A city negotiated with property owners to acquire a strip of land and some temporary easements for the purpose of installing a deceleration lane for traffic that would access a new development. Included in that development was a building to be occupied by a well-known national retailer of consumer goods. After initial negotiations to acquire the real property failed, the city filed a petition in state court to condemn the property.
Real Estate
Tax Credits for Historic Preservation
For over 30 years, the federal government has been using tax incentives to help preserve historic buildings. Originally, federal law allowed accelerated depreciation on rehabilitated buildings, but subsequent changes have made preservation and revitalization efforts even more attractive to taxpayers.
Misrepresentation about Water Damage Is Not Property Damage
About a year after a married couple sold their home, the buyers sued them for fraudulent misrepresentation The buyers contended that the sellers had falsely represented that the home had no moisture or water problems, no damage due to Hooding, and no problems with its foundation The sellers, in turn, asked a state court to declare that the carrier on their homeowners insurance policy was obligated to defend and indemnify them against the buyers’ lawsuit.
Condominium Buyers Cannot Revoke Contract
In 2005, a married couple signed a contract with a builder to purchase a unit in a condominium building that was being developed in a luxury resort community. The contract specified that the condominium would be built within two years, although the contract included a “force majeure” provision that allowed for delays under certain circumstances. The contract also specifically waived the buyers’ right to speculative, punitive, and special damages.
Estate Planning for Vacation Homes
Whether it is a palatial estate where Rockefellers and Vanderbilts would feel at home or a rustic cabin in the woods complete with an outhouse, a family vacation home often carries sentimental value that doesn’t show up on financial ledgers. That is all the more reason why owners of such homes should plan for the … Read more
Religous Land-Use Lawsuits
The land-use portion of the federal Religious Land Use and Institutionalized Persons Act (RLUIPA) was enacted to prevent discrimination by the government against the use of real property by religious organizations. On its face, the wording of the statute may appear to apply to circumstances that arise infrequently, but many churches and other religious institutions have used the RLUIPA to get their way in zoning standoffs with local governments.
Home Improvement Scams
Your home is your castle . . . and it is also probably your most valuable investment. Unfortunately, many homeowners unwittingly hire crooked contractors to improve or repair their castles, and they wind up being cheated out of money or paying for inferior work. The home improvement business is crawling with cheats. Before signing on … Read more
Real Estate Roundup
Flood Zone FraudA jury recently gave a hefty damages award to homeowners who sued a real estate company for falsely representing that the home they were buying was not located in a flood zone. When the rains came after the homeowners had moved in, the front yard, backyard, and a patio were under three feet … Read more
The Murky Waters of Wetlands Protection
It has been over a year since a splintered United States Supreme Court issued a decision on the scope of the federal government’s jurisdiction under the Clean Water Act to regulate wetlands. In that time, confusion has reigned as lower courts have interpreted the decision. The Act, now 35 years old, prohibits dumping certain pollutants into the “waters of the United States,” which are defined as “navigable waters.” Property owners of isolated wetlands have the “murky” task of determining whether their property is protected or not.
"ARM" Borrowers Beware!
After a period in which eligibility criteria for prospective borrowers were stretched to the breaking point, the chickens are coming home to roost in what is sometimes euphemistically called the “subprime” home mortgage market. Millions of new homeowners who got an adjustable-rate mortgage (ARM) with terms that they could handle in the early years now … Read more