|
President Obama is proposing to reduce the mortgage interest deduction in the Fiscal Year 2013 budget. If you are a homeowner then I'm sure you are familiar with this deduction but if you are not then you might not be familiar with it. This deduction allows homeowners to deduct the amount of interest that you paid for a mortgage on your primary residence in a given fiscal year.
The California Association of Realtors surveyed 800 people who bought a home in 2012 and 79% of them stated that the mortgage interest and property tax deductions were very important in regards to their home buying decision. I do not think it is a bad idea to allow for a reduction in the mortgage interest deduction in the 2013 fiscal budget for the United States. It is important to note that as written, President Obama's proposal would only reduce the deduction for individuals who earn over $200,000 and married couples filing jointly who earn over $250,000. Therefore, the majority of homeowners will still benefit from the mortgage interest deduction.
20 Comments
Effective January 16, 2012, the city of Oakland, Emeryville, Piedmont, Kensington, El Cerrito & Richmond Annex will now have to adhere to the East Bay MUD sewer lateral compliance.
When buying a property, a compliance certificate must be issued before title can be transferred to a new owner. This requirement can lead to some concerns for buyers when purchasing a property in Oakland, Emeryville, or Piedmont areas. The reason for this concern is that the current market in the Oakland, Emeryville, and Piedmont areas are very competitive for buyers. As a result of the competition, many sellers are obtaining offers where the buyer is agreeing to pay for the sewer lateral compliance. Before a compliance certificate can be issued, the private sewer lateral has to be inspected and if any deficiencies are found in the private sewer lateral then the repairs must be made in order to obtain the compliance certificate. Many buyers that I currently work with are concerned about paying money to fix deficiencies in the private sewer lateral on a property that they do not even own. Fortunately, who ever created this new compliance requirement had the foresight to understand this concern. Therefore, a Time Extension Certificate can be obtained very easily by buyers. A 180-day time extension can be obtained from the East Bay Regional Private Sewer Lateral Program which allows title to be transferred before any work is actually done on the property. So on behalf of buyers that are currently trying to purchase a property in the areas that the Sewer lateral Compliance applies, I would like to say thank you for the foresight! |
Archives
November 2024
Categories
All
|
RSS Feed