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legal alert: Missouri Real Estate News: Ballot Proposition Sponsored by the Missouri Association of REALTORS to Ban Transfer Taxes on Sale of Real Estate Rejected by Missouri Secretary of State due to Insufficient Signatures - 08/03/10 12:10 AM

The Missouri Association of REALTORS, sponsor of a proposed state constitutional amendment to prohibit transfer taxes on the sale of real estate, announced today that it would file a lawsuit challenging the Missouri Secretary State's rejection of the ballot petition due to insufficient signatures.  On Monday, the Missouri Secretary of State announced that the ballot petition, known as Vote “YES” To Stop Double Taxation, failed to secure enough signatures of registered voters to qualify for the November ballot.
The Vote “YES” To Stop Double Taxation Committee collected thousands of petitions across six of the state’s nine congressional districts. The Committee … (12 comments)

legal alert: Recent Missouri Court Cases - Legal Update - 07/10/10 07:01 PM
The following recent court decisions may be relevant to your real estate practice in Missouri:
City's real estate "for sale" restriction requiring a certificate of code compliance prior to marketing a home for sale declared invalid.  City of Bellefontaine Neighbors v. Scatizzi, Appeal No. 92965 (Missouri Court of Appeal Eastern District) Attorney's fees incurred to clear title due to filing of invalid mechanic's lien claim recoverable as special damages in slander of title case.  Lau v. Pugh, Appeal No. 29289 (Missouri Court of Appeals for the Southern District) Lender may sue original owner for fraud and negligent representation for non-disclosure of … (2 comments)

legal alert: SPECIAL CONSIDERATIONS WHEN WORKING WITH SENIORS IN MISSOURI - 06/30/10 11:43 PM


When working with seniors, there may be special considerations associated with acquisition and disposition of real estate not commonly associated with the typical sales transaction. Such special considerations may include:
 
Incapacity of an owner to execute a deed. Use of a power of attorney to execute a deed and/or close the sales transaction. Conveyance of title to or from a trust. Death of co-owner. Tax related issues associated with the disposition of real estate such as estate tax and capital gains tax. Medicaid recovery actions and recapture liens. Estate planning issues associated with the manner in which a … (4 comments)

legal alert: New FHA Guidelines for Condo Loans Eliminating the Spot Approval Process Take Effect on November 2, 2009 - 10/03/09 06:45 PM
Massuchetts attorney Richard Vetstein's recent blog post provides a thorough and easy to read overview of the new FHA condo guidelines which eliminated spot approval.  If you are interested in purchasing a condominium to take advantage of the federal first-time home buyer tax credit, this is another reason to act quickly.  For loans assigned a FHA case number prior to November 1, 2009, the lenders can still close loans, even after November 1, 2009, using the prior spot approval guidelines. 
Interested in purchasing a condominium in St. Louis, Missouri?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.

Via Richard Vetstein (Vetstein … (6 comments)

legal alert: Missouri Legislative Update - Wake Up Call to Missouri Realtors - Flat Tax and Transfer Tax Proposals Killed on Procedural Grounds on Final Day of Legislative Session - 06/19/09 12:05 PM
"Let there be a purpose in all your legislation to recognize the right of man to be well born, well nurtured, well educated, well employed and well paid." - President Calvin Coolidge.
The Missouri General Assembly should consider the words of wisdon uttered by President Calvin Coolidge.  Senate HJR 36, entitled "the Fair Tax", is a piece of legislation that will irreparably harm real estate and other professionals in the State of Missouri.  Although it is billed as a "Fair Tax Proposal", it is anything but a fair tax.
Senate HJR 36 imposes a flat tax of 5.11% on the sale or … (2 comments)

legal alert: Legal Alerts - Playin in the Rain is Fun... But Sometimes I Like Playing in the Dirt - UMKC's BrokerDirt Offers a Forum for Attorneys and Brokers to Ask Questions and Discuss Legal Issues relating to Real Estate Sales - 02/21/09 06:24 PM
If you are a real estate broker or real estate attorney and you have a strong interest in real estate issues and trends that impact the daily operations of real estate brokerages, then you may want to join the list serv Dirt or BrokerDirt by clicking here.
What is Dirt and BrokerDirt?  Dirt and BrokerDirt are real estate listservs moderated by Professor Patrick Randolph at the University of Missouri - Kansas City's School of Law.  Dirt is a forum more oriented towards real estate attorneys and BrokerDirt is more oriented towards residential real estate brokers. 
These sites receive funding and assistance … (9 comments)

legal alert: Legal Alert - Lenders Entering Homes Prior to Foreclosure Sale Reported in Washington State - 02/20/09 12:00 AM


Recently, there have been an increase in reports of lenders entering homes pending foreclosure, changing the locks and removing personal property.  
Often, the justification provided by the lenders is that they received a report that the property was vacant and unsecured and that they were simply securing the property by changing the locks and boarding up the property to safeguard the home from property damage, vandalism and theft.   In reality, it is often a ruse to secure possession of the property prior to the foreclosure sale. 
Here is a copy of a recent e-mail received from an attorney in … (67 comments)

 
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Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner

Saint Louis, MO

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PREA Signature Realty - www.preasignaturerealty.com

Address: 1709 Park Avenue, Saint Louis, MO, 63104

Office Phone: (314) 397-3182

Cell Phone: (314) 971-4381

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A Blog for New Home & Other Sales Professionals and for Sellers and Buyers Interested in City Living PREA Signature Realty proudly serves the communities of Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, Dutchtown, and the Other Historic Neighborhoods of the City of Saint Louis, Missouri.

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