In this case, the contractor recorded his contract prior to the commencement of work. Thereafter a dispute arose between the contractor and the owner and the contractor filed a lien. The parties settled the dispute whereby the owner gave the contractor a promissory note for the amount owed. Then, the contractor canceled its lien and […]
House inspector negligence liability greater than contract amount
A Kentucky court recently found that a negligent home inspector could be held liable for an amount greater than that initially agreed to between the parties by contract. In this case, the contract limited the inspector’s liability for negligence to $200, the cost of the inspection. The court refused to enforce this provision in the contract, finding to do […]
IRS reviewing land records to discover failure to file gift tax returns
General Gift Tax Rules Currently, the federal tax code allows each person to give in a lifetime up to $5,000,0000 without paying gift taxes. However, for any gift to any one person that exceeds $13,000 in one year, the giver must file a report with the IRS disclosing the gift. The report must also be […]
