Real Estate Transfers

News & Analysis as of

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

Environmental Alert: "Clearly Allocate Risk of Change Interpretations in Transactions"

When buyers request that sellers warrant compliance with environmental law, sellers need to appreciate that agency interpretation or agency enforcement discretion may have played a role in the seller’s apparent ongoing...more

Milliken v. Jacono: Home Seller not Required to Disclose Murder/Suicide

In a unanimous decision handed down July 21, 2014, the Pennsylvania Supreme Court ruled that psychological stigma is not a material defect of real estate which sellers must disclose to buyers. The Court held that the...more

Time Limit to Transfer Base Year Property Tax Value Expanded for Eminent Domain Takings

Californians who have owned their properties for years understand the benefits of Proposition 13: their property taxes are based upon the property's purchase price (with only small allowable annual increases), as opposed to...more

What Donors Need to Know About Appreciated Property

Individuals considering gifts of appreciated property to charity should be aware that not all property donations are treated equally for income tax purposes. Depending on the class of property, prior use, the donor’s holding...more

Report From Counsel: Insights and Developments in the Law - Summer 2014

In this Issue: - Small Businesses and Job Discrimination - Noncompetition Agreements and Arbitration - Real Estate Deals Gone Wrong - Ensure Your Financial Privacy - Excerpt from Small...more

Cottage Transfers of Ownership without Uncapping Property Tax Broadened Under Michigan House Bill

On December 27, 2012, HR-4753 was signed into law by Michigan Gov. Rick Snyder. As discussed in our previous blog post, "HR-4753: An Early Christmas Gift for Michigan Cottage Owners!", this law prevents the uncapping of...more

Gift tax Consequences of Real Estate Transfers

Often times, one partner in a same-sex couple owns real property and seeks to add the other partner to the title or deed for no consideration (i.e. when no money or other type of payment is received in return). Though this...more

Seller Liability for Disclosures (or Non-Disclosures), Part 2

In our blog post dated April 29, 2013, Matthew Fischer discussed the case Lerner v. DMB Realty, LLC (Arizona Court of Appeals, November 27, 2012). In that case, the Arizona Court of Appeals addressed, among other things, the...more

A New Era for Property Transactions in Queensland – Property Occupations Act 2014 to Replace PAMDA

New Legislation Replacing PAMDA - The Property Occupations Act 2014 (POA) was passed on 6 May 2014. The date of commencement has not yet been announced or proclaimed. Those familiar with property transactions in...more

Court Upholds Constitutionality of Pennsylvania Recording Statute

A class action suit against Mortgage Electronic Registration Systems (MERS) in Pennsylvania will go forward after a federal district court ruled that the state recording statute is constitutional. The court ruled that the...more

Florida District Court Holds Property Buyer’s Emails With Online Auction Company Are Not An Enforceable Contract

On April 7, the U.S. District Court for the Middle District of Florida dismissed a property buyer’s breach of contract and specific performance claims based on emails from an online auction company, holding that the emails...more

South Dakota Adopts Uniform Real Property Electronic Reporting Act

On March 31, South Dakota enacted SB 68, becoming the 30th jurisdiction to adopt the Uniform Real Property Electronic Recording Act (URPERA) with the enactment. URPERA, promulgated by the Uniform Law Commission in 2004, gives...more

School Facilities

KMTG continues our series of updates on new legislation signed by Governor Brown. All laws became effective January 1, 2014, unless otherwise stated. School Facilities: Sale of Surplus Real Property; Return of State...more

2014 Brings Changes In Pennsylvania Realty Transfer Tax

Act 52 of 2013 amended many provisions of Pennsylvania state taxes, including some relatively minor changes to the realty transfer tax that took effect on January 1, 2014. The most significant change to the realty transfer...more

Condominiums and Interim Occupancy

If you are purchasing a new condominium unit in Ontario and you are ready to move in, you should be aware that just because you may be moving in, this does not mean the builder (or declarant) is ready to transfer ownership to...more

Unanimous Wisconsin High Court Sustains Broad Asbestos Exclusion That Comprehensively and Unambiguously Bars Coverage for Any...

In Phillips v. Parmelee, 2013 WI 105 (December 27, 2013), the Wisconsin Supreme Court rejected the argument that a broad asbestos exclusion in a business insurance policy was ambiguous. A unanimous court ruled that a real...more

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