Family Owned Real Estate: Legal Challenges & Opportunities
Once Removed Episode 21: Passing Down the “Family Cottage” or Other Legacy Property
War of the Rosas
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
"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
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
On Feb. 7, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM)1 in response to illicit finance risks identified in the U.S. residential real estate...more
In what ways can ownership in Real Estate be acquired? In Germany - The most common way to obtain ownership in German real estate under German Law is in the form of absolute ownership. Pursuant to statuary law, absolute...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW - I. INTRODUCTION. Below you will find a brief outline of the legal regulation of the acquisition of real estate property in Argentina, which is mainly governed...more
New York’s Governor Cuomo is having a bad 2021. Some may attribute this to his hubris or to karma; others may point to an emboldened, and now veto-proof, progressive State Legislature; many will claim that Mr. Cuomo is paying...more
Recently passed Proposition 19 will seriously limit the ability to transfer California real property to a child without causing a reassessment and higher property taxes. The new law takes effect February 16, 2021, so if you...more
Californians have voted to implement Proposition 19, a ballot measure that significantly narrows the parent-child property tax exemption allowing transfers of real property between parents and children without a reassessment...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 10 – 14, 2020. February 10, 2020: The IRS issued a revenue ruling providing guidance...more
The Situation: Under the German real estate transfer tax ("RETT") law, RETT is not only triggered on the direct acquisition of German properties, but also in case of share deals involving companies with German properties, if...more
2019-20 NYS BUDGET ENACTED, INCLUDING REAL ESTATE TRANSFER TAX INCREASES - On April 12, 2019, Governor Andrew M. Cuomo signed into law the New York State Budget Bill for the State’s 2019-20 fiscal year, which began on April...more
HM Land Registry is currently looking into the potential use of blockchain technology as part of its Digital Street project. This supports HM Land Registry’s aim to “become the world’s leading land registry for speed,...more
Here’s another story in the “It never gets easier” file. The Massachusetts Land Court recently decided a case that perhaps we should have all guessed was coming. This is the above the fold headline: Text...more
Under the Real Estate Law that governs the regulation of brokers and salespersons by the Bureau of Real Estate, a salesperson is theoretically subject to supervision and control at all times by the broker that employs the...more