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Last update: Mar 20, 2007
Greenberg Traurig: 2006 Federal Tax Act Provisions Affecting Business and ... Jun 01, 2006
REVISIONS TO FIRPTA (FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT) RULES Since 1980, gains recognized by foreign persons from the disposition of U.S. real property interests have been subject to U.S. federal income tax, even if the U.S. real property interest is not held in connection with a U.S. trade or business or through a U.S. permanent establishment. U.S. real property interests include interests in U.S. real property holdings companies ("USRPHCs") as well as direct interests in real
McDermott: Update from Germany - December 2005 Dec 15, 2005
Introduction of a 20 percent flat tax on capital gains from the disposition of private assets (especially stocks, commercial paper and real estate) and abolishment of the currently applicable speculative taxation (pursuant to which the sale of assets is completely tax exempt) once the applicable speculative period has expired; the new flat tax will apply to assets acquired prior to January 1, 2007 and then to betterments realized from January 1, 2007 onwards. It remains to be seen whether the
Ropes & Gray: Hader joins Ropes & Gray???s Private Client Group Dec 07, 2005
Winstead: Roland Love Dec 02, 2005
General Commercial Litigation Title Defense and Real Property Disputes Southern Methodist University, Dedman School of Law J.D., 1977 Editor, Southwestern Law Journal; Thomas P. McElroy Award, Texas Civil Practice Texas Aersity B.S., summa cum laude, 1974 College of Engineering Outstanding Senior Award; Department of Electrical Engineering Bolton Award; National I.E.E.E. Outstanding Student Paper State Bar of Texas; Dallas Bar Association: Alternative Dispute Resolution, Legal Ethics Committee
Greenberg Traurig: Its Crystal Tide Ever Flowing: The United States Revise... Dec 01, 2005
Its Crystal Tide Ever Flowing: The United States Revises its REIT Rules to Encourage Capital Flows in the Real Property Sector PUBLICATIONS ALERTS 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 GT Alert Its Crystal Tide Ever Flowing: The United States Revises its REIT Rules to Encourage Capital Flows in the Real Property Sector December 2005 View or download the PDF version of this Alert. Recently, I was fortunate to have been asked to attend a Lyceum Associates, Inc.1 roundtable
Greenberg Traurig: Changing laws - Recent changes in bankruptcy law impact... Dec 01, 2005
Nonresidential leases Chapter 11 debtors will also have to make earlier decisions on assumption or rejection of nonresidential real property leases. The new law imposes an absolute deadline of 210 days, during which the debtor must assume or reject unexpired leases of nonresidential real property (in contrast to former law, which permitted a court to grant unlimited extensions of such deadline)
Gibbons: In-Sites Nov 01, 2005
In the final article, we offer tips on due diligence to prospective real estate purchasers. NEWS OF INTEREST Growth and Expansion for the Gibbons Real Property onmental Department Robert E. David has joined Gibbons as Counsel in the firm's Real Property and Environment Department
Greenberg Traurig: Modifications to the United States Bankruptcy Code Affe... Nov 01, 2005
Modifications to the United States Bankruptcy Code Affecting Commercial Real Estate Transactions PUBLICATIONS ALERTS 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 GT Alert Modifications to the United States Bankruptcy Code Affecting Commercial Real Estate Transactions November 2005 View or download the PDF version of this Alert. Several modifications to the United States Bankruptcy Code set forth in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the “Act”) will
Gibbons: In-Sites Jul 29, 2005
The decision vests state and local governments with broad power to enact laws allowing for acquisition of private property by eminent domain as part of a comprehensive redevelopment initiative, even where the property to be acquired is not blighted or in need of redevelopment. Click here to view full article Conference Provides A LookAt Redevelopment In Newark As part of its ongoing efforts to provide the latest information to the development community, the Gibbons Real Property onmental
Greenberg Traurig: Florida Supreme Court Holds Transfer To 100% Owned Enti... Jul 01, 2005
Florida Supreme Court Holds Transfer To 100% Owned Entity Not Subject To Real Estate Transfer Tax PUBLICATIONS ALERTS 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 GT Alert Florida Supreme Court Holds Transfer To 100% Owned Entity Not Subject To Real Estate Transfer Tax July 2005 View or download the Adobe Acrobat version of this Alert. The Florida Supreme Court recently decided an important real estate transfer tax case, holding that the transfer of unencumbered property to a 100%
Blank Rome: Business Restructuring and Bankruptcy Alert Jul 01, 2005
Click here to view all members of the Business Restructuring and Bankruptcy Practice Group Click here to view all members of the Financial Services Practice Group Bankruptcy Law Reform: Restrictions Affecting Real Estate Assets A bankruptcy system that assures predictable outcomes is vital to our economic well-being because the United States has little in the way of government programs to relieve people from the dislocations caused by financial failure. Landlords of Non-Residential Real Property
Seyfarth Shaw: One Minute Memo - Tax Break For The Construction Indust... Jun 03, 2005
Gibbons: In-Sites May 13, 2005
For further information on other real estate and environmental related concerns, you can send an e-mail to the Gibbons Real Property and Environmental Department by clicking below: Contact Us News | Resources | Publications | Practice Areas | Attorneys Recruiting | Community | Contact | Disclaimer SUBSCRIBE/UNSUBSCRIBE: To subscribe/unsubscribe to this and other Gibbons alerts, simply click below. Subscribe/Unsubscribe to Gibbons Alerts This Alert is brought to you by the law firm of GIBBONS,
Seyfarth Shaw: Bankruptcy Abuse Prevention and Consumer Protection Act... May 11, 2005
Gibbons: In-Sites Apr 29, 2005
Redevelopment is a hot topic in today’s competitive real estate market. com FOR FURTHER INFORMATION For further information on these and other real estate and environmental related concerns, you can send an e-mail to the Gibbons Real Property and Environmental Department by clicking below: Contact Us News | Resources | Publications | Practice Areas | Attorneys Recruiting | Community | Contact | Disclaimer SUBSCRIBE/UNSUBSCRIBE: To subscribe/unsubscribe to this and other Gibbons alerts, simply
Dorsey & Whitney: Bankruptcy Reform Has Big Impact on Corporate Debtors Apr 25, 2005
Enhanced Rights of Real Property LessorsNonresidential real property leases are deemed rejected if not assumed within 210 days. Previously, many courts permitted a debtor to extend the time to assume or reject nonresidential real property leases indefinitely
Mintz Levin: Bankruptcy Law Alert: President Signs Major Bankruptcy ... Apr 21, 2005
This Alert summarizes some of the key business bankruptcy provisions of the Bankruptcy Act, which include tightening deadlines with respect to a debtor's "exclusivity period" to propose a plan of reorganization and the debtor's ability to assume or reject commercial real property leases. The Act also provides new rules for health care and not-for-profit debtors, and alters the rights of employees in a bankruptcy
Troutman Sanders: Avoiding Conflicts of Interest in Zoning Actions Mar 22, 2005
The scope of the Conflict of Interest in Zoning Actions Law is extremely limited; it only applies to "rezoning actions" defined in the Law as "action by the local government adopting an amendment to a zoning ordinance which has the effect of rezoning real property from one classification to another" (OCGA Section 36-67A-1(9)). These circumstances include the following (OCGA Section 36-67A-2): The official has a "property interest" defined as direct ownership, no matter how small in the real
Gibbons: You Can't Take That Away From Me -- Limits on the ... Mar 21, 2005
He had operated a gas station, towing company and his Oak Tree bus service from his property in Edison long enough. Several residences on the property also were occupied by tenants, as they had been for some 30 years
Gibbons: Spill Act Amendment Provides Protection From NRD Claims... Jan 25, 2005
The provision applies to any landowner who (1) acquired the property on or after January 6, 1998, the effective date of the Brownfields Act, (2) acquired the property after the discharge, (3) did not discharge the hazardous substance, is not in any way responsible for the discharged hazardous substance, and is not a corporate successor to the discharger or to any person in any way responsible or to anyone liable for cleanup and removal costs, and (4) did not expressly assume liability for
Poyner and Spruill: Court Rules that "As Is" Sale Does not Protec... Jan 03, 2005
Court Rules that "As Is" Sale Does not Protect Sellers of Real Property Print this Page Court Rules that "As Is" Sale Does not Protect Sellers of Real Property January 3, 2005 The North Carolina Court of Appeals has ruled that property sold "as is" under the contract between the buyer and the seller does not necessarily protect the seller from liability when the buyer later discovers problems with the property. On various occasions, the Seller represented to the Buyers, as well as others, that
Gibbons: Regional Law Firm Receives High Honors -- Gibbons Excel... Jan 01, 2005
The full-service firm shines in such diverse areas as business and commercial litigation, corporate law, intellectual property, products liability, criminal defense, financial restructuring, employment law, real property and environmental law, and government affairs. The Best Lawyers in America ranks twelve of the firm's attorneys as leading lawyers, spanning the areas of business litigation; corporate, Msecurities law; intellectual property; criminal defense; antitrust; and First Amendment law
Gibbons: The New Jersey Appellate Division Holds that Nepotism i... Dec 23, 2004
The court ruled that discrimination based on "familial status" is proscribed by the LAD only with regard to the fair housing and sale of property provisions of the statute. In contrast, the statue's provisions proscribing discrimination in the leasing or sale of real property expressly identify familial status as a protected category
Baker Botts: Steve McMillen Dec 01, 2004
Concentration Waste issues, permit and enforcement administrative hearings, multimedia regulatory compliance, and contaminated property issues Representative Engagements Major food processing company – underground injection well permit application, including representation through the Texas contested case hearing process Texas Industry Project/Environmental Clients Group – counsel regarding the Texas "emissions events" rules Major utility company – stormwater construction general permit Large
Goodwin Procter: Financial Services Alert Oct 26, 2004
The RIC stock also will be treated as being exempt from U.S. estate tax in the hands of a foreign decedent in proportion to the assets of the RIC that are debt obligations, deposits or other property that would generally be treated as situated outside the U.S. if held directly by the decedent. In addition, RICs generally will be treated under the Foreign Investment in Real Property Tax Act in the same manner as real estate investment trusts
Musick Peeler & Garrett: AN EMINENT DOMAIN ACTION INVOLVING COST TO REMEDIATE EN... Oct 20, 2004
The insured, Janet Block, owned real property in the City of Long Beach that sat atop an abandoned oil well. The City sought to acquire the property by eminent domain and offered Block the appraised price for the surface property, reduced by the estimated cost to remediate the environmental condition affecting the property
Gibbons: Know What Your Client is Buying Sep 27, 2004
Real Estate Title Insurance. Top ten reasons why purchasers of real property should perform a zoning investigation
Pepper Hamilton: Stay Relief: What Actions Must a Creditor Take? Sep 17, 2004
The district court denied the summary judgment motion on the basis that InterBusiness had failed to timely file a petition to fixed the value of the real estate owned by the debtor, Annlick Farm Supply, Inc. , within six-months following a foreclosure sale, in contravention of the Pennsylvania Deficiency Judgment Act, 42 PA. Cons. Within its reconsideration motion, InterBusiness argued that under the Bankruptcy Code, the six-month limitation period was tolled even though relief from the
Pepper Hamilton: What's It Worth? Using the Subdivision Approach to... May 19, 2004
Using the Subdivision Approach to Value Real Property in Pennsylvania Eminent Domain Cases 05/19/2004 This article was originally published on May 19, 2004, in Real Estate: A Supplement to The Legal Intelligencer and Pennsylvania Law Weekly, and is republished here with permission. In the vast majority of eminent domain cases, the primary question at issue is what is the property worth
Gibbons: New Jersey Department of Environmental Protection Chang... Apr 27, 2004
ISRA significantly curtails the rights of real property owners to transfer interests in or close the operations at "industrial establishments" by requiring an environmental cleanup prior to the transfer, or as a result of the cessation of operations. Confusion as to whether a property is an "industrial establishment" or whether a specific transaction "triggered" ISRA led NJDEP to implement a program whereby an owner could describe the property or the transaction to NJDEP and NJDEP would then
Gibbons: Corporate and Finance Alert Apr 27, 2004
ISRA significantly curtails the rights of real property owners to transfer interests in or close the operations at "industrial establishments" by requiring an environmental cleanup prior to the transfer, or as a result of the cessation of operations. Confusion as to whether a property is an "industrial establishment" or whether a specific transaction "triggered" ISRA led NJDEP to implement a program whereby an owner could describe the property or the transaction to NJDEP and NJDEP would then
Gibbons: The Business Advisor Apr 27, 2004
ISRA significantly curtails the rights of real property owners to transfer interests in or close the operations at "industrial establishments" by requiring an environmental cleanup prior to the transfer, or as a result of the cessation of operations. Properties Affected Confusion as to whether a property is an "industrial establishment" or whether a specific transaction "triggered" ISRA led NJDEP to implement a program whereby an owner could describe the property or the transaction to NJDEP and
Pitney Hardin: NJDEP Adopts Private Well Testing Regulations Feb 10, 2004
The Act imposes obligations on buyers and sellers, as well as lessors, of real property supplied with water from private wells that are not subject to testing under any other state law. The Act requires that all sales contracts for real property supplied with water from a private well located on the premises, or by a well that either has less than 15 service connections or does not service an average of at least 25 individuals regularly for at least 60 days out of the year, include a provision
Gibson Dunn: Follow up - Income Tax Filings for Transfers of Real Pr... Jan 09, 2004
Gibson Dunn - Publication Detail - Follow up - Income Tax Filings for Transfers of Real Property by Non-Resident Individuals of New York State (Publication) Attorneys & ProfessionalsEntire Site Related Practice Groups Real Estate See more Real Estate Publications Follow up - Income Tax Filings for Transfers of Real Property by Non-Resident Individuals of New York State Winter 2003-04 By Joanne Franzel In our last issue, we reported on the new tax legislation requiring non-resident individuals,
Baker Botts: Patrick Basinski Jan 09, 2004
He also advises clients regarding real estate and environmental issues. Concentration General corporate and securities matters, real estate, environmental matters Representative Engagements Mediware Information Systems – licensing agreements for pharmacy and blood bank divisions Sentinel Trust Company – formation of the Sentinel Hedged Equity Fund StarRotor Corporation – general corporate advice and counseling for an early stage company Waste Management of Texas – sale of certain real property
Gibson Dunn: The Statute of Limitations and Liability of Professiona... Jan 09, 2004
Gibson Dunn - Publication Detail - The Statute of Limitations and Liability of Professionals (Publication) Attorneys & ProfessionalsEntire Site Related Practice Groups Real Estate See more Real Estate Publications The Statute of Limitations and Liability of Professionals Winter 2003-04 By Andrew H. Levy and Sean O'Neil The New York Court of Appeals recently ruled on the applicable statute of limitations accrual period in a malpractice suit in which the plaintiff, a real property owner, sued an
Gibbons: Big Problems with New Jersey's Natural Resource Da... Jan 01, 2004
This type of assessment could slow the cleanup, approval and transfer of industrial and commercial property to a crawl. Parties who are obligated to clean-up real property will face increasing pressure to evaluate and repair alleged injuries to public resources
Hodgson Russ: TINs for FIRPTA Filings Dec 08, 2003
Canadian Tax HighlightsSeptember, 2003 by Marla Waiss Final and temporary regs issued on August 4, 2003 by the IRS require foreign transferors of US real property interests (USRPIs) to provide taxpayer identification numbers (TINs) on withholding tax returns, applications for withholding certificates, and other Code section 897 and 1445 notices and elections. USRPIs include interests in real property located in the United States and any interest (other than an interest solely as a creditor) in
Snell & Wilmer: What Every Loan Officer Should Know About Utah's O... Dec 01, 2003
Bankers in the process of making a loan secured by real property, or considering whether to take a second or third position trust deed as additional collateral for a loan, should be aware how the one-action rule may limit your ability and alternatives for collecting the loan in the event, fate forfend, it goes into default. Utah's one-action rule states: "There can be but one action for the recovery of any debt or the enforcement of any right secured solely by mortgage upon real estate." While
Morrison & Foerster: Court of Appeal Upholds CPUC Decision in Los Angeles v.... Nov 01, 2003
The parties to the sale reported to the County Recorder amounts corresponding to the real property values of the plants. The County’s position was that the transfer tax due should be based, not on the real property values, but on the total consideration paid for the plants
Saul Ewing: Delaware Case Update Oct 22, 2003
Primary business of debtor: The Debtor owns real property which is leased to an RV dealership. Total Assets ($1M+); Total Liabilities ($10M+)
Squire Sanders: Ukraine Law Update; November 2003 Oct 01, 2003
Banking/Finance/Secured Transactions/Construction New laws clarify the procedure for the realization of collateral under loan and mortgage agreements, and give the parties the right to enter into a mortgage agreement for real property currently not owned by the mortgagor or currently under construction. The laws provide powerful financial instruments to Ukrainian banks, allowing them to attract investment and safely finance the construction of residential property
Gibson Dunn: FIN 46: Your Balance Sheet and Why You Should Be Concer... Sep 29, 2003
Gibson Dunn - Publication Detail - FIN 46: Your Balance Sheet and Why You Should Be Concerned (Publication) Attorneys & ProfessionalsEntire Site Related Practice Groups Real Estate See more Real Estate Publications FIN 46: Your Balance Sheet and Why You Should Be Concerned Autumn 2003 By Andrew H. Levy and Kamyar D. Shabani Earlier this year, the Financial Accounting Standards Board (FASB) issued Financial Interpretation No. 46 (Fin 46), which establishes sweeping, and somewhat unclear, new
