--- title: 2018 Spring Newsletter description: CSS was recently awarded its 4th consecutive Circle of Excellence Award from Fidelity National Title Group, one of the agency’s underwriters. The award is presented to those agents who demonstrate excellence and commitment to the title insurance industry. --- [![Visit CSS](https://blog.visitcss.com/hubfs/HI.CSS%20Logo.svg)](https://www.visitcss.com) [![Contact Us](https://no-cache.hubspot.com/cta/default/2907556/728febd9-0165-4532-a7d4-844954edc6af.png)](https://cta-redirect.hubspot.com/cta/redirect/2907556/728febd9-0165-4532-a7d4-844954edc6af) ![Michigan Insights](https://blog.visitcss.com/hubfs/CSS_April2018/images/default-header-image.jpg) 1. [Home](https://www.visitcss.com/) 2. [Resources & News](https://www.visitcss.com/resources-news/real-estate-trends) 3. [Michigan Insights](https://blog.visitcss.com/branches) 4. 2018 Spring Newsletter ## 2018 Spring Newsletter March 28, 2018 - Posted by Maura Snabes | SVP, Corporate Counsel ## **What's New!** CSS was recently awarded its 4th consecutive Circle of Excellence Award from Fidelity National Title Group, one of the agency’s underwriters. The award is presented to those agents who demonstrate excellence and commitment to the title insurance industry. Accepting the award on behalf of CSS, from left to right: Beccy Clennan, Manager of Commercial Title and Escrow and Maura A. Snabes, VP, Sr. Underwriting & Compliance Counsel ## **1031 Exchanges.** As mentioned in our winter 2017 newsletter, exchanges of personal property assets, including heavy equipment, farm machinery, livestock, vehicles, aircraft, artwork and collectibles, franchises, and intangibles are now eliminated. However, real property exchanges continue to be very active in 2018. If you have anyone interested in deferring the payment of capital gains taxes on real estate he/she/it holds for investment or for productive use in a trade or business, contact us at 231-547-5220x102 or [msnabes@corp1031.com](mailto:msnabes@corp1031.com). ## **Market News:** ### **Tax reform changes and housing industry.** Title agents and real estate professionals believe the recent change to the U.S. tax code will only have a minimal impact on the real estate industry, according to the latest Real Estate Sentiment Index (RESI) from First American. Most title agents and real estate professionals know that when it comes to buying and selling a home, consumers consider more than just the tax consequences of homeownership. It is believed that expensive markets with higher-priced homes are more likely to be impacted by the new tax law because of the limit on the deductibility of state and local property taxes. In these markets, title agents and realtors were more likely to agree that the new tax code may have a negative impact on housing, including house price appreciation. Almost half of those surveyed do not believe that the new tax code will significantly reduce existing homeowners’ willingness to sell and another 37% thought there would be no impact at all. Only 17% thought that the tax code would significantly reduce homeowners’ willingness to sell and only 23% believed that the tax code changes will reduce demand. ### **Home equity interest rate deduction—some good news.** By now you have heard that the new tax law eliminates the ability to deduct interest on home equity loans. However, the interest paid on home equity loans may be tax deductible in some cases. Although for the most part, the new tax law suspends the deduction for home equity interest from 2018 to 2026, it allows for such deduction if the loan is used to “buy, build or substantially improve” the home that secures the loan. Therefore, if you take out a loan to pay for things like a new roof, renovation or addition, you can still deduct the interest. The loan must be secured by your primary home or second home and cannot exceed the cost of the home in order to be eligible for the interest deduction. Taxpayers may deduct interest on $750,000 in home loans, which limit applies to the combined total of loans used to buy, build or improve the taxpayer’s primary home and second home. ### **Homebuyer demographic-from Baby Boomer to Millennial.