Most of you are now aware of the government’s new Homeowner Affordability and Stability Initiative and the Tax Credit of $8,000.00 for “new home buyers.” For this Tax Credit a “new home buyer” is defined as not having owned a principle residence during the three-year period prior to purchase. Two good links explaining the Tax Credit for new home buyers are:
http://www.newquestcity.com/templates/contentpages/stimulus/firsttimehomebuyer.cfm
http://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm
Review this information and use this to your advantage. Please contact me if you have any questions regarding the Tax Credit.
William (Bill) D. Tucker, III, Sr. Partner
Real Estate Attorney
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
www.TGBlaw.com
www.TGBlaw.blogspot.com
Wednesday, February 25, 2009
Member of Firm Active in Local Arts Community
TGB is proud to highlight the local arts activities of Gary White, a member of our firm's Real Estate Group. Gary is currently serving on the board of Four County Players. Our firm has been a long-time supporter of the arts, and we wish 4CP the best with their upcoming shows.
FourCountyPlayers
Tucker Griffin Barnes P.C.
Attorneys at Law
Charlottesville, Va
434-973-7474
Inquire@TGBlaw.com
www.TGBlaw.com
www.TGBlaw.blogspot.com
FourCountyPlayers
Tucker Griffin Barnes P.C.
Attorneys at Law
Charlottesville, Va
434-973-7474
Inquire@TGBlaw.com
www.TGBlaw.com
www.TGBlaw.blogspot.com
Saturday, February 21, 2009
Certificate of Appreciation from Region Ten
Bill Tucker and Tucker Griffin Barnes were recently honored with a Certificate of Appreciation from Region Ten Employment Services for helping persons with psychiatric disabilities enhance their individual recoveries through employment opportunities. According to the certificate, "It is working together with businesses like Tucker Griffin Barnes that Region Ten works to enrich our community one life at a time."On behalf of the staff at Tucker Griffin Barnes, we want to congratulate our senior partner for his years of compassionate support of Region Ten Employment Services.
Thursday, February 19, 2009
A Running Family from TGB
Mary Pat Hanson, Paralegal at TGB, is seeking support for a worthy cause. We're fortunate to have Mary Pat and her family associated with our firm.
Below is a link to my daughter, Kate’s, webpage. She is raising money for the Leukemia and Lymphoma Society and will do a ½ Marathon in April in Nashville. If you would like to make any kind of a contribution it will be greatly appreciated. Feel free to pass the link on to anyone you know who might be interested in the cause of the Leukemia Society. 75 cents of every dollar goes toward research.
http://pages.teamintraining.org/va/cmc09/khansonhks
(I tease her and tell her she had better get a better time than I did when I did my ½ marathon for the Leukemia and Lymphoma Society in San Francisco. – I mean how easy can it be for a 23 year old to run 13.1 miles in Nashville than it was for me – then almost 50 to run the hills of San Francisco – (also the only time I ran 13/1 miles!!!!)
Below is a link to my daughter, Kate’s, webpage. She is raising money for the Leukemia and Lymphoma Society and will do a ½ Marathon in April in Nashville. If you would like to make any kind of a contribution it will be greatly appreciated. Feel free to pass the link on to anyone you know who might be interested in the cause of the Leukemia Society. 75 cents of every dollar goes toward research.
http://pages.teamintraining.org/va/cmc09/khansonhks
(I tease her and tell her she had better get a better time than I did when I did my ½ marathon for the Leukemia and Lymphoma Society in San Francisco. – I mean how easy can it be for a 23 year old to run 13.1 miles in Nashville than it was for me – then almost 50 to run the hills of San Francisco – (also the only time I ran 13/1 miles!!!!)
Short Sale Tip from Tucker
SHORT SALES - Interest Rate Lock:
As mentioned in a previous Tucker’s Tip, short sales take a long time to be approved by the short sale lender. In representing a buyer of a short sale property, avoid locking in the interest rate until you are certain of the closing date. Most locks are for 30 to 60 days, which is usually not enough time to obtain an approval of the short sale. Continuously remind the buyer to be patient and find a good lender who can work with you during the inevitable delays caused by the short sale.
