Real Estate Transfers

News & Analysis as of

Prospective Real Estate Purchasers Should Demand ASTM E 1527-13 Environmental Phase I Reports

Beginning on October 6, 2015, the United States Environmental Protection Agency (EPA) will require prospective purchasers of real estate to use the new ASTM E1527-13 Phase I Environmental Assessment (Phase I) standard (2013...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

Federal Mortgage Programs are Exempt from County Transfer Tax

In City of Spokane v. Fed. Nat. Mortgage Ass'n (December 30, 2014, No. 13–35655) ____ F.3d.___, the Ninth Circuit Court of Appeal recently affirmed that federal mortgage programs and administering entities, such as Fannie Mae...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

The Devil Is In The Details In Real Estate

After negotiations, execution of the purchase agreement, completion of due diligence and satisfaction of all contingencies, the parties to a real estate transaction are ready to close the deal. All that remains is to sign the...more

Real Estate Sales: Fixtures Can Be In the Eye of the Beholder (a/k/a Boilerplate Matters)

In re Trackwell, 520 B.R. 788 (Bankr. W.D. Mo. 2014) – The successful bidder at a bankruptcy auction of a ranch claimed that a cattle chute was included in the sold assets.  The debtors disagreed.  Resolution of the dispute...more

(US) Unamicable Split: Inherited Real Property and the Texas Forced Sale Statute

When multiple people inherit an interest in real property, each is responsible for their share of the ad valorem taxes of the property. What happens if one party fails to meet its tax obligations? What recourse is available...more

What’s In A Title?

While it is true that you most often cannot tell much about a book by its title, the same does not hold true when it comes to real estate, as how title is held to real estate, does tell you a lot. The question faced by a...more

Transfer of Property Title to a Holding Company Did Not Divest Landowner of Owner-Occupant Status Under A.R.S. § 33-1002(B)

Recently, in Marco Crane & Rigging Co. v. Masaryk, 703 Ariz. Adv. Rep. 29 (Dec. 30, 2014), the Arizona Court of Appeals established that a subcontractor on a residential project has no lien rights against an owner-occupant,...more

Sweat the Small Stuff

After negotiation, execution of the real estate purchase agreement, completion of due diligence and satisfaction of all contingencies, the parties are ready to close the deal. All that remains is to sign the standard closing...more

How to get the IRS to pay your legal fees

What can you do when the IRS is misbehaving and it directly affects you? You will have to fight them, but the law allows you to recover your litigation costs if you win. As many know, the IRS has had a very...more

Reprieve for Smaller Buildings – Commission Postpones AB 1103 Implementation to 2016

As previously reported, AB 1103 is California's energy benchmarking and disclosure law (codified in California Code of Regulations, title 20, sections 1680-1684), that requires owners of non-residential buildings to provide a...more

Investment Properties, Rental Properties & Second Homes – Which do You Own?

If you own properties, you should be aware that there are several different rules for reporting rental income, deductible expenses, and gains and losses from the sale of the property, depending on how it is classified. ...more

How to Answer the Top Five Legal Questions You Will Get from Family Members at Holiday Gatherings

1. Should Mom and Dad give us the house as a gift now so that they don’t have to “give it to the government” later? This is a common question that involves technical medical assistance rules. Generally, the best way to...more

Dead Man “Kwoking”: Estate Planning Property Transfers Can Trigger Title Insurance Nightmares

Estate planning attorneys regularly advise their clients about the tax and other advantages of transferring real property to irrevocable trusts or similar estate planning vehicles. But they may not consider the potentially...more

Recorded Documents: Who Loses When A Document Is Not Properly Indexed?

Agin v. Dookhan (In re Hultin), 516 B.R. 190 (Bankr. D. Mass. 2014) – A chapter 7 trustee sought to avoid a transfer of the debtor’s real property using his “strong arm” powers based on an argument that the deed...more

Commercial Real Estate Sellers - Ten Additions to a Buyer's Contract

When a seller and a buyer agree upon the terms for the sale of a commercial property the next step is often for the buyer to prepare the first draft of a Contract, which embodies those terms, as well as other customary...more

UK Capital Gains Tax For Non-UK Residents: Government To Go Ahead With Plans To Impose CGT On Sales Of Residential Property From...

The government has published detailed proposals for imposing a capital gains tax (CGT) charge on non-UK residents who dispose of UK residential property. The new charge will take effect from April 2015 and will apply to all...more

Sale of Property for Secular Use Does Not Constitute “Religious Exercise”

The Northern District of California recently dismissed RLUIPA claims filed by the California-Nevada Annual Conference of the Methodist Church (the “Conference”) against the City of San Francisco. The case revolves around the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 14 & 21, 2014

REAL PROPERTY UPDATE - - Harris Act/Inverse Condemnation: dismissal was (1) improper as to landowners’ Harris Act claim because amendments to County’s land use plan were applied specifically to landowners’ property by...more

The Secret Is Out: The Documentary Transfer Tax Will Now Be Part of Public Record

The Documentary Transfer Tax Act allows each county and city to impose a tax on each deed, instrument, or writing by which any real estate is sold within the county at the time the document is recorded. Assembly Bill No....more

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