By Lisa A. Tyler
National Escrow Administrator

Mona Walter, Branch Manager for Liberty Title in East Lansing, Michigan, took a verbal beating from a buyer attempting to throw around his celebrity status and bully her into closing without unconditionally collecting closing funds. This guy clearly did not think his scam all the way through. His plan was flawed in so many ways. Read "CELEBRITY is no excuse!" for the details about one of the dumbest schemes published in this newsletter yet!

Have you ever closed a transaction where the real estate agent took a commission advance and then refused to pay the commission advance company at closing? Be sure to read "SMALL claims court" to discover what transpired after the real estate broker directed the settlement agent to pay her instead of the commission advance company.

"$600,000 forgery" reveals a crime perpetrated against a title agent who failed to recognize all the red flag warnings. This story is representative of a ring of bad guys attempting to commit this crime repeatedly in Didnotseethatcoming City, USA.

To report or not to report? That is the question. Read "EXEMPT sellers" to uncover the answer and to take this month's quiz on 1099–S reporting. You will be excited to discover the list of exemptions is extremely short and well–defined.

Be sure to answer the monthly 1099–S question to make certain you understand the tips on properly reporting sales in order to avoid penalties!

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