Debevoise: New York Requires Payment Of Estimated Personal Income ... Sep 04, 2003
...pubid=1444259112003=4yes','link','width=617,height=550,menubar=yes,location=yes,scrollbars,left=0,top=0'); } New York Requires Payment Of Estimated Personal Income Taxes By Nonresidents On Transfers Of New York Real PropertySeptember 4, 2003Commencing September 1, 2003 New York requires nonresident individuals, estates and trusts to pay estimated personal income tax on any gain realized from a sale or other transfer of real property located in New York State. In addition, a nonresident
Pepper Hamilton: Non-U.S. Persons and the Sale of U.S. Real Estate ... Sep 03, 2003
Law Firm of Pepper Hamilton LLP | Publications @import "style.css"; -- Register/Login Publications Non-U.S. Persons and the Sale of U.S. Real Estate 09/03/2003 A sale of U.S. real property (or a U.S. real property holding company) by a non-US person causes the buyer to withhold 10 percent of the purchase price, unless the seller can produce a certificate from the IRS allowing less than 10 percent to be withheld. In deferred like-kind exchanges of U.S. real property, the buyer cannot rely on a
Latham & Watkins: IRS REIT Guidance Aug 14, 2003
Safe Harbor for Loans Secured by a Partnership Interest Many REITs invest in real estate by making loans that are secured by real property. In some cases, perhaps because of financing arrangements and restrictive loan covenants, instead of making a loan that is secured directly by real property, a REIT may make a loan to the owner of an entity that owns real property
Latham & Watkins: IRS REIT Guidance Aug 14, 2003
Many REITs invest in real estate by making loans that are secured by real property. In some cases, perhaps because of financing arrangements and restrictive loan covenants, instead of making a loan that is secured directly by real property, a REIT may make a loan to the owner of an entity that owns real property
Greenberg Traurig: New York Enacts Estimated Tax Payment Requirement for S... Aug 01, 2003
New York Enacts Estimated Tax Payment Requirement for Sales of Real Estate by Non-Residents PUBLICATIONS ALERTS 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 GT Alert New York Enacts Estimated Tax Payment Requirement for Sales of Real Estate by Non-Residents August 2003 By David Bunning and Ivy J. Lapides, Greenberg Traurig, New York Office View or download the Adobe Acrobat version of this Alert here. Overview "New York personal income tax law has been amended to add a provision requiring
Blank Rome: Private Client Group Estate Planning Alert Jul 01, 2003
We recently became aware that the New York State Department of Taxation's interpretation of the new Federal Estate Tax Act, and its impact on New York's estate tax laws, can potentially have an adverse result for a non-New York domiciliary who continues to own real property or tangible personal property located in New York at death. New York imposes an estate tax on non-resident decedents, with assets over $1,000,000, who owned real property or tangible personal property located in New York at
Calton Fields: Telecommunications Case of the Month - July 2003 Jun 30, 2003
The court while sympathetic to Intel, dismissed various amicus and academic arguments declining to extend California law to characterize computer servers as real property in order to facilitate a holding favorable to Intel. Comments: The court suggested that other tort or statutory claims are still available for unwanted e-mails
Pepper Hamilton: Under the Boardwalk or By the Old Mill Stream Vacation ... May 30, 2003
During the trust term, you may continue to pay and deduct real property taxes, mortgage interest, etc. This may allow you to transfer the property at a reduced transfer tax value, and may also allow family members to enter into agreements about how the residence will be used, maintained, and ultimately bought or sold among family members
McDermott: President Bush Signs New Tax Cut into Law May 28, 2003
Exceptions or limitations apply to certain special types of dividends, such as dividends from real estate investment trusts. Bonus Depreciation For equipment and certain other types of property, not including real property or other long-life assets, placed in service in a business from May 6, 2003, through 2004 (2005 in certain instances), the act increases the first-year "bonus" depreciation deduction from 30 percent of basis to 50 percent of basis
McDermott: President Bush Signs New Tax Cut into Law May 28, 2003
Exceptions or limitations apply to certain special types of dividends, such as dividends from real estate investment trusts. Bonus Depreciation For equipment and certain other types of property, not including real property or other long-life assets, placed in service in a business from May 6, 2003, through 2004 (2005 in certain instances), the act increases the first-year "bonus" depreciation deduction from 30 percent of basis to 50 percent of basis
Gibson Dunn: Mandatory Transitional Employment for Building Service ... Apr 07, 2003
Gibson Dunn - Publication Detail - Mandatory Transitional Employment for Building Service Employees in New York City (Publication) Attorneys & ProfessionalsEntire Site Related Practice Groups Real Estate See more Real Estate Publications Mandatory Transitional Employment for Building Service Employees in New York City April 7, 2003 By Andrew A. Lance and Daniel Bamdas The legal requirements and related operating costs pertaining to retention or termination of building employees can be an area of
Winstead: Lorin Williams Combs Mar 01, 2003
...com Lorin Combs has been a member of the Real Estate section since joining Winstead in 2001. Lorin works primarily within the Real Estate Lending practice group and the Real Estate Structured Finance practice group
Faegre & Benson: Making Commercial Mortgage Loans on Property in Minneso... Mar 01, 2003
Faegre n LLP: Making Commercial Mortgage Loans on Property in Minnesota //Pop-it menu- By Dynamic Drive //For full source code and more DHTML scripts, visit http://www. The following overview, while not comprehensive, addresses select issues often raised by non-Minnesota counsel in connection with commercial loans secured by Minnesota real estate
Preston Gates & Ellis: California FIRPTA Expanded to Non-Resident Individuals Dec 20, 2002
If there are multiple sellers, the withholding from proceeds to be received by an individual will be prorated in accordance with his or her interest in the property transferred. The law places the burden of withholding the 3 1/3% amount, completing the FTB forms, and transmitting payment to the FTB on the buyer or transferee of the property
Haynes and Boone: 12/1/2002 - New Federal Brownfields Legislation Dec 01, 2002
As its name suggests, the act provides relief to small businesses and funding for "brownfields" - "real property, the expansion, redevelopment, or re-use of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant." The Brownfields Amendments also significantly amend certain liability-related provisions of the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA" or "Superfund"), the environmental statute that
Morrison & Foerster: New Withholding Requirement for Sale of Real Property i... Nov 25, 2002
Morrison ter - Bulletin - REAL ESTATE BRIEFING REAL ESTATE BRIEFING This briefing is provided to alert you to significant current issues in real estate law. For more information concerning Morrison & Foerster's real estate practice or this briefing, please contact one of the attorneys listed below
Bell: Letters of Intent?A Trap For the Unwary Nov 01, 2002
This article appeared in the Fall 2002 edition of Real Property, Probate and Trust Journal. LETTERS OF INTENT A TRAP FOR THE UNWARY THE AUTHORS Thomas C. Homburger is a member of Bell, Boyd & Lloyd LLC's Real Estate Department
Fowler White: Fall 2002 Oct 01, 2002
Senior lawyers from other practice areas within the firm complement the International Group offering services in various international matters including litigation, securities, intellectual property, real property, employee benefits, labor law, estate planning and admiralty To see our Winter 2003 newsletter, please click here. To see our Winter 2002 newsletter, please click here
O'Melveny & Myers: Client Alert - October 2002 (PDF) Oct 01, 2002
California Expands Withholding Requirements for Sales of Real Property by Individuals. A new California law expands the tax withholding requirements for sales of real property by individuals
Jackson & Campbell: August 2002 Aug 01, 2002
There is a terrific article you can share with them that appears in the May/June Issue of "Probate & Property" published by the American Bar Association. Also available at 19 ACREL News No. 4, Dec. 2001 (American College of Real Estate Lawyers)
Lowenstein Sandler: "Court Disallows Lease Extension" Aug 01, 2002
...he Bankruptcy Court for the District of New Jersey recently held that a lease of non-residential real property terminates under New. In the case of Great Feeling Spas, Inc., the debtor filed a motion seeking to extend its time to assume or reject its primary non-residential real property lease pursuant to Bankruptcy Code §365(d)(4)
Musick Peeler & Garrett: COURT OF APPEAL: PERSONAL INJURY COVERAGE FOR WRONGFUL ... Jul 22, 2002
Musick Peeler tt LLP MP&G Library - Articles COURT OF APPEAL: PERSONAL INJURY COVERAGE FOR WRONGFUL EVICTION REQUIRES ACTUAL REMOVAL OF THE CLAIMANT FROM REAL PROPERTY David A. Tartaglio July 22, 2002 The California Court of Appeal recently issued a ruling in Cunningham v. Universal Underwriters, 98 Cal.App. INJURY” was defined to include “wrongful eviction” and “invasion of rights of privacy or possession of personal property.”The Court of Appeal first stated that the “Personal Injury” coverage
Morrison & Foerster: Delaware Superior Court Holds That Geographic Allocatio... Jul 19, 2002
Morrison ter - Legal Update - Delaware Superior Court Holds That Geographic Allocation of Gain from Sale of Real Property Does Not Include Recaptured Depreciation This update addresses recent state and local tax developments. 2 million, almost 100 percent of which was attributable to a $14 million gain realized for federal income tax purposes on the sale of a manufacturing plant located in Delaware
Morrison & Foerster: Delaware Superior Court Holds That Geographic Allocatio... Jul 19, 2002
Morrison ter - Bulletin - STATE AND LOCAL TAXES STATE AND LOCAL TAXES Delaware Superior Court Holds That Geographic Allocation of Gain from Sale of Real Property Does Not Include Recaptured Depreciation This update addresses recent state and local tax developments. 2 million, almost 100 percent of which was attributable to a $14 million gain realized for federal income tax purposes on the sale of a manufacturing plant located in Delaware
Manatt: TaxLaw@manatt Jul 16, 2002
5556 CALIFORNIA PROPERTY TAX RELIEF: Create Property Tax Savings by Lowering the Assessed Value of Your Real Estate By Jeffrey A. Mannisto All California real property owners should be receiving their property tax bills for the 2002/03 tax year in the mail now. Under California property tax law, California real property tax assessments are limited to the lower of the acquisition value of the property (subject to an annual increase of up to 2%) and the fair market value of the property as of the
Strasburger: Real Estate News Jul 01, 2002
Section 1031 of the Internal Revenue Code provides that any gain or loss realized upon the exchange of investment property for other property of a like-kind may be deferred until the "exchange property" is disposed of in a subsequent taxable transaction. Certain types of "nonqualifying property" are excluded from tax-deferred treatment under Section 1031, including "interests in a partnership." Under certain circumstances, co-owners of property can be treated as partners for tax purposes, even
Michael Best & Friedrich: Conditions Under Which IRS Will Rule That a Tenancy-In-... Jul 01, 2002
MBF Article - Conditions Under Which IRS Will Rule That a Tenancy-In-Common in Rental Real Estate Can Qualify for Tax-Free Exchange Treatment Conditions Under Which IRS Will Rule That a Tenancy-In-Common in Rental Real Estate Can Qualify for Tax-Free Exchange Treatment Steven R. BattenbergPhone: (262) 956-6526Fax: (262) 956-6565Email: srbattenberg@mbf-law. com The IRS released Revenue Procedure 2002-22, which provides guidance on whether an undivided fractional interest in rental real estate
Rutan & Tucker: Overview of Conflict-of-Interest Rules Pertaining to Pu... Jun 27, 2002
Rutan & Tucker LLP HOME | ABOUT RUTAN & TUCKER | ATTORNEY PROFILES | PRACTICE AREAS | CAREERS AT R&T NEWS & UPDATES | LEGAL RESOURCES | CONTACT US & DIRECTIONS | SEARCH Articles & Updates usiness Litigation ompetitive Business and Advertising Practices ondemnation/Property Valuation onstruction Law orporate/Securities mployment/Labor nvironmental inancial Practices irm-Wide News ntellectual Property/Technology and Use/Natural Resources ife Sciences unicipal nment Agency Law eal Estate ax
Hayboo: ENVIRONMENTAL TIP #26: Taking Stock-The Availability of... Jun 03, 2002
All of these provisions purport to burden real property, so that the Statute of Frauds and the law regarding ?gcovenants running with the land?h are relevant. This paper will not cover all of these issues in depth, but will attempt to identify relevant Texas cases that directly bear on the current status of these provisions
Hodgson Russ: Ganoderma Butt Rot And What Does This Have To Do With P... May 20, 2002
...by Nancy B. McAllister and James M. Hankins By now, buyers and sellers of real property are well acquainted with “property inspections” in an impending transfer of ownership. Sellers are aware that they can expect buyer scrutiny of the condition of the property, be it a large commercial site of any kind (shopping center, office building, warehouse, or whatever) or a residential home purchase, large or small
Pitney Hardin: Tax Increases on New Jersey Realty Transfers Signed int... Apr 07, 2002
...- Alerts Press Releases Online Press Kit Alerts Newsletters In the News Seminars Events Tax Increases on New Jersey Realty Transfers Signed into Law by Governor On June 30, 2004, Governor McGreevey signed into law A3115, which would amend the Realty Transfer Fee statute as follows:imposes an additional fee, a "general purpose fee," on grantors of property whose value, as recited in the deed of transfer, is more than $350,000. The "general purpose fee" applies to the full amount of the sale of
Jackson & Campbell: April 2002 Apr 01, 2002
Jackson ell P.C. Newsletter for the Title and Real Estate Industries Jackson & Campbell P.C. Newsletter April, 2002 Dear Real Estate Professional: The industry continues to face rapid changes in District of Columbia law, new procedures, forms and policies. Instead, that more detailed information is now available on the Real Property Tax Database Search which was always available to the general public
Bricker & Eckler: Sales & Use Tax and Construction Contractors Apr 01, 2002
03 of the Revised Code, a construction contract pursuant to which tangible personal property is or is to be incorporated into a structure or improvement on and becoming a part of real property is not a sale of such tangible personal property. The construction contractor is the consumer of such tangible personal property, provided that the sale and installation of carpeting, the sale and installation of agricultural land tile, the sale and erection or installation of portable grain bins, or the
Lane Powell: Mechanics Liens in Washington Mar 25, 2002
021, any person or entity who furnishes labor, professional services, material or equipment in connection with the improvement of real property at the instance or request of a property owner, or of the construction agent of the property owner, can claim a lien against that property. clearing, grading or filling in, of, to, or upon any real property or street or road in front of or adjoining the same; (b) Planting of trees, vines, shrubs, plants, hedges, or lawns, or providing other landscaping
Preston Gates & Ellis: FTC Adopts Final Rules Regarding Notification Threshold... Mar 20, 2002
Agricultural Real PropertyThe FTC has removed "associated agricultural assets" from the agricultural real property exemption. Although real property will continue to be exempt under the change, assets such as inventory (e
Weil: Debtor Obligated for Pro Rata Postrejection Rent Arisin... Mar 01, 2002
Unexpired Leases of Nonresidential Real Property Section 365(d)(3) of the Bankruptcy Code states that, [t]he trustee shall timely perform all the obligations of the debtor. arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected
Gibbons: New Jersey Legislature Serves Up An Appetizer to Contra... Feb 20, 2002
The second law, codified at N.J.S.A. 59:13-8, allows for prejudgment interest on all or part of a judgment arising out of a construction improvement to real property. This overturns the prohibition on prejudgment interest in the Contractual Liability Act
Parker Poe: Alan G. Dexter Feb 01, 2002
...com Outlook vCard: Practice Area: Real Estate and Commercial Development Experience: Mr. Dexter is the leader of the firm's Commercial Development Team. Mr. Dexter is past-Chairman of the Mecklenburg County Board of Tax Equalization and Review and past-Chairman of the Mecklenburg County Bar Real Property Section
Allen Matkins: The Commercial Mortgage Lender's Perspective of Ti... Feb 01, 2002
...or the commercial lender, the commercial real estate transaction is not complete without a thorough review of title matters and the issuance of a title insurance policy. Lenders believe that because the 1970 Policy does not contain the creditor's rights exclusion in the exclusions from coverage or the Mark Foster is an attorney in the Orange County office of Allen Matkins Leck Gamble ry, a business and real estate law firm
Epstein Becker & Green: What Employers Need to Know about the New Medical Priva... Jan 15, 2002
Human Resource Directors Health Benefits Personnel and Attorneys Health Insurer Personnel Providers of Services to Health Benefit Plans This seminar is sponsored by The American Bar Association, Section of Business Law, Section of Health Law, Section of Labor and Employment Law, Section of Real Property, Probate and Trust, Section of Taxation, Section of Tort and Insurance Practice, Under the Auspices of the Joint Committee on Employee Benefits, and The Center for Continuing Legal Education and
Adams Kleemeier: Rental Equipment Charges are Lienable Jan 01, 2002
...com Prior to January of 1993, most construction lawyers believed that a lessor of rental equipment was entitled to assert a mechanic's lien for charges for rental equipment used to improve real property. Inco then asserted a lien on funds and a lien against real property as a third-tier subcontractor
Allen & Overy: Types of Security in Poland - Project Finance Transacti... Jan 01, 2002
General Mortgages General Enforcement Costs Mortgagee in possession Permit for acquisition of real property by foreigners Registered pledge General Encumbered assets Formal requirements Notification Enforcement Security transfer and security assignment General Security assignment of rights and transfer of moveables Security assignment of rights under bank accounts and insurance contracts. The following types of security interests may be established over assets of the Project Company: (a)
Akin Gump: Balancing the Interests of Sellers and Developers in Pu... Dec 01, 2001
As appeared in the Winter 2001 edition of the Real Estate Finance Journal. Balancing the Interests of Sellers and Developers in Purchase Money Transactions for Developable Real Property
FROF: Construction Allowance Creates Tax Consequences Nov 01, 2001
" Finally, "qualified long-term real property" is non-residential property which is part of retail space and which reverts to the landlord when the lease term expires or terminates. Regulations passed in 2000 expound upon these requirements and terms, offering examples and more detailed definitions. The regulations also instruct that the allowance must be spent by the tenant in the taxable year received for the construction of qualified long-term real property for use in the tenant's business.
