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Commissions, Rebates and Inducements E-mail

The NJ Department of Banking and Insurance issued Bulletin No. 13-02 today, restating the prohibition of commissions, rebates or inducements paid by title insurers to real estate brokers/salespersons.

This prohibition extends not only to those practices cited in the memo, but to marketing, printing and mailing materials for agents at the title company's expense. It is a violation for both the title insurer and the real estate agent, so . . . PLEASE . . .

 

 

Ask us to HELP you . . .

 

 

Ask us for INFORMATION . . .

 

 

Ask us for SOLUTIONS . . .

 

 

Ask us to WORK HARD FOR YOU . . .

 

 

We are proud to earn your business based on our KNOWLEDGE, TECHNOLOGY and SERVICE as genuine producers of title insurance and settlement services.

 

Link to Bulletin 13-02.

 
E-mail

Revised Procedure for Short Sales and Ancient Deeds

 

Notice to Real Estate Closing Attorney/Settlement Agents:

Revised Procedure for Short Sales and Ancient Deeds

 

Beginning May 1, 2012, Form GIT/REP- 4 Waiver of Seller’s Filing Requirement of GIT/REP Forms And Payment, is not required to be filed with the Division of Taxation in situations where a property is being sold pursuant to a short sale. Instead, in short sale situations, Form GIT/REP-3, Seller’s Residency Certification/Exemption, must be completed with box 9 checked at the time of closing and given to the buyer’s attorney or settlement agent.

 

Additionally, Form GIT/REP- 4, Waiver of Seller’s Filing Requirement of GIT/REP Forms and Payment, is not required in situations if a deed dated prior to August 1, 2004 (an “ancient deed”) was not recorded. If a deed dated prior to August 1, 2004 was not recorded, Form GIT/REP-3, must be completed with box 10 checked when the attorney records the deed. This administrative change of procedure will allow for efficient management of closings involving short sales or recording of ancient deeds.

 

Form GIT/REP-3

 
Bulk Sales Update . . . . . E-mail

Bulk Sales Reform Passes NJ Senate!

 

On June 9, 2011, the New Jersey State Senate unanimously passed A-2748, the legislative revision that proposes exempting certain residential and seasonal rental properties from the notice requirements of the Bulk Sales Act.  The Bill will now return to the General Assembly for review and vote, and ultimately, if approved, to Governor Christie. Stay tuned to Infinity's website for updates on this important practice matter affecting our industry!

 
RESPA Round Up Articles E-mail

RESPA Round-Up articles help settlement agents and lenders by interpreting questions submitted to the agency to help clarify guidelines and reduce confusion in meeting the 2010 RESPA Guidelines.  They are not published on any regular schedule or interval.  This is what we have to share with you so far!

 

Latest Article from RESPA Round-Up:

 

 April 2011

 

RESPA Round-Up Archives:

 

July 2010

 

September 2010

 

December 2010

 

 
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