** According to a recent National Association of Realtors (NAR) data, Millennials (people between the ages of 19 and 37) were the most active generation of homebuyers in 2017. And so as not to leave out Baby Boomers, who used to be the most active generation of homebuyers: by 2030, all Baby Boomers will be older than age 65. This will expand the size of the older population so that one in every five residents will be retirement age. ### ***Legal News and Case Law:*** I am on the MLTA Legislative Steering Committee and there are several House bills (HB) and Senate bills (SB) which will affect the real estate industry if passed: **Marketable Title Act**: SB 671 adds language to the Marketable Title Statute relating to preserving claims against title. Essentially, one must reference restrictions by book/liber and page or instrument number on a conveyance or other recorded document in order to preserve them. If there is no mention of them in the chain of title specifically, for a period of 40 years, they are no longer an encumbrance on the property. The Act states that marketable title is held by a person and is taken by his or her successors in interest **free and clear** of any and all interests or claims that occurred before the 20-year period for mineral interests, and the 40-year period for other interests if nothing is recorded referencing or preserving the interest or claim by liber/page/instrument number. The interest or claim can be preserved by filing for record a written Notice setting forth the nature of the claim, within the allotted time period. The Notice would have to contain all of the following: - The claimant's name, mailing address, and signature. - The interest claimed to be preserved. - The liber and page or other unique identification number of the instrument creating the interest to be preserved. - The legal description of the real property affected by the claimed interest. - An acknowledgement in the form required by the Uniform Recognition of Acknowledgements Act, and Section 27 of the Michigan Notary Public Act. - The drafter's name and address. - An address to which the document could be returned. **Electronic notarization**: SB 664 introduced by Peter MacGregor updates the Michigan Notary Public Act language relating to electronic notarization of documents, which is the first step in the direction of remote notarization approval. **Certificates of Trust**: HB 5398 allows the use of a Certificate of Trust under the Estates and Protected Individuals Code (EPIC) for a trust that affects real property. One of the facets of this is that a successor trustee can sign the COT rather than an attorney for the Trust/Trustee. We will keep you updated on this pending legislation as it moves through the legislative process. **TOPICS:** [millennials](https://blog.visitcss.com/branches/tag/millennials), [1031 Exchange](https://blog.visitcss.com/branches/tag/1031-exchange), [tax reform](https://blog.visitcss.com/branches/tag/tax-reform), [Baby Boomers](https://blog.visitcss.com/branches/tag/baby-boomers), [real estate law](https://blog.visitcss.com/branches/tag/real-estate-law) ### RECENT POSTS [Fall Newsletter: 2021](https://blog.visitcss.com/branches/fall-newsletter-2021) September 27, 2021 [Summer Newsletter: 2021](https://blog.visitcss.com/branches/summer-newsletter-2021-0-0) June 30, 2021 [Spring Newsletter: 2021](https://blog.visitcss.com/branches/winter-newsletter-2020-0) April 