William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
As mentioned in a previous Tucker’s Tip, short sales take a long time to be approved by the short sale lender. In representing a buyer of a short sale property, avoid locking in the interest rate until you are certain of the closing date. Most locks are for 30 to 60 days, which is usually not enough time to obtain an approval of the short sale. Continuously remind the buyer to be patient and find a good lender who can work with you during the inevitable delays caused by the short sale.
William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Wednesday, February 18, 2009
Tax Credit for Home Buyers
Following post received from Ray Caddell & Associates
C21RAC@aol.com - Thanks
Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009
No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.
The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.
The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.
To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
There is no recapture or repayment clause IF the home is owned for at least 36 months.
The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
The American Recovery and Reinvestment Act of 2009
C21RAC@aol.com - Thanks
Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009
No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.
The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.
The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.
To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
There is no recapture or repayment clause IF the home is owned for at least 36 months.
The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.
The American Recovery and Reinvestment Act of 2009
Friday, February 13, 2009
From Tucker's Tips -- Appraisals
APPRAISALS: We are experiencing a sharp increase in the number of real estate contracts which are being terminated due to appraisal problems. Several lenders are now requiring urban comps within one mile, sales within 90 days, and sometimes other strict criteria. In a falling market, this can result in much lower appraisals. To make matters worse, on May 1, 2009 new rules are going to be enacted regarding the assignment of appraisers. Be prepared to defend the contract price, with pending sales unknown to the appraiser or in some cases, even changing lenders.
William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Firm Partner leads Charlottesville Protest
At city courthouse, gay couples seek marriage to protest law
Photo
The Daily Progress/Megan Lovett
Andre A. Hakes (right) rallies members of the gay and lesbian community at the Charlottesville Circuit Court during a demonstration in support of same-sex marriage.
Advertisement
By Brian McNeillPublished: February 13, 2009
Six same-sex couples seeking to wed were turned away Thursday afternoon at the Charlottesville Circuit Court clerk’s office.
“We’re here to fix a problem today,” said Charlottesville lawyer Andre A. Hakes, who organized the protest. “Black, white, yellow or green. Everyone can get married, except for gay people.”
Hakes and her partner of more than a decade, Catherine Gillespie, delivered a big red heart-shaped box of chocolates to Circuit Court Clerk Paul C. Garrett and applied for a marriage license.
“You’re aware of the current statute?” Garrett asked.
“You betcha,” Hakes replied.
“I’m sorry, I’m not able to comply with your request,” Garrett said.
“But thank you for the candy,” he added. “I’ll pass it out to my staff.”
The six couples from the Charlottesville area were among hundreds of gay and lesbian partners who unsuccessfully sought marriage licenses Thursday across the country.
The Valentine’s Day week protest comes in the aftermath of Proposition 8, which overturned gay marriage in California. Virginia voters approved a state constitutional amendment in 2006 that banned same-sex marriage and civil unions.
“Denying these rights to couples is hurtful,” Hakes said. “The people who want to get married here today are normal people. We do our laundry. We pay our taxes. We want to get married.”
Hakes likened Virginia’s laws banning same-sex marriage to the state’s history of denying blacks and whites the ability to wed each other. It was not until 1967 that interracial couples were allowed to marry in Virginia.
Albemarle County residents Nancy and Emily Nolte-Shotwell have been together for nine years and wed in a civil commitment ceremony at Fry’s Spring Beach Club in 2002. On Wednesday, they were among the six couples who sought legal recognition of their relationship.
“This country was founded on the principle of religious freedom,” Emily Nolte-Shotwell said. “I feel like I’m suffering religious persecution.”
Nancy Nolte-Shotwell said the same-sex marriage ban makes her “feel less of a person.”
