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#53120 - 01/09/03 05:26 PM settlement agent and 1099's
Anonymous
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Are we required to send a 1099 for any commercial real estate loans we acted as closing agents on?

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Lending Compliance
#53121 - 01/09/03 05:30 PM Re: settlement agent and 1099's
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
I'm not sure about commercial loans, but for consumer loans, if you were the closing agent, yes you need to send the 1099-S. That's why we use title agents to close our purchase mtg loans. It then becomes their responsibilty.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#53122 - 01/09/03 05:32 PM Re: settlement agent and 1099's
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
If the seller was a corporation - no. If not - yes. Here are the instructions:

1099 S Instructions
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