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Legal News
| BROKER NOT NEGLIGENT IN REPRESENTATION OR RECOMMENDATION (November 2007) |
| When a broker showed a home to a buyer as well as referred the buyer to a housing inspector who served as a Chief Building Inspector for a Building Department, the buyer purchased the house. Later, the buyer brought suit against the broker for breach of contract and negligence, stating that the broker misrepresented the structural integrity of the home and was negligent in the recommendation of the inspector. |
| RENTAL PERMIT REQUIRED FOR ALL RENTALS (October 2007) |
| CLICK ABOVE TO VIEW CHAPTER 270. New Code provisions enacted in the Town of Southampton, affecting rental properties within the Town, could cost homeowners the ability to collect rent, fines and potentially a jail term, without a valid rental permit. SUMMARY OF CHAPTER 270 PERMITS Effective January 1, 2008, no owner shall cause, permit or allow the occupancy or use of a dwelling unit as a rental property without a valid rental permit. All rental permits issued pursuant to Chapter 270 will be valid for a period of 2 years from the date of issuance. Application for a permit to be filed with the Chief Building Inspector before the term of the rental is to commence. The application shall contain: 1. Name, date of birth, telephone number, address of owner Proof of legal residence of owner 2. The name, address and telephone number of managing agent, if applicable 3. A writing designating the Town Clerk of the Town of Southampton as agent for service for criminal and civil process. 4. Location of the rental property, including street address and Suffolk County Tax Map parcel number 5. The number of tenants intended to occupy the rental property 6. The names of all tenants 7. A copy of a contract with a a carter providing for weekly pickup, at a minimum, of refuse and proof by letter from the carter indicating that full payment for the entire term of the rental has been make, or in the alternative, an affidavit from the owner acknowledging responsibility for refuse in a timely and efficient manner. 8. The period of the proposed occupancy. 9. A floor plan depicting the location and size of each conventional bedroom. 10. A copy of the Certificate of Occupancy or pre-existing Certificate of Occupancy for the rental property. 11. Written certification from a licensed architect or licensed engineer that states that the rental property fully complies with all of the provisions of the code of the Town of Southampton. The certification shall include, but not be limited to, the number of each bedroom, the square footage of each bedroom, and a description of every improvement indicated on the survey. In lieu of the provision of a certification, an inspection may be conducted by the Cheif Building Inspector. Such application shall be signed, sworn and notarized by the owner(s) of the premises and managing agent, if applicable. Required at filing, a non-refundable 2-year permit application fee in the amount of $200. $150 fee if the owner of a rental property elects to provide written certification from a licensed architect or licensed engineer that states the property fully complies with the previsions. The Chief Building Inspector shall review each application for completeness and accuracy and shall make an on-site inspection of the proposed rental property unless the owner has elected to provide a certification from a licensed architect or a licensed engineer. REGULATIONS INSPECTIONS COLLECTION OF RENT PENALTIES |
| WRITTEN BROKERAGE COMMISSION AGREEMENT LEADS TO COMMISSION (September 2007) |
A broker's right to a commission was upheld in Queens County Civil Court, based on the broker having produced a buyer who was "ready, willing, and able to purchase the property on terms acceptable to the seller" and the written brokerage commission agreement between the broker, the buyer and the seller. |
| HOME IS WHERE THE BUSINESS IS |
| The advantages of operating a business from your home are numerous, but you need to balance these advantages against legal considerations that may not be apparent. Atttention to these matters at the outset can help you avoid legal pitfalls and can greatly enhance your prospects for success. |
| WITHDRAWAL RULES FOR INHERITED IRAs |
| The IRS has established rules for determining the minimum amount that must be withdrawn each year from an inherited traditional IRA. When an individual inherits an IRA, the rules differ somewhat depending on whether the individual was the decedent's spouse. In any case, there is a substantial incentive for following the rules, because the failure to take minimum withdrawals results in a stiff penalty equal to 50% of the shortage. Since complying with the rules can be a convoluted process and a mistake could be costly, it makes sense to be guided by professional advice. |
| FINAL RULES ON CAPITAL GAINS |
| The Internal Revenue Service has issued its final rules on the capital gains tax exclusion that is available on the sale of a taxpayer's principal residence. |
| LIFETIME PLANNING: THE DURABLE POWER OF ATTORNEY |
| Drafting a will puts your estate in order after you're gone. But there is good reason to organize your affairs for your time left on earth, too. Why? You might become disabled and unable to manage your affairs. Who will make your decisions then? |
| TAX ADVANTAGE FOR COLLEGE SAVINGS |
| The ever-rising cost of a college education has led to the creation of college savings plans that have been given various federal tax advantages. Among these are 529 plans, named after the section of the Internal Revenue Code that sets forth requirements for favorable tax treatment of qualified state tuition programs. |
| WHAT HAPPENS IF YOU DIE WITHOUT A WILL? |
| Practically every adult who owns assets needs a will.Yet surprisingly enough, many individuals still don't have one. The few hours that you spend with an attorney now can save your beneficiaries much time, effort and money later on. |
| BUY-SELL AGREEMENTS FOR SMALL BUSINESSES |
| The transfer of ownership interests in a small business should take into account all of the considerations that make each business, and especially a family-owned business, unique. The vehicle for accomplishing the transfer is usually called a buy-sell agreement. |
| SELLING YOUR HOME: RELOCATION EXEMPTIONS |
| According to the Internal Revenue Service (IRS), you can exclude from your income all or part of any gain from the sale of your primary home if you meet their ownership and use tests and, during the two year period ending on the date of the sale, you did not exclude gain from the sale of another house. |
| REVIEW YOUR CREDIT REPORT |
| When the time comes for an important transaction for an individual, such as buying insurance, taking out a mortgage, or applying for a job, having good credit can be critical. Second only to having good credit is being able to prove it in writing, in a consumer report compiled by one of the credit reporting agencies (CRAs) that have credit information on millions of Americans. |
| JOINT BANK ACCOUNTS |
| An elderly doctor and his daughter opened a joint bank account, the money in which would go to the surviving account holder if the other one died. Nine years later, when the doctor was in declining health, his wife asked to be added to the account so that she could pay bills. Based on the signatures of the doctor and his wife, but not the daughter, the bank added the wife to the account. |
| SEVEN STEPS TO SELLINGYOUR HOME |
| Whether you have already received an acceptable offer for the purchase of your home or are considering listing the property for sale, there are seven steps involved in consummating the sale. |
| NEW ESTATE PLANNING TECHNIQUE |
| When an individual dies, there is the possibility that his or her estate will be subject to federal estate tax. However, only estates exceeding a certain level in value are subject to this tax. That level is now set at $1 million for persons dying in the years 2002 and 2003. |