All Forum Posts by: Susan K.

Susan K. has started 23 posts and replied 191 times.

Ashish, Thank you. Yes, we found out and you are correct. Thanks for the response.

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Thanks for the response. That is what we thought, but are being told we have to pay SS and medicare on this now even though it is "deferred."

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Hi Everyone,

We are business owners (construction co) classified as S corp, 2 members - paid with W2 income from the business.

We deferred salary for 2024 to a Solo 401K. Are we required to pay FICA tax on the deferred income? We are getting conflicting answers on this.

Please advise. Thanks.

1 Vote

Quote from @Peter Walther:

Most of the Standard Exceptions on an Owner's Title Policy will be deleted if certain title evidence is provided at closing. For example, if an acceptable survey is provided, the Standard Exception for survey matters will be deleted from the policy but a special exception for any matters shown on the survey will be taken. Ask a settlement agent for more details about what they would require to delete them.

I believe the Enhanced ALTA Homeowner's Policy is not available in Florida because it contains certain affirmative coverages that insure against matters that may occur in the future. That's considered casualty insurance which title insurers are prohibited by law from providing.

Thanks for the info.

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Quote from @Chris Seveney:

@Susan K.

Have the buyers pay the delta.

Ok, thanks.

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Russell, would that also be called an "expanded rate?" The policy without standard exceptions?

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Hi Everyone,

A friend of mine is negotiating on a RE contract for the sale of their home. The buyers want "An ALTA Owner's policy of title insurance without standard exceptions" checked on the contract instead of "An ALTA homeowner's policy of title insurance."

Someone had mentioned that the option they want is WAY more expensive than an owner's policy of title insurance. I'm trying to verify if this is correct and if so, how much more expensive (ballpark) can the one without standard exceptions be?

If anyone knows, please let me know ASAP.

Thanks.

1 Vote

Hi Everyone,

When buying bank owned properties what do you put on the contract for time/date for acceptance of offer? I have no idea when the bank will look at the multiple offers going in on this and the Banks realtor I'm sure will not know either. He doesn't answer the phone anyway. (Should I give them 2 weeks?)

Also, what do you put for closing date? Cash deal so I can close anytime. Should I say on or before blank date? Just pick a date 45 days out?

Need suggestions - I'm doing the contract now.

Thanks

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True. Thanks.

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Hi Everyone,

I am writing an offer on a bank owned property. Of course there are multiple offers. My question is would a bank see my offer more favorably if the contract is in our personal names or in the name of our company? (We are licensed General Contractors) Or does it not matter? I know I can quit claim it to one of our companies after I secure it if need be. There are no OO requirements on this and no waiting period for OO versus investor situations. Cash sale of course.

I'm just trying to find out if banks tend to "favor" one over the other and I will write the contract accordingly.

Thanks.

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All Forum Posts by: Susan K.

Susan K. has started 23 posts and replied 191 times.

Post: Q on deferred salary to a Solo 401K

Post: Q on deferred salary to a Solo 401K

Post: Q on deferred salary to a Solo 401K

Post: Quick question on title Policy - need help ASAP

Post: Quick question on title Policy - need help ASAP

Post: Quick question on title Policy - need help ASAP

Post: Quick question on title Policy - need help ASAP

Post: HELP - Bank Owned Prop - what to put for time/date offer acceptan

Post: Making offer on Bank Owned property - use my name or LLC ?

Post: Making offer on Bank Owned property - use my name or LLC ?