Hinshaw & Culbertson: RealLaw Nov 01, 2001
Debevoise: Protocol to U.S./Australia Income Tax Treaty Oct 18, 2001
Dividends paid by a regulated investment company ("RIC") or real estate investment trust ("REIT") will not qualify for the 0% or 5% rate, but may qualify for the 15% rate. e., a REIT in which no single real property interest held by the REIT represents more than 10% of the total value of the REIT's real property interests) to a person holding an interest of not more than 10% in the REIT. REIT dividends paid to certain listed Australian property trusts may qualify for the 15% withholding rate,
Buchalter Nemer: Loan Modification Beware of Priority Loss on Real Estat... Oct 01, 2001
Fall 2001 Loan Modification Beware of Priority Loss on Real Estate - California var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Loan ModificationBeware of Priority Loss on Real Estate - California By Kevin M. Brandt Points & Authorities, Fall 2001 Buchalter, Nemer, Fields & Younger In these times of increasing loan modifications and workouts, secured parties should always remember one cardinal principle: a secured
Harris Beach: School Districts Given Equal Status In Property Tax Ass... Jul 27, 2001
School Districts Given Equal Status In Property Tax Assessment Appeals mac = 'MacPPC' ie = "Microsoft Internet Explorer"; netscape = "Netscape"; netscape6av = "5.0 (Windows; en-US)"; if (navigator. write(''); } School Districts Given Equal Status In Property Tax Assessment Appeals July 2001 In July 2001, the Appellate Division of the Third Department of New York Supreme Court issued a decision giving school districts the right to fully and equally participate in tax certiorari litigation
Paul Weiss: Book Review: Estate Planning and Chapter 14: Understand... Mar 01, 2001
Part C explains Section 2703's disregard of certain options, restrictions, and buy-sell agreements in the valuation of property. She is also Editor of the Media/Book Products Committee of the ABA's Real Property, Probate and Trust Law Section
Buchalter Nemer: Recent Legislative Developments Affecting California Re... Dec 01, 2000
Winter 2000 Recent Legislative Developments Affecting California Real Property var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Recent Legislative Developments Affecting California Real Property Points & Authorities, Winter 2000By Tybalt Whitney, AssociateBuchalter, Nemer, Fields er Secured Creditor s Remedies Have Been Extended Indefinitely Where The Real Property Has Been Environmentally Impaired
Weil: Perspectives on Privatization in Hungary Dec 01, 2000
The schemes implemented over the last decade have shaped the legal landscape, and have created the conditions in which property developers, users and capital providers operate. It is important to understand that Hungary, unlike other former Eastern Bloc countries, never entirely eliminated private ownership of real property
McDermott: Florida Continues Modernization of Merger Laws Oct 01, 2000
The general rule is that a transfer of real estate ownership in Florida is accomplished by a deed, on which the state imposes a documentary stamp tax. In the most populous county of the state, an additional surtax on deeds for non-residential property also applies
McDermott: Florida Continues Modernization of Merger Laws Oct 01, 2000
The general rule is that a transfer of real estate ownership in Florida is accomplished by a deed, on which the state imposes a documentary stamp tax. In the most populous county of the state, an additional surtax on deeds for non-residential property also applies
Ober Kaler: Maryland Exempts Equipment from UCC Recordation Tax Oct 01, 2000
Cohen & Wolf: Real Property Tax Appeals in Connecticut. Jul 01, 2000
Severson & Werson: Consumer Finance Report - Summer 2000 Jul 01, 2000
Carlton Fields: Defending an Inevitable Disclosure Claim Apr 01, 2000
Lane Powell: Real Property: Landlord-Tenant Law Nov 01, 1999
Real Property; Landlord-Tenant Law. VI. REAL ESTATE BROKERAGE
Weil: Restrictions on Foreign Ownership of Hungarian Real Est... Jul 01, 1999
Replace Font Tag Central & Eastern European Property & Finance Report Restrictions on Foreign Ownership of Hungarian Real Estate Summer 1999 Just as Hungary has been enjoying an unprecedented real property market boom, ranging from commercial to residential real estate construction and development, national legislators have also been busy at work, attempting to find new ways to curtail foreign ownership of Hungarian real property. In order to limit foreign ownership of residential units, a July
Weil: Reform Of Hungarian Land Registration System Jul 01, 1999
Today, reforms undertaken in Hungary in the early 1990 s are playing an important part in facilitating a visible real estate development boom, particularly in and around Budapest. Reform Efforts When Hungary embarked upon its transition to a private market economy in 1989, the land registration system, which was administered for decades by the Ministry of Agriculture, was ill-prepared for the demands of a private property market
Carlton Fields: Pointers on Preserving the Record Jan 01, 1999
Akin Gump: Transfers of Real Property to UPREITS and DOWNREITS: A ... Oct 01, 1998
Akin Gump Article This article originally appeared in the October 1998 issue of Los Angeles Lawyer TRANSFERS OF REAL PROPERTY TO UPREITS EITS: A PRACTICAL OVERVIEW by Tony Salandra Akin, Gump, Strauss, Hauer & Feld, L.L.P. Century Tower Plaza 2029 Century Park East Suite 4150 Los Angeles, California 90067 Real Estate Investment Trusts ("REITs")/1 have been one major force fueling the resurgence of property values for most of the current decade, a period during which the publicly traded REIT
Greenberg Traurig: Amendments To Drycleaner Cleanup Program Provide Tax Br... Jul 01, 1998
The Act provides for state-conducted and funded cleanup by encouraging real property owners to undertake voluntary rehabilitation of contaminated sites. 30781, F.S. This significant provision was added to encourage voluntary cleanup by providing a partial tax credit for the restoration of contaminated property pursuant to ß199
Shaw Pittman: Leasing Real Property to the U.S. Government. Shaw Pitt... May 01, 1998
PublicationPublication: Shaw Pittman Title: Leasing Real Property to the U.S. Government Citation: May 1998 Author(s): Alexander Tomaszczuk, David Miller, Devon Hewitt, Barry G. Segal, GSA's Office of Regional Counsel To obtain a full-text copy of this publication, please contact us
Sheppard Mullin: The Synthetic Lease: Off-Balance Sheet Financing of Rea... Apr 10, 1998
The Synthetic Lease: Off-Balance Sheet Financing of Real Property NS4 = (document. src = eval(imgObjName + ".src") } } -- Printer Friendly Page The Synthetic Lease: Off-Balance Sheet Financing of Real Property April 10, 1998 I. INTRODUCTION The synthetic lease (also known as an "off-balance-sheet lease," an "off-balance-sheet loan," or a "master lease") is a financing structure used by many public companies to finance 100% of the cost of acquisition of certain real and personal property at a
Weil: Landlord''s Damage Claims Against Guarantors ... Feb 01, 1998
Replace Font Tag Bankruptcy Bulletin Landlord s Damage Claims Against Guarantors in Bankruptcy February 1998 By John J. Rapisardi An important issue for guarantors of real property leases who file chapter 11 is whether, and to what extent, they will be held liable for damage claims resulting from the termination of the guaranteed lease. Pursuant to section 502(b)(6) of the Bankruptcy Code, a landlord s damages arising from the rejection or termination of a real property lease will be limited
Shaw Pittman: Real Estate Law Monitor Dec 01, 1997
I. SPECIAL MATTER: LIMITED LIABILITY COMPANIES WITH ONE MEMBER. Recent developments in both the federal tax law and state law in some states relating to limited liability companies (LLCs) have created new opportunity for one to invest in or develop real estate, or carry on any other business, alone (without partners) and still enjoy the dual benefits of limited liability and single level income taxation. Historically, LLCs have fit well for real estate investment and development, but two or more
Winstead: Edward A. Peterson Nov 07, 1997
...com Ed Peterson represents institutional clients, including life insurance companies, pension plans (public and private) and banks in their corporate real estate needs on a national basis. He also represents developers of real estate and investors in the acquisition and disposition of real estate portfolios and condominium developers in high rise, mixed use and commercial condominium projects
Riker Danzig: 1/97 Real Property Tax Appeals Must be Filed by April... Apr 01, 1997
Riker Danzig Article (192) 1/97 Real Property Tax Appeals Must be Filed by April 1, 1997 From Riker Danzig Real Property Tax Appeals UPDATE, January 1997 Some or all of your New Jersey real estate may be incorrectly assessed and, therefore, over-taxed. The assessment on the 1997 Notice of Assessment does not necessarily reflect the value at which the property is being assessed
Shaw Pittman: Real Estate Law Monitor Apr 01, 1997
Treasury Department Proposal to Restrict Tax Deferred Exchanges of Real EstateDate:Summer 1997 Issue:Vol 9, No. 2 I. Articles A. Deductibility of Fees Paid to Postpone Property Closing. The payments made to postpone a property closing may in some circumstances be deducted as interest rather than being capitalized as a cost of acquiring the property
Winstead: Daniel H. Branch Jan 01, 1997
...com Dan Branch serves as a senior commercial real estate lawyer based in the firm's Dallas and Washington, DC offices. He possesses a unique blend of high-level public policy and government experience, along with nineteen years of rich experience in a broad range of commercial real estate, corporate and partnership transactions
Adams Kleemeier: Rental Equipment Charges are Now Lienable Oct 01, 1996
...com Prior to January of 1993, most construction lawyers believed that a lessor of rental equipment was entitled to assert a mechanic's lien for charges for rental equipment used to improve real property. Inco then asserted a lien on funds and a lien against real property as a third-tier subcontractor
Morrison & Foerster: New Exemptions to the Premerger Notification Requiremen... Apr 29, 1996
Morrison ter - Legal Update - New Exemptions to the Premerger Notification Requirements of the Hart-Scott-Rodino Act for Certain Real Estate Transactions For more information about these new exemptions, please contact one of the attorneys in our Real Estate Group listed below. April 1996 New Exemptions to the Premerger Notification Requirements of the Hart-Scott-Rodino Act for Certain Real Estate Transactions Effective April 29, 1996, the rules promulgated under the Hart-Scott-Rodino Antitrust
Fried Frank: New Hart-Scott-Rodino Exemptions Apr 08, 1996
Essentially, the new rules expand the exemptions governing the acquisition of goods or realty, while generally (with some liberalizing exceptions) preserving the potential reportability of acquisitions of operating units of businesses. Carving out greater exemptions for transactions unlikely to present substantive antitrust issues like acquisitions of goods and realty is a worthwhile step on its own merits and also a good move politically by the antitrust agencies, perhaps enhancing their
Greenberg Traurig: Ad Valorem Tax Assessments Legislation Could Mean Subst... Apr 01, 1996
The proposed bills, while expected to increase total revenue realized to local governments by approximately $78 million, would drastically escalate the property tax burden of real estate developers. The proponents of the bills contend that the public policy of allowing partial year tax assessments of real personal property to increase revenues outweighs any adverse effects upon the development community
Morgan Lewis: Changes in California Law Providing Secured Lenders Add... Oct 01, 1991
Morgan Lewis: Third Circuit Clarifies Limitations on Debtor'... Feb 01, 1991
Florida Mortgage Foreclosures
Prospectus
Brownfields
December 27
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. com voice: (202) 457-1600 web: http://www
June 4
Sincerely, Real Property and Asset Management and Business Law Groups Jackson & Campbell P.C. email: RKaufmann@JacksCamp. com voice: (202) 457-1600 web: http://www
November 6
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. RKaufmann@JacksCamp. comhttp://www
October 18
To summarize, it deals with completely new tax sale provisions, how over-payments of real estate taxes are refunded (if ever), provides for transfer/recordation tax for any leases over 30 years (and life-estates), and provides for a penalty of $250 if a deed is recorded more than 30 days after execution. Link to SUMMARY of Tax Clarity Act Link to the FULL TEXT of Tax Clarity Act (47 pages) Link to the D.C. Official Code (For Real Property See Division VII - Title 42; For Taxation, See Division
February 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
March 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell, P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
IRS Revenue Procedure 2003-65 (Released July 11
Among other things, in order to be eligible for the safe harbor, the loan must be a nonrecourse loan secured by an interest in a partnership or disregarded entity whose assets consist primarily of real estate. Consequences of Safe Harbor Qualification A loan that satisfies the requirements of the safe harbor will be treated as a “real estate asset” for purposes of the Internal Revenue Code requirement that at least 75 percent of the assets held by a REIT at the end of each quarter must be real
IRS Revenue Procedure 2003-65 (Released July 11
Among other things, in order to be eligible for the safe harbor, the loan must be a nonrecourse loan secured by an interest in a partnership or disregarded entity whose assets consist primarily of real estate. Consequences of Safe Harbor Qualification A loan that satisfies the requirements of the safe harbor will be treated as a “real estate asset” for purposes of the Internal Revenue Code requirement that at least 75 percent of the assets held by a REIT at the end of each quarter must be real
Mortgage Foreclosure: Drafting the Documents
SCOPE OF PAPER This paper addresses basic legal considerations and documents pertaining to nonjudicial foreclosure of deed of trust liens against real property in Texas. The effect of both valid and invalid foreclosure sales on all parties having a legal interest in the encumbered property are discussed
Effective August 1
...or the second time in as many years, the New Jersey Legislature has increased the Realty Transfer Fees payable on certain. transfers of real property
February 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
%20Brad%20REITs.pdf
Court Denies Immediate Payment of Postpetition
Section 365(d)(3) requires a debtor in possession to perform timely all of the debtor s obligations arising under an unexpired lease of nonresidential real property until the lease is assumed or rejected. Because section 365(d)(3) requires timely payment of a debtor s postpetition lease obligations, most courts have held that postpetition rent due under an unexpired nonresidential real property lease is automatically entitled to administrative expense priority
: IMMIGRATION ALERT: Recent News from DOS
...visibility = "visible"; } } //-- PublicationHot TopicsPublicationsFirm Seminars3/6/1998 - Oil and Gas Liens and Foreclosures - A Multi-State Perspective AuthorsTerry I. CrossJason T. BarnesRelated Practice GroupsEnergy/PowerFinanceReal Estate Liens and Foreclosures CLE/Symposium Real Property Law Section Oklahoma Bar Association and The Oklahoma Law ReviewIntroductionThis article is an attempt to provide both a general overview of issues that arise in creating, perfecting and enforcing liens on
: Third Quarter 1999
Private Contracting Contract Venue Provisions Florida resident contractor, subcontractor or materialman cannot be required to bring legal actions in contracts for improvement of real property outside the state of Florida. Notice to Owner Allows flexibility in format of Notice to Owner; allows a Notice to Owner to be combined with a Notice to Contractor
Akin Gump: Transfers of Real Property to UPREITS and DOWNREITS: A ...
1001 Practice Area: Real Estate and Finance Tony Salandra's experience as a real estate lawyer includes acquisition, disposition, exchange, financing and refinancing of commercial, residential, retail, industrial and hotel properties. Mr. Salandra also handles the structuring and restructuring of the real estate holdings of legal entities and their constituents, including real estate loan workouts in and out of bankruptcy
Akin Gump: Essential Facts: Pension and Profit-Sharing Plans
Akin Gump: Texas Supreme Court Favorably Interprets Constitutional...
These new provisions change the procedure by which a manufactured home is converted from personal property to real property. amendment to the Texas Constitution that, if approved by the electorate on November 6, 2001, would add to the class of constitutionally permitted debts secured by the homestead a debt created by the purchase of a manufactured home (while it is personal property) that is placed on real estate owned by the consumer
Ballard Spahr: New Jersey Transfer Recording Fees to More Than Double ...
This Alert discusses the significant changes that will impact both buyers and sellers of real property in the State of New Jersey. It should be noted that the new legislation specifically leaves in place the current reduction in fees available to the following groups: persons over the age of 62, blind persons, and disabled persons; and on property that is qualified as low or moderate income housing (“Special Group”)
Blank Rome: Interior Renovations Not Grounds For Reassessment
The Pennsylvania Supreme Court has held that tax assessors cannot reassess a property merely as a result of interior alterations. An increase in an assessment under those circumstances would be considered an improper "spot reassessment." Under the applicable statute that is defined as "the reassessment of a property or properties that is not conducted as part of a countywide revised reassessment and which creates, sustains or increases disproportionately among properties' assessed values."
Buchalter Nemer: Lender Alert: Call-up of Civilians to Active Military S...
Finally, judicial and non-judicial foreclosure on real property or personal security for a debt is suspended during the pendency of military service. Other provisions of the SSCRA may be relevant to a lender's operations or a borrower's circumstances, including: Executing judgments Attaching or garnishing property Entering default judgments The running of a statute of limitations period There are, however, specific ways for a lender to obtain relief from some of the restrictions noted above
Carlton Fields: Florida Keystone Series
Carlton Fields: The ABC's of Title Claims in Florida
Carlton Fields - Publication Detail Publication Detail 03/12/2003 The ABC's of Title Claims in FloridaThe ABC's of Title Claims in FloridaMark A. BrownRelated Practices Real Property Litigation Practice Copyright ©2004 by Carlton Fields
Dykema Gossett: The Road to the All-Digital Closing: Applying Electroni...
Fox Rothschild: New York Federal Court Grants Equitable Mortgage to Tit...
Lawyers Title, after paying off its insured and taking an assignment, pursued a counterclaim previously filed by its insured lender seeking the imposition of an equitable mortgage on the property. The borrowers defended the counterclaim by contending that there was no intention that the loan be secured with a mortgage on the real estate
Frost Brown Todd: Disclaimer
Goodwin Procter: IRS Issues Guidance on Use of Taxable REIT Subsidiaries...
An update from Goodwin Procter's Real Estate Securities and Capital Markets Group. Should rent attributable to noncustomary services performed by a TRS be treated as qualifying rents from real property or as nonqualifying income to the REIT
Gray Cary: California Tax Law Changes Affecting Businesses
Withholding on Purchases of Real Estate From IndividualsR&TC Section 18662 requires the purchaser of California real property to withhold 3. 3% of the purchase price if the property was acquired from an individual who is not (or who, after the transfer of the real property, will no longer be) a California resident, or from a corporation, if after the transfer of the real property, the corporation has no permanent place of business in California
Hinshaw & Culbertson: RealLaw - Autumn 2001
Honigman Miller: Gasoline Dispenser Is Not A "Facility" Under Pa...
Saco filed a counter-claim against Omega, and also filed a claim against C.F. Fick Inc. (Fick), who apparently owned a gasoline dispenser on the property in question. Saco's claim against Fick was based on the theory that Fick owned the gasoline dispenser, that the gasoline dispenser was a "facility" under Part 201 of NREPA, and that Fick was, therefore, liable for cleanup costs on the property because Fick was the owner or operator of a "facility" from which there was a release of hazardous
Lowenstein Sandler: New Jersey To Require Tests Of Private Wells
...property using a private well for potable water supply will be required to test the well prior to closing of title. Real Estate Sales Contracts for the sale of real property must include a contractual provision that the on-site private potable water well will be tested prior to closing
Michael Best & Friedrich: Illinois Repeals Responsible Property Transfer Act
The repeal removes what has been considered an increasingly obsolete disclosure requirement that impacted thousands of real estate transactions in Illinois since 1988. The Act was originally enacted as a mechanism to insure that parties transferring real property were made aware of the environmental status of the property and any associated potential liability
Reed Smith: New Laws Affecting Transfer Fees in Real Property Trans...
...write(''); } //-- New Laws Affecting Transfer Fees in Real Property Transfers in New Jersey David S. GordonIn June 2004, the New Jersey Legislature passed Assembly Bill No. 3115, which significantly affects real estate transfers in New Jersey. Assembly Bill No. 3115 imposes (1) a new progressive "general purpose fee" on sellers of property where the purchase price of the property exceeds $350,000, and (2) a new fee at 1 percent of the total transfer price on buyers of residentially zoned
Reed Smith: New Laws Affecting Deed Recordings in New Jersey
Assembly Bill No. 3128 tightens the tax collection procedures on nonresident individuals, trusts and estates selling real property located in New Jersey, by requiring them to pay an estimated gross income tax on gains realized from the sales as a condition of the recording of the deed. The new fees and estimated tax payment requirements apply to real estate transfers occurring on or after August 1, 2004
Riker Danzig: 1/98 Real Property Tax Appeals Update
The assessment on the 1998 Notice of Assessment does not necessarily reflect the value at which the property is being assessed. New Jersey law precludes a municipality from increasing an assessment merely because title to the property has been transferred
Riker Danzig: 2/99 Real Property Tax Appeals 1999
Revaluation - The revaluation of property by local taxing districts may increase the possibility of properties being assessed incorrectly. In New Jersey last year, just over a dozen municipalities revalued the property within their boundaries: Atlantic County Brigantine City Bergen County Dumont Boro Camden County Lawnside Boro Cape May Stone Harbor Boro Monmouth County Allenhurst Boro Freehold Township South Belmar Boro Morris County Hanover Township Lincoln Park Boro Morris Plains Boro
Riker Danzig: 2/04 Real Property Tax Appeals Update
In practice, assessors do not reassess each property annually, but only do so every five to ten years in most taxing districts. Thus, in a recessionary market, such as currently exists for many commercial office owners, the property may be overassessed
Riker Danzig: 3/03 Real Property Tax Appeals Update 2003
General Overview A real property tax appeal is a challenge to the assessment or taxable value of the property, not the taxes on the property. Local assessors assess all real property (land and improvements) at "true value" as of October 1 of each pre-tax year
Riker Danzig: 4/99 Court Sets Limits on "Innocent Owner" ...
Riker Danzig Article (296) 4/99 Court Sets Limits on "Innocent Owner" Claims by Individual Members of a Partnership who Buy Real Property from the Partnership From Riker Danzig Environmental UPDATE, April 1999 On December 18, 1998, the U.S. District Court of New Jersey held in Grand Street Artists v. General Electric Co., that general partners with knowledge of property contamination who still move forward to acquire title to that property from the partnership, cannot later avail themsleves of
Riker Danzig: 2/01 Legislation Authorizing Partial Exemption to Lea...
Riker Danzig Article (401) 2/01 Legislation Authorizing Partial Exemption to Leased Religious and Charitable Buildings Signed into Law From Riker Danzig Real Property Tax Appeals UPDATE, February 2001. This legislation was introduced in response to Roman Catholic Archdiocese of Newark v. City of East Orange, where the Tax Court of New Jersey recently held that a religious or charitable organization loses its property tax exemption when it leases property, even for another exempt purpose
Riker Danzig: 2/00 Tax Exemptions for Hospitals
In order to qualify for a hospital purposes exemption, the property actually must be used in the work of an association or corporation organized exclusively for hospital purposes. Exemptions on land are limited to five acres per building as long as the land is necessary for the "fair enjoyment" of the building
Riker Danzig: 2/01 Tax Exemptions for Hospitals
Riker Danzig Article (402) 2/01 Tax Exemptions for Hospitals From Riker Danzig Real Property Tax Appeals UPDATE, February 2001 New Jersey law allows an exemption from real property taxation for buildings or lands used for hospital purposes. In order to qualify for a hospital purposes exemption, the property actually must be used in the work of an association or corporation organized exclusively for hospital purposes
Riker Danzig: 6/96 Failure to Address DER in Contract Creates Ambig...
A DER enables a party to remediate property to a nonresidential soil remediation standard or to use engineering or institutional controls in lieu of remediation to an established cleanup standard. In either case, NJDEP requires the recording of a DER, with the consent of the property owner, in order to inform prospective holders of an interest in the property that contamination exists on the property at a level that may statutorily restrict certain uses of or access to all or part of the
Riker Danzig: 7/98 Bankruptcy Court Adjusts Property Value Based on...
Riker Danzig Article (257) 7/98 Bankruptcy Court Adjusts Property Value Based on Environmental Stigma From Riker Danzig Environmental UPDATE, July 1998 In In re Custom Distribution Services, Inc., property owner Custom Distribution Services, Inc. ("CDS") filed an adversary proceeding in the Bankruptcy Court against the Tax Assessor of the City of Perth Amboy (the "City") to have the valuation of its real property reduced and to recoup the amount previously overpaid in property taxes. The
Severson & Werson: Modern Financing of 1031 Exchanges
...(Reprinted with Permission of the California Real Estate Journal) Any investor who has sought a conduit or securitized loan to acquire property in a real estate exchange under Internal Revenue Code Section 1031 (a 1031 exchange ) has probably experienced the fundamental disconnect between Wall Street s loan underwriting requirements and the IRS s 1031 exchange requirements. THE ISSUE Section 1031 of the Internal Revenue Code allows the deferral of capital gains when real property held for trade,
Ulmer & Berne: Tax Free Like-Kind Exchanges of Real Property
A deferred exchange occurs where an owner of real estate: (1) sells the property through a qualified escrow, intermediary, or trust, (2) properly identifies replacement real estate within 45 days of the sale, and (3) receives the replacement real estate through the qualified escrow, intermediary, or trust within 180 days of the sale of the disposed real estate. e., a party that exchanges a parcel of real estate for another) that completes a successful deferred exchange pays no tax on the
Ulmer & Berne: Transfers of Real Property-Escrow Accounts Required to ...
Events and Publications | Real Estate Law Letters Transfers of Real Property-Escrow Accounts Required to Fund Cure of Code Violations by Jodi Rich Real Estate Law Letter Summer 2001 Local governments are strengthening their control over the condition of properties at the time of transfer of title by mandating the creation of escrow accounts to fund the correction of building and housing code violations which are not corrected at the time of transfer. A proposed amendment would require sellers of
Ulmer & Berne: Firm News and Speaking Engagements
Andrew R. Giannella was appointed to serve on the Ohio State Bar Association's Real Property Specialization Board. Serving a four-year term, each of the attorneys has been appointed for the purpose of developing and overseeing the test that will be administered by the OSBA to lawyers who want to achieve the designation of "Certified Specialist in Ohio Real Property Law." Speaking Engagements John C. Goheen spoke on "Tax Aspects of a Member's Exit from an LLC" at a July 25, 2002, seminar on LLCs:
Ulmer & Berne: Filing To Decrease Your Property Taxes?
Events and Publications | Business etters FILING TO DECREASE YOUR PROPERTY TAXES. STEER CLEAR OF SHARON VILLAGEby Bill J. Gagliano Business & Tax Law LetterWinter 1998 As you undoubtedly discovered when you received your most recent real estate tax bill, the assessed value of your real property has been increased by the County Auditor, in all probability resulting in a higher property tax obligation
Ulmer & Berne: Firm News
Bill Gagliano spoke on Real Estate Tax Complaints at an NBI seminar on September 14, 2000. Bill will also be moderating a session on real property tax complaints at the Cleveland Bar Association Real Estate Institute October 26-27, 2000
Vandeventer Black: Securities held as TBE
In In re: Massey, Judge Stephen S. Mitchell, a bankruptcy judge in the Alexandria Division of the Eastern District of Virginia, took a fresh look at an old issue: Can personal property (specifically securities) be held as tenants by the entirety with right of survivorship ("TBE") in Virginia, to shelter the property from the claim of a creditor of only one spouse. Most married couples in Virginia hold title to real estate as TBE. This manner of holding title protects the real estate from
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Saturday, October 9, 2004 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of the
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Saturday, October 9, 2004 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of the
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
In Dewsnup, the debtors owned real property that was encumbered by a deed of trust securing debt of approximately $120,000. The value of the debtors real property was approximately $39,000
White and Williams: The Pennsylvania Procurement Code ? Business as Usual?
Wiley Rein & Fielding: Section 1983 Claim Sounds In Tort And Is Not Excluded U...
