Vermont Spotlight

Spring 2017

Vermont SPOTLIGHT As we see 2016 disappearing into our rearview mirror, we are looking forward to what 2017 will bring. While we are busy planning for this year, it’s always a good time to reflect on the last twelve months!

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In This Issue Introduction from Lori Rice

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On the Road with Regional Counsel

TRID continued to be a hot topic last year for our agents and us. We facilitated many educational offerings to agents, REALTORS® and lenders throughout the state. Carrie Cote, Maine Senior Underwriting Counsel, is our northern New England point person on this issue and she will continue to keep you apprised of any updates and changes as they occur. Carrie is scheduled to present at the Vermont Bankers Association’s “Mortgage Day” event on May 9th in Montpelier. We hope to see you there! In addition to Carrie, Ruth Dillingham develops and presents educational programs for agents and their employees to keep them informed of new developments in lending, compliance and conveyancing practices and regulations. Ruth was promoted in 2016 to Senior Underwriting Counsel for our Corporate Underwriting Department, and in her new roles, she provides a national perspective on compliance and regulatory topics.

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Jim’s Top 5 Underwriting Questions

On the educational front, we held a variety of roundtable meetings throughout the state and hosted our Annual Agent Seminars in May in Rutland and South Burlington. Cyber fraud education was a high priority item for us, as we witnessed new scams being discovered on a regular basis. In addition to the email bulletins we’ve distributed to agents, we also have many resources available to our agents to educate their staff and customers about cyber fraud. As we plan for our 2017 educational events, we welcome your input and feedback to ensure we are providing valuable and timely information for you and your staff.

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Did You Know?

Making a Lender’s Report Card Work for You

AgentNet® - Easily Reset Passwords and Obtain Forgotten User IDs

First American: Financial Position of an Industry Leader

First American Title Pass-Thru Marketing Program

Make Sure You Are Using the Updated 1099-S

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News Brief

Helpful Sites Save the Dates

Vermont Contact List

We are very appreciative of your business and thank you for choosing First American Title as your underwriter. We look forward to working with you in 2017! Lori Rice, VP, Area Manager - Maine, New Hampshire and Vermont The information contained in this document was prepared by First American Title Insurance Company (“FATICO”) for informational purposes only and does not constitute legal advice. FATICO is not a law firm and this information is not intended to be legal advice. Readers should not act upon this without seeking advice from professional advisers. First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates. ©2017 First American Financial Corporation and/or its affiliates. All rights reserved. NYSE: FAF

ON THE ROAD

WITH REGIONAL COUNSEL By: Carol E. Willoughby, VP, New England Regional Counsel, First American Title

As Regional Counsel, I have the unique opportunity to have involvement in the goings on of each of our six New England States, and to liaison with other Regions and Divisions within First American Title, as well as Home Office. To say that our Company is diverse and far-reaching is an understatement. Narrowing things down a tad, I will chat a bit about a couple issues we are all dealing with. First, I’ll briefly discuss an enhancement to AgentNet® that will hopefully prove useful to you and the Company – linked requests for underwriting in excess of an agent’s issuing limit. Second, I’ll discuss what I see as possibly our most important industry challenge – cybersecurity. AgentNet has a direct link to your favorite First American Title underwriter, by which you can request underwriting assistance, including approval for those deals in excess of your issuing contract authority. We’ve had this functionality for a while, but it has recently been improved to flatten out the request submission – fewer clicks and more intuitive communication. In addition, use of this function connects the policy jacket you create in AgentNet to the underwriter’s actual approval of the deal. Because the approval is tied to the policy jacket, and obtained prior to closing, this documents that you are working within the issuing contract. I encourage you to try this functionality in AgentNet, and provide feedback. For training on use of this functionality, contact your Agency Representative, or select the User Guides tab in AgentNet and choose Create New Underwriting Request found under Training Videos.

