Print
Real Estate - Residential

Owner Of Laney Real Estate Works To Get License Back After Firm's License Suspension

By Johanna Cano, posted Jul 30, 2018
The N.C. Real Estate Commission has suspended Laney Real Estate Co.’s license until Sept. 1, according to a consent order, and president and owner George Laney says he has been working with the commission to get the firm’s license back.

Laney said the money from the firm’s security deposit trust accounts were seized by the N.C. Department of Revenue after he failed to file a form.

“The department of revenue inadvertently levied one of our trust accounts,” Laney said. “We failed to respond to one of their notices. They were sending it to the wrong address. We are immediately working with them regarding the error.”

Laney Real Estate offers rental property management services in Wilmington and surrounding areas, according to the firm's website.

The firm’s license suspension came after two transfers for non-client legal orders, one of $27,016 and another of $50,416, were made from the firm’s tenant security deposit trust account, according to the consent order by the commission.

Janet Thoren, director of regulatory affairs for the N.C. Real Estate Commission, said the account showed the transfer pertained to a legal order, but the legal order was not client-related.

She said trust accounts hold money that a tenant gives to a property management firm to hold in case there is damage to the property when a tenant moves out.

“It would be reimbursed back to the tenant or owner,” Thoren said. “They might be paying some repairs for damages regarding it, but there is no reason that I am aware of for some legal order being paid of that amount.”

Laney said the department can levy the firm’s accounts, but not the trust account because it is where they hold client’s security deposits.

“We hold money and trust for others and we respect that possession and we called the commission first," Laney said. "We didn’t take it and we didn’t allow them to take it.”

According to the notice, the firm has to deposit the total of $77,432 back into the account by Sept. 1 and demonstrate that the account is fully balanced in order to get the license back, which Laney said he had done as of Friday afternoon.

“We have provided required documentation to the commission to demonstrate that the trust account is fully deposited and balanced. We have provided that information and are waiting word that we can get back to business in order,” Laney said.

Thoren said that as of Monday morning, the firm has not gotten its license back.

The commission is waiting on proof that the bank account is balanced before ending the suspension, Thoren said.

According to the NREC Real Estate Bulletin from May 2011, Laney Real Estate Co.’s license was previously suspended in 2011 due to deficits in the trust account which were not balanced for several weeks in 2006, and for unauthorized disbursement of abandoned client money from the firm’s trust accounts. The suspension was changed to a probation period of five years.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Beckybrown 1041811127

Should You Quit Renting and Try Home Ownership?  

Becky Brown - KBT Realty
Img 0621

Tax Evasion Versus Tax Avoidance

Karen Durda - Century Accounting and Tax Services, Inc.
Infinity 891835159

What is EMV and Am I Liable?

Kyle Thorpe - Infinity Payment Systems

Trending News

New Bakeries, Including Breadsmith, Coming To Wilmington

Jessica Maurer - Feb 18, 2019

City Council Set To Consider Castle Street Property's Future

Christina Haley O'Neal - Feb 18, 2019

In The Current Issue

Navy Week To Coincide With Azalea Festival

The U.S. Navy is coming to the Port City this spring, coinciding with the N.C. Azalea Festival. Wilmington is among the 14 selected sites –...


Tourism Group Names Azalea Festival Top Event

The Southeast Tourism Society recently named the N.C. Azalea Festival one of the group’s Top 20 Events in the Southeast for April this year....


Food Hall Trend Coming To ILM

Food halls have been popping up throughout the United States, often in downtown cores. Some estimates predict that there could be more than...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties