Heritage Title, LLC

I would love to see a similar article on the financial impact for North Carolina if the Administration moves forward with a new proposal to waive title insurance requirements on refinancing transactions for certain borrowers. Has any one seen the numbers? Here are the stats from the article regarding Montana's title industry: "According to a recent study, the title industry directly fuels 800 jobs and $106 million to Montana’s gross domestic product (GDP) annually." NC has 10.4 million residents v. 1.08 million in Montana. It believe it would be equally devastating for NC small business owners. And I agree with the author of this article who says that we all believe that "making homeownership more attainable for all Americans is a worthy goal and should be a key priority for the Administration. However, the best way to do that is by addressing the true barriers to homeownership – burdensome regulations and a lack of housing supply. And while saving homeowners a few hundred bucks is a good talking point, the reality is that this pilot program is too risky for Montana and too risky for the country. Let’s prioritize protecting one of the biggest purchases of a person’s life — a home. Cutting corners could be costly." #titleinsurance #titleindustry #homeownership https://lnkd.in/ezVB58mc

This year will mark a turn in inventory with around 30% anticipated rise. There are many homeowners who have postponed a move to a house that better meets the changing needs, like to a bigger or smaller home, better commute, or even changing school districts. It’s good news for consumers in being offered more properties to look at before deciding.

A frequent discussion with our clients usually involves vacation/second homes and how these properties might become qualified for a 1031 -OR- when might they convert a qualified-use residential replacement property to a non-qualified use. Fortunately, we have Rev Proc 2008-16 to help answer these questions... 1. Have you owned the property for at least two years prior to sale or conversion? 2. Did you rent the property for at least 14 days each of those two years at fair market rent? 3. Did you limit personal use to 14 days per year or 10% of the time in which the property was rented - whichever is greater? Please make sure to work with your #cpa, #attorney, or other advisor to determine if you have met the safe-harbor provided through 2008-16. In the next post, I will discuss why this is important to both residential realtors/agents and commercial brokers, alike. Investors Title Company and Affiliates Investors Title Exchange Corporation #realestate #ncrealtors #screaltor #garealtor #flrealtor #txrealtor #varealtor #1031exchange