Family Owned Real Estate: Legal Challenges & Opportunities
Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property
War of the Rosas
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule (the Residential Real Estate Rule) requiring certain persons involved in residential real estate closings and...more
On August 28, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued its “Anti-Money Laundering Regulations for Residential Real Estate Transfers” (the “Final Rule”), to become effective December 1, 2025. This Final...more
On August 29, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule under the Bank Secrecy Act (“BSA”) requiring certain persons involved in real estate closings and settlements to report and maintain...more
FINCEN’s final rule (RRE Rule), effective December 1, 2025, will require disclosure of the transferor and transferee(s) and the individuals and the beneficial owners of entities involved as transferee in the transfer of...more
Tonkon Torp business attorney Mick Harris moderates a conversation between Tonkon Torp real estate attorney David Petersen and special guest Jackson Lewis of Northwest Trustee & Management Services. The conversation focuses...more
In Hilderbran v. Tex. SW. Council, Inc., parties donated a ranch via a 1930 deed to trustees for the Boy Scouts. No. 04-22-00736-CV, 2024 Tex. App. LEXIS 4390 (Tex. App.—San Antonio June 26, 2024, no pet. history)....more
The American housing market is grappling with escalating interest rates and limited inventory, pricing many Americans out of home ownership. Massachusetts’s senior Senator Elizabeth Warren seeks to address this issue in the...more
Real estate business owners face unique challenges that many business owners in other industries do not experience. The real estate market climbs and falls, contractor fees and material costs rise with inflation, and high...more
"We're ready, willing and able to close. Are you?" These are familiar words to those who buy and sell real estate. They embody the notion that, on the time appointed for the closing of the transaction, a party is ready to...more
On May 3, 2024, the Zakat, Tax and Customs Authority (“ZATCA”) issued amendments to the Real Estate Transaction Tax (“RETT”) Implementing Regulations. The RETT Implementing Regulations were first introduced on October 4,...more
On May 17, 2024, the District of Columbia Office of Tax and Revenue (OTR) published a notice summarizing the District of Columbia’s current policy regarding the recordation and transfer tax treatment of an assignment of a...more
Buyers and sellers of real property anticipate some tax consequences from a real estate transaction, but typically these concerns are limited to federal income tax implications. The reality is that most states impose various...more
In In re Estate of Martinez, a son appealed an order finding that his mother’s holographic will devised certain property to his daughter. No. 04-22-00708-CV, 2024 Tex. App. LEXIS 1258 (Tex. App.—San Antonio February 21, 2024,...more
The U.S. Tax Court recently issued an opinion in Parkway Gravel Inc. v. Commissioner, Docket No. 10819-21, respecting the structure of a gravel company's sale of a land parcel known as the Freeway Pit. In finding for the...more
On Tuesday, in Lehmann v. WFV Holdings, LLC, Record No. 0201-23-2 (Ct. App. Va. May 14, 2024), available here, the Court of Appeals of Virginia reversed a decision from the Circuit Court of Amelia County, holding that because...more
As we have discussed on this podcast, legacy planning is not just about transferring money. It’s also about transferring values and relationships. And often the transfer of specific property goes hand-in-hand with the...more
In the world of farming and ranching, ensuring your land's future is vital. That's where agricultural estate planning comes in. It's all about smoothly transitioning your farm or ranch to the next generation, maintaining its...more
Title fraud in Florida has increased significantly in recent years. This type of fraud typically involves a person forging a deed to transfer someone else’s real property to a shell company formed by the fraudster. The...more
New Jersey Gov. Phil Murphy signed into law the Flood Risk Notification Law (P.L. 2023, c.93) on July 3, 2023, amending the Truth-in-Renting Act (P.L. 2001, c.313) and supplementing the Consumer Fraud Act (P.L. 1960, c.39),...more
Beginning on March 20, 2024, the new NJ law requires sellers of real property and landlords to make disclosures regarding known and potential flood risks in purchase and sale agreements and new leases and renewals. ...more
As the Ides of April approach for individual tax filers, a mad dash to find tax savings is underway. Many real estate investors and professionals are quite familiar with the tax saving potential of a 1031 Exchange....more
FinCEN Issues Proposed Rule Requiring Real Estate Professionals to Report - Transfers of U.S. Residential Real Property The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has issued a proposed rule...more
On March 11, 2024, it was announced that San Francisco voters approved Proposition C, amending the Business and Tax Regulations Code to waive the real property transfer tax for the first five million square feet of...more
Common Entity Types - Legal persons (such as corporations) and natural persons can generally hold rights over real property in Canada. Investment in real estate can be made through direct ownership by an individual or...more
In BLF LLC v. Landing at Blanco Prop. Owners Ass’n, member of a home owners association sued to prevent the association from selling certain common area property. No. 03-22-00423-CV, 2023 Tex. App. LEXIS 9300 (Tex....more