IRS and the HUD-1 and the tax credit...what do you think?

Here's a little e-mail chat with a reader trying to help her client.  I am very interested to hear your thoughts on this issue of the IRS requiring that all signatures must be on one piece of paper.

Diane,
I have a client that is filing the IRS Form 5405 to claim the First Time Homebuyers Credit.   She has a HUD1 that is lacking the seller’s signature.  She has contacted the settlement agent’s

IRS and the HUD-1 and the tax credit...what do you think?

Here's a little e-mail chat with a reader trying to help her client.  I am very interested to hear your thoughts on this issue of the IRS requiring that all signatures must be on one piece of paper.

Diane,
I have a client that is filing the IRS Form 5405 to claim the First Time Homebuyers Credit.   She has a HUD1 that is lacking the seller’s signature.  She has contacted the settlement agent’s

stand your ground, nicely and with patience......

We have had two closings, make that THREE closings in which the mortgage lender asked us to use different figures on line 801 than we found on the GFE. In each case, after listening to the lenders explain all sorts of methods they wanted to cure whatever problem they perceived, we just quietly said, we can't change that line, it's got to match the GFE, are you sure you haven't considered

stand your ground, nicely and with patience......

We have had two closings, make that THREE closings in which the mortgage lender asked us to use different figures on line 801 than we found on the GFE. In each case, after listening to the lenders explain all sorts of methods they wanted to cure whatever problem they perceived, we just quietly said, we can't change that line, it's got to match the GFE, are you sure you haven't considered

it's time to think about escheat rules...here's an e-mail from the PA Treasury Dept.

As a former business professional, I know the importance of understanding the various laws and statutes that affect operations. I thank all businesses who comply with Pennsylvania’s Disposition of Abandoned and Unclaimed Property Act and annually file an unclaimed property report with Treasury. To those businesses who do not, I remind you to come into compliance with this state law to avoid

it's time to think about escheat rules...here's an e-mail from the PA Treasury Dept.

As a former business professional, I know the importance of understanding the various laws and statutes that affect operations. I thank all businesses who comply with Pennsylvania’s Disposition of Abandoned and Unclaimed Property Act and annually file an unclaimed property report with Treasury. To those businesses who do not, I remind you to come into compliance with this state law to avoid

query: if two unmarried people refinance for the purpose of removing one borrower from mortgage and title in pennsylvania are there transfer tax

Yes.  A new deed will be created as part of the refinance.  When the deed is recorded transfer tax will be due unless the parties have a relationship that is exempt.

So, let's say we have two unrelated individuals who bought real estate together, perhaps friends or maybe they intended to marry but decided NOT to.  At any rate, because they are not related, there is no exemption.  Unless