The physician filed a counterclaim against the county, asserting a variety of breach of contract claims as well as a claim for violation of 42 U.S.C. § 1983 because the county allegedly deprived the physician of a real property interest, deprived him of the use of equity in the property and harmed his credit rating. The court explained that the "gist" of the Section 1983 counterclaim was tort because it alleged substantive due process claims that purportedly resulted in a deprivation of property
Winston Strawn: Illinois Repeals Responsible Property Transfer Act
Womble Carlyle: Robert A. West
Florida Mortgage Foreclosures
Prospectus
Brownfields
Court Denies Immediate Payment of Postpetition
Section 365(d)(3) requires a debtor in possession to perform timely all of the debtor s obligations arising under an unexpired lease of nonresidential real property until the lease is assumed or rejected. Because section 365(d)(3) requires timely payment of a debtor s postpetition lease obligations, most courts have held that postpetition rent due under an unexpired nonresidential real property lease is automatically entitled to administrative expense priority
Business Briefs Volume 3
But what many are just beginning to realize is that the preoccupied driver, who accidentally rear-ends the taxi. The real twist of the case is that the accident
: Third Quarter 1999
Private Contracting Contract Venue Provisions Florida resident contractor, subcontractor or materialman cannot be required to bring legal actions in contracts for improvement of real property outside the state of Florida. Notice to Owner Allows flexibility in format of Notice to Owner; allows a Notice to Owner to be combined with a Notice to Contractor
Akin Gump: Essential Facts: Pension and Profit-Sharing Plans
Akin Gump: Texas Supreme Court Favorably Interprets Constitutional...
These new provisions change the procedure by which a manufactured home is converted from personal property to real property. amendment to the Texas Constitution that, if approved by the electorate on November 6, 2001, would add to the class of constitutionally permitted debts secured by the homestead a debt created by the purchase of a manufactured home (while it is personal property) that is placed on real estate owned by the consumer
Akin Gump: Court Interprets Definition of Single Asset Real Estate
In addition, the debtor must not conduct substantial business on the property or have aggregate noncontingent, liquidated secured debts in an amount more than $4 million. Secured creditors receive special protection in cases involving single asset real estate
Akin Gump: Leading Lawyers
7660 Practice Area: Real Estate and Finance Earl L. Segal’s practice includes matters related to commercial, retail and hotel acquisitions and sales; commercial and retail leasing; real estate lending; and commercial, hotel, retail, and residential development and ancillary finance. Mr. Segal represents developers and users of office and multiuse campuses and other multibuilding developments, as well as developers and users of mixed-use projects, and has served as an arbitrator in the
Blank Rome: Interior Renovations Not Grounds For Reassessment
The Pennsylvania Supreme Court has held that tax assessors cannot reassess a property merely as a result of interior alterations. An increase in an assessment under those circumstances would be considered an improper "spot reassessment." Under the applicable statute that is defined as "the reassessment of a property or properties that is not conducted as part of a countywide revised reassessment and which creates, sustains or increases disproportionately among properties' assessed values."
Buchalter Nemer: Lender Alert: Call-up of Civilians to Active Military S...
Finally, judicial and non-judicial foreclosure on real property or personal security for a debt is suspended during the pendency of military service. Other provisions of the SSCRA may be relevant to a lender's operations or a borrower's circumstances, including: Executing judgments Attaching or garnishing property Entering default judgments The running of a statute of limitations period There are, however, specific ways for a lender to obtain relief from some of the restrictions noted above
Carlton Fields: Florida Keystone Series
Carlton Fields: The ABC's of Title Claims in Florida
Carlton Fields - Publication Detail Publication Detail 03/12/2003 The ABC's of Title Insurance in Florida, 2002The ABC's of Title Insurance in FloridaMark A. BrownRelated Practices Real Property Litigation Practice Copyright ©2004 by Carlton Fields
Dykema Gossett: The Road to the All-Digital Closing: Applying Electroni...
Fox Rothschild: New York Federal Court Grants Equitable Mortgage to Tit...
Lawyers Title, after paying off its insured and taking an assignment, pursued a counterclaim previously filed by its insured lender seeking the imposition of an equitable mortgage on the property. The borrowers defended the counterclaim by contending that there was no intention that the loan be secured with a mortgage on the real estate
Fox Rothschild: Congress Acts to Encourage the Re-use of Contaminated P...
ENVIRONMENTAL LAW GROUP/REAL ESTATE DEPARTMENT. THE RE-USE OF CONTAMINATED PROPERTY
Gardner Carton: Coming To America (Part 2)
COMING TO AMERICA(PART 2*): WHAT ENGLISH BUSINESS PEOPLE NEED TO KNOW ABOUT PURCHASING OR LEASING COMMERCIAL PROPERTY IN THE UNITED STATES. This memorandum addresses legal issues that an English business person can expect to encounter when leasing or purchasing commercial or industrial real property in the United States
Gardner Carton: Coming to America (Part 1)
What Italian Business People Need to Know About Purchasing or Leasing Commercial Property In the United States. This memorandum addresses legal issues that an Italian business person can expect to encounter when leasing or purchasing commercial or industrial real property in the United States
Goodwin Procter: IRS Issues Guidance on Use of Taxable REIT Subsidiaries...
An update from Goodwin Procter's Real Estate Securities and Capital Markets Group. Should rent attributable to noncustomary services performed by a TRS be treated as qualifying rents from real property or as nonqualifying income to the REIT
Gray Cary: California Tax Law Changes Affecting Businesses
Withholding on Purchases of Real Estate From IndividualsR&TC Section 18662 requires the purchaser of California real property to withhold 3. 3% of the purchase price if the property was acquired from an individual who is not (or who, after the transfer of the real property, will no longer be) a California resident, or from a corporation, if after the transfer of the real property, the corporation has no permanent place of business in California
Gray Cary: State Board of Equalization Issues Beneficial Ruling Co...
A synthetic lease that satisfies certain criteria is characterized as an operating lease for accounting purposes, and, therefore, the property and corresponding debt are not reflected on the company’s balance sheet. Conversely, for income tax purposes, the transaction is treated as a financing arrangement allowing the lessee to be treated as the owner of the property with all the benefits and burdens of ownership including the ability to deduct interest (rent) payments and depreciation costs
Honigman Miller: Gasoline Dispenser Is Not A "Facility" Under Pa...
Saco filed a counter-claim against Omega, and also filed a claim against C.F. Fick Inc. (Fick), who apparently owned a gasoline dispenser on the property in question. Saco's claim against Fick was based on the theory that Fick owned the gasoline dispenser, that the gasoline dispenser was a "facility" under Part 201 of NREPA, and that Fick was, therefore, liable for cleanup costs on the property because Fick was the owner or operator of a "facility" from which there was a release of hazardous
Michael Best & Friedrich: Illinois Repeals Responsible Property Transfer Act
The repeal removes what has been considered an increasingly obsolete disclosure requirement that impacted thousands of real estate transactions in Illinois since 1988. The Act was originally enacted as a mechanism to insure that parties transferring real property were made aware of the environmental status of the property and any associated potential liability
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Introduction and Overview to Georgia Property Taxes
MMM - Published Articles PUBLISHED ARTICLES PUBLISHED WORKS MMM NEWS RELEASES MMM EVENT CALENDAR PRESS INQUIRIES Articles: (1 2 3 4 5 ) Introduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Morris: Introduction and Overview to Georgia Property Taxes
MMM - Published Articles PUBLISHED ARTICLES PUBLISHED WORKS MMM NEWS RELEASES MMM EVENT CALENDAR PRESS INQUIRIES Articles: (1 2 3 4 5 ) Introduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Morris: Introduction and Overview to Georgia Property Taxes
MMM - Published Articles PUBLISHED ARTICLES PUBLISHED WORKS MMM NEWS RELEASES MMM EVENT CALENDAR PRESS INQUIRIES Articles: (1 2 3 4 5 6 7 8 9 ) Introduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Morris: Introduction and Overview to Georgia Property Taxes
MMM - Published Articles PUBLISHED ARTICLES PUBLISHED WORKS MMM NEWS RELEASES MMM EVENT CALENDAR PRESS INQUIRIES Articles: (1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 ) Introduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Reed Smith: New Laws Affecting Transfer Fees in Real Property Trans...
...write(''); } //-- New Laws Affecting Transfer Fees in Real Property Transfers in New Jersey David S. GordonIn June 2004, the New Jersey Legislature passed Assembly Bill No. 3115, which significantly affects real estate transfers in New Jersey. Assembly Bill No. 3115 imposes (1) a new progressive "general purpose fee" on sellers of property where the purchase price of the property exceeds $350,000, and (2) a new fee at 1 percent of the total transfer price on buyers of residentially zoned
Reed Smith: New Laws Affecting Deed Recordings in New Jersey
Assembly Bill No. 3128 tightens the tax collection procedures on nonresident individuals, trusts and estates selling real property located in New Jersey, by requiring them to pay an estimated gross income tax on gains realized from the sales as a condition of the recording of the deed. The new fees and estimated tax payment requirements apply to real estate transfers occurring on or after August 1, 2004
Sidley Austin: Tax Alert - The American Jobs Creation Act of 2004 - Pr...
Repeal of Special Rules for FASITs TheAct repeals the special rules applicable to FASITs,which were added to the Code in 1996 to facilitate the securitization of debt obligations other than real estate mortgages. instrumentality thereof) and (2) principally secured by an interest in real property,then all the obligations acquired by the REMIC will be treated as secured by an interest in real property (that is,as qualified mortgages)
Sidley Austin: Tax Alert - The American Jobs Creation Act of 2004 - Pr...
B. Exemption of Capital Gains from U.S. Taxation for Foreign Investors Foreign investors generally are not subject to U.S. tax on gain realized on the disposition of stock or securities6 (other than certain gains from the sale or exchange of a U.S. real property interest), unless the gain is effectively connected with the conduct of a trade or business in the United States. Gain or loss of a foreign person from the disposition of a U.S. real property interest is subject to net basis tax as if
Stroock: President Bush Approves Economic Stimulus Package With ...
2 billion for the issuance of $8 billion of tax-exempt private activity bonds to help rebuild the NewYork Liberty Zone; Tax provisions that encourage development in the NewYork Liberty Zone and other areas of NewYork City, including accelerated depreciation deductions for certain business property used in the NewYork Liberty Zone; and $630 million to expand the Work Opportunity Tax Credit to include a tax credit of up to $4,800 per employee for employers in the New York Liberty Zone. Qualified
Vandeventer Black: Statutes of Limitations and Statutes of Response ? Don?...
Common limitation periods are: 2 years to bring actions for personal injuries or fraud; 2 years from the death of an injured person for actions alleging wrongful death; 5 years to bring actions for damage to property; 5 years to bring actions on written contracts, and 3 years to bring actions on unwritten or implied contracts. In general, Virginia law provides that a statutory limitation period begins to run from (1) the date a breach of contract occurs (not when the damage or result is
Vorys: Tweaking economic incentive deals saves firms money
...correctly, comprehensive incentive deals can provide infrastructure assistance, real property tax savings, personal property tax savings, corporate franchise tax savings, and perhaps sales and use tax savings. The continued cooperation of local authorities is often essential to realizing the full benefits of a negotiated economic development incentive deal
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Thursday, December 23, 2004 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Thursday, December 23, 2004 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
In Dewsnup, the debtors owned real property that was encumbered by a deed of trust securing debt of approximately $120,000. The value of the debtors real property was approximately $39,000
Weil: Brief Update
Although the bankruptcy court found that the primary purpose of the debtor s filing was to limit a landlord s lease rejection damages pursuant to Bankruptcy Code section 502(b)(6), which caps a landlord s damages when a debtor rejects a real property lease, the court concluded that PPI s filing did not violate the good faith filing requirement because the debtor, which had suffered financial reversals and was attempting to liquidate, was using section 502(b)(6) for exactly its intended purpose
Weil: Applicability of Bankruptcy Code Antimodification Provi...
Treatment of Mortgages on Residential Property under the Bankruptcy Code Under the Bankruptcy Code, the rights of holders of secured claims may be modified to reduce the amount of a secured claim to the market value of the property by which the loan is secured. In essence, the Bankruptcy Code permits the debtor to strip down or void the portion of the lien that exceeds the property s value
Weil: Landlord's Claims for Maintenance and Removal Obli...
...arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1) of [the Bankruptcy Code. Background In September 1987, the predecessor to the debtor, Midway Engineered Wood Products, Inc. (the Debtor ) entered into a nonresidential real property lease with the predecessor to K-4, Inc. ( K-4 )
Weil: a200303
Following going-out-of-business sales, the debtors remaining principal assets were their interests in real property a small number of fee interests in real property, and a much larger number of nonresidential real estate leases. Several lessors (the Objecting Parties ) opposed the debtors motion to sell the Designation Rights on various grounds, including (i) that designation rights are not property of the estate within the meaning of section 541 of the Bankruptcy Code and hence cannot be sold,
Weil: Post-Confirmation Order Lifting Automatic Stay To Permi...
However, it specifically prohibits the modification of the rights of a creditor whose claim is secured only by real property that is the debtor s principal residence. In Lomas Mortgage, Inc. v. Louis, the United States Court of Appeals for the First Circuit was faced with the question of whether the antimodification provision of section 1322(b)(2) applies to a secured claim on a multi-unit property in which one unit is the debtor s principal residence
Weil: Timeshares in the Czech Republic: Consumer Protection I...
Replace Font Tag Central & Eastern European Property & Finance Report Timeshares in the Czech Republic: Consumer Protection Is a Good Start Fall 2002 The Czech legislature has recently introduced a new law intended to protect consumers investing in timeshares which are becoming increasingly popular for vacationers worldwide, and in the European Union and the Czech Republic in particular. Under the Act, the consumer must, upon request, receive from the offeror of the timesharing property a
Weil: Third Circuit Holds that Statutory Cap Of Bankruptcy Co...
Sections 502(b)(6) and 1124 Of the Bankruptcy Code Section 502(b)(6) of the Bankruptcy Code caps a landlord s claim for damages arising from the rejection of a real property lease. It provides that a landlord s damages are limited to the rent reserved by the lease, without acceleration, for the greater of either one year or 15 percent of the remaining lease term, not to exceed three years
Weil: Foreclosure Sale Extinguishes Debtor's Redemption ...
As a consequence, the property will not be property of the estate under section 541 of the Bankruptcy Code if the debtor files for bankruptcy after the sale. Background The County of Monroe, New York (the County ) sold a parcel of real property formerly belonging to Sandralee Rodgers at a public tax foreclosure sale
White & Case: Asia-Pacific Tax Report (Autumn 2000)
Winston Strawn: Illinois Repeals Responsible Property Transfer Act
Winston Strawn: Final Regulations Promulgated Under Section 467 of the ...
"31 Further, interests in real property, including leaseholds and options, are treated as real property under the Final Regulations.32 If a proposed transaction involves equipment that may cause a rental agreement to fail the 90 percent real property test, it appears that separate lease agreements for the real property and the equipment may be entered into. Such agreements would need to be structured to ensure that they would be treated as separate leases and each would qualify as a true lease
Winston Strawn: Brownfields Grant and Liability Refuges
Florida Mortgage Foreclosures
Prospectus
Brownfields
February 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
Court Denies Immediate Payment of Postpetition
Section 365(d)(3) requires a debtor in possession to perform timely all of the debtor s obligations arising under an unexpired lease of nonresidential real property until the lease is assumed or rejected. Because section 365(d)(3) requires timely payment of a debtor s postpetition lease obligations, most courts have held that postpetition rent due under an unexpired nonresidential real property lease is automatically entitled to administrative expense priority
Employment
For example, the DPA prohibits discrimination by: (1) refusing to sell, rent, lease, assign or sublease to a domestic partner; (2) denying or withholding access to any real property or facility because of one’s domestic partnership status; (3) refusing to negotiate for the sale, lease, rental or assignment of any real property; (4) falsely representing that a property is not available to rent, lease, assign, sublease or inspect; (5) discriminating against a person because of his or her domestic
Business Briefs Volume 3
But what many are just beginning to realize is that the preoccupied driver, who accidentally rear-ends the taxi. The real twist of the case is that the accident
: IMMIGRATION ALERT: Recent News from DOS
...visibility = "visible"; } } //-- PublicationHot TopicsPublicationsFirm Seminars3/6/1998 - Oil and Gas Liens and Foreclosures - A Multi-State Perspective AuthorsTerry I. CrossJason T. BarnesRelated Practice GroupsEnergy/PowerFinanceReal Estate Liens and Foreclosures CLE/Symposium Real Property Law Section Oklahoma Bar Association and The Oklahoma Law ReviewIntroductionThis article is an attempt to provide both a general overview of issues that arise in creating, perfecting and enforcing liens on
Akin Gump: Essential Facts: Pension and Profit-Sharing Plans
Akin Gump: Texas Supreme Court Favorably Interprets Constitutional...