And now for the big topic of the day: Cybersecurity. One of our most important challenges our industry faces is cybersecurity. First American Title and its agents hold large sums of other peoples’ money, and a large amount of customers’ non-public personal information. We are each obligated to safeguard those funds and that data. On a weekly basis, if not more frequently, I am presented with a story of misdirected funds or an electronic hack into data. With respect to funds misdirection, sometimes the buyer has been tricked into sending purchase proceeds to a fraudster, sometimes the settlement agent has been tricked into sending seller proceeds or payoff funds to a fraudster. Sometimes, the root of the hack, enabling the fraudster to penetrate the communication circle is a Gmail or other open type email account. Sometimes, I hear about an agent’s network being ransomed, the malware having been set when an employee was surfing or shopping on line. No matter the nature of the hack, who is the source of the hack, or who has responded fatally to the fraudster’s email, all parties to affected transactions are in for some difficult conversations. In the case of misdirected funds in response to a fraudster’s email, the funds are seldom fully recovered. If the settlement agent, or an employee thereof, sent the funds in response to a fraudster’s email, the settlement agent’s professional liability policy does not always provide coverage. The agent, whose network has been held hostage, is paying the ransom. The customer data that has been compromised results in years of credit monitoring and reporting expenses. First American Title has sent out numerous advisories to its agents counseling caution in these situations. But there are a few consistent takeaways. I’ll identify the big five I’ve been taught – with emphasis on #1 and #5. Cont. on next page

First American Title | Vermont Spotlight | Spring 2017

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ON THE ROAD WITH REGIONAL COUNSEL

Never, ever disburse funds based on an email. When I say “never” - I mean the type of never we use when we refer to jumping from an airplane without a certified parachute. Never. AB-SO-LUTE-LY NEVER! Why? Because the probability of completely stopping all hacks is a little like the odds of winning the Powerball jackpot. But if we NEVER disburse funds on an email – the risk of misdirected funds based on a fraudster’s email disappears. I know of more than one agent that only wires funds based on an in-person, signed direction.

We should always and only use dedicated hardware for banking. Why dedicated hardware? When you or your employee surf the internet, you unwittingly bring back malware bugs. If you only use dedicated hardware, that is not networked, to do your banking – then you are far less likely to let a fraudster into your banking business.

No one person should be in the position of being unchecked. This is nothing new. We’ve long preached that no one person be able to wire or transmit funds without the approval of another person.

We should all use multi-factor/complex logins whenever possible, change our passwords regularly, and never save passwords to a given website. Use of simple passwords, or single level authentication, or not changing passwords regularly, or saving passwords on the applicable website for ease – each pose a significant risk. There are

First American Title | Vermont Spotlight | Spring 2017

CONT.

software products readily available to break such passwords, and these have long been used with great success by criminals. Use of 12-character passwords, comprised of letters, numbers and special characters are far more difficult to break than the typical eight letter word. Multi-factor authentication, which refers to the use of more than one password, further complicates the ability to hack. Multi-factor authentication is common with the use of a password and an additional method of authentication – such as the thumb print to access your Starbucks app on your iPhone. If your customers are logging into your system to interface with you, consider multi-factor authentication.

Finally, and perhaps most importantly, be insured against these types of cyber-crimes. We’ve already discussed the near inability to stop all cybersecurity breaches. A cybersecurity incident can invoke different types of losses; loss of funds through misdirection due to a fraudster’s email, loss arising from the unauthorized access of customers’ non-public personal information, or loss from extortion in the context of ransomware. Often these losses are not covered by E&O or other professional liability type coverage. Cybercrime and cyber liability insurances are available to assist our agents and their customers in such instances. While these products are available from a variety of providers, First American Property & Casualty Insurance Agency, Inc. offers products that speak to these types of losses as well. I encourage you to evaluate your existing coverages against these types of losses immediately. And with that bit of insight, I’m off on the road again.

