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Justice Department Reaches Settlement with the Multiple Listing Service of Hilton Head Island Inc.


WASHINGTON — The Department of Justice announced today that it has reached a settlement with Multiple Listing Service of Hilton Head Island Inc. (HHMLS) that requires the group to change its membership rules so that low-priced and innovative real estate brokers can compete in the Hilton Head area. The Department said that the rules caused consumers to pay more for residential real estate brokerage services in the Hilton Head area. The Department’s Antitrust Division filed a civil antitrust lawsuit in U.S. District Court in South Carolina against HHMLS. At the same time the parties filed a proposed settlement that, if approved by the court, would require changes to HHMLS’s rules to resolve the Department’s competitive concerns.

“Today's settlement will remove unlawful impediments to competition for real estate brokerage services in the Hilton Head area, which should lead to increased options and reduced brokerage fees for consumers,” said Thomas O. Barnett, Assistant Attorney General for the Department’s Antitrust Division. “This settlement further demonstrates the Department of Justice’s commitment to preserve competition in the real estate brokerage industry.”

For the full article please feel free to visit www.usdoj.gov.

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  Did You Know?
 

The garage is not considered in the square footage of a home.
A garage that is attached to the home is not considered part of the home's square footage.  Only livable space is considered in the square footage calculation.

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RESPA protects certain types of transactions.

Federally related mortgage loan transactions, such as loans secured by a lien on residential property. This includes: refinances, home purchase loans, lender approved assumptions, equity lines of credit, property improvement loans, and reverse mortgages.

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According to real estate case law, second mortgage tax deduction on undeveloped land is not allowed.

Real estate case law states that you must have begun construction of a building on the land that and occupied within 24 months to submit a tax deduction. Otherwise, the land is an investment and the interest paid on the second mortgage does not qualify.

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