“I pay taxes. I’m a citizen of Virginia. I’m a citizen of the United States,” she said. “I deserve the same rights as everyone else.”
The six couples were joined by a crowd of 45 supporters, some of whom waved rainbow flags and held up anti-“H8” signs. There were no counter-protesters.
A few of the gay marriage supporters handed out Hershey’s Kisses to court employees and sheriff’s deputies.
“To me, it’s important to remind people that even on Valentine’s Day, Virginia is not for all lovers,” said Albemarle County resident Mary Rodriguez, whose son is gay.
Linda Goodling, also of Albemarle, wore a rainbow scarf to the protest. “It’s important that we value all families,” she said.
Photo
The Daily Progress/Megan Lovett
Andre A. Hakes (right) rallies members of the gay and lesbian community at the Charlottesville Circuit Court during a demonstration in support of same-sex marriage.
Advertisement
By Brian McNeillPublished: February 13, 2009
Six same-sex couples seeking to wed were turned away Thursday afternoon at the Charlottesville Circuit Court clerk’s office.
“We’re here to fix a problem today,” said Charlottesville lawyer Andre A. Hakes, who organized the protest. “Black, white, yellow or green. Everyone can get married, except for gay people.”
Hakes and her partner of more than a decade, Catherine Gillespie, delivered a big red heart-shaped box of chocolates to Circuit Court Clerk Paul C. Garrett and applied for a marriage license.
“You’re aware of the current statute?” Garrett asked.
“You betcha,” Hakes replied.
“I’m sorry, I’m not able to comply with your request,” Garrett said.
“But thank you for the candy,” he added. “I’ll pass it out to my staff.”
The six couples from the Charlottesville area were among hundreds of gay and lesbian partners who unsuccessfully sought marriage licenses Thursday across the country.
The Valentine’s Day week protest comes in the aftermath of Proposition 8, which overturned gay marriage in California. Virginia voters approved a state constitutional amendment in 2006 that banned same-sex marriage and civil unions.
“Denying these rights to couples is hurtful,” Hakes said. “The people who want to get married here today are normal people. We do our laundry. We pay our taxes. We want to get married.”
Hakes likened Virginia’s laws banning same-sex marriage to the state’s history of denying blacks and whites the ability to wed each other. It was not until 1967 that interracial couples were allowed to marry in Virginia.
Albemarle County residents Nancy and Emily Nolte-Shotwell have been together for nine years and wed in a civil commitment ceremony at Fry’s Spring Beach Club in 2002. On Wednesday, they were among the six couples who sought legal recognition of their relationship.
“This country was founded on the principle of religious freedom,” Emily Nolte-Shotwell said. “I feel like I’m suffering religious persecution.”
Nancy Nolte-Shotwell said the same-sex marriage ban makes her “feel less of a person.”
“I pay taxes. I’m a citizen of Virginia. I’m a citizen of the United States,” she said. “I deserve the same rights as everyone else.”
The six couples were joined by a crowd of 45 supporters, some of whom waved rainbow flags and held up anti-“H8” signs. There were no counter-protesters.
A few of the gay marriage supporters handed out Hershey’s Kisses to court employees and sheriff’s deputies.
“To me, it’s important to remind people that even on Valentine’s Day, Virginia is not for all lovers,” said Albemarle County resident Mary Rodriguez, whose son is gay.
Linda Goodling, also of Albemarle, wore a rainbow scarf to the protest. “It’s important that we value all families,” she said.
Thursday, February 12, 2009
Post from Charlottesville Prejudice & Civil Rights Watch
What Could Go Wrong If You Don’t Require a Lawyer for Juveniles in Commitment Hearings? This.February 11, 2009 — hymes
Thank you to the Senate Courts of Justice Committee for passing by indefinitely SB 1303 which would have allowed commitment hearings for juveniles to be held without a lawyer and without a Guardian ad litem. It would have left this up to the judge’s discretion instead of current law which requires the presence of both. Since juveniles as well as adults can be committed to for-profit psychiatric hospitals, although the story below is beyond rare, in Virginia there was a problem with abuse of process with adults in commitment hearings for gain more than a decade ago. So by killing this bill, the Senate Courts of Justice Committee has ensured that the below could not happen to teenagers in the psychiatric commitment setting as it did shockingly for years in Pennsylvania in the Juvenile criminal court.
