Legal

The U.S. Senate approved a bill Wednesday that funds the federal government through Dec. 11; the bill includes a full-year extension of the National Flood Insurance Program (NFIP) and surface transportation funding.

 
The bill, which was passed by the U.S. House last week, now goes to President Trump. He is expected to sign it.
 
Under the agreement, NFIP authority is extended through Sept. 30, 2021.
 
“This is the second year in a row we have secured a full fiscal year extension for flood insurance.  It is a victory for REALTORS® and something we fought for very hard,” says Shannon McGahn, the incoming chief advocacy officer for NAR.  “While we continue to work toward comprehensive reform an...

From Dodds & Hennessy, one of our preferred real estate closing attorneys:

"Re: Refusals by Closing Attorneys to Re-Prorate Tax Bills Based on Actual Bills

Dear Friends:

It has come to our attention that some closing attorneys are interpreting the tax pro-ration provisions of the standard residential Board of Realtors' contract in a manner that serves to enrich Buyers hundreds (and in some cases thousands) of dollars to the detriment of the Seller.

The language in the contract is ambiguous at best and certainly subject to alternate interpretations. The language in the contract states taxes are to be prorated on "the tax information available at the time of closing ...Pro-rations at cl...