• Foreclosure and Tax: What are the pitfalls?

    A question recently arose when dealing with a client facing the loss of a distressed property: “how am I taxed if I should allow the property to go through the foreclosure process? Am I taxed on the balance of the loan that is not collected as a result of the foreclosure.” The short answer is that yes, you’re probably exposed to some tax liability. (This also goes for short sales and deeds-in-lieu of foreclosure when the bank elects to waive whatever deficiency it could have obtained.) Typically, when debt is cancelled by a creditor, it results in ordinary income to the debtor. For instance, if you owe someone $50,000 and they simply forgive that debt, then you’ll be responsible for income of $50,000 for the year that the forgiveness took place

  • Real Estate Attorney: What They Do

    Real estate litigation and transactions can be complex. From purchases to inspections to appraisals, you need legal assistance to review all the fine print and verify that everything is in order. While you may be tempted to save a buck with non-legal services, remember that only attorneys and lawyers belong to a regulated industry with clear standards and are required to carry insurance to cover them in case of errors or omissions. If you work with a non-legal agent, you may not have any recourse in case the transaction goes wrong. Real estate attorneys are professionals who ensure that real estate deals are properly completed as anticipated. Only licensed lawyers, not real estate agents, can actually draft and revise legal documents. A rule of thumb

  • Construction Site Accident Claims Against 3rd Parties

    [caption id="attachment_1920" align="alignright" width="250"] Image of an injured construction worker[/caption] Construction sites are inherently dangerous places. At any given time, the average construction site may have hundreds of people around significant hazards, including open heights, heavy machinery, unfinshed buildings, and dangerous chemicals. As a result, thousands of people are injured in construction site accidents each year, sometimes seriously. Construction workers who are injured in on-the-job accidents are generally limited to bringing claims through Washington State’s workers’ compensation program1, the exclusive remedy for most workplace injuries. In some cases, however, workers who are injured in construction site accidents may

  • When Do Home Buyers Need a Real Estate Attorney?

    A home is an important investment - not only financially, but also emotionally. Choosing the right place for your family to spend years (or even decades) of your lives can be a stressful process. It can also be a complicated endeavor that you shouldn't venture into without the advice of a professional. You must consider whether you need to bring in a real estate attorney or if the services of a real estate agent are sufficient for your circumstances. And if you do need an attorney, at what point in the process should you bring them in? Realtor.com recommends that you employ a real estate attorney if you are buying a home out of town, if you are purchasing a short sale or foreclosed property, if the property is part of an estate sale, if it may have s