Real Estate Transfers

News & Analysis as of

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 14 & 21, 2014

REAL PROPERTY UPDATE - - Harris Act/Inverse Condemnation: dismissal was (1) improper as to landowners’ Harris Act claim because amendments to County’s land use plan were applied specifically to landowners’ property by...more

The Secret Is Out: The Documentary Transfer Tax Will Now Be Part of Public Record

The Documentary Transfer Tax Act allows each county and city to impose a tax on each deed, instrument, or writing by which any real estate is sold within the county at the time the document is recorded. Assembly Bill No....more

Pennsylvania Department of Revenue Clarifies Changes to New Realty Transfer Tax Law

The Pennsylvania Department of Revenue recently released an Information Notice explaining the implications of Act 52 of 2013, which enacted some significant changes to the Pennsylvania realty transfer tax, effective January...more

Pa. Department of Revenue Delivers Good News and Bad News Regarding New Realty Transfer Tax Provisions

The Pennsylvania Department of Revenue (DOR) recently issued Information Notice - Realty Transfer Tax 2014-01 (the Information Notice) delivering some good news and bad news about how the new law that became effective January...more

Haunted Houses and the Law: The Requirement of a Home Owner to Disclose Hauntings Prior to a Sale

The initial euphoria of buying a property can be quickly deflated by the finding of a serious defect after you move in. Surprises with the condition of a property are, unfortunately, not that uncommon. Depending on the...more

Real Estate Tip – Confusing Precision with Accuracy

In a recent EPA case, Natural Resources Defense Council, v. United States Environmental Protection Agency, a federal circuit court found against the agency’s decision to allow a product’s registration because of a rounding...more

South Carolina Property Tax Assessments: Should I Appeal?

Understanding South Carolina's real and personal property tax structure involves a trip back to your high school algebra class. Essentially, the amount of tax you owe depends upon three variables...more

Good intentions: Don’t let asset transfers run afoul of the law

With the current estate tax regime of a high gift and estate tax exemption amount and low estate tax rates, transferring wealth is becoming the focus of estate planning rather than reducing estate tax liability. And with...more

Court of Appeal Holds Transfer Tax Applies to Legal Entity Changes in Ownership

In 926 North Ardmore Avenue, LLC v. County of Los Angeles, the 2nd District Court of Appeal held that Proposition 13 changes in ownership prompted by transfers of legal entity interests should also be characterized as “realty...more

EPA Issues Final Rule Clarifying CERCLA’s “All Appropriate Inquiry” Standard

The U.S. Environmental Protection Agency has at long last issued a Final Rule which provides clarification to prospective purchasers of contaminated property regarding the standards and practices that are to be used for...more

Tax Implications: Selling Your Home

If you've lived at a property for at least two out of the five years before you sell your home, you can consider that property your primary residence or "main home", per the Internal Revenue Service. The IRS will then...more

Tribe’s Gamble That Casino Land Transfer Approval Not Subject to CEQA Pays Off

Picayune Rancheria of Chukchansi Indians v. Brown, C074506 (9/24/2014) - In a recent Third District Court of Appeal published opinion, the court in Picayune Rancheria of Chukchansi Indians v. Edmund G. Brown, Jr. (3rd....more

Senate passes bill exempting condo unit sales from ILSFDA registration

In May 2013, we reported that the CFPB’s amicus program scored a victory when the U.S. Court of Appeals for the Second Circuit ruled that the sale of a single-floor condominium unit in a multistory building was subject to the...more

“Change in Ownership” Can Trigger Documentary Transfer Tax

926 North Ardmore Avenue, LLC v. County of Los Angeles, (9/22/14, B248536) - The California Court of Appeals has recently held that, as a general rule, the Documentary Transfer Tax (“DTT”) applies whenever there is a...more

Condominium Unit Sales Exempt from Registration under ILSFDA

The sale of condominium units will no longer be subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (the ILSFDA) under a bill passed by both houses of Congress. Barring a veto, the new...more

Real Property, Financial Services & Title Insurance Update: September 2014 #2

REAL PROPERTY UPDATE - - Parol Evidence: trial court erred by considering extrinsic evidence to determine parties’ intent because contract for sale of property that provided certain prior deposits be paid to seller as...more

Appellate Court Notes

?AC35507 - State v. Wright - ?AC35289, AC36395 - Southport Congregational Church-United Church of Christ v. Hadley - The doctrine of equitable conversion did not apply when the decedent contracted to sell real...more

Kazakhstan’s Law on Legalisation of Property

Legalisation allows release from liability and legitimises the turnover of property. The Law on Amnesty of Kazakhstan Citizens, Repatriates (Oralmans), and Individuals Having Kazakhstan Permanent Residence Permit in...more

Legal Update: New Transfer Tax Disclosure Requirement

After January 1, 2015, documentary transfer tax will no longer be a private affair. It is common practice in commercial real estate purchase and sale transactions to provide the amount of documentary transfer tax on the...more

Infobytes Special Alert: CFPB Bulletin Re-Emphasizes Focus On Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a...more

CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the...more

Protecting your real estate assets

When preparing an estate plan, asset protection for real estate is particularly challenging, because it’s the only asset that can’t be moved. Gifting it is one option, but this leaves the property exposed to creditors. This...more

Massachusetts Court Holds No Coverage Under Lawyers’ Malpractice Policy for 93A Claim

In its recent decision in Am. Guar. & Liab. Ins. Co. v. Lamond, 2014 U.S. Dist. LEXIS 103117 (D. Mass. July 29, 2014), the United States District Court for the District of Massachusetts had occasion to consider what portion...more

Merger Doctrine Does Not Prevent Deed of Trust Beneficiary From Extinguishing Junior Lien through Foreclosure, California Court...

The California Court of Appeal recently held that a foreclosure by the beneficiary under a first deed of trust extinguished a junior lien, even though the beneficiary acquired the property by way of a deed in lieu of...more

Real Estate Tip - Keep It in The Family?

Using a will to give a commercial building to a loved one, a business partner or even a charitable organization is not ideal planning. Adverse tax consequences, the public probate process and operational difficulties aside,...more

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