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JIM’S TOP 5

UNDERWRITING QUESTIONS

By: James E. Knapp, Vermont Underwriting Counsel

I am working on a transaction that will be insured by First American. The seller is under guardianship and lives in Connecticut. What kind of evidence of the authority of the guardian to complete the transaction should I obtain? The authority of foreign guardians to convey Vermont real property is a big challenge right now. The most cautious approach is to get a license to sell from the Probate Division of the Vermont Superior Court for the district where the property is located. The authority of the Vermont Probate Court to issue a license when the guardian or ward resides out of state is set forth in 14 V.S.A. § 2886. It is not absolutely clear that a Vermont license is required under the current law. The Vermont statutes provide for the “registration” of the non-Vermont order authorizing the sale, but that is not a well-known procedure. The authority for registering a non-Vermont order in a guardianship is found in 14 V.S.A. § 3181. Be aware that the process for registration of a foreign order will likely depend on what the Probate Judge in the district thinks about the process. One interpretation of the language in 14 V.S.A. § 3183 below suggests that the registration does not permit the transfer of the real estate but does allow the guardian to apply for a license under 2886 without “opening” a full guardianship in Vermont and becoming subject to the Vermont court jurisdiction. There is an alternative understanding that says “no, a non-Vermont court can authorize the transfer and Vermont must accept under reciprocity” but that is not clearly expressed in any current law or court decision. Until there is a statutory clarification, it is best to consult with the Vermont Office and the Probate Division where the property is located.

I just finished a search and it appears there are a number of errors in the property description that have crept into the description over time. They all appear to be typographical errors or similar minor errors. What should I do? Is the title marketable? Do I need corrective deeds from all the owners in the chain of title? The answer depends on the resources available. If the right circumstances exist and one of these solutions apply, no corrective or supplemental deeds would be required. The easiest solution works when there is a survey on record, before or contemporaneous with a deed in the chain of title. If the written description is inconsistent with the boundaries depicted on the survey, you can adopt the holding in Withington v. Derrick, 153 Vt. 598, 604 (1990), which holds broadly that the depiction of the boundaries on the survey can be used to clarify or supplement an inconsistent written description in a later deed. If there is no survey to use, then the provisions of Title Standard 10.1, particularly Comments 1-3 will help. If the errors are in the courses and distances, but the monuments on the corners are sufficiently identified, then the rules of construction applicable to deeds will help resolve the discrepancies. The typographical errors and other clear errors should be identified and corrected in the next instrument of conveyance. If the boundaries cannot be located, you may need to resolve the question by obtaining boundary confirmation agreements from neighbors.

First American Title | Vermont Spotlight | Spring 2017

We just finished a title. The property has been in the same family for 100 years and we discovered that a quarter interest was conveyed to Mike in the 70’s. Mike died but there is no recorded conveyance from Mike to anyone in the chain of title. First, determine if there was an estate opened and probated for Mike. There may be a decree in his estate that either specifically addresses the property, or perhaps the property passed under the residuary clause of a will or by intestacy. If some, but not all of the property was decreed in the estate proceedings, the provisions of Title Standard 13.3 may help to resolve the question. Title Standard 13.3 applies when real estate was omitted from the probate proceedings or the description of the property transferred in the estate was defective. If there was no estate, then the procedures in 14 V.S.A. §1801-1804 may apply. The process and procedures described in 14 V.S.A. §1801-1804 are one resolution to the issue. In very broad terms, an action may be filed in the Probate Division seeking the appointment of a special administrator to convey the property to the party entitled to hold the title. The key elements to using the procedure for Conveyance When Record Holder Deceased are: (1) the person in whose name the record title rests must have been deceased for at least seven years; and, (2) the estate of the deceased record title holder was not probated and the interest of the heirs was not conveyed or was defective conveyed; and (3) the person claiming the title must show that the heirs or personal representatives are not in possession of the property and the heirs and personal representatives do not have the right

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JIM’S TOP 5

UNDERWRITING QUESTIONS

Continued

to re-enter or repossess the property. If the petitioner can establish all of the elements of the claim to the property, the Probate Division will appoint a special administrator to convey the property to the successful petitioner. The requirements for the petition and the process are described in detail in 14 V.S.A. §1801-1804.

