Real Estate Transfers

News & Analysis as of

MoFo New York Tax Insights - Volume 6, Issue 7 - July 2015

In This Issue: - Important Changes at NYS and NYC Tax Agencies - Court of Appeals Upholds Constitutionality of Taxing Nonresidents on Gain from S Corporation Stock Sale in Two Separate Decisions - NYC Tribunal...more

Update on Estate and Gift Tax Proposals

Congressional Proposals: H.R. 1105, Death Tax Repeal Act of 2015, was passed by the House, as amended, on Apr. 16, 2015. The bill amends the Internal Revenue Code to repeal the estate and generation-skipping transfer taxes...more

Revised Property Transfer Tax Return Form Requests Additional Information About Hidden Buyers of New York City Real Estate

In February, the New York Times published an 8,000-word investigation into wealthy foreigners buying New York City real estate and taking advantage of U.S. laws that allow them to set up shell companies in order to obscure...more

Back to the Future Interests: Tennessee’s Codification of a Common Law Property Principle

On March 19, 2015, Governor Bill Haslam signed into law HB 793/SB1226, which codifies Tennessee case law regarding transfers of future interests in defeasible fee estates such as a “fee simple subject to a condition...more

Alaska Supreme Court Says Exploration is a Transfer of Interest in State Land, Cannot Be Allowed Without Full Public Notice and...

The Alaska Supreme Court’s recent decision in Nunamta Alukestai v. Pebble Limited Partnership, No. 7011 (Alaska filed May 29, 2015) significantly alters the permitting process for projects within the jurisdiction of the...more

Asset-Light

While asset-light strategies have been utilized for decades in the hotel industry, the strategy and how to implement it are a bit more complicated in the development space, whether for a hotel or time-share company. A typical...more

Great News for Lenders—A Recent Decision Further Limits the Sham Guaranty Defense

Recently, and shortly after my visit to several lender clients to make presentations regarding, among other topics, the enforceability of commercial guaranty agreements and the sham guaranty defense, the California Court of...more

Realty Repurchase Agreement Provided A Basis For The Recovery Of Fees

In Mountain Air Enterprises LLC v. Sundowner Towers LLC, 2014 DJDAR 15552, the California Court of Appeal for the First Appellate District decided a complex contractual dispute. The litigation involved several different...more

Big Deal Monday

In a transaction our firm was pleased to represent the seller in, CNL Lifestyle Properties, Inc. sold 37 of its senior living communities to Senior Housing Properties Trust. The portfolio consisted of approximately 3,500...more

FinCEN Eyes Real Estate Industry For Money Laundering Concerns

On May 6, FinCen Director Jennifer Calvery delivered remarks at the West Coast AML Forum, highlighting the agency’s increased focus to ensure transparency within the U.S. financial system. In her remarks, Calvery addressed...more

Medicaid's Gift to Children Who Help Parents Postpone Nursing Home Care

In most states, transferring your house to your children (or someone else) may lead to a Medicaid penalty period, which would make you ineligible for Medicaid for a period of time. However, there are circumstances in which...more

Transferee Liability: The Lottery Ticket/Uranium Contract Rule

Mano-Y&M Ltd. v. Field (In re Mortgage Store, Inc.), 773 F.3d 990 (9th Cir. 2014) – A chapter 7 trustee sought to avoid a transfer by the debtor as a fraudulent conveyance and then to recover funds disbursed by the...more

Landlord Can Sell Property and Still Recover Unpaid Rent

Can a landlord recover unpaid rent that came due after the landlord sold the building? According to a recent Michigan Court of Appeals decision, the answer may be "yes."...more

Appeals: Try, Try Again – If You Can Get Your Foot in the Door You May Succeed

Rev Op Group v. ML Manager LLC (In re Mortgages Ltd.), 771 F.3d 623 (9th Cir. 2014) – Under the terms of a debtor’s confirmed plan of reorganization, an entity (ML Manager) was designated to manage the debtor’s...more

Bankruptcy Beat: Public Tax Sale to Pay Unpaid Real Estate Taxes Held to Constitute “Reasonably Equivalent Value” for Fraudulent...

A voluntary or involuntary transfer of property by a debtor for less than “reasonably equivalent value” at a time when the debtor is insolvent may be avoided as a fraudulent transfer 11 USC § 548, irrespective of the debtor’s...more

Condominium Unit Sales Exemptions and Compliance under ILSA Requirements

As discussed in Ballard Spahr’s previous alert sent on September 24, 2014, effective March 25, 2015, the sale of condominium units will no longer be subject to the registration requirements of the Interstate Land Sales Full...more

Failure to Object to Court Procedure Waives Issue on Appeal

In the area of family law, there are many different types of proceedings that occur. However, when one of the proceedings is a record hearing, if an objection is not made to a particular issue, it is waived on appeal....more

Business Litigation Alert: "Read Before You Sign"

Simple but Frequently Over-Looked Advice! We have all signed contracts we did not thoroughly review. If we are being honest, we have probably all signed contracts we didn’t even read! While this is never a smart...more

Important Alert for Commercial Owners/Landlords and Brokers/Agents: Changes to California Dual Agency Disclosure Laws Effective...

Effective January 1, 2015, California law requires real estate brokers and agents to provide their clients and prospective clients with specific new disclosures, including an initial disclosure form regarding the nature of...more

When "Shall" Means "Shall": Wisconsin Supreme Court Requires Mortgage Lenders to Sell Abandoned Properties in Foreclosure

Last week the Wisconsin Supreme Court issued its decision in Bank of New York v. Carson, 2015 WI 15. The case is significant for its potential lasting effects on mortgage foreclosures in Wisconsin. The Carson case involves...more

Substantive Consolidation: When Abuse Goes Too Far An LLC Will Not Shield Assets

In re Carroll, 520 B.R. 491 (Bankr. M.D. La. 2014) – A chapter 7 trustee sought to substantively consolidate the bankruptcy estates of individual chapter 7 debtors with the separate bankruptcy estate of their wholly owned...more

Is the Attorney's Fees Clause Moot in an Illegal Contract? – Depends On Your Involvement, Explains First Appellate District Court

The Court of Appeal recently clarified when a party can recover attorney's fees under a real estate purchase contract that is ruled to be illegal. California courts have previously enforced attorney's fees provisions in a...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 13, 2015

Foreclosure: trial court violated purchaser’s procedural due process rights in setting aside judicial sale of property without giving notice to purchaser. Further, trial court abused its discretion in setting aside judicial...more

Real Estate Tip: Buyers’ Blues

Buyer beware is an old warning. A recent title insurance case reminds us just how wary a buyer must be, even in 2015. In the case of IQ Holdings, Inc. v. Stewart Title Guaranty Co., 2014 WL 6601148, the buyer thought it...more

The Limits to Title Insurance Protection and the Advantages of Escrow Instructions

I. Introduction - It is difficult to imagine a substantial real estate transaction which does not have title insurance coverage and an escrow agent, although one can occur at times. Unfortunately, many of the beliefs...more

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