05, 2021 ## RECENT NEWS & INSIGHTS ![Fall Newsletter: 2021](https://blog.visitcss.com/hs-fs/hubfs/pexels-pixabay-33109.jpg?width=250&name=pexels-pixabay-33109.jpg) ### [Fall Newsletter: 2021](https://blog.visitcss.com/branches/fall-newsletter-2021) ##### Sep 27, 2021 by Maura Snabes | SVP, Corporate Counsel #### **What's New:** As we finish up the 3rd quarter of 2021 and head into the 4th quarter, it will be interesting to see how the coronavirus pandemic... [Continue Reading](https://blog.visitcss.com/branches/fall-newsletter-2021) ![Summer Newsletter: 2021](https://blog.visitcss.com/hs-fs/hubfs/AdobeStock_113730713.jpeg?width=250&name=AdobeStock_113730713.jpeg) ### [Summer Newsletter: 2021](https://blog.visitcss.com/branches/summer-newsletter-2021-0-0) ##### Jun 30, 2021 by Maura Snabes | SVP, Corporate Counsel #### **What's New:** **Reminder:** The Governor’s Order/Executive Order allowing for remote ink notarization (RIN) of legal documents expires June 30, 2021.... [Continue Reading](https://blog.visitcss.com/branches/summer-newsletter-2021-0-0) ![Spring Newsletter: 2021](https://blog.visitcss.com/hs-fs/hubfs/Artboard%202Spring.png?width=250&name=Artboard%202Spring.png) ### [Spring Newsletter: 2021](https://blog.visitcss.com/branches/winter-newsletter-2020-0) ##### Apr 5, 2021 by Maura Snabes | SVP, Corporate Counsel #### Making Hay While the Sun Shines It’s been one year since the COVID pandemic began, and home buying continues to surge. 2020 was a record-breaking... [Continue Reading](https://blog.visitcss.com/branches/winter-newsletter-2020-0) ![Winter Newsletter: 2020](https://blog.visitcss.com/hs-fs/hubfs/ButtermouseArtboard%202-8.png?width=250&name=ButtermouseArtboard%202-8.png) ### [Winter Newsletter: 2020](https://blog.visitcss.com/branches/winter-newsletter-2020) ##### Dec 15, 2020 by Maura Snabes | SVP, Corporate Counsel ### **We at CSS wish all of you Happy and Healthy Holidays and a safe and prosperous New Year!** ### **What's New** **COVID-19 and other world events** [Continue Reading](https://blog.visitcss.com/branches/winter-newsletter-2020) ![What is a Closing Protection Letter and How Does It Benefit Me?](https://blog.visitcss.com/hs-fs/hubfs/123Artboard%202.png?width=250&name=123Artboard%202.png) ### [What is a Closing Protection Letter and How Does It Benefit Me?](https://blog.visitcss.com/branches/what-is-a-closing-protection-letter-and-how-does-it-benefit-me) ##### Dec 7, 2020 by Maura Snabes | SVP, Corporate Counsel A Closing Protection Letter (CPL) is often required by a lender in a mortgage transaction, but why? Can it be issued to anyone else and what type of... [Continue Reading](https://blog.visitcss.com/branches/what-is-a-closing-protection-letter-and-how-does-it-benefit-me) ![Fall Newsletter: 2020](https://blog.visitcss.com/hs-fs/hubfs/Fall%20Newsletter.png?width=250&name=Fall%20Newsletter.png) ### [Fall Newsletter: 2020](https://blog.visitcss.com/branches/fall-newsletter-2020) ##### Sep 23, 2020 by Maura Snabes | SVP, Corporate Counsel ### **What's New** **COVID-19 and other world events** [Continue Reading](https://blog.visitcss.com/branches/fall-newsletter-2020) ![How cannabis business clients can minimize the tax impact of IRC Section 280E](https://blog.visitcss.com/hs-fs/hubfs/AdobeStock_308749902.jpeg?width=250&name=AdobeStock_308749902.jpeg) ### [How cannabis business clients can minimize the tax impact of IRC Section 280E](https://blog.visitcss.com/branches/how-cannabis-business-clients-can-minimize-the-tax-impact-of-irc-section-280e) ##### Jul 8, 2020 by Maura Snabes | SVP, Corporate Counsel [Continue Reading](https://blog.visitcss.com/branches/how-cannabis-business-clients-can-minimize-the-tax-impact-of-irc-section-280e) ![Summer Newsletter: 