My client is going to purchase property from a family limited partnership. The title is in the name of the limited partnership. I want to be sure I have the right evidence of authority to convey. What do I need to do to issue a title insurance policy to my client? The conveyance documents should be signed by one or more of the general partners of the partnership. Your question indicates that the owner is a limited partnership, but there will still be a general partner. Start with research at the Secretary of State’s website business search page - www. sec.state.vt.us/corporationsbusinessservices/searches-databases/ business-search.aspx - and look for the registration of the limited partnership. That registration will tell you two things, first, the names of the partners, and, second, the whether or not there is a statement of partnership authority (11 VSA §3223) on record. If there is a current statement of partnership authority on file, you can rely on that for evidence of which partners are authorized to convey the real estate. A partnership is not required to file a statement of partnership authority, so the absence of such a statement is not a defect. In the absence of a current statement of authority, there are a few steps to confirming that the right people will sign the conveyance documents. First,

in the process of searching the title, check to determine if there are any instruments recorded which authorize the transfer or limit the authority of specific general partners to sign for the partnership. Second, the purchaser will want to determine if this sale is part of “carrying on the ordinary course of the partnership’s business.” General partners are generally authorized to execute partnership documents for the carrying on the business of the partnership in the ordinary course. If the sale is not part of the ordinary course of business, the sale could be challenged by the partners if the other partners did not authorize the transaction. 11 VSA §3221. It is good practice to obtain a certification from the general partner or partners that the person who will sign the conveyance documents is duly authorized to take that action. That certification should further confirm that there are no provisions in the partnership agreement restricting the powers of the general partner to execute documents on behalf of the partnership. If all the general partners sign the certification, that will act as confirmation of the approval of the sale.

of a power of attorney, but the power of attorney is not recorded, the provisions of 27 VSA §348(d) may apply to validate the discharge. A mortgagee who asserts that the discharge was executed without authority must challenge the discharge by recording a complaint in a civil case in the land records within three years of the recording of the discharge. The second statute validates discharges when the discharge is not signed by the record holder of the title to the mortgage. The key elements to validating the questionable discharge are: (a) the discharge must have been on record at least three years without objection by the holder of the record title to the mortgage; and, (b) there must be an affidavit from an owner of the property attesting to the key elements set out in 27 VSA §470(a) (2). The two Title Standards that may help with the questionable discharges are Title Standard 18.5 which addresses mortgage discharges signed by MERS authorized signatories; and, Title Standard 18.2 which addresses irregularities and discrepancies in mortgage discharges.

We are looking at several mortgage discharges that appear to have problems. This is a residential property. In general, the mortgages are granted to Bank A, but the discharges seem to come from different banks or banks signing on behalf of MERS. How can we tell if the discharges are valid? There are two key statutes and two Title Standards that apply in the case of a less than perfect discharge for 1-4 family residences. The statutes do not apply in commercial transactions. If a discharge is signed under the authority

First American Title | Vermont Spotlight | Spring 2017

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DID YOU KNOW By: Christopher McPhee, Agency Representative

TARA Users: If you are looking for a Notice of Availability (NOA) for just an Owner Only policy, you actually don’t use the Notice of Availability button to do so. Instead, once you calculate the premium in the commitment screen, this process should automatically pull the premium to the Notice of Availability - Owner Only form in the Documents tab. Using the NOA button requires you to have a lender policy entered in order to calculate the additional premium for an owner.

Procedure Manual: The Vermont Procedures Manual can be found online! If you have access to AgentNet® and need to either update your manual or reference a chapter, you can search the Content Library to locate the entire procedures manual.

• •

• Enter procedures manual in the Content Library search field and then click Search.

• Refine your search results by selecting Vermont from the menu on the left and then selecting Underwriting Rates & Manuals.

First American Title | Vermont Spotlight | Spring 2017

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H E L PF U L S IT ES First American Title has a number of online resources available to our agents. Here are a few sites to visit for training information, marketing materials and industry information.

AgentNet® (https://agency.myfirstam.com): AgentNet isn’t just for obtaining back title policies and closing protection letters. »» Content Library: You can find training materials, webinar recordings, the Vermont Procedures Manual by performing a search in the Content Library. »» Pass-Thru Marketing Program: More than 100 professionally designed marketing pieces that you can customize with your logo and contact information! Select Pass-Thru Marketing Program from the Agent Resource Center tab. »» Discownts: As a First American Title agent (or an employee of the agent), you are eligible to sign up for discount plans with 30+ vendors through the discownts.com link found under Helpful Links tab. »» TARA Resource Center: If you’re looking for training on our TARA program, visit the TARA Resource Center found under the Helpful Links tab. If you’d like more information about what is available in AgentNet, please contact your sales representative. First American Home Ownership Information Center: If you’re looking for information about owner’s title insurance, this site provides a wealth of informative and easy-to-understand materials to answer your customers’ questions and guide them through the title and closing process. Feel free to share this public site with your business partners and customers: http://firstam.com/ownership. The First American Economic Center provides economic insights and research about the real estate market and mortgage risk. Follow the economic blog for the latest information: http://firstam.com/economics/.

