Wisconsin Business Law Blog : Waukesha, New Berlin, Oconomowoc Corporate & Real Estate Lawyer & Attorney

Back on March 30th I wrote that homebuyers needed to act fast to meet the then fast approaching expiring deadline for closing on the purchase of a residence.  Since then, Congress has acted once again by extending the closing deadline from June 30 to September 30, 2010, for eligible homebuyers.  Again, for qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return.

Deadlines

• You must have purchased, or entered into a binding contract to buy, a principal residence on or before April 30, 2010.
• If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before September 30, 2010.

Please consult your tax advisor as to the other details, requirements and qualifications that must be met to claim the credit. 

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About a year ago I posted on fired Kentucky coach Billy Gillespie’s claims against the school related to their alleged failure to honor a letter of intent. Now, former UK coach Tubby Smith is on the losing end of a lawsuit involving somewhat similar legal theories.    Apparently, the plaintiff quit his job based on representations by Mr. Smith that Mr. Smith would hire him as an assistant coach at Minnesota. Unfortunately for the plaintiff, the job never materialized. Unfortunately for Mr. Smith (or more likely the University through insurance) the jury found for the plaintiff and awarded him $1.25 Million. As with the Gillespie matter, the legal lesson to be learned form this former UK hoops coach is that it is wise to clarify in some form of writing whether something is a “binding agreement/offer” or simply a “letter of intent.” Otherwise, someone else will make the decision for you.

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The following was posted by Thomas Kertschner of the Journal Sentinel on July 5, 2010:

Oak Creek - The Common Council, which was hit by a storm of denunciation after it considered using eminent domain to acquire a 94-year-old farmer's property, will be asked Tuesday to pay the man's $9,081 legal bill.

The request comes from Michael Schober, the attorney who represents Earl Giefer.

Giefer's family has said it has no interest in selling the farm at 10523 S. Howell Ave., which has been in family since the 1800s.

City officials had argued that the 25-acre property would impede plans for a business park nearby and believe the farm qualifies as blighted.

The council decided June 1 to stop discussions of the possible use of eminent domain.

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In Roehl Transport v. Liberty Mutual, 2010 WI 49, the Wisconsin Supreme Court significantly expanded the tort of bad faith as it applies against insurance companies.  Insurers can engage in bad faith when improperly handling an insured's claim or a third party claim against an insured in certain circumstances.  In the past, the bad faith doctrine has been applied in situations where an insured is liable for an excess judgment (one beyond policy limits) due to such mishandling. 

The doctrine has now been extended to circumstances where an insured is forced to forfeit a large deductible.  In Roehl Transport, the deductible was very substantial--$500,000.00.  The insurer settled the matter within its policy limits, but in an amount in excess of the deductible.

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