Welcome to the Legal Section of C.A.R. Online, where REALTORS® legal needs are met with the latest information and legal updates. Look below for the latest legal news during the last two weeks. You'll see Regulatory News, new Realegals®, and What's Hot announcements.
Attorney Outreach Calendar C.A.R. attorneys visit real estate offices and local associations throughtout the state providing an opportunity for a live discussion of current legal issues as well as training sessions on the use of new C.A.R. standard forms.
Jun. 19, 2015 (revised) Legal Article: This legal article is intended as an introduction to this dynamic area of real estate brokerage practice. Individuals who are contemplating an exchange should first consult appropriate professionals who are experienced in the tax and financial aspects of Section 1031 exchanges.
The Internal Revenue Code Section 1031: Tax Deferred Exchanges Q&A has been updated as follows:
Four questions 23 through 26 have been added discussing reverse exchanges: what they are, what are their advantages and disadvantages and their legal basis.
Jun. 17, 2015 (revised) Legal Article: Beginning August 1, 2015*, the Good Faith Estimate (GFE), the HUD-1 and the Truth-in- Lending Act (TILA) disclosures will be replaced in most transactions by two new forms – the Loan Estimate and the Closing Disclosure.
(*The CFPB has proposed extending the effective date to October 1, 2015)
June 5, 2015 What's New: The Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers into costlier mortgages.
Legal Q&As -
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