Real Estate Transfers

News & Analysis as of

Even a “Bona Fide Purchaser” Can’t Rely on a Void Judgment

Under California law, “bona fide purchasers” who buy property with no notice (actual, constructive, or otherwise) of a competing claim to the property are generally protected. The law’s favorable treatment of bona fide...more

New stamp duties on shares transfer – Acquisition and disposal of equity interests in residential property holding entities

Purchases of residential properties in Singapore by companies attract Additional Buyer Stamp Duty (ABSD) of 15% rate in addition to usual Buyer Stamp Duty (BSD) of up to 3%. Seller Stamp Duty (SSD) is also payable if...more

Illinois Court Finds Mortgage Assignments Not Subject To Chicago Transfer Tax

The Appellate Court of Illinois, First District, recently concluded that the City of Chicago’s real property transfer tax did not extend to assignments of mortgages because, contrary to the City’s arguments, mortgage...more

Land Court Finds that Texting Can Bind Parties

The Massachusetts Land Court has held that text messages may form a binding contract in connection with the sale of real estate!! While neither punctuation nor colorful texting acronyms can make this decision more noteworthy...more

Toronto Municipal Land Transfer Tax Increase

The City of Toronto has increased its municipal land transfer tax rates to match the recent changes to provincial land transfer taxes, effective March 1, 2017....more

Supreme Court of California Set to Decide Documentary Transfer Tax Case

The Supreme Court of California is slated to review a 2014 decision by the California Court of Appeal for the Second District, which held in 926 North Ardmore Avenue, LLC v. County of Los Angeles that a change in ownership of...more

N.Y.’s 2018 Budget Proposal: Tax Proposals To Watch

Last month, Governor Cuomo presented his budget proposal for NY State’s 2017- 2018 fiscal year. Included in the proposal were a number of tax provisions that should be of interest to closely-held businesses and their owners....more

Who owns God’s Property? Shifting Politics Cost Some Congregations Their Church

Re-alignment of a congregation with a new denomination is typically driven by ideals, but as usual, money becomes the bone of contention....more

Director ordered to pay compensation for divesting company assets

A director can be ordered to pay compensation to a company for divesting the company of its assets, even though that director received no direct benefit. This occurred recently in Brentwood Village Ltd (in liquidation) v...more

Court Holds That Will Created Void Alienation On Restraint

In Knopf v. Gray, a decedent died in 1993, and her will was admitted to probate the same year. No. 10-15-00273-CV, 2017 Tex. App. LEXIS 191 (Tex. App.—Waco January 11, 2017, no pet. history). ...more

The Basics of 1031 Exchanges – Part Two: Structuring Partnership/LLC 1031 Exchange Cash-out Transactions

This is part two of a two-part series on Internal Revenue Code Section 1031 tax-deferred exchange transactions. The first article provided an overview of the basic rules that govern 1031 exchanges. This article describes...more

Transfer Act for Lenders

A previous blog post addressed lender liability for environmental conditions on property a lender might acquire as a result of foreclosure. Another issue lenders in Connecticut must consider prior to foreclosing on a property...more

The registration gap strikes again

In Baker v. Craggs [2016] EWHC 3250 (Ch) the High Court held that land acquired by a purchaser was bound by an easement granted by the seller, without the purchaser's knowledge or consent, after the date of the relevant...more

(US) There Are Two New York Real Estate Transfer Tax Proposals to Watch in Governor Cuomo’s Proposed Budget

New York Governor Andrew Cuomo introduced his FY 2018 budget proposal on January 17. The proposal includes several significant revenue-raisers, including a few that could impact the New York real estate market....more

Substantive Consolidation - Recent Decisions Examine a Bankruptcy Court’s Ability to Augment a Debtor’s Estate

Two recent opinions concerning the law of substantive consolidation should be of interest to business owners and commercial real estate market participants. The doctrine of substantive consolidation allows a bankruptcy court,...more

Transfer On Death Accounts And Deeds vs. Living Trust

A question I am often asked is, “If I have designated my various financial accounts as transfer on death (TOD), or payable on death (POD), and I have a transfer on death deed on my house, why do I need a Living Trust?” While...more

Court Denies City of Chicago's Tax on Assignments of Mortgages

In October 2015, we discussed Cook County, Illinois circuit court cases City of Chicago v. KTCP and Halsted West v. City of Chicago, which held that an assignment of a mortgage is a transfer of a “beneficial interest in real...more

Essay: The Inter Vivos Branch of the Worthier Title Doctrine

Change for good reason is most appropriate. Sometimes it is superb, but change for the sake of change is usually wrong. It is regrettable and unjustifiable that an old and beneficial principle of law has been challenged as no...more

What Information Is My Community Association Required to Provide in Relation to Sales of Units?

During transfers of properties in condominiums or other planned communities, community associations are frequently contacted by prospective buyers, lenders or realtors with requests for information pertinent to the transfer....more

Philadelphia Toughens Its Realty Transfer Tax Law

Philadelphia just dramatically tightened its realty transfer tax rules to impose more realty transfer tax. Under the current Philadelphia and Pennsylvania realty transfer tax law, a real estate company owes realty transfer...more

Hospitality Industry Law Newsletter

New Labor Code Section Prevents Employers from Using Out-of-State Choice of Laws Provisions in Contracts with California Employees - On September 27, 2016 Governor Jerry Brown signed a new law impacting the contract...more

San Francisco Election Results: Which Real Estate Measures Passed?

Prior to the November 8 election, we reported on the long list of local propositions on the San Francisco ballot, including a number of measures impacting real estate taxes, land use and governance. The results were of...more

Philadelphia Real Estate Transfer Taxes Rising in 2017

Beginning January 1, 2017, Philadelphia’s real estate transfer tax will increase from 3 percent to 3.1 percent. That’s in addition to the Pennsylvania realty transfer tax of 1 percent, for a total of 4.1 percent....more

A Plethora of Propositions: Real Estate Tax, Land Use and Governance on the San Francisco Ballot

Admittedly the issues may appear benign compared to the Presidential race and the drugs, sex and other provocative topics on the state ballot. But San Francisco voters again face a long list of significant local propositions...more

Props L and M Would Shift Authority from Mayor to Board of Supervisors

Members of the Board of Supervisors have proposed two important Propositions for the November ballot that would amend the City Charter and shift authority over certain City agencies and Departments from the Mayor’s Office to...more

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