Thank you to the Senate Courts of Justice Committee for passing by indefinitely SB 1303 which would have allowed commitment hearings for juveniles to be held without a lawyer and without a Guardian ad litem. It would have left this up to the judge’s discretion instead of current law which requires the presence of both. Since juveniles as well as adults can be committed to for-profit psychiatric hospitals, although the story below is beyond rare, in Virginia there was a problem with abuse of process with adults in commitment hearings for gain more than a decade ago. So by killing this bill, the Senate Courts of Justice Committee has ensured that the below could not happen to teenagers in the psychiatric commitment setting as it did shockingly for years in Pennsylvania in the Juvenile criminal court.
Wednesday, February 11, 2009
Women and Business Startups
Women and Startups: Surviving the Emotional Roller Coaster
Entrepreneurs, Small Biz Advice
2/10/2009
Karin Abarbanel knows firsthand what a wild ride the emotional roller coaster of giving “birth” to a new venture can be. Especially for women, as they tend to respond different than men to challenges and obstacles.
Karin is a marketing firm owner and co-author of “Birthing the Elephant.” She shares front-line advice from successful female entrepreneurs on finding the emotional staying power to weather those tender first months of a launch - and avoid costly pitfalls that can derail your dream.
Below are some of the topics Karin and Anita discuss:
Emotional issues will surface — throughout the launch. No more fancy office building, no more big conference rooms and now you are operating in a more basic fashion. As a result, this may create image anxiety and impulse spending may begin to take place with money being spent on high tech equipment and expensive home offices in order to bolster image.
Getting out and promoting your business — can be intimidating. It may feel unnatural to promote yourself but you don’t need professional help or costly advertising. Get the word out through creativity in a grass roots sort of way and master the skill of your comfort level.
Loneliness and isolation — are issues that an entrepreneur will face. You’re no longer in an office environment with a built in support system. Reach out and build a support system of fellow entrepreneurs or work from home friends and meet once a week for coffee. Offer support to one another to pull you through tough times and brainstorm with each other. Feeling isolated can hamper your success.
Learn to recognize trivial — pursuits. Wearing many hats during startup is expected, however, as your business grows you need to delegate tasks to others so your attention is not diverted and burnout doesn’t occur. It may be time to hire some assistance in order to lower your frustration level and keep your focus.
Don’t get so caught up in your business — that you loose sight as to WHY you’re even in business. Many people start off wanting to spend more free time with family or on outside activities. Ultimately, they end up spending more hours working as an entrepreneur - than they did as an employee. Set clear boundaries, take time for yourself and allow yourself to enjoy the flexibility of owning your own business. Outside activities are re-energizing and very necessary to the success of your endeavour and your overall happiness.
Underpricing products and services –can be a problem for women. If you do this in launch mode, you’re doomed to play catch up. Do your research, start with a healthy pricing strategy and set realistic, competitive prices for your products and services. You deserve it!
Karin shared many helpful insights and solutions into the emotional issues that arise during these transitional periods in both men and women’s lives.
The attorneys at TGB are always available and happy to answer any questions you may have about starting a business. Just give us a call at 434.973.7474.
Entrepreneurs, Small Biz Advice
2/10/2009
Karin Abarbanel knows firsthand what a wild ride the emotional roller coaster of giving “birth” to a new venture can be. Especially for women, as they tend to respond different than men to challenges and obstacles.
Karin is a marketing firm owner and co-author of “Birthing the Elephant.” She shares front-line advice from successful female entrepreneurs on finding the emotional staying power to weather those tender first months of a launch - and avoid costly pitfalls that can derail your dream.
