord served a three-day notice to quit on the disabled tenant for an unrelated sublease violation. The tenant did not comply with the notice to quit and the landlord filed an unlawful detainer (UD). The disabled tenant sought to recover damages from the neighbor for the landlord’s retaliatory eviction, claiming the neighbor colluded with the landlord on...

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Boomers postpone retirement, agents be ready

What percent of your annual earnings do you think you need to set aside each year in additional savings and investments to retire comfortably? 25% (34%, 31 Votes) 20% (26%, 24 Votes) 15% (23%, 21 Votes) 10% (16%, 15 Votes) 5% (0%, 0 Votes) Total Voters: 91 Baby Boomers continue to put off retirement, and their financial insecurities are also being felt across succeeding generations as more people face job uncertainty and the need to deleverage from their piles of debt. Only 14% of American workers are confident they will have enough money to retire comfortably, according to the...

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Multi-family rentals spark real estate investment

Are you seeing an increase in multi-family housing investment in your market? Yes (71%, 20 Votes) No (29%, 8 Votes) Total Voters: 28 The income property outlook has been dour since the Great Recession – with the exception of multi-family housing.  Jobs are not yet offered by businesses or governments sufficient to fill up unused industrial, office or retail space. Homeownership rates have decreased as foreclosures and shortsales continue to force former homeowners into rental housing. The increased demand for rentals has led to a recent surge in apartment property purchases. U.S. apartment property sales in January 2012 totaled...

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A gift: bonus vehicle depreciation deductions

26 Code of Federal Regulations 601.105 Amended by Revenue Procedure 2012-23 Effective date: immediately The Internal Revenue Service allows a first-year bonus depreciation business deduction of $8,000 for automobiles acquired in 2012. The first-year bonus depreciation deduction cannot be claimed if: the automobile was purchased used; the automobile is not used more than 50 percent for business purposes; or the taxpayer elected out of the depreciation deduction. The depreciation deduction limit for passenger vehicles purchased during 2012 is: $11,160 for the first year (or $3,160 if the first-year bonus depreciation deduction does not apply); $5,100 for the second year;...

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[M]ost people join CAR in order to obtain the forms, not for the other services. And if there were any viable choices for agents, CAR would immediately suffer as much as a 40% to 50% loss in membership. […] CAR owns the “for profit” company that produces their software, with top officers in CAR sitting in top management spots in ZipLogix. This is the living, breathing definition of a conflict of interest. […] On their website they parade their forms software as “free” when cost of their forms software for non-members as a percentage of their actual membership cost speaks for itself.

- William Tormey, on CAR is "dangerously close" to having a monopoly on real estate forms, counters PDFfiller

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