Legal Matters

New IRS guidelines on obtaining first-time and repeat home buyer tax credits

The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers. KEEP THIS IN MIND • The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30,...

Non-Refundable Deposit Deemed Invalid in California

I just received this update from the California Association of Realtors.  This is good news for buyers. "NONREFUNDABLE DEPOSIT DEEMED INVALID An agreement for a "nonrefundable" escrow deposit is invalid and unenforceable, according to the recent California case of Kuish v. Smith (2010 WL 373225). This case serves as a good reminder for REALTORS® that inserting a "nonrefundable deposit" provision into a...

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