Real Estate Market

News & Analysis as of

West Coast Real Estate Update: May 2016

IRS Reevaluates "Bad Boy" Carve-Outs - Before providing a non-recourse loan to a Limited Liability Company (LLC) – i.e., one for which the LLC members do not bear the risk of economic loss – a lender often will require...more

New Guidance on Bad Boy Guarantees

The IRS Office of Chief Counsel recently released a memorandum (#AM2016-001) addressing the proper tax treatment of nonrecourse carve-outs (or bad boy guarantees) in the partnership context. According to the memorandum, such...more

Competition Tribunal Finds Toronto Real Estate Board Engaged in Abuse of Dominance

Last week, the Competition Tribunal (Tribunal) issued a summary of its decision in the Commissioner of Competition’s (Commissioner) long-running abuse of dominance case against the Toronto Real Estate Board. This case...more

"Bad Boy" Guarantys

The term “bad boy” guaranty is used in certain circumstances to describe a guaranty to be provided – usually by an individual, not an entity – in connection with, most often, real estate financing. The original intent of...more

Foundation: April 2016 • V Ol. III, Issue 1

In yet another sign of its aggressive campaign to fight money laundering, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has trained its sights on the high-end real estate market in New York and...more

IRS Reverses Position on “Bad Boy” Guarantees

Earlier this year, the IRS issued Chief Counsel Advice 201606027 (February 5, 2016) concluding that, for purposes of the basis and at-risk limitations, an LLC member’s guarantee of entity-level nonrecourse debt conditioned...more

MassDEP Proposes Revisions to Facilities of Public Accommodation Regulations

After a multi-year study process involving an advisory group of stakeholders, the Department of Environmental Protection (MassDEP) is proposing revisions to regulations implementing the state waterways licensing program under...more

IRS Withdraws Controversial Pronouncement on “Bad Boy” Guarantees

In a client advisory dated February 25, 2016, we described a legal memorandum released by the Office of Chief Counsel of the Internal Revenue Service (the “Memorandum”) which took the position that a typical “carve-out” or...more

NMLS MCR Enhancements

NMLS MCR Enhancements - Changes have been made to the NMLS Mortgage Call Report (MCR) which have been reflected as of April 1, 2016. The changes will affect the Residential Mortgage Loan Activity (RMLA) and the...more

How Much Is A Lease Worth?

If I got paid a dollar for every time a client asks me “What is this property worth?” then I wouldn’t be writing this blog – I’d be fishing or playing golf. As I tell my clients the market value of real property is what...more

Pennsylvania Title Insurance Notice

Effective May 1, 2016, title insurance premiums and endorsement costs, as recommended by the Title Insurance Rating Bureau of Pennsylvania, will increase by 12% across the board. This increase applies to both the sale and...more

Sustainable Retail – Eco-Friendly Shopping at the Mall

Sustainability experts claim that “a good building- efficiency rating is quickly becoming the real estate equivalent of a motor vehicle’s miles-per-gallon rating and helps bring capital to owners and investors.” The National...more

FinCEN's New Rules for High-End Real Estate Purchased by Entities

On January 13, 2016, the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced Geographic Targeting Orders (GTOs) designed to gather data related to its anti-money laundering efforts in the...more

International News: Focus on Real Estate - April 2016

New UK Requirement to Publish Annual Slavery and Human Trafficking Statement - The United Kingdom’s Modern Slavery Act 2015 requires large commercial organisations operating in the United Kingdom to publish a “slavery...more

Your daily dose of financial news The Brief – 3.11.16

As expected, ECB President Mario Draghi announced yesterday an “aggressive package of quantitative easing measures” that had the immediate impact of sending stock and bond prices higher (at least for an hour or so)....more

Real Estate Gazette - Issue 23: Special Issue: DLA Piper's 1st European Real Estate Summit

We would like to welcome all our readers to this special issue of DLA Piper’s Real Estate Gazette, which presents material tied to the specialized topics under discussion at our first European Real Estate Summit, to be held...more

Overview of Real Estate in Morocco

Morocco is an increasingly favoured target for international investors looking to diversify real estate investment opportunities. In 2014, the real estate sector represented 38.6% of foreign international investment compared...more

IRS Pronouncement On “Bad Boy” Guarantees Challenges Well-Established Tax Treatment of Real Estate Investors

The IRS Office of Chief Counsel recently released legal memorandum 201606027 (the “IRS Memorandum” or “Memorandum”) that calls into question two fundamental and well-established aspects concerning the tax treatment of...more

West Coast Real Estate Update: Feb. 2016 #3

Los Angeles Ballot Proposal To Halt Developer's Zoning Changes - A group called "Coalition to Preserve L.A." is proposing a ballot measure that would impose a two-year moratorium on all projects in the city of Los...more

New FIRPTA Exceptions Provide Opportunities for Foreign Pensions and Investment Funds

The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) authorized the United States to tax foreign persons on the gain from the disposition of U.S. real property or U.S. real property interests (USRPIs). Recently,...more

P3 Hub South Returns to Miami

As we gear up for the second annual P3 Hub South conference, needless to say, we are all very excited to explore the future of the region’s P3 industry. Following the conference’s tremendous success in 2015 and a fruitful...more

U.S. Treasury Department to Scrutinize Certain All Cash Real Estate Transactions in New York City and Miami-Dade County

On January 13, 2016, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two temporary Geographic Targeting Orders (the Orders) that will require title insurance companies to identify...more

Changes to Minimum Standard Detail Requirements for Land Title Surveys Coming in February

The American Land Title Association (ALTA) and National Society of Professional Surveyors (NSPS) have announced changes to the standards for the minimum standard detail requirements for land title surveys of real property....more

West Coast Real Estate Update: Feb. 2016 #2

New Legislation Limits Tax Sharing Agreements - California Senate Bill (SB) 533, which was signed into law in October 2015, went into effect on Jan. 1, 2016, and limits local government from executing tax-sharing...more

Withholding Tax Set to Increase

The Foreign Investment in Real Property Tax Act (FIRPTA) subjects foreign sellers to U.S. tax when they sell their interest in real property located in the U.S., including interests in companies that predominately hold real...more

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