Save the Dates AGENT CLE SEMINARS WEDNESDAY, MAY 10TH

THURSDAY, MAY 11TH

Holiday Inn 1068 Williston Road, Burlington, VT 05403

Rutland Country Club 275 Grove Street, Rutland, VT 05701

First American Title | Vermont Spotlight | Spring 2017

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Making a Lender’s Report Card

WORK FOR YOU By: Ruth Dillingham, VP, Senior Underwriting Counsel – Corporate Underwriting

Most of us recall getting report cards with a mixture of excitement and dread. Excitement if we really enjoyed the learning experience, mastered the topic and felt a bond with the teacher; dread if the class was tough, the material was murky, and the grade had to be at or above some level. Of course, school report cards are behind us now. But we are beginning to see a reemergence of them in our professional careers as lenders are sharing their objective analysis of their settlement agent/title agent business partners in the form of a scorecard. For many title and closing professionals, this scorecard produces conflicting emotions and some anxiety. Conflicting emotions because in general, we love to do closings, we are confident that our title work is firstrate and our staff is well trained. So we expect a ‘good grade.’ But then, what happens? The scorecard arrives, and we learn we haven’t met the lender’s expectations. And, we need a good grade to keep getting work from this client. So how can this blend of excitement and dread be turned into a positive experience? At a recent American Land Title Association (ALTA) seminar, industry experts gave some guidance on that topic. First, find out exactly what benchmarks the lender is using to score your firm. Is it turn times on the title policy? Accuracy of the recording fees? A post-closing customer satisfaction survey? Number of days postclosing for the return of the closed file? If these items are not the ones you consider the most important part of your role in the transaction, at least recognize their importance to the lender. Just as we caution the kids not to get lost in how many little people are in the diorama of the first Thanksgiving or the use of elaborate costuming effects in the presentation on Shakespeare’s Taming of the Shrew, keep an eye on the purpose of the exercise. (Which I will presume to be understanding the importance of a fairly successful first harvest and discussing the roles of men and women in other societies contrasted with today.) If your lender is

First American Title | Vermont Spotlight | Spring 2017

not scoring you on how many hours you spent tracking down an undischarged mortgage or that you drove 10 miles out of your way to notarize documents for a stay-athome parent with a sick child; do not be upset that those acts are not recognized. You know you did your job and then some. But, make sure you are watching the things that are rated on the scorecard carefully. Second, ask the lender about the components on the scorecard. Which office keeps sending title policies in late? Is there a certain file that was an outlier last month and skewed the whole process? If the scorecard doesn’t lay all this out, ask who can explain the underlying information, and then have a conversation with them. Needless to say, this is not a time for saber rattling; this conversation is intended to improve mutual relations. Third, use the scorecard as a management tool. In your firm, who receives the email with the scorecard? An office manager? The paralegal who does most of that bank’s work? Or worst case scenario, is the scorecard being sent to the email address of a former employee who hasn’t been purged from the system? The scorecard should go right to the boss. Once the scorecard is in the right hands, use it to improve your firm’s performance. Communicate with the right employees about what the scorecard shows. Find out why there are deficiencies, if they exist. Do some training. Consider an incentive program to reward improvements over time. Finally, stay abreast of the challenges your lenders are facing. If they send a newsletter or other communication, read it. Be alert to what they are telling you are their concerns and be prepared to work with the lender to resolve them. If they are telling their closing agents too many files are coming back without a [space] between the words “Title – Service” on the Closing Disclosure, go check your software and make sure you are not a culprit, regardless of how you feel about a federal agency dictating grammar rules.

