Real Estate Archives - Page 2 of 4

Dealing with disagreeable neighbors

08/17/202012/05/2018 by Report from Counsel

It’s one of the facts of community living: where you have neighbors, you can have problems. There are some things you can do about annoying neighbors and some things that could land you in legal trouble.

Glitch in new tax law discouraging business investment

08/17/202012/04/2018 by Report from Counsel

In June, a group of restaurants, retailers, and industry associations sent a letter to lawmakers asking them to correct a mistake in the Tax Cuts and Jobs Act (TCJA). The law inadvertently increased the tax burden on a category of business investment called Qualified Improvement Property (QIP).

Housing hunt: Should parents buy off-campus property?

08/17/202008/10/2018 by Report from Counsel

A college town can be a good place to own rental property. Students are continually rotating through, and even faculty can be a transient group in need of temporary places to live. With dorm costs rising and space at a premium in certain college towns, some parents are investing in off-campus property as a way … Read more

Home values could decline due to tax changes

08/17/202005/08/2018 by Report from Counsel

When it comes to real estate, some legal experts suggest that the massive tax overhaul could have some unintended consequences, including discouraging homeownership and slowing the pace of home appreciation. Here’s how the new law affects homeowners: Lower limits on mortgage interest deductions Limits on state and local tax (SALT) deductions to a $10,000 Standard … Read more

Issues to consider before gifting your home to your child

08/17/202010/03/2017 by Report from Counsel

Passing your house on to your children before your death offers some advantages, but there are pitfalls to avoid. If your children inherit the property through your estate, the cost basis of the property will be the value of the home on the day of your death (as with most assets that pass at death). … Read more

Avoid capital gains tax when selling investment property

08/17/202003/31/2016 by Report from Counsel

Did you know that it may be possible to avoid paying immediate capital gains taxes when you sell an investment property? That’s true if you’re planning to sell the property and invest the proceeds in another property shortly afterward. For instance, suppose you own a condo as an investment, and you plan to sell it … Read more

What businesses need to know about commercial leasing

08/17/202007/23/2015 by Report from Counsel

Companies that are leasing their own space for the first time are often surprised by the terms of a commercial lease – and even companies that have leased space before sometimes overlook important points where they might be able to negotiate matters to their advantage. Here’s a quick guide to what to look for:

Letter of intent. This sets out the basic terms of the agreement so everyone is on the same page before a formal lease is drafted. Be careful – the document should say that it’s non-binding. You don’t want to sign a general expression of interest and suddenly discover that it’s a legal contract.

Rent. Commercial rent is

Homeowners’ Insurance: The Devil Resides in the Details

08/17/202008/19/2014 by Report from Counsel

Reading and understanding all of the language in a homeowners’ insurance policy are not formalities to be skipped over while searching for the signature line. As with any contract, the fine print can have real and lasting consequences, and its contents will control over any contradictory verbal assurances. Taking the time to under-stand the terms of their policies might have headed off bad outcomes for homeowners in two recent cases.

Real Estate Deals Gone Wrong

08/17/202007/03/2014 by Report from Counsel

The ageless advice to read, understand, and expect to be bound by language in a contract you sign is as sound now as ever. It is especially important with respect to contracts to buy real property, where the financial stakes are often high. Jerome contracted to buy property, delivering a $5,000 deposit to be credited toward the purchase price. An addendum to the contract agreed to by the parties stated that in the event the seller breached the agreement or defaulted, Jerome was entitled to the return of his earnest money and cancellation of the contract, as his ” sole and exclusive remedy.”

When the seller did not close on the deal within the time set by the contract, according to Jerome because there had been a defect in its title to the property that was later remedied, Jerome sued to enforce the contract. That is, he sued to force a sale of the property to him, as he was not content with the prospect of simply getting his $5,000 back, terminating the deal and returning to square one.

Tax-Free Gains from Home Sales

08/17/202003/13/2014 by Report from Counsel

One of the most significant tax advantages to owning a home comes at the back end of ownership, when you decide to sell it for a profit. A homeowner can exclude up to $250,000 of such profit from the federal capital gains tax. For married couples filing a joint tax return, the exclusion jumps to … Read more