Monthly Marketable Title Mayhem 

Want to test your knowledge of Vermont real estate law? Now you can! 

The February quiz will be available on Feb. 5! Don't forget to subscribe so you will automatically receive an email every month with the new quiz along with answers to the preceding month's quiz and an honor roll list of those who went 5 for 5. 

To take the quiz and to subscribe,  go to the VATC website and under " News & Announcements " click on the post about this blog.
It's 1099 Season            

The filing season for Form 1099-S is officially underway.   
The Form 1099-S, along with the appropriate Form 1096 transmittal, must be submitted to the Internal Revenue Service no later than February 28, 2020 (for paper filing) or by March 31, 2020 (for electronic filing). 

  ** IMPORTANT **

When filing, be sure to use "official forms or forms that meet the specifications for substitute forms."  CATIC's  PrepExpress software contains a Solicitation/Substitute Form 1099-S but that form has  NOT been approved by the IRS and should  NOT  be used for official filing purposes.


Why not eliminate the time and stress of preparing and filing your 2020 1099-S forms by letting CATIC do it for you.

Simply:  
  • Prepare the Substitute Form 1099-S and give it to the seller(s) at closing; and
  • Submit the signed Solicitation/Substitute 1099-S forms to CATIC on a quarterly basis. 
CATIC will e-file the 1099-S forms for you for a minimal fee.  Please email CATIC Agent Services   if you have any questions or wish to enroll.
Underwriting Tip: Property transfer tax on transfer of "controlling interest" 


Person is defined to include an association, trust, corporation, partnership, limited liability company, or other legal entity. The section also defines controlling interest. 
 
If your seller is one of these "persons", due diligence requires satisfactory evidence that seller either paid, or did not trigger, transfer tax.  VATC recommends meeting this requirement by obtaining an affidavit from seller that there has been no transfer of a controlling interest, or by inserting a statement to that effect in the deed.

Upcoming Seminars - Current Developments in Vermont Real Estate

VATC is continuing its County Seminar series! Join us for 2 hours of CLE (NO ETHICS). Fun to be had by all! The following seminars have been scheduled:

Washington & Lamoille Counties:
Wednesday, February 12th
Chittenden County:
Thursday, March 5th
Windsor & Orange Counties:
Wednesday, March 18th
Addison County:
Tuesday, March 24th
Rutland County:
Tuesday, April 7th

Click  here for more information and to register.
  Cyber Security Training - 2020! Renew or Enroll Now

Worried about falling prey to a phishing scheme? Want help recognizing bad websites? Need to learn more about how to keep your office, and your electronic devices, safer from cyber-attacks?
 
VATC can help. We negotiated a bulk discount rate with Wombat, a national provider of on-line cyber security training and, last year, we introduced a cyber security training program exclusive to VATC members. Several dozen offices, and nearly 150 individuals, signed up and took advantage of these informative, educational trainings (which are the same trainings CATIC has used for its employees the several years).
 
Accessing a training exercise once a month promotes cyber-security awareness front and center and may help keep the wolves outside your door (computer)!
 
What :  12 monthly cyber training sessions in 2020; typically each training is 5 to 10 minutes long. Note: There are new training modules this year.

Cost :    $30 per employee but, new this year, a cap of $200 for firms with 7 to 9 participants or $250 for firms with 10 or more participants.
 
Want to re-enroll or be a new subscriber?   Great - just email Andy and: 

1.Provide a list of employees to be enrolled AND their email addresses.

Note:  For renewing firms, please do this even if there are NO changes to 2020. I want to ensure the correct administrative set-up (and my administrative skills are much better).

2.Shoot a check to VATC at the address below for $30 times the number of employees being enrolled or, if applicable, use the per firm cap amounts above.

 
For more information visit the Wombat site or call Andy.