These new provisions change the procedure by which a manufactured home is converted from personal property to real property. amendment to the Texas Constitution that, if approved by the electorate on November 6, 2001, would add to the class of constitutionally permitted debts secured by the homestead a debt created by the purchase of a manufactured home (while it is personal property) that is placed on real estate owned by the consumer
Akin Gump: Court Interprets Definition of Single Asset Real Estate
In addition, the debtor must not conduct substantial business on the property or have aggregate noncontingent, liquidated secured debts in an amount more than $4 million. Secured creditors receive special protection in cases involving single asset real estate
Akin Gump: Leading Lawyers
7660 Practice Area: Real Estate and Finance Earl L. Segal’s practice includes matters related to commercial, retail and hotel acquisitions and sales; commercial and retail leasing; real estate lending; and commercial, hotel, retail, and residential development and ancillary finance. Mr. Segal represents developers and users of office and multiuse campuses and other multibuilding developments, as well as developers and users of mixed-use projects, and has served as an arbitrator in the
Blank Rome: Interior Renovations Not Grounds For Reassessment
The Pennsylvania Supreme Court has held that tax assessors cannot reassess a property merely as a result of interior alterations. An increase in an assessment under those circumstances would be considered an improper "spot reassessment." Under the applicable statute that is defined as "the reassessment of a property or properties that is not conducted as part of a countywide revised reassessment and which creates, sustains or increases disproportionately among properties' assessed values."
Buchalter Nemer: Lender Alert: Call-up of Civilians to Active Military S...
The Firm represents clients in several major areas of practice: Bank and Finance; Business Practices; Insolvency; Litigation; Labor and Employment; Intellectual Property; Real Estate and Tax. The Firm has offices in Los Angeles, San Francisco, Orange County, and Phoenix
Carlton Fields: Florida Keystone Series
Carlton Fields: The ABC's of Title Claims in Florida
Carlton Fields - Publication Detail Publication Detail 03/12/2003 The ABC's of Title Insurance in Florida, 2002The ABC's of Title Insurance in FloridaMark A. BrownRelated Practices Real Property Litigation Practice Copyright ©2004 by Carlton Fields
Curtis Mallet-Prevost: Reforms to the Mexican Foreign Investment Law
With respect to the acquisition of real estate, before the Foreign Investment Law was enacted neither persons nor Mexican companies that did not include a clause of exclusion of foreigners in their by-laws could acquire direct ownership of real property in Mexico within an area of 100 km from its borders and/or 50 km from the coasts (the "Restricted Zone"). Although that is still the case for foreigners (foreigners may only acquire direct ownership of real property outside the Restricted Zone
Dykema Gossett: The Road to the All-Digital Closing: Applying Electroni...
Fox Rothschild: New York Federal Court Grants Equitable Mortgage to Tit...
Lawyers Title, after paying off its insured and taking an assignment, pursued a counterclaim previously filed by its insured lender seeking the imposition of an equitable mortgage on the property. The borrowers defended the counterclaim by contending that there was no intention that the loan be secured with a mortgage on the real estate
Fox Rothschild: Congress Acts to Encourage the Re-use of Contaminated P...
ENVIRONMENTAL LAW GROUP/REAL ESTATE DEPARTMENT. THE RE-USE OF CONTAMINATED PROPERTY
Gardner Carton: Coming To America (Part 2)
COMING TO AMERICA(PART 2*): WHAT ENGLISH BUSINESS PEOPLE NEED TO KNOW ABOUT PURCHASING OR LEASING COMMERCIAL PROPERTY IN THE UNITED STATES. This memorandum addresses legal issues that an English business person can expect to encounter when leasing or purchasing commercial or industrial real property in the United States
Gardner Carton: Coming to America (Part 1)
What Italian Business People Need to Know About Purchasing or Leasing Commercial Property In the United States. This memorandum addresses legal issues that an Italian business person can expect to encounter when leasing or purchasing commercial or industrial real property in the United States
Goodwin Procter: IRS Issues Guidance on Use of Taxable REIT Subsidiaries...
An update from Goodwin Procter's Real Estate Securities and Capital Markets Group. Should rent attributable to noncustomary services performed by a TRS be treated as qualifying rents from real property or as nonqualifying income to the REIT
Gray Cary: California Tax Law Changes Affecting Businesses
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Gray Cary: State Board of Equalization Issues Beneficial Ruling Co...
...writeln(WM_startTagFix + 'scri' + 'pt'); } function WM_pluginDetect(plugindescription, pluginxtension, pluginmime, activeXname){ //This script block will test all user agents that have a real plug-in array //(i. if (msie_windows etect_through_vb){ plugin_undetectable = 0; } else { plugin_undetectable = 1; } // If it has a real plugins or mimetypes array, we look there for the plugin first if(navigator
Honigman Miller: Gasoline Dispenser Is Not A "Facility" Under Pa...
Saco filed a counter-claim against Omega, and also filed a claim against C.F. Fick Inc. (Fick), who apparently owned a gasoline dispenser on the property in question. Saco's claim against Fick was based on the theory that Fick owned the gasoline dispenser, that the gasoline dispenser was a "facility" under Part 201 of NREPA, and that Fick was, therefore, liable for cleanup costs on the property because Fick was the owner or operator of a "facility" from which there was a release of hazardous
Michael Best & Friedrich: Illinois Repeals Responsible Property Transfer Act
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Introduction and Overview to Georgia Property Taxes
...htmlIntroduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Morris: Introduction and Overview to Georgia Property Taxes
...htmlIntroduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Morris: Introduction and Overview to Georgia Property Taxes
...htmlIntroduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Morris: Introduction and Overview to Georgia Property Taxes
...htmlIntroduction & Overview to Georgia Property Taxes By Charles R. Beaudrot, Esquire Morris, Manning & Martin, LLP crb@mmmlaw. Property taxes, generally referred to as ad valorem taxes, are the oldest source of revenue used by the State of Georgia and its political subdivisions
Reed Smith: New Laws Affecting Transfer Fees in Real Property Trans...
...write(''); } //-- New Laws Affecting Transfer Fees in Real Property Transfers in New Jersey David S. GordonIn June 2004, the New Jersey Legislature passed Assembly Bill No. 3115, which significantly affects real estate transfers in New Jersey. Assembly Bill No. 3115 imposes (1) a new progressive "general purpose fee" on sellers of property where the purchase price of the property exceeds $350,000, and (2) a new fee at 1 percent of the total transfer price on buyers of residentially zoned
Reed Smith: New Laws Affecting Deed Recordings in New Jersey
Assembly Bill No. 3128 tightens the tax collection procedures on nonresident individuals, trusts and estates selling real property located in New Jersey, by requiring them to pay an estimated gross income tax on gains realized from the sales as a condition of the recording of the deed. The new fees and estimated tax payment requirements apply to real estate transfers occurring on or after August 1, 2004
Sidley Austin: Tax Alert - The American Jobs Creation Act of 2004 - Pr...
Repeal of Special Rules for FASITs TheAct repeals the special rules applicable to FASITs,which were added to the Code in 1996 to facilitate the securitization of debt obligations other than real estate mortgages. instrumentality thereof) and (2) principally secured by an interest in real property,then all the obligations acquired by the REMIC will be treated as secured by an interest in real property (that is,as qualified mortgages)
Stroock: President Bush Approves Economic Stimulus Package With ...
2 billion for the issuance of $8 billion of tax-exempt private activity bonds to help rebuild the NewYork Liberty Zone; Tax provisions that encourage development in the NewYork Liberty Zone and other areas of NewYork City, including accelerated depreciation deductions for certain business property used in the NewYork Liberty Zone; and $630 million to expand the Work Opportunity Tax Credit to include a tax credit of up to $4,800 per employee for employers in the New York Liberty Zone. Qualified
Vandeventer Black: Securities held as TBE
In In re: Massey, Judge Stephen S. Mitchell, a bankruptcy judge in the Alexandria Division of the Eastern District of Virginia, took a fresh look at an old issue: Can personal property (specifically securities) be held as tenants by the entirety with right of survivorship ("TBE") in Virginia, to shelter the property from the claim of a creditor of only one spouse. Most married couples in Virginia hold title to real estate as TBE. This manner of holding title protects the real estate from
Vandeventer Black: Statutes of Limitations and Statutes of Response ? Don?...
Common limitation periods are: 2 years to bring actions for personal injuries or fraud; 2 years from the death of an injured person for actions alleging wrongful death; 5 years to bring actions for damage to property; 5 years to bring actions on written contracts, and 3 years to bring actions on unwritten or implied contracts. In general, Virginia law provides that a statutory limitation period begins to run from (1) the date a breach of contract occurs (not when the damage or result is
Vorys: Tweaking economic incentive deals saves firms money
...correctly, comprehensive incentive deals can provide infrastructure assistance, real property tax savings, personal property tax savings, corporate franchise tax savings, and perhaps sales and use tax savings. The continued cooperation of local authorities is often essential to realizing the full benefits of a negotiated economic development incentive deal
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Tuesday, April 26, 2005 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of the
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Tuesday, April 26, 2005 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of the
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
In Dewsnup, the debtors owned real property that was encumbered by a deed of trust securing debt of approximately $120,000. The value of the debtors real property was approximately $39,000
Weil: Brief Update
Although the bankruptcy court found that the primary purpose of the debtor s filing was to limit a landlord s lease rejection damages pursuant to Bankruptcy Code section 502(b)(6), which caps a landlord s damages when a debtor rejects a real property lease, the court concluded that PPI s filing did not violate the good faith filing requirement because the debtor, which had suffered financial reversals and was attempting to liquidate, was using section 502(b)(6) for exactly its intended purpose
Weil: Applicability of Bankruptcy Code Antimodification Provi...
Treatment of Mortgages on Residential Property under the Bankruptcy Code Under the Bankruptcy Code, the rights of holders of secured claims may be modified to reduce the amount of a secured claim to the market value of the property by which the loan is secured. In essence, the Bankruptcy Code permits the debtor to strip down or void the portion of the lien that exceeds the property s value
Weil: Landlord's Claims for Maintenance and Removal Obli...
...arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1) of [the Bankruptcy Code. Background In September 1987, the predecessor to the debtor, Midway Engineered Wood Products, Inc. (the Debtor ) entered into a nonresidential real property lease with the predecessor to K-4, Inc. ( K-4 )
Weil: a200303
Following going-out-of-business sales, the debtors remaining principal assets were their interests in real property a small number of fee interests in real property, and a much larger number of nonresidential real estate leases. Several lessors (the Objecting Parties ) opposed the debtors motion to sell the Designation Rights on various grounds, including (i) that designation rights are not property of the estate within the meaning of section 541 of the Bankruptcy Code and hence cannot be sold,
Weil: Post-Confirmation Order Lifting Automatic Stay To Permi...
However, it specifically prohibits the modification of the rights of a creditor whose claim is secured only by real property that is the debtor s principal residence. In Lomas Mortgage, Inc. v. Louis, the United States Court of Appeals for the First Circuit was faced with the question of whether the antimodification provision of section 1322(b)(2) applies to a secured claim on a multi-unit property in which one unit is the debtor s principal residence
White & Case: Asia-Pacific Tax Report (Autumn 2000)
Winston Strawn: Illinois Repeals Responsible Property Transfer Act
Winston Strawn: Final Regulations Promulgated Under Section 467 of the ...
"31 Further, interests in real property, including leaseholds and options, are treated as real property under the Final Regulations.32 If a proposed transaction involves equipment that may cause a rental agreement to fail the 90 percent real property test, it appears that separate lease agreements for the real property and the equipment may be entered into. Such agreements would need to be structured to ensure that they would be treated as separate leases and each would qualify as a true lease
Florida Mortgage Foreclosures
Prospectus
Brownfields
Effective August 1
...or the second time in as many years, the New Jersey Legislature has increased the Realty Transfer Fees payable on certain. transfers of real property
Singapore
In order for a foreign national to own real property in Malaysia, a levy of about $26,315 per property will be imposed. Real property gains tax (equivalent of a capital gains tax in the United States) will be imposed on all gains from disposal of real property within 5 years of purchase
Employment
For example, the DPA prohibits discrimination by: (1) refusing to sell, rent, lease, assign or sublease to a domestic partner; (2) denying or withholding access to any real property or facility because of one’s domestic partnership status; (3) refusing to negotiate for the sale, lease, rental or assignment of any real property; (4) falsely representing that a property is not available to rent, lease, assign, sublease or inspect; (5) discriminating against a person because of his or her domestic
BGJ Associates v. Jeff Wilson
While Jerome Janger represented Maynard Brittan in a real property dispute they entered into a joint venture for the purchase of the property. The parties reached an impasse while negotiating an operating agreement for this joint venture
Court Denies Immediate Payment of Postpetition
Section 365(d)(3) requires a debtor in possession to perform timely all of the debtor s obligations arising under an unexpired lease of nonresidential real property until the lease is assumed or rejected. Because section 365(d)(3) requires timely payment of a debtor s postpetition lease obligations, most courts have held that postpetition rent due under an unexpired nonresidential real property lease is automatically entitled to administrative expense priority
: IMMIGRATION ALERT: Recent News from DOS
...visibility = "visible"; } } //-- --- PublicationHot TopicsPublicationsFirm Seminars3/6/1998 - Oil and Gas Liens and Foreclosures - A Multi-State Perspective AuthorsTerry I. CrossJason T. BarnesRelated Practice GroupsEnergy/PowerFinanceReal Estate Liens and Foreclosures CLE/Symposium Real Property Law Section Oklahoma Bar Association and The Oklahoma Law ReviewIntroductionThis article is an attempt to provide both a general overview of issues that arise in creating, perfecting and enforcing liens
Akin Gump: Essential Facts: Pension and Profit-Sharing Plans
Akin Gump: Texas Supreme Court Favorably Interprets Constitutional...
These new provisions change the procedure by which a manufactured home is converted from personal property to real property. amendment to the Texas Constitution that, if approved by the electorate on November 6, 2001, would add to the class of constitutionally permitted debts secured by the homestead a debt created by the purchase of a manufactured home (while it is personal property) that is placed on real estate owned by the consumer
Akin Gump: Court Interprets Definition of Single Asset Real Estate
In addition, the debtor must not conduct substantial business on the property or have aggregate noncontingent, liquidated secured debts in an amount more than $4 million. Secured creditors receive special protection in cases involving single asset real estate
Akin Gump: Leading Lawyers
7660 Practice Area: Real Estate and Finance Earl L. Segal’s practice includes matters related to commercial, retail and hotel acquisitions and sales; commercial and retail leasing; real estate lending; and commercial, hotel, retail, and residential development and ancillary finance. Mr. Segal represents developers and users of office and multiuse campuses and other multibuilding developments, as well as developers and users of mixed-use projects, and has served as an arbitrator in the
Ballard Spahr: Impact of New Bankruptcy Act on Real Property Leases
These amendments may well change the landscape for landlords with regard to both the amount of time it takes to confirm a plan of reorganization as well as the options that a debtor will have with regard to its real property leases. Three significant changes have been made to that Section: (1) the time a debtor has to assume or reject non-residential real property leases has been changed, (2) the provision concerning "anti-assignment" claims has been narrowed, and (3) certain non-monetary
Ballard Spahr: Impact of New Bankruptcy Act on Real Property Leases
These amendments may well change the landscape for landlords with regard to both the amount of time it takes to confirm a plan of reorganization as well as the options that a debtor will have with regard to its real property leases. Three significant changes have been made to that Section: (1) the time a debtor has to assume or reject non-residential real property leases has been changed, (2) the provision concerning "anti-assignment" claims has been narrowed, and (3) certain non-monetary
Ballard Spahr: New Jersey Transfer Recording Fees to More Than Double ...