Below are some of the topics Karin and Anita discuss:
Emotional issues will surface — throughout the launch. No more fancy office building, no more big conference rooms and now you are operating in a more basic fashion. As a result, this may create image anxiety and impulse spending may begin to take place with money being spent on high tech equipment and expensive home offices in order to bolster image.
Getting out and promoting your business — can be intimidating. It may feel unnatural to promote yourself but you don’t need professional help or costly advertising. Get the word out through creativity in a grass roots sort of way and master the skill of your comfort level.
Loneliness and isolation — are issues that an entrepreneur will face. You’re no longer in an office environment with a built in support system. Reach out and build a support system of fellow entrepreneurs or work from home friends and meet once a week for coffee. Offer support to one another to pull you through tough times and brainstorm with each other. Feeling isolated can hamper your success.
Learn to recognize trivial — pursuits. Wearing many hats during startup is expected, however, as your business grows you need to delegate tasks to others so your attention is not diverted and burnout doesn’t occur. It may be time to hire some assistance in order to lower your frustration level and keep your focus.
Don’t get so caught up in your business — that you loose sight as to WHY you’re even in business. Many people start off wanting to spend more free time with family or on outside activities. Ultimately, they end up spending more hours working as an entrepreneur - than they did as an employee. Set clear boundaries, take time for yourself and allow yourself to enjoy the flexibility of owning your own business. Outside activities are re-energizing and very necessary to the success of your endeavour and your overall happiness.
Underpricing products and services –can be a problem for women. If you do this in launch mode, you’re doomed to play catch up. Do your research, start with a healthy pricing strategy and set realistic, competitive prices for your products and services. You deserve it!
Karin shared many helpful insights and solutions into the emotional issues that arise during these transitional periods in both men and women’s lives.
The attorneys at TGB are always available and happy to answer any questions you may have about starting a business. Just give us a call at 434.973.7474.
Tuesday, February 10, 2009
Firm Partner Active in Thomas Jefferson Inn of Court
Meeting, February 12, 2009
The regular meeting of the Inn of Court is this Thursday, February 12, 2009, at 6 PM, at the Legal Aid Justice Center. RSVP as usual.Judge Hogshire's group, which includes Mike Derdeyn, Laura Butler, Nathan Veldhuis, and Jonathan Blank, are charged with giving the presentation. Be prepared for good food, fine drink, and stimulating conversation.
About the Inn
The Thomas Jefferson Inn of Court is an affiliate of the American Inns of Court and is dedicated to the promotion of professionalism, education, collegiality and fellowship among attorneys, professors and law students who have an interest in litigation and judges who hear cases in the City of Charlottesville and Albemarle County. Meetings of the Inn are held on the second Thursday of each month except June, July, August and December. Meetings begin at 6:00 pm with refreshments and dinner followed by an educational program. Meetings are located at the offices of the Legal Aid Justice Center at the present time. Membership applications are available from Ron Tweel c/o Michie, Hamlett, Lowry, Rasmussen and Tweel, P.O.Box 298 or 500 Court Square, Suite 300, Charlottesville, VA 22902, rtweel@mhlrt.com.
Links to Important Things
American Inns of Court
The regular meeting of the Inn of Court is this Thursday, February 12, 2009, at 6 PM, at the Legal Aid Justice Center. RSVP as usual.Judge Hogshire's group, which includes Mike Derdeyn, Laura Butler, Nathan Veldhuis, and Jonathan Blank, are charged with giving the presentation. Be prepared for good food, fine drink, and stimulating conversation.
