News & Analysis as of

Real Estate Transactions

FIRRMA: Proposed CFIUS Legislation Would Bring Significant Changes

by White & Case LLP on

Senator John Cornyn (R-TX) and Representative Robert Pittenger (R-NC) have introduced parallel legislation that, if passed, would implement significant changes to the Committee on Foreign Investment in the United States...more

On the Surface, Everything Looks Good. But what dangers lurk below?

Routine Investigations – Whether they are a long-term tenant, buyer, developer or lender, prudent parties dealing with real estate conduct thorough due diligence of the property at issue, including obtaining a Phase I...more

Duty to Disclose that a House for Sale is Haunted?

by Gray Reed & McGraw on

Vlad “Dracula” Smith was looking for some new digs big enough to accommodate his growing family. While searching the MLS listings, Dracula stumbled across a castle belonging to Victor “Frankenstein” Jones. Little did Dracula...more

Federal District Court: Banks Do Not Owe a Duty of Care to Non-Customers Under Tennessee Law

by Burr & Forman on

In Belle Meade Title & Escrow Corp. v. Fifth Third Bank, et al., No. 3:17-cv-874, ECF No. 26, — WL —- (M.D. Tenn. Oct. 17, 2017), a federal district court granted Regions Bank’s motion to dismiss the claims against it,...more

The Governor’s Housing Package - Affordable Housing Production in California Gets a Boost from Sacramento

by Best Best & Krieger LLP on

A package of 15 new housing bills will have far-reaching implications for every city in California. Collectively, these new laws are meant to significantly boost affordable housing production by removing local land use...more

Governor Brown Signs Major Housing Package Into Law

by Coblentz Patch Duffy & Bass on

On September 29, 2017, Governor Brown signed into law a 15-bill housing package. The housing package did not include AB 915, which would have authorized the City and County of San Francisco to impose local inclusionary...more

Survey Says...Get a Survey

In a decision filed on April 11, 2017, a Superior Court of Pennsylvania case highlights issues that can arise when discrepancies occur between a metes and bounds description of realty versus a parcel number. It also...more

Brief Primer on Real Estate Arbitrations

by Hellmuth & Johnson PLLC on

Real estate agents often question what rights and remedies they may have against the seller in the event of a non-disclosure claim. In many home sales, the buyer, seller and agent sign an arbitration agreement requiring that...more

New GTO covers Wire Transfers

by Foodman CPAs & Advisors on

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

Idaho Adopts New Laws Governing Notaries and Acknowledgments

by Stoel Rives LLP on

Anyone who deals with interests in real estate should be aware that Idaho recently adopted a new set of laws governing notaries and acknowledgments. This is important because Idaho law gives special protection to interests in...more

California Legislature Responds to the State’s Housing Crisis With Increased Funding, Streamlining, and Enforcement

On the final day of the legislative session, California’s legislature approved 15 separate housing bills, taking a big step toward addressing California’s ongoing housing crisis. The collection of bills comes after months of...more

Are Transfers Of Membership Interest In A Single Member LLC Subject To The Deed Recording Fee?

On August 28, 2017 the South Carolina Department of Revenue published Rev Rule #17-5, which updated Rev Rule #15-3 (the “Rev Rul”). The Rev Rul deals with the application of the deed recording fee on real estate...more

The North Carolina Uniform Power of Attorney Act: A Practical Introduction for Real Estate Practitioners

by Ward and Smith, P.A. on

Can we all agree that dealing with a power of attorney in North Carolina has long been, at best, a frustrating experience? Well, help is on the way! On July 20, 2017, Governor Cooper signed Senate Bill 569, "An Act to Adopt...more

The IRS Has a Lien Against Me: What Do You Do? Tax Lien Release and Discharge (Part 6)

by McNair Law Firm, P.A. on

Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more

Australia Raises Capital Gains Withholding Rate for Foreign Residents in Real Estate Transactions

by Jones Day on

The Australian Commonwealth Government first introduced foreign resident capital gains withholding payments in July 2016 at a rate of 10 percent, in response to issues in collecting tax from foreign resident sellers and...more

In Idaho, Make Sure Your Deal Includes an Exact Description of the Land Involved

by Stoel Rives LLP on

Two recent opinions from the Idaho Supreme Court demonstrate the risks you take when you document a real estate deal without an exact description of the land. In Hoke v. Neyada (Docket No. 43343) (Idaho 2016), the seller of...more

FinCEN Expands GTOs and Closes Wire Transfer Loophole

by Holland & Knight LLP on

• The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) continues to expand its Geographic Targeting Orders (GTOs) with respect to beneficial ownership transparency in real estate...more

Claim Barred by Florida's Construction Defect Statute of Repose? Maybe Not. Florida Court Says You Should Read The Construction...

Claim professionals are often reminded that even the most meritorious claim is worthless if not filed within the applicable statute of limitations or statute of repose. In the world of construction defect claims, Florida law...more

Feds Considering Rule Increasing Floor For Commercial Property Appraisals

by Fox Rothschild LLP on

Federal agencies are considering raising the threshold for commercial real estate transactions requiring an appraisal from the current level of $250,000 to $400,000. The agencies including the Federal Reserve Board, the...more

New register of beneficial ownership of UK real estate

by Ropes & Gray LLP on

David Seymour, Ropes & Gray real estate partner, analyses the new register of overseas beneficial owners of UK real estate. _____________________ Real estate is an operational asset by its very nature and it has many...more

Delaware to Increase Transfer Tax to 4% Starting August 1, 2017

Increase will not apply to contracts signed before August 1st - As part of passing the budget for fiscal year 2018, the Delaware General Assembly voted to increase the transfer tax charged on real estate transactions from...more

Condominium Issue with Long-Term Tax-Exempt Bond Financing

by Ruder Ware on

We recently helped a client complete long-term tax-exempt bond financing of a portion of a mixed-use condominium. These projects raise interesting issues. Long story short, if you find yourself in a similar situation, you...more

HVCRE: Busting Myths

by Dechert LLP on

The Trump administration and Congress have lots on the agenda: tax reform, financial regulation reform, job creation (think infrastructure spending, maybe?) and more. While it seems unlikely that much of anything “real” is...more

‘Trust Me, You'll Love It': Caveat Emptor in Real Estate Transactions

by Faegre Baker Daniels on

Many people are familiar with the phrase “buyer beware,” or its Latin version, “caveat emptor.” In the sale of real estate, caveat emptor means that (absent contract language or terms to the contrary) a buyer purchases the...more

Orchestrating Bias: Arbitrator’s Undisclosed Membership in Philharmonic Group with Pauly Shore’s Attorney Not Grounds to Reverse...

by Snell & Wilmer on

The California court of appeal recently issued an unpublished decision in Knispel v. Shore, 2017 WL 2492535, affirming a judgment confirming an arbitration award in a real estate dispute involving Pauly Shore. The court of...more

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