This Alert discusses the significant changes that will impact both buyers and sellers of real property in the State of New Jersey. It should be noted that the new legislation specifically leaves in place the current reduction in fees available to the following groups: persons over the age of 62, blind persons, and disabled persons; and on property that is qualified as low or moderate income housing (“Special Group”)
Blank Rome: Interior Renovations Not Grounds For Reassessment
The Pennsylvania Supreme Court has held that tax assessors cannot reassess a property merely as a result of interior alterations. An increase in an assessment under those circumstances would be considered an improper "spot reassessment." Under the applicable statute that is defined as "the reassessment of a property or properties that is not conducted as part of a countywide revised reassessment and which creates, sustains or increases disproportionately among properties' assessed values."
Blank Rome: IRS Established Low Income Housing Tax Credit Ceiling A...
Volume 21, Number 5 February 2005 Stuart D. Poppel is a partner at Blank Rome LLP in Philadelphia, PA. Mr. Poppel, a member of the Editorial Board of Real Estate Finance, concentrates his practice on all aspects of real estate development including the acquisition, financing, construction and leasing of real property, with a particular expertise in the development of affordable rental and for-sale housing. Reprinted from Real Estate Finance, October 2003, Volume 21, Number 1, pages 12-17, with
Blank Rome: New Bankruptcy Law Swings Pendulum in Landlords' F...
...the changes may dramatically change the duration and outcome of Chapter 11 proceedings in which leases of non-residential real property are a significant component. Four significant changes have been made, which can be summarized as follows: · The time for the debtor to assume or reject leases of non-residential real property has been reduced significantly · The ability to avoid certain restrictions in a lease when assuming and assigning it to a third party may have been reduced · Non-monetary
Briggs & Morgan: Bankruptcy Abuse Prevention and Consumer Protection Act...
Nonresidential Real Property Leases. As many commercial landlords know, certain bankruptcy courts are renown for providing debtors with unlimited extensions of time with which to decide whether or not it will assume or reject its unexpired leases of nonresidential real property
Buchalter Nemer: Lender Alert: Call-up of Civilians to Active Military S...
The Firm represents clients in several major areas of practice: Bank and Finance; Business Practices; Insolvency; Litigation; Labor and Employment; Intellectual Property; Real Estate and Tax. The Firm has offices in Los Angeles, San Francisco, Orange County, and Phoenix
Carlton Fields: Florida Keystone Series
Carlton Fields: The ABC's of Title Claims in Florida
Curtis Mallet-Prevost: Reforms to the Mexican Foreign Investment Law
With respect to the acquisition of real estate, before the Foreign Investment Law was enacted neither persons nor Mexican companies that did not include a clause of exclusion of foreigners in their by-laws could acquire direct ownership of real property in Mexico within an area of 100 km from its borders and/or 50 km from the coasts (the "Restricted Zone"). Although that is still the case for foreigners (foreigners may only acquire direct ownership of real property outside the Restricted Zone
Dykema Gossett: The Road to the All-Digital Closing: Applying Electroni...
Fox Rothschild: New York Federal Court Grants Equitable Mortgage to Tit...
Lawyers Title, after paying off its insured and taking an assignment, pursued a counterclaim previously filed by its insured lender seeking the imposition of an equitable mortgage on the property. The borrowers defended the counterclaim by contending that there was no intention that the loan be secured with a mortgage on the real estate
Fox Rothschild: Congress Acts to Encourage the Re-use of Contaminated P...
ENVIRONMENTAL LAW GROUP/REAL ESTATE DEPARTMENT. THE RE-USE OF CONTAMINATED PROPERTY
Gardner Carton: Coming To America (Part 2)
Goodwin Procter: IRS Issues Guidance on Use of Taxable REIT Subsidiaries...
An update from Goodwin Procter's Real Estate Securities and Capital Markets Group. Should rent attributable to noncustomary services performed by a TRS be treated as qualifying rents from real property or as nonqualifying income to the REIT
Gray Cary: California Tax Law Changes Affecting Businesses
...writeln(WM_startTagFix + 'scri' + 'pt'); } function WM_pluginDetect(plugindescription, pluginxtension, pluginmime, activeXname){ //This script block will test all user agents that have a real plug-in array //(i. if (msie_windows etect_through_vb){ plugin_undetectable = 0; } else { plugin_undetectable = 1; } // If it has a real plugins or mimetypes array, we look there for the plugin first if(navigator
Gray Cary: State Board of Equalization Issues Beneficial Ruling Co...
...writeln(WM_startTagFix + 'scri' + 'pt'); } function WM_pluginDetect(plugindescription, pluginxtension, pluginmime, activeXname){ //This script block will test all user agents that have a real plug-in array //(i. if (msie_windows etect_through_vb){ plugin_undetectable = 0; } else { plugin_undetectable = 1; } // If it has a real plugins or mimetypes array, we look there for the plugin first if(navigator
Honigman Miller: Gasoline Dispenser Is Not A "Facility" Under Pa...
Saco filed a counter-claim against Omega, and also filed a claim against C.F. Fick Inc. (Fick), who apparently owned a gasoline dispenser on the property in question. Saco's claim against Fick was based on the theory that Fick owned the gasoline dispenser, that the gasoline dispenser was a "facility" under Part 201 of NREPA, and that Fick was, therefore, liable for cleanup costs on the property because Fick was the owner or operator of a "facility" from which there was a release of hazardous
Lowenstein Sandler: New Jersey To Require Tests Of Private Wells
...property using a private well for potable water supply will be required to test the well prior to closing of title. Real Estate Sales Contracts for the sale of real property must include a contractual provision that the on-site private potable water well will be tested prior to closing
Lowenstein Sandler: "Property & The Law: Weighing in on Restrictive Cl...
Property aw: Weighing in on Restrictive Clauses Property & The Law: Weighing in on Restrictive Clauses Ira M. Levee, Esq. Because the expansion was part of the anchor's national strategy, the anchor notified the debtor that if approval of its agreement to purchase the property was not obtained, it would vacate the premises and develop its supercenter elsewhere
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Reed Smith: New Laws Affecting Transfer Fees in Real Property Trans...
...write(''); } //-- New Laws Affecting Transfer Fees in Real Property Transfers in New Jersey David S. GordonIn June 2004, the New Jersey Legislature passed Assembly Bill No. 3115, which significantly affects real estate transfers in New Jersey. Assembly Bill No. 3115 imposes (1) a new progressive "general purpose fee" on sellers of property where the purchase price of the property exceeds $350,000, and (2) a new fee at 1 percent of the total transfer price on buyers of residentially zoned
Reed Smith: New Laws Affecting Deed Recordings in New Jersey
Assembly Bill No. 3128 tightens the tax collection procedures on nonresident individuals, trusts and estates selling real property located in New Jersey, by requiring them to pay an estimated gross income tax on gains realized from the sales as a condition of the recording of the deed. The new fees and estimated tax payment requirements apply to real estate transfers occurring on or after August 1, 2004
Sidley Austin: Tax Alert - The American Jobs Creation Act of 2004 - Pr...
Repeal of Special Rules for FASITs TheAct repeals the special rules applicable to FASITs,which were added to the Code in 1996 to facilitate the securitization of debt obligations other than real estate mortgages. instrumentality thereof) and (2) principally secured by an interest in real property,then all the obligations acquired by the REMIC will be treated as secured by an interest in real property (that is,as qualified mortgages)
Stroock: President Bush Approves Economic Stimulus Package With ...
2 billion for the issuance of $8 billion of tax-exempt private activity bonds to help rebuild the NewYork Liberty Zone; Tax provisions that encourage development in the NewYork Liberty Zone and other areas of NewYork City, including accelerated depreciation deductions for certain business property used in the NewYork Liberty Zone; and $630 million to expand the Work Opportunity Tax Credit to include a tax credit of up to $4,800 per employee for employers in the New York Liberty Zone. Qualified
Vandeventer Black: Securities held as TBE
In In re: Massey, Judge Stephen S. Mitchell, a bankruptcy judge in the Alexandria Division of the Eastern District of Virginia, took a fresh look at an old issue: Can personal property (specifically securities) be held as tenants by the entirety with right of survivorship ("TBE") in Virginia, to shelter the property from the claim of a creditor of only one spouse. Most married couples in Virginia hold title to real estate as TBE. This manner of holding title protects the real estate from
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Tuesday, October 11, 2005 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of the
Vorys Sater: Protecting Interests in Real Estate Related Collateral ...
Protecting Interests in Real Estate Related Collateral Under Revised Article 9 var fscontrolTP = new Object(); fscontrolTP.site_pn=location. pec="";//ERROR CODES //INSERT CUSTOM EVENTS //END EDITABLE SECTION Tuesday, October 11, 2005 Reprinted with permission of The Daily Reporter, 2001 REVISED ARTICLE 9 s INFLUENCE ON REAL ESTATE Protecting Interests in Real Estate Related Collateral Under Revised Article 9 By: Stephen D. Browning and Robert A. Bell Jr. As anticipated, Revised Article 9 of the
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
In Dewsnup, the debtors owned real property that was encumbered by a deed of trust securing debt of approximately $120,000. The value of the debtors real property was approximately $39,000
Weil: Brief Update
Although the bankruptcy court found that the primary purpose of the debtor s filing was to limit a landlord s lease rejection damages pursuant to Bankruptcy Code section 502(b)(6), which caps a landlord s damages when a debtor rejects a real property lease, the court concluded that PPI s filing did not violate the good faith filing requirement because the debtor, which had suffered financial reversals and was attempting to liquidate, was using section 502(b)(6) for exactly its intended purpose
Weil: Applicability of Bankruptcy Code Antimodification Provi...
Treatment of Mortgages on Residential Property under the Bankruptcy Code Under the Bankruptcy Code, the rights of holders of secured claims may be modified to reduce the amount of a secured claim to the market value of the property by which the loan is secured. In essence, the Bankruptcy Code permits the debtor to strip down or void the portion of the lien that exceeds the property s value
Weil: Landlord's Claims for Maintenance and Removal Obli...
...arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1) of [the Bankruptcy Code. Background In September 1987, the predecessor to the debtor, Midway Engineered Wood Products, Inc. (the Debtor ) entered into a nonresidential real property lease with the predecessor to K-4, Inc. ( K-4 )
Winston Strawn: Illinois Repeals Responsible Property Transfer Act
Winston Strawn: Final Regulations Promulgated Under Section 467 of the ...
"31 Further, interests in real property, including leaseholds and options, are treated as real property under the Final Regulations.32 If a proposed transaction involves equipment that may cause a rental agreement to fail the 90 percent real property test, it appears that separate lease agreements for the real property and the equipment may be entered into. Such agreements would need to be structured to ensure that they would be treated as separate leases and each would qualify as a true lease
Florida Mortgage Foreclosures
Prospectus
Brownfields
December 27
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. com voice: (202) 457-1600 web: http://www
November 3
Sincerely, Roy L. Kaufmann of the Real Property and Asset Management Group Jackson & Campbell P.C. email: rkaufmann@jackscamp. comvoice: (202) 457-1600web: http://www
June 4
Sincerely, Real Property and Asset Management and Business Law Groups Jackson & Campbell P.C. email: RKaufmann@JacksCamp. com voice: (202) 457-1600 web: http://www
November 6
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. RKaufmann@JacksCamp. comhttp://www
September 8
Sincerely, Roy L. Kaufmann of the Real Property and Asset Management Group Jackson & Campbell P.C. email: rkaufmann@jackscamp. comvoice: (202) 457-1600web: http://www
October 18
To summarize, it deals with completely new tax sale provisions, how over-payments of real estate taxes are refunded (if ever), provides for transfer/recordation tax for any leases over 30 years (and life-estates), and provides for a penalty of $250 if a deed is recorded more than 30 days after execution. Link to SUMMARY of Tax Clarity Act Link to the FULL TEXT of Tax Clarity Act (47 pages) Link to the D.C. Official Code (For Real Property See Division VII - Title 42; For Taxation, See Division
March 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell, P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
February 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
December 1
00/$100 For properties that did not receive the owner-occupant credit last year, the assessed value of the property for 2006 will be last year's assessed value LESS $60,000 (applicable to 2006 only) times 100. Sincerely, Roy L. Kaufmann of the Real Property and Asset Management Group Jackson & Campbell P.C. email: rkaufmann@jackscamp
January 16
Yet, the more prudent objective for tax sale purchasers should be to maximize the return on the bid (given the 18% interest) rather than to obtain the property (which occurs less than 4% of the time). If you do not require your abstractor to CHECK if a tax sale has occurred, you might not even realize the danger
Effective August 1
...or the second time in as many years, the New Jersey Legislature has increased the Realty Transfer Fees payable on certain. transfers of real property
February 7
Sincerely, Real Property and Asset Management Group Jackson & Campbell P.C. email: RKaufmann@JacksCamp. comvoice: (202) 457-1600web: http://www
November 14
DC: Uniform Real Property Electronic Recording Act is now law in DC, effective October 18, 2005. If you missed the notice of hearings, you can see it here: Click Here to See NoticeDC: Retroactive Assessments Upon Sale of Real Property: The D.C. Land Title Association had a productive meeting with Martin Skolnik, the new director of the Real Property Tax Administration
Singapore
In order for a foreign national to own real property in Malaysia, a levy of about $26,315 per property will be imposed. Real property gains tax (equivalent of a capital gains tax in the United States) will be imposed on all gains from disposal of real property within 5 years of purchase
December 23
Of course, there were more than $400,000 in estate taxes eventually assessed, property was levied upon and the title company paid off the IRS. Law firm argued that the letter did not constitute negligent misrepresentation of information supplied by a professional for the guidance of others because 1) the title company should not have relied upon the letter, but should have conducted an independent investigation, 2) the intern was not wrong, because, at the time he signed the letter, he did not
October 26
On a more productive note, Councilmember Sharon Ambrose appears to be keenly aware of the effect of the unrealistic speed with which the Act has taken effect and is weighing whether to propose some legislative remediation in the near future. Abandoned Escrow Accounts: Amounts remaining in title company escrow accounts many years do not become the property of the title company
June 27
At the conclusion of a court case, when the court determines that a tax sale purchaser is entitled to a deed, the tax sale purchaser must first clear ALL back taxes on the property. Indeed, sometimes the back taxes dwarf the value of the property and the buyer throws in the towel
Employment
For example, the DPA prohibits discrimination by: (1) refusing to sell, rent, lease, assign or sublease to a domestic partner; (2) denying or withholding access to any real property or facility because of one’s domestic partnership status; (3) refusing to negotiate for the sale, lease, rental or assignment of any real property; (4) falsely representing that a property is not available to rent, lease, assign, sublease or inspect; (5) discriminating against a person because of his or her domestic
BGJ Associates v. Jeff Wilson
While Jerome Janger represented Maynard Brittan in a real property dispute they entered into a joint venture for the purchase of the property. The parties reached an impasse while negotiating an operating agreement for this joint venture
October 17
The purpose of the meeting is to share new requirements, solicit open, honest, and direct communication about issues that affect real property assessments, billing and/or recordation. Roy Kaufmann will be presenting again the Legislative Updates Session at the upcoming general meeting of the Greater Capital Area Association of Realtors on November 19 at the Washington Convention Center
December 17
...(2) "Assessed value" means the full market value of real property for assessment and taxation purposes as determined by the Office of Tax and Revenue and in effect on the applicable date. (8) "Lien instrument" means a deed of trust, mortgage, security agreement, trust deed, land installment contract, contract for a deed, assignment of lease, rent, profit or any other conveyance or retention of an interest in real property or personal property related to real property, including cooperative
China Law & Policy Digest - June 28
Such certificates include Certificates for Building Ownership, Building Coownership, Other Rights to Buildings, Ownership of Real Property, Co-ownership of Real Property, and Other Rights to Real Property. To print these certificates, printing enterprises must have a printing operation license and an industry license, and must be registered with the administration for industry and commerce
: IMMIGRATION ALERT: Recent News from DOS
...visibility = "visible"; } } //-- --- PublicationHot TopicsPublicationsFirm SeminarsAudio/Video3/6/1998 - Oil and Gas Liens and Foreclosures - A Multi-State Perspective AuthorsTerry I. CrossJason T. BarnesRelated Practice GroupsEnergy/PowerFinanceReal Estate Liens and Foreclosures CLE/Symposium Real Property Law Section Oklahoma Bar Association and The Oklahoma Law ReviewIntroductionThis article is an attempt to provide both a general overview of issues that arise in creating, perfecting and
Akin Gump: Essential Facts: Pension and Profit-Sharing Plans
Akin Gump: Texas Supreme Court Favorably Interprets Constitutional...
