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Change in IRS Code ...
Change in IRS Code Affects Exchanges of Residences - The Housing Assistance Tax Act of 2008, signed by President Bush on July 30, 2008, includes a modification to the Section121 exclusion of gain on the sale of a primary residence. This modification may affect taxpayers who exchange into a residential property, and then later convert the property to a personal residence.
Condo Law Changes ...
The 2008 Washington Legislature passed a new law with regard to condominium association reserve accounts and reserves studies which became effective on July 12, 2008. The law applies to all condominiums created within this state after July 1, 1990. The new law starts off with apparently inconsistent language, which says: An association is encouraged to establish a reserve account to fund major maintenance, repair and replacement of common elements, including limited common elements that will require major maintenance, repair or replacement within 30 years.
June 12, 2008 ...
Governor Gregoire signed a bill that will regulate what many real estate agents market as lease/option programs for distressed homeowners. It takes effect on June 12, 2008. The 18 page bill is very complex. It defines real estate agents and others who market these programs as “Distressed Home Consultants.”
June 5, 2008 ...
Congress helps homeowners avoid paying tax when faced with short sales or foreclosures.
November 2007 ...
A Pierce County Superior Court Judge today awarded $115,000.00 to a Puyallup couple who bought a new home from a builder, only to learn after closing that the lot flooded so badly that ducks used it to rest upon.
May 2006 Newsletter ... ...
IRS RULES – TAXPAYERS MAY NOW ACQUIRE REPLACEMENT PROPERTY FROM RELATED PARTIES! The IRS informed us with Private Letter Ruling (PLR) 20040002 that a taxpayer could acquire replacement property from a related party if the related party is also doing an exchange. PLR 200616005 reaffirms this position...
Winter 2006 Newsletter ... ...
Kelo v. City of New LondonThe Supreme Court decided Kelo v. City of New London last summer. In a 5-4 ruling, the Court upheld the use by cities of eminent domain power for economic development. Justice Stevens, in writing the majority opinion, concluded that the city’s development plan satisfied the Public Use Clause of the Fifth Amendment’s Takings Clause even though the land would be used for private development. In this article, I will explore the issues before the court, examine the positions of the majority, concurring and two dissenting opinions, and posit a criticism of the Court’s decision.The 5th Amendment states in part: “nor shall private property be taken for public use, without just compensation.”
January 2006 Newsletter ...
Court of Appeals Protects Real Estate Partnership from Creditor The Washington Court of Appeals decided, on December 1, 2005, when a judgment creditor can reach the ownership of real property when the creditor has a judgment against only one partner. On July 8, 1992, Joseph Bills and James Teply executed a partnership agreement for the purpose of purchasing and holding real estate. The partners acquired residential property as 'co-partners' by quit claim deed. The deed was recorded in July 1992. The agreement set forth that profits and losses of the partnership and any distributions therefrom were to be allocated according to their percentage of ownership, each initially having a 50 percent share.
August 2005 Newsletter ...
With every quarterly newsletter we seek to bring to you information of interest, not just about our firm but also about various areas of the law that may impact your every day decisions. We believe it to be another way we can serve you. Service to you is our most important job. Sandy Bobrick, one of the founding shareholders of the firm, has contributed an article you will find of real interest; particularly if you should ever file an insurance claim. In the event you do file a claim and your insurer brings an attorney to the table - whom does that attorney represent? Tom Oldfield, also a shareholder in Sloan Bobrick Oldfield & Helsdon, P.S., has contributed a timely article. It concerns issues in the news recently surrounding the
July 27 2005 ...
COURT OF APPEALS UPHOLDS LACEY'S ORDINANCE REQUIRING PERMIT BEFORE FELLING TREES AT HOMEOWNER'S PRINCIPAL RESIDENCE The Washington Court of Appeals announced their decision in Sleasman v. City of Lacey on July 26, 2005. The City of Lacey adopted an ordinance regulating development-related tree-removal. Before felling six or more trees on a developed or 'partially developed' residential lot, the owner must obtain a permit from the City.
July 2005 update ...
COURT OF APPEALS UPHOLDS "AS IS" CLAUSE IN REAL ESTATE TRANSACTIONS & DELIVERS LESSON FOR REAL ESTATE AGENTS The Washington Court of Appeals Division II recently issued its decision in Warner v. Design and Build Homes, Inc. In March 1999, the Warners entered into a purchase and sale agreement with Design and Build Homes, Inc. (Design) for the sale of a new home. The agreement, drafted by the Warners' real estate agent, included a clause stating that the Warners had inspected the property and agreed to purchase the property 'in its present 'as is' condition.' An addendum stated that the sale was conditioned on the Warners' approval of a general building inspection report.
Summer 2005 Newsletter ...
WASHINGTON SUPREME COURT TO HEAR FRAUD LAWSUIT ABOUT FAILURE OF SELLER TO DISCLOSE SEPTIC DRAINFIELD FAILURE. Economic Loss Rule may be applied to Real Estate Transactions The Washington Supreme Court has accepted review of Alejandre v. Bull, an appeal from Walla Walla County. In Bull, the buyers, the Alejandres, bought a house from Ms. Bull. She disclosed nothing wrong with the septic system, and had it pumped before closing. The Alejandres made their offer contingent upon an inspection, which revealed nothing wrong with the system. On the Form 17, Ms. Bull stated that the line between the house and the tank had been replaced.
Spring 2005 Newsletter UPDATE ...
As reported earlier, the Washington Court of Appeal ruled in the case Chrisp v. Goll that all Purchase and Sale Agreements in which one of the parties wishes to utilize the Forfeiture of Earnest Money provision must include the initials of both the Seller and Purchaser on the Forfeiture Clause. The Washington Legislature has responded to the concerns of real estate agents by amending RCW 64.04.005 - the statutory earnest money forfeiture provision - to render the Court of Appeals decision ineffectual. This was done on the last date of the session - April 26, 2005.
Spring 2005 Newsletter ...
On January 3, 2005 the Washington Court of Appeals issued a decision in Chrisp v. Goll about which all real estate agents should take note...
Winter 2004 Newsletter ...
Jeff Helsdon, a partner at Sloan Bobrick Oldfield & Helsdon, P.S. greatly increases our ability to do just that. Not only is Jeff a bonus to the law firm, but he is the prime mover in the formation and operation of SB&OH Exchange Accommodators LLC. He brings a whole new package of experience in real estate, § 1031 exchanges of real estate and personal property and knowledge of land use and zoning issues to you.
THE NEW FINANCING ADDENDUM - BUYER’S AGENTS BEWARE – ...
The recently revised "Financing Addendum" issued by Northwest Multiple Listing Service appears likely to create problems for buyers in at least three respects. These issues could put brokers and agents at risk of claims from buyers who lose their deal, unless the agent has very clearly explained the issues and consequences to the buyer.