2020](https://blog.visitcss.com/hs-fs/hubfs/Artboard%202-Jun-27-2020-05-13-01-60-AM.png?width=250&name=Artboard%202-Jun-27-2020-05-13-01-60-AM.png) ### [Summer Newsletter: 2020](https://blog.visitcss.com/branches/summer-newsletter-2020) ##### Jun 27, 2020 by Maura Snabes | SVP, Corporate Counsel #### What's New [Continue Reading](https://blog.visitcss.com/branches/summer-newsletter-2020) ![CSS in 2020: What’s Next on the Horizon?](https://blog.visitcss.com/hs-fs/hubfs/Artboard%202COVID19-1.png?width=250&name=Artboard%202COVID19-1.png) ### [CSS in 2020: What’s Next on the Horizon?](https://blog.visitcss.com/branches/css-in-2020-whats-next-on-the-horizon) ##### May 13, 2020 by Maura Snabes | SVP, Corporate Counsel *Thus far, 2020 has proven to be a year of changes and challenges—which means that CSS has seen a lot of opportunities to think “outside the box” to...* [Continue Reading](https://blog.visitcss.com/branches/css-in-2020-whats-next-on-the-horizon) ![2020 Spring Newsletter](https://blog.visitcss.com/hs-fs/hubfs/Artboard%202RON.png?width=250&name=Artboard%202RON.png) ### [2020 Spring Newsletter](https://blog.visitcss.com/branches/2020-spring) ##### Mar 24, 2020 by Maura Snabes | SVP, Corporate Counsel ### **What's New** ### COVID-19 Well, this certainly was not the spring for which we all were hoping! COVID-19 is the top story and top priority right now. The... [Continue Reading](https://blog.visitcss.com/branches/2020-spring) ![2019 Winter Newsletter](https://blog.visitcss.com/hs-fs/hubfs/Artboard%202poeple-4.jpg?width=250&name=Artboard%202poeple-4.jpg) ### [2019 Winter Newsletter](https://blog.visitcss.com/branches/2019-winter-newsletter) ##### Dec 30, 2019 by Maura Snabes | SVP, Corporate Counsel ### **What's New:** In 2018, Michigan amended its notary law to authorize electronic and remote notarizations. The next step was for the Secretary of State... [Continue Reading](https://blog.visitcss.com/branches/2019-winter-newsletter) ![What is FIRPTA and Why is this Acronym Important in Real Estate Transactions?](https://blog.visitcss.com/hs-fs/hubfs/Artboard%202555-1.jpg?width=250&name=Artboard%202555-1.jpg) ### [What is FIRPTA and Why is this Acronym Important in Real Estate Transactions?](https://blog.visitcss.com/branches/what-is-firpta-and-why-is-this-acronym-important-in-real-estate-transactions) ##### Dec 2, 2019 by Maura Snabes | SVP, Corporate Counsel *Acronyms have saturated our everyday lives and the real estate realm is no exception. There is one acronym that may sound familiar, but its impact...* [Continue Reading](https://blog.visitcss.com/branches/what-is-firpta-and-why-is-this-acronym-important-in-real-estate-transactions) #### Corporate Settlement Solutions Corporate Settlement Solutions is a single source provider of real estate title, closing, valuation, flood and recording  solutions. By practicing Open Book Management and playing the Great Game of Business™, our team is highly engaged in delivering results which make our customers more efficient, effective and profitable. #### Contact us ![Phone](https://blog.visitcss.com/hubfs/CSS_April2018/images/phone-icon.png) (888) 477-6920 [![Mail](https://blog.visitcss.com/hubfs/CSS_April2018/images/mail-icon.png) Info@visitcss.com](mailto://Info@visitcss.com) ### *from the* **BLOG** Copyright © 2021 Corporate Settlement Solutions [![Facebook](https://blog.visitcss.com/hubfs/CSS_April2018/images/footer-facebook.png)](https://www.facebook.com/CorporateSettlementSolutions/) [![Linkedin](https://blog.visitcss.com/hubfs/CSS_April2018/images/linked-in.png)](https://www.linkedin.com/company/corporate-settlement-solutions) [![Twitter](https://blog.visitcss.com/hubfs/CSS_April2018/images/twitter.png)](https://twitter.com/CSSTitleExperts) [![Youtube](https://blog.visitcss.com/hubfs/CSS_April2018/images/you-tube.png)](https://www.youtube.com/user/CSSTitleExperts)