About the Inn
The Thomas Jefferson Inn of Court is an affiliate of the American Inns of Court and is dedicated to the promotion of professionalism, education, collegiality and fellowship among attorneys, professors and law students who have an interest in litigation and judges who hear cases in the City of Charlottesville and Albemarle County. Meetings of the Inn are held on the second Thursday of each month except June, July, August and December. Meetings begin at 6:00 pm with refreshments and dinner followed by an educational program. Meetings are located at the offices of the Legal Aid Justice Center at the present time. Membership applications are available from Ron Tweel c/o Michie, Hamlett, Lowry, Rasmussen and Tweel, P.O.Box 298 or 500 Court Square, Suite 300, Charlottesville, VA 22902, rtweel@mhlrt.com.
Links to Important Things
American Inns of Court
Friday, February 06, 2009
Tremendous Opportunity to Refinance
Please tell everyone who owns a house that there currently exists a tremendous opportunity to refinance their residence. I have recently closed several 30-year loans at some very low rates, which we have not seen in many years. There are numerous local experienced lenders with excellent loan products for refinances. These local lenders do have money to lend. Meet with your local lender now, start the process, and then when the interest rates are right, your lender can lock in the attractive rates. Tell your family, friends, prior clients and future clients not to miss this opportunity!
Tucker
William (Bill) D. Tucker, III, Sr. Partner
Tucker Griffin Barnes P.C.
"We Create Solutions”
TUCKER GRIFFIN BARNES—YOUR COMMUNITY LAW FIRM WITH TWO LOCATIONS:
CHARLOTTESVILLE 434.973.7474 AND LAKE MONTICELLO 434.589.3636
Tucker
William (Bill) D. Tucker, III, Sr. Partner
Tucker Griffin Barnes P.C.
"We Create Solutions”
TUCKER GRIFFIN BARNES—YOUR COMMUNITY LAW FIRM WITH TWO LOCATIONS:
CHARLOTTESVILLE 434.973.7474 AND LAKE MONTICELLO 434.589.3636
Tucker's Tips - Short Sales
More SHORT SALES: Short sale contracts may contain a clause making the transaction contingent upon the Seller’s lender’s approval of the short sale. This approval, however, is taking much longer than anyone estimates. One strategy to shorten the time for the approval is to include a clause in the Real Estate Contract giving the Buyer an option to terminate the contract if the short sale approval is not obtained by a certain drop-dead date. You may also want to include a clause allowing the Buyer to extend the termination date. With this “drop-dead” date, the short sale negotiator may put your contract to the “top of the stack.”
Tucker
William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker
William (Bill) D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Nice and roomie - Do you homework before adding to your household
NEW! February 2009: Get Real
Don't get a roommate until you read this
BY C-VILLE ABODE
Nice and roomie
For many of us, the word “roommate” was weaned from our vocabularies some time after college and before marriage. But thanks to the housing crisis and job layoffs, some homeowners who thought their roomie days were long behind them now find themselves considering such an arrangement in order to keep up with their monthly mortgage payments.
“I’ve heard people talk about it recently,” says Charlottesville real estate attorney Bill Tucker of Tucker Griffin Barnes, P.C.
In a rush to ease their financial burden, squeezed homeowners might make the mistake of posting a want ad and praying Single White Female doesn’t come a-knockin’. Not so fast. Unlike the carefree coed days of yore, selecting a roommate now should be undertaken with careful consideration and an eye toward the law.
In other words, “think of this person as a tenant, not a housemate,” says Doron Samuel-Siegel, associate attorney at the firm. Even if the roommate is a close friend, keeping this aspect of your relationship by the books will save you money and headaches down the road.
The first thing you want to do is have a tenant/landlord lease drawn up, either by an attorney (which can cost anywhere from $300 to $500) or by downloading a more general lease from the Internet (which costs roughly $50). If the latter, make sure it’s specific to the state of Virginia, since housing laws vary from state to state. It’s not a bad idea to eyeball the most recent Virginia Residential Landlord and Tenant Act so you’re at least vaguely familiar with the latest laws.