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AgentNet

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Easily Reset Passwords and Obtain Forgotten User IDs A recent enhancement to AgentNet enables users to change their password and obtain forgotten User IDs without having to contact the Agency Service Center (ASC) for assistance. Retrieve Forgotten Password From the login page, click I Forgot My Password. Enter your User ID, click Submit, and a security question will appear for you to answer. When you answer the security question correctly, a temporary password will be emailed to you.

Retrieve Forgotten User ID From the login page, click I Forgot My User ID. An email containing your User ID will be sent to the email address on file.

Change Password Select the Profile tab from the AgentNet home page. Select Change Password at the bottom of the page. You will be prompted to enter your current password then create and confirm your new password. Note: Passwords need to be reset every 365 days.

Note: An AgentNet account will be locked after five unsuccessful attempts to enter a password. If you do get locked out, contact the Agency Service Center at 866.701.3361 for assistance.

First American Title | Vermont Spotlight | Spring 2017

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Billions

$6.2 $5.7

$5.6B

REVENUE CAGR: 7.85%

$5.2

$5.1B

$4.7 $4.2 $3.7

$3.8B

INVESTMENTS CAGR: 14.23%

$3.2 $2.7

$2.6B

$2.2

2011

First American Title | Vermont Spotlight | Spring 2017

2012

2013

2014

2015

2016

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FIRST AMERICAN TITLE

Pass-Thru Marketing Program First American Title agents have access to over 100 pieces of professionally designed marketing material that you can use to secure your position as a valuable resource and industry expert.

Since its launch in 2011, the Pass-Thru Marketing Program has helped thousands of First American agents across the country educate their business partners and consumers about a wide-range of topics. From first-time homebuyers and the value of an Owner’s Policy to FIRPTA, TRID and cyber fraud, the PassThru Marketing Program has what you need. Material can be customized with your company logo and contact information then downloaded for print, posting online or distribution by email. • Consumer education • Agency education/job-aids • Industry reference material

• Bi-lingual marketing/education • Activity sheets/coloring books for children

• Holiday and note cards • And so much more!

Log into AgentNet® and access the Pass-Thru Marketing Program today! Program not available in CA

First American Title | Vermont Spotlight | Spring 2017

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Make Sure You Are Using the Updated 1099-S Title agents and attorneys closing certain reportable transactions could face fines of $250 per incident if they are not using the updated IRS Form 1099-S. The new 1099-S form went into effect Jan. 1 and added a new checkbox to report the transfer of real estate by a foreign person. The IRS has provided instructions for the 1099-S, which is used to ensure that sellers report the full amount of capital gains on each year’s tax return. The penalty for filing an incorrect form is $250 per failure and up to $3 million per calendar year. Penalties can be reduced if the correct 1099-S is filed before certain dates. Title agents and attorneys will want to ensure their title production software has been updated with the new form. Generally, transactions must be reported that consist in whole or in part of the sale or exchange for money, indebtedness, property or services of any present or future ownership interest in any of the following:

1. Improved or unimproved land, including air space 2. Inherently permanent structures, including any residential, commercial or industrial building 3. A condominium unit and its appurtenant fixtures and common elements, including land 4. Stock in a cooperative housing corporation 5. Any non-contingent interest in standing timber The following is a list of transactions that are exempt from being reported: • If the seller certifies that the sale price is for $250,000 or less and the property is for their principal residence • If the “transferor” (seller) is a corporation or a government unit • Any transaction that is not a sale or exchange including a bequest, a gift and a financing or refinancing that is not related to the acquisition of real estate • A transfer in full or partial satisfaction of a debt secured by the property. This includes a foreclosure, a transfer in lieu of foreclosure or an abandonment • If the total money, services and property received is less than $600

First American Title | Vermont Spotlight | Spring 2017

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Residential

Commercial

HOUSELOGIC HELPS HOMEOWNERS GET THE MOST FROM FILING THEIR TAXES

COMMERCIAL REAL ESTATE OUTLOOK: 2017.Q1

After all the paperwork that comes with buying a home, few think about the ultimate paperwork – filing taxes. However being a homeowner comes with many benefits, including the opportunity for an increased tax refund. By: National Association of REALTORS®, Press Release, February 24, 2017 Read more: http://www.prnewswire.com/news-releases/houselogic-helpshomeowners-get-the-most-from-filing-their-taxes-300413311.html

