Clarification From the State of Vermont Tax Department Regarding REW Tax

While we don't opine on individual closing scenarios involving tax department questions, we thought we would share the Tax Department's answers to common questions:

Question:  What if seller moves out of state BEFORE closing? 

Answer:   REW is required.

Question:  What if the moving van is packed and seller is driving out of state as soon as the closing is completed? 

Answer:   REW is NOT required. This is, or may be, a change from previous positions taken by the State. Bottom line: The seller’s domicile remains in Vermont on the date of closing.

Question:  What if seller's spouse and children are out of state, but seller remains here to complete the closing? 

Answer:   REW is required IF domicile has already been established in another state on the date of closing.

For more information on REW - click here to view the Tax Department's Information Sheet.

Property Descriptions 

Andy and Liz suggest that people reasonably shorten their property descriptions. Among other reasons, the longer the description, the greater the chance for: making a significant typographical error; inadvertently reinstating restrictions or Rights of Refusal that may have expired; misusing or omitting quotation marks affecting important parts of the description. Sometimes less is more. 

For more information about Property Descriptions, see Title Standard 10.1 or click here for helpful tips. 

Copying & Pasting

We all love to copy and paste! An article published by the Reno Gazette confirms the importance of proof-reading and also having a second set of eyes review our work. Click here to read the article. 

Post-Closing Title Updates

Heads up! Based on problems within the following municipal offices, we regret to inform you that post-closing title updates will very likely be delayed (or require extra search time): 

Berlin

Chelsea

Lowell

Pownal

St. Albans City

If you hear of any other municipalities with extraordinary issues, please let us know and we'll pass them along. Thank you!

Lau's Corner & Title Tips

Rate Quotes and Policies Over $1 million - IMPORTANT!

Pre-closing: As you know, based on rate filings with VT Department of Financial Regulation policies over $1 Million require an invoice from our office, viz. Andy, Liz, Jayne, or Lau. For efficiency, please let us know: 

• The E911 property address;
• The transaction amount(s) for purchase and loan;
• Whether a CPL is needed; and,
• For commercial transactions what endorsement/coverage(s) the lender seeks.

Changes: If you have a change to the Amount(s) of Insurance, or need to add a CPL or endorsements, just let us know and we'll revise the invoice. 

Post-closing: Please be sure to include a copy of the invoice when you remit payment and policies to Rocky Hill. 

Questions: As ever, if you have questions, please ask! 

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Events Calendar

Upcoming Events:

August 25: Have you always wanted to go to Thunder Road, the Nation’s Site of Excitement, but just haven’t gotten there (yet)? Or, are you a “regular,” craving another action-packed evening? Either way, join fellow CATIC members, staff, and their families for a BBQ and an evening of summer, outdoor fun! We'll provide tickets to the race and will host a BBQ under the Pavilion.

This exciting night of racing will also include the very popular “Run-What-U-Brung.” We will keep Andy off the track! Perhaps you’ve never seen a State Governor win a race – he may be racing. To sign up please email Katie.

Previously Held Events:

Lake Monsters game: Over 125 CATIC members and their families joined us for a perfect Vermont summer evening at historic Centennial Field on August 5th to watch the Lake Monsters game. For those of you who joined us, thanks for coming out and introducing us to your family and friends! If you missed the game – we’ll look for you next year.