A good lease will include clear language pertaining to when the rent and other household bills are due, and penalties if they’re not paid on time. It should also specify tenant rights (use of the TV, washer/dryer, garage, overnight guests, etc.) and obligations, with regard to smoking, pets, yard work and household chores, as well as the all-important termination clause. “This gives the landlord the right to throw the tenant out if they break the terms of the lease,” says Tucker. The more specific the lease, the less room there is for creative interpretation—one reason why shelling out big bucks for a lawyer to do it isn’t a bad idea.
Another important thing to consider, points out Tucker: Most homeowner’s insurance doesn’t cover tenants and their belongings. So if the roomie decides to light a bonfire in your kitchen, you won’t be reimbursed unless you have a landlord/tenant rider added to your existing policy. Similarly, your tenant will want renter’s insurance—which usually costs under $100 per year—to protect them and their stuff in the event of a fire, flood or other disaster.
As far as what to charge, that unfortunately comes down to what the market will bear (you won’t be able to pass off three quarters of the mortgage to the roommate!). Check the classifieds to see what other landlords/homeowners in your area are getting.
Last but not least, some neighborhoods and housing complexes prohibit tenants, so double-check the neighborhood covenants and restrictions beforehand. By brushing up on the laws and getting everything in writing, your latest (and hopefully last) roomie experience need not be a bad one.—Jessie Knadler
Don't get a roommate until you read this
BY C-VILLE ABODE
Nice and roomie
For many of us, the word “roommate” was weaned from our vocabularies some time after college and before marriage. But thanks to the housing crisis and job layoffs, some homeowners who thought their roomie days were long behind them now find themselves considering such an arrangement in order to keep up with their monthly mortgage payments.
“I’ve heard people talk about it recently,” says Charlottesville real estate attorney Bill Tucker of Tucker Griffin Barnes, P.C.
In a rush to ease their financial burden, squeezed homeowners might make the mistake of posting a want ad and praying Single White Female doesn’t come a-knockin’. Not so fast. Unlike the carefree coed days of yore, selecting a roommate now should be undertaken with careful consideration and an eye toward the law.
In other words, “think of this person as a tenant, not a housemate,” says Doron Samuel-Siegel, associate attorney at the firm. Even if the roommate is a close friend, keeping this aspect of your relationship by the books will save you money and headaches down the road.
The first thing you want to do is have a tenant/landlord lease drawn up, either by an attorney (which can cost anywhere from $300 to $500) or by downloading a more general lease from the Internet (which costs roughly $50). If the latter, make sure it’s specific to the state of Virginia, since housing laws vary from state to state. It’s not a bad idea to eyeball the most recent Virginia Residential Landlord and Tenant Act so you’re at least vaguely familiar with the latest laws.
A good lease will include clear language pertaining to when the rent and other household bills are due, and penalties if they’re not paid on time. It should also specify tenant rights (use of the TV, washer/dryer, garage, overnight guests, etc.) and obligations, with regard to smoking, pets, yard work and household chores, as well as the all-important termination clause. “This gives the landlord the right to throw the tenant out if they break the terms of the lease,” says Tucker. The more specific the lease, the less room there is for creative interpretation—one reason why shelling out big bucks for a lawyer to do it isn’t a bad idea.
Another important thing to consider, points out Tucker: Most homeowner’s insurance doesn’t cover tenants and their belongings. So if the roomie decides to light a bonfire in your kitchen, you won’t be reimbursed unless you have a landlord/tenant rider added to your existing policy. Similarly, your tenant will want renter’s insurance—which usually costs under $100 per year—to protect them and their stuff in the event of a fire, flood or other disaster.
As far as what to charge, that unfortunately comes down to what the market will bear (you won’t be able to pass off three quarters of the mortgage to the roommate!). Check the classifieds to see what other landlords/homeowners in your area are getting.
Last but not least, some neighborhoods and housing complexes prohibit tenants, so double-check the neighborhood covenants and restrictions beforehand. By brushing up on the laws and getting everything in writing, your latest (and hopefully last) roomie experience need not be a bad one.—Jessie Knadler
Subscribe to:
Posts (Atom)