Real Estate Transfers

News & Analysis as of

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

RETT: Decrees on anti-RETT-blocker legislation and Federal Tax Court ruling

The German Tax Authorities’ interpretation of the recently introduced Sec. 1 para 3a RETTA goes beyond just preventing RETT-blockers. Within the framework of the Act on the implementation of the Directive on...more

Pennsylvania Supreme Court Holds that Scope of Act 6 Is Limited to Loans or Use of Money

For the first time, the Pennsylvania Supreme Court has addressed the important issue of whether, and to what extent, Pennsylvania's Loan Interest and Protection Law (Act 6) may be used as the basis for claims that do not...more

"IRS Completes Review of REIT Ruling Standards and Resumes Issuing Rulings"

On November 14, the IRS contacted many firms to let them know that the so-called REIT working group has completed its task. The IRS’s temporary hold on issuing rulings on what constitutes real property for REIT purposes is...more

Doing Business in Japan

I am pleased to present to you DLA Piper’s “Doing Business in Japan” Guide. Japan is the world’s third largest economy and remains cutting-edge in business. In 2012, 68 Global 500 Companies were headquartered in...more

Uniform Real Property Transfer on Death Act

The Virginia legislature recently passed the Uniform Real Property Transfer on Death Act. The Uniform Real Property Transfer on Death Act allows real property to be treated in a similar fashion as bank accounts, stock...more

The Hidden Dangers in Assignment and Subletting Clauses

Real estate and legal professionals each play a role in a commercial lease transaction. While Real estate agents create the framework for the transaction, lawyers are responsible for filling in the details. The assignment...more

Wills, Trusts & Estates Newsletter - August 2013

In This Issue: - When You Thought It Was Safe to Go Back in the Water - Estate Tax Revisions - Basic Information About Durable Powers of Attorney - Uniform Real Property Transfer on Death Act - Per Stirpes Means...more

Anticipating Earnest Money “Damages” – Don’t Assume It

The Arizona Supreme Court issued an opinion last month in Thomas v. Montelucia Villas, LLC, 2013 Ariz. LEXIS 152 (June 14, 2013) that adds a few wrinkles to efforts by sellers in real estate transactions to retain “earnest...more

International Tax News - June 2013

In This Issue: New tax treaty boosts Netherlands for inbound Chinese investment; Germany: far-reaching compromise proposed re Tax Act 2013; and, Italy clarifies tax laws re air carriers. ...more

Sixth Circuit Holds Fannie Mae, Freddie Mac Exempt From Local Taxes

On May 20, the U.S. Court of Appeals for the Sixth Circuit overturned a district court decision and held that Fannie Mae and Freddie Mac are exempt from state and local real estate transfer taxes. ...more

UPDATE: Fannie Mae, Freddie Mac, And The FHFA Are Exempt From Real Estate Transfer Taxes

In County of Oakland v. Federal Housing Finance Agency, the Sixth Circuit published an opinion clarifying that Fannie Mae, Freddie Mac, and the Federal Housing & Finance Agency ("FHFA") are exempt from all taxation, which...more

Insight on Estate Planning - February/March 2013

In This Issue: - Fiscal cliff deal brings some certainty to estate planning - Strong governance enhances a family business’s value - Should you donate life insurance to charity? - Estate Planning Pitfall -...more

Insight on Estate Planning - February/March 2013: Estate Planning Pitfall - Transferring home ownership to your children

Many people mistakenly believe they can transfer their home to their children while retaining the right to continue living in it for the rest of their life, and remove a substantial portion of the home’s value from their...more

Castleton Ruling Fortifies 7th Circ. Pro-Creditor Trend

Originally published in Law360, February 22, 2013. As real estate markets continue to rebound, owners of single asset real estate properties are increasingly incentivized to devise bankruptcy strategies that allow them...more

New Common Level Ratio Factor for Philadelphia May Mean Realty Transfer Tax Refunds

For straightforward real estate transactions involving a deed for consideration, the Pennsylvania realty transfer tax is based on the purchase price....more

Avoiding the Documentary Stamp Tax

Documentary Stamp Tax: Pursuant to §201.02, Florida Statutes, subject only to a few specifically enumerated exceptions beyond the scope of this article, documentary stamp tax is due on instruments conveying an interest in...more

HR-4753: An Early Christmas Gift For Michigan Cottage Owners!

On December 14, 2012, House Bill 4753 was ordered enrolled by the Michigan legislature. As discussed in our earlier blog, "Proposed Legislation to Prevent Cottage Uncapping - A Benefit to Cottage Owners? Or a Curse in...more

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