These new provisions change the procedure by which a manufactured home is converted from personal property to real property. amendment to the Texas Constitution that, if approved by the electorate on November 6, 2001, would add to the class of constitutionally permitted debts secured by the homestead a debt created by the purchase of a manufactured home (while it is personal property) that is placed on real estate owned by the consumer
Akin Gump: Court Interprets Definition of Single Asset Real Estate
In addition, the debtor must not conduct substantial business on the property or have aggregate noncontingent, liquidated secured debts in an amount more than $4 million. Secured creditors receive special protection in cases involving single asset real estate
Ballard Spahr: Impact of New Bankruptcy Act on Real Property Leases
These amendments may well change the landscape for landlords with regard to both the amount of time it takes to confirm a plan of reorganization as well as the options that a debtor will have with regard to its real property leases. Three significant changes have been made to that Section: (1) the time a debtor has to assume or reject non-residential real property leases has been changed, (2) the provision concerning "anti-assignment" claims has been narrowed, and (3) certain non-monetary
Ballard Spahr: Impact of New Bankruptcy Act on Real Property Leases
These amendments may well change the landscape for landlords with regard to both the amount of time it takes to confirm a plan of reorganization as well as the options that a debtor will have with regard to its real property leases. Three significant changes have been made to that Section: (1) the time a debtor has to assume or reject non-residential real property leases has been changed, (2) the provision concerning "anti-assignment" claims has been narrowed, and (3) certain non-monetary
Ballard Spahr: New Jersey Transfer Recording Fees to More Than Double ...
This Alert discusses the significant changes that will impact both buyers and sellers of real property in the State of New Jersey. It should be noted that the new legislation specifically leaves in place the current reduction in fees available to the following groups: persons over the age of 62, blind persons, and disabled persons; and on property that is qualified as low or moderate income housing (“Special Group”)
Blank Rome: IRS Established Low Income Housing Tax Credit Ceiling A...
Volume 21, Number 5 February 2005 Stuart D. Poppel is a partner at Blank Rome LLP in Philadelphia, PA. Mr. Poppel, a member of the Editorial Board of Real Estate Finance, concentrates his practice on all aspects of real estate development including the acquisition, financing, construction and leasing of real property, with a particular expertise in the development of affordable rental and for-sale housing. Reprinted from Real Estate Finance, October 2003, Volume 21, Number 1, pages 12-17, with
Blank Rome: Interior Renovations Not Grounds For Reassessment
The Pennsylvania Supreme Court has held that tax assessors cannot reassess a property merely as a result of interior alterations. An increase in an assessment under those circumstances would be considered an improper "spot reassessment." Under the applicable statute that is defined as "the reassessment of a property or properties that is not conducted as part of a countywide revised reassessment and which creates, sustains or increases disproportionately among properties' assessed values."
Blank Rome: New Bankruptcy Law Swings Pendulum in Landlords' F...
...the changes may dramatically change the duration and outcome of Chapter 11 proceedings in which leases of non-residential real property are a significant component. Four significant changes have been made, which can be summarized as follows: · The time for the debtor to assume or reject leases of non-residential real property has been reduced significantly · The ability to avoid certain restrictions in a lease when assuming and assigning it to a third party may have been reduced · Non-monetary
Briggs & Morgan: Bankruptcy Abuse Prevention and Consumer Protection Act...
Nonresidential Real Property Leases. As many commercial landlords know, certain bankruptcy courts are renown for providing debtors with unlimited extensions of time with which to decide whether or not it will assume or reject its unexpired leases of nonresidential real property
Carlton Fields: Florida Keystone Series
Carlton Fields: The ABC's of Title Claims in Florida
Dykema Gossett: The Road to the All-Digital Closing: Applying Electroni...
Fox Rothschild: New York Federal Court Grants Equitable Mortgage to Tit...
Lawyers Title, after paying off its insured and taking an assignment, pursued a counterclaim previously filed by its insured lender seeking the imposition of an equitable mortgage on the property. The borrowers defended the counterclaim by contending that there was no intention that the loan be secured with a mortgage on the real estate
Goodwin Procter: IRS Issues Guidance on Use of Taxable REIT Subsidiaries...
An update from Goodwin Procter's Real Estate Securities and Capital Markets Group. Should rent attributable to noncustomary services performed by a TRS be treated as qualifying rents from real property or as nonqualifying income to the REIT
Gray Cary: California Tax Law Changes Affecting Businesses
Gray Cary: State Board of Equalization Issues Beneficial Ruling Co...
Honigman Miller: Gasoline Dispenser Is Not A "Facility" Under Pa...
Saco filed a counter-claim against Omega, and also filed a claim against C.F. Fick Inc. (Fick), who apparently owned a gasoline dispenser on the property in question. Saco's claim against Fick was based on the theory that Fick owned the gasoline dispenser, that the gasoline dispenser was a "facility" under Part 201 of NREPA, and that Fick was, therefore, liable for cleanup costs on the property because Fick was the owner or operator of a "facility" from which there was a release of hazardous
Lowenstein Sandler: New Jersey To Require Tests Of Private Wells
...property using a private well for potable water supply will be required to test the well prior to closing of title. Real Estate Sales Contracts for the sale of real property must include a contractual provision that the on-site private potable water well will be tested prior to closing
Lowenstein Sandler: "Property & The Law: Weighing in on Restrictive Cl...
Property aw: Weighing in on Restrictive Clauses Property & The Law: Weighing in on Restrictive Clauses Ira M. Levee, Esq. Because the expansion was part of the anchor's national strategy, the anchor notified the debtor that if approval of its agreement to purchase the property was not obtained, it would vacate the premises and develop its supercenter elsewhere
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Sidley Austin: Tax Alert - The American Jobs Creation Act of 2004 - Pr...
Repeal of Special Rules for FASITs TheAct repeals the special rules applicable to FASITs,which were added to the Code in 1996 to facilitate the securitization of debt obligations other than real estate mortgages. instrumentality thereof) and (2) principally secured by an interest in real property,then all the obligations acquired by the REMIC will be treated as secured by an interest in real property (that is,as qualified mortgages)
Stroock: President Bush Approves Economic Stimulus Package With ...
2 billion for the issuance of $8 billion of tax-exempt private activity bonds to help rebuild the NewYork Liberty Zone; Tax provisions that encourage development in the NewYork Liberty Zone and other areas of NewYork City, including accelerated depreciation deductions for certain business property used in the NewYork Liberty Zone; and $630 million to expand the Work Opportunity Tax Credit to include a tax credit of up to $4,800 per employee for employers in the New York Liberty Zone. Qualified
Vandeventer Black: Securities held as TBE
In In re: Massey, Judge Stephen S. Mitchell, a bankruptcy judge in the Alexandria Division of the Eastern District of Virginia, took a fresh look at an old issue: Can personal property (specifically securities) be held as tenants by the entirety with right of survivorship ("TBE") in Virginia, to shelter the property from the claim of a creditor of only one spouse. Most married couples in Virginia hold title to real estate as TBE. This manner of holding title protects the real estate from
White & Case: American Bar Association
Winston Strawn: Illinois Repeals Responsible Property Transfer Act
Winston Strawn: Final Regulations Promulgated Under Section 467 of the ...
"31 Further, interests in real property, including leaseholds and options, are treated as real property under the Final Regulations.32 If a proposed transaction involves equipment that may cause a rental agreement to fail the 90 percent real property test, it appears that separate lease agreements for the real property and the equipment may be entered into. Such agreements would need to be structured to ensure that they would be treated as separate leases and each would qualify as a true lease
Singapore
In order for a foreign national to own real property in Malaysia, a levy of about $26,315 per property will be imposed. Real property gains tax (equivalent of a capital gains tax in the United States) will be imposed on all gains from disposal of real property within 5 years of purchase
Employment
BGJ Associates v. Jeff Wilson
While Jerome Janger represented Maynard Brittan in a real property dispute they entered into a joint venture for the purchase of the property. The parties reached an impasse while negotiating an operating agreement for this joint venture
Court Denies Immediate Payment of Postpetition
Section 365(d)(3) requires a debtor in possession to perform timely all of the debtor s obligations arising under an unexpired lease of nonresidential real property until the lease is assumed or rejected. Because section 365(d)(3) requires timely payment of a debtor s postpetition lease obligations, most courts have held that postpetition rent due under an unexpired nonresidential real property lease is automatically entitled to administrative expense priority
Property Writes 3rd Quarter 2001; Volume 5
...-- Property Writes, 3rd Quarter 2001; Volume 5, Issue 3 from Holland t LLP window. While such financed-sale transactions are certainly among the more common uses of appraisals, real property valuations are also used to help set offering or selling prices, to determine a basis for exchanges and to inform investors whether to purchase mortgages, bonds or other securities
December 17
...(2) "Assessed value" means the full market value of real property for assessment and taxation purposes as determined by the Office of Tax and Revenue and in effect on the applicable date. (8) "Lien instrument" means a deed of trust, mortgage, security agreement, trust deed, land installment contract, contract for a deed, assignment of lease, rent, profit or any other conveyance or retention of an interest in real property or personal property related to real property, including cooperative
China Law & Policy Digest - June 28
Such certificates include Certificates for Building Ownership, Building Coownership, Other Rights to Buildings, Ownership of Real Property, Co-ownership of Real Property, and Other Rights to Real Property. To print these certificates, printing enterprises must have a printing operation license and an industry license, and must be registered with the administration for industry and commerce
: IMMIGRATION ALERT: Recent News from DOS
A package of producing oil and gas properties and a chain of hotels both include significant real estate assets and virtually every category of personal property recognized by the U.C.C., and all of the asset categories must be addressed in the collateral documents. However, there are issues that arise in oil and gas lending that are absolutely unique to this area
: Third Quarter 1999
Private Contracting Contract Venue Provisions Florida resident contractor, subcontractor or materialman cannot be required to bring legal actions in contracts for improvement of real property outside the state of Florida. Notice to Owner Allows flexibility in format of Notice to Owner; allows a Notice to Owner to be combined with a Notice to Contractor
Akin Gump: Essential Facts: Pension and Profit-Sharing Plans
Akin Gump: Texas Supreme Court Favorably Interprets Constitutional...
These new provisions change the procedure by which a manufactured home is converted from personal property to real property. amendment to the Texas Constitution that, if approved by the electorate on November 6, 2001, would add to the class of constitutionally permitted debts secured by the homestead a debt created by the purchase of a manufactured home (while it is personal property) that is placed on real estate owned by the consumer
Akin Gump: Court Interprets Definition of Single Asset Real Estate
In addition, the debtor must not conduct substantial business on the property or have aggregate noncontingent, liquidated secured debts in an amount more than $4 million. Secured creditors receive special protection in cases involving single asset real estate
Ballard Spahr: Impact of New Bankruptcy Act on Real Property Leases
These amendments may well change the landscape for landlords with regard to both the amount of time it takes to confirm a plan of reorganization as well as the options that a debtor will have with regard to its real property leases. Three significant changes have been made to that Section: (1) the time a debtor has to assume or reject non-residential real property leases has been changed, (2) the provision concerning "anti-assignment" claims has been narrowed, and (3) certain non-monetary
Ballard Spahr: Impact of New Bankruptcy Act on Real Property Leases
These amendments may well change the landscape for landlords with regard to both the amount of time it takes to confirm a plan of reorganization as well as the options that a debtor will have with regard to its real property leases. Three significant changes have been made to that Section: (1) the time a debtor has to assume or reject non-residential real property leases has been changed, (2) the provision concerning "anti-assignment" claims has been narrowed, and (3) certain non-monetary
Ballard Spahr: New Jersey Transfer Recording Fees to More Than Double ...
This Alert discusses the significant changes that will impact both buyers and sellers of real property in the State of New Jersey. It should be noted that the new legislation specifically leaves in place the current reduction in fees available to the following groups: persons over the age of 62, blind persons, and disabled persons; and on property that is qualified as low or moderate income housing (“Special Group”)
Blank Rome: IRS Established Low Income Housing Tax Credit Ceiling A...
Blank Rome: New Bankruptcy Law Swings Pendulum in Landlords' F...
Briggs & Morgan: Bankruptcy Abuse Prevention and Consumer Protection Act...
Dykema Gossett: The Road to the All-Digital Closing: Applying Electroni...
Gray Cary: California Tax Law Changes Affecting Businesses
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Gray Cary: State Board of Equalization Issues Beneficial Ruling Co...
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Honigman Miller: Gasoline Dispenser Is Not A "Facility" Under Pa...
Saco filed a counter-claim against Omega, and also filed a claim against C.F. Fick Inc. (Fick), who apparently owned a gasoline dispenser on the property in question. Saco's claim against Fick was based on the theory that Fick owned the gasoline dispenser, that the gasoline dispenser was a "facility" under Part 201 of NREPA, and that Fick was, therefore, liable for cleanup costs on the property because Fick was the owner or operator of a "facility" from which there was a release of hazardous
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Morris: Private Remedies for Violation of Environmental Laws
These costs can be staggering, often eclipsing the value of the contaminated property or collateral. Potentially responsible parties include current owners or operators of a facility, past owners or operators who disposed of hazardous substances on the property and generators of hazardous substances
Sidley Austin: Tax Alert - The American Jobs Creation Act of 2004 - Pr...
Repeal of Special Rules for FASITs TheAct repeals the special rules applicable to FASITs,which were added to the Code in 1996 to facilitate the securitization of debt obligations other than real estate mortgages. instrumentality thereof) and (2) principally secured by an interest in real property,then all the obligations acquired by the REMIC will be treated as secured by an interest in real property (that is,as qualified mortgages)
Stroock: President Bush Approves Economic Stimulus Package With ...
2 billion for the issuance of $8 billion of tax-exempt private activity bonds to help rebuild the NewYork Liberty Zone; Tax provisions that encourage development in the NewYork Liberty Zone and other areas of NewYork City, including accelerated depreciation deductions for certain business property used in the NewYork Liberty Zone; and $630 million to expand the Work Opportunity Tax Credit to include a tax credit of up to $4,800 per employee for employers in the New York Liberty Zone. Qualified
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
In Dewsnup, the debtors owned real property that was encumbered by a deed of trust securing debt of approximately $120,000. The value of the debtors real property was approximately $39,000
Weil: Brief Update
Although the bankruptcy court found that the primary purpose of the debtor s filing was to limit a landlord s lease rejection damages pursuant to Bankruptcy Code section 502(b)(6), which caps a landlord s damages when a debtor rejects a real property lease, the court concluded that PPI s filing did not violate the good faith filing requirement because the debtor, which had suffered financial reversals and was attempting to liquidate, was using section 502(b)(6) for exactly its intended purpose
Weil: Applicability of Bankruptcy Code Antimodification Provi...
Treatment of Mortgages on Residential Property under the Bankruptcy Code Under the Bankruptcy Code, the rights of holders of secured claims may be modified to reduce the amount of a secured claim to the market value of the property by which the loan is secured. In essence, the Bankruptcy Code permits the debtor to strip down or void the portion of the lien that exceeds the property s value
Weil: Landlord's Claims for Maintenance and Removal Obli...
...arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1) of [the Bankruptcy Code. Background In September 1987, the predecessor to the debtor, Midway Engineered Wood Products, Inc. (the Debtor ) entered into a nonresidential real property lease with the predecessor to K-4, Inc. ( K-4 )
White & Case: American Bar Association