TOP AMENITIES FOR 2017, FROM MILLENNIALS TO BOOMERS

There is a lot of talk about what Millennials want in multifamily amenities—and it usually involves speed, ease and the latest technology—but of course, they are not the only ones to consider this year. By: Cindy Wick, Multi-Housing News, February 17, 2017 Read more: https://www.multihousingnews.com/post/top-amenities-for-2017-frommillennials-to-boomers/

CROOKS, LIKE BORROWERS, FLOCK TO ONLINE LENDERS

Speed and ease of use have made online lenders increasingly popular with consumers, but those same qualities have put them in fraudsters’ cross hairs. By: Bryan Yurcan, American Banker, February 15, 2017 Read more: https://www.americanbanker.com/news/crooks-like-borrowers-flock-toonline-lenders

LIMITED INVENTORY MEANS QUICK SALES FOR HOMEOWNERS

There is good news for people who want to sell their homes this month. By: Sandra Lane, MReport, February 23, 2017 Read more: http://www.themreport.com/headline/02-23-2017/limited-inventorymeans-quick-sales-home-owners

WHAT THREATENS YOUR CLOSINGS THE MOST

NAR’s latest Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. By: National Association of REALTORS®, February 23, 2017 Read more: https://www.nar.realtor/reports/commercial-real-estate-outlook

LANDLORD SUES AIRBNB IN SPAT OVER SUBLETTING

One of the nation’s largest owners and operators of apartment homes is trying to halt Airbnb listings of its units. By: Daily Real Estate News, REALTOR®Mag, February 21, 2017 Read more: http://realtormag.realtor.org/daily-news/2017/02/21/landlord-sues-airbnb-inspat-over-subletting

RISING HOME PRICES FREEZING OUT SOME INVESTORS

Real-estate investors carried housing and distressed markets through the Great Recession, but their success could spur the rental boom and higher home prices at the expense of critical homebuyer groups, a new report has found. By: Ryan Schuette, DSNews, February 24, 2017 Read more: http://www.dsnews.com/news/02-24-2017/rising-home-prices-freezing-investors

INCREASED EMPLOYMENT, PENT UP DEMAND DRIVING DEVELOPMENT IN U.S. MIDWEST

In an unusual shift, jobs in the Chicago area are moving where the talent is rather than the other way around: companies are relocating from the suburbs to downtown seeking to attract millennial workers and spurring the development of multifamily and office projects in the city. By: Mike Sheridan, Urban Land Institute, February, 24, 2017 Read more: http://urbanland.uli.org/development-business/special-section-midwest-3/

SIX KEYS TO DESIGNING & DEVELOPING A DYNAMIC COMMERCIAL REAL ESTATE WEBSITE

The majority of contracts settle on time, but more than a quarter of practitioners are citing delays due to common culprits.

Your commercial real estate website is the digital front door to your business, and if location is the key to the commercial real estate business, then technology is the key to a successful commercial real estate website.

By: Daily Real Estate News, National Association of REALTORS®, February 24, 2017 Read more: http://realtormag.realtor.org/daily-news/2017/02/24/what-threatensyour-closings-most

By: ML Jordan. February 24, 2017 Read more: https://mljordan.com/6-keys-designing-developing-dynamic-commercialreal-estate-website/

First American Title | Vermont Spotlight | Spring 2017

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V E R M O N T contact list

Contact Numbers O: 802.764.3062 TF: 800.639.2502 F: 802.764.3080

Office Location First American Title 32 Seymour Street, Suite 103 Williston, VT 05495

Office Hours 8:30am-5:00pm Monday-Friday

Lori A. Rice Area Manager - ME, NH & VT D: 802.764.3064 C: 207.650.3194 lrice@firstam.com

James E. Knapp Vermont Underwriting Counsel D: 802.764.3065 C: 802.557.2132 jimknapp@firstam.com

Websites National: www.firstam.com/agency Vermont Specific: www.firstam.com/title/VT AgentNet : https://agency.myfirstam.com ÂŽ

First American Title | Vermont Spotlight | Spring 2017

Christopher McPhee Agency Manager D: 802.764.3081 C: 802.342.1820 cmcphee@firstam.com

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