Real Estate Law Articles

This article addresses the proper format for the execution of a document by the Attorney-in-fact, and introduces the use of a statutory form of Power of Attorney known as a Durable Power of Attorney.

The current financial crisis, brought on by the collapse of the housing market has more and more people looking for solutions to their "under water" property. An "under water" property is one in which the debt on the property is greater than the value. Today, millions of homeowner are now upside-down or "under water" on their home mortgage and they are looking for a way out.

With property values fluctuating and mortgage rates low, what should you do?

In order to regulate the development of the construction industries and remedy the problems during the implementation of the recent RMB4 trillion government stimulus package, the general office of the Central Committee of the Communist Party of China and the State Council jointly issued "Zhong Banfa" Document No. 27 on July 9th, 2009, which stated the harms and specific measures to settle the problems mentioned.

One of the first questions, many homeowners who are contemplating filing bankruptcy ask is “Will I lose my home if I file for bankruptcy?” The answer to this question depends upon a number of factors. The purpose of this article is discuss those factors.

In this article the author explains the basics of commercial leases.

The Wall Street Journal reported on December 21, 2010 in “Wells Fargo Making Mortgage Changes in California” that Wells Fargo & Co. agreed with the California Attorney General to make an estimated $2.4 billion in mortgage modifications for California homeowners with "pick-a-payment" adjustable-rate loans.

Two years have passed since the adoption of the law on self-regulation in construction. Within this period it became evident that some adjustments and clarifications to the legislation are indispensable.

A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount.

Foreclosure Defined. A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.

When faced with foreclosure, a loan modification is usually the best and last hope for keeping your home (and credit) safe. The application process can be complex and daunting and the way you file the paperwork can be the determining factor in the lender accepting the terms of the modification.

With the collapse of the real estate market, the word “foreclosure” has unfortunately become an often used word in the English language. This article will provide information about the types of foreclosures found in various states and how they work.

This past summer the California Legislature approved Senate Bill 931 (SB 931) amending Code of Civil Procedure CCP §580e to provide for anti-deficiency protection to certain short sales.

The joint tenancy deed is one of the best tools to transfer real estate between spouses, partners and heirs. Its principal characteristic and its advantage over holding title as a tenant in common, is that a joint tenancy deed transfers title immediately upon the death. This is known as the right of survivorship.

While there are many reasons for the rise in bankruptcy filings, with working families falling victim to job losses, the collapse in the real estate market and plunging home values is one of the principal reasons for the rise in filings.

The current housing crisis and the fact the a good majority of homeowners are "underwater" has resulted in the many, many homeowners asking the question whether or not it is wise to "walk away" from their mortgage.

In August, the Mortgage Bankers Association (MBA) released data suggesting that more and more people were falling behind on their mortgages. According to a report in The Tennessean, the MBA data showed that 10.47 percent of mortgages in the state were past due between April and June, compared with 9.89 percent in the first quarter of the year.

As the owner of a Florida condo unit, you will need to purchase an insurance policy to cover your personal property. Your building will generally be covered under the condo association’s master policy.

You will need to purchase a separate insurance policy for flood damage coverage in Florida. This policy will cover damage from waves, ground water runoff and overflowing bodies of water.

After your home has been damaged or destroyed by fire, you should notify your insurance company and thoroughly read your insurance policy to see if you can file a Florida fire damage claim. To preserve your fire damage claim, you will need to be completely honest with the insurance company.

An insurance agent negligence claim can arise when your insurance agent makes mistakes that lead you to believe you have coverage that you don’t have. If you are the victim of a negligent insurance agent, you may be able to seek compensation for damages.

Steps to be taken after purchase of property.

In the past four years we have become more familiar with the terms: Short Sale, Foreclosure, and Bankruptcy. Creditors have become increasingly aggressive and have resorted to bullying the consumer. As consumers we must know what our legal rights are in order to show your creditors that this behavior is unacceptable.

There has been a growing trend to hold residents in buildings accountable for creating second hand smoke that affects other residents’ ability to enjoy and live in their apartments.

The true crisis in public housing is the fact that it still exists.

With the revelation that many big lenders were "robo-signing" documents - signing them without verifying the accuracy of the information - to move foreclosures through the process, several banks, including JPMorgan and Bank of America, temporarily halted foreclosures to ensure that all paperwork was in order.

Ministry of Housing and Urban-Rural Development of PRC issued the Measures on Administration of Lease of the Properties Sold as Commodity (“Measures”) on 1 December 2010. The Measures will take effect from 1 February 2011, which will then replace the Measures on Administration of Urban Property Lease promulgated in 1995. The Measures apply to the lease of commodity properties constructed on State-owned land in the planned urban area.

With effect from 1 January 2010, the minimum value of foreign acquisition of a residential property is now set at RM500,00.

According to Bulgarian Inheritance Act each person who has rounded 18 years and is not under full interdict due to dementia and is capable to act reasonably can dispose with his property with a will.

In the past decade purchasing property in Turkey became very popular through holiday home owners and investors worldwide. The main purpose of this brief article is to explore the legal structure and the procedure of purchasing real estate in Turkey for foreigners.

Legislation regarding purchasing of real estate in Turkey by foreign investments have changed many times over the past years. Supreme Court decisions, international or political developments and economic necessities are some of the pushing factors of such amendments.

Occasionally clients say that they cannot be present for a real estate closing, and ask if they can sign their documents in advance. Depending on the circumstances, particularly if the individual is the Seller, the closing agent may be able to accommodate this request and have the documents signed prior to the actual closing date.

Property ownership climbed to 69 percent in 2004. However, the availability of subprime mortgages in years prior to that, combined with the inflated prices of houses in the United States, paved the way for the current national housing crisis.

Phoenix-area bankruptcies shot upward in August after a four month downtrend according to the U.S. Bankruptcy Court in Arizona. Bankruptcies in the Valley are now on track to surpass 30,000 for the year, almost 5,000 more than in 2009.

In February 2010, the federal government established the "Hardest Hit Fund" to provide help to states facing the worst of the financial and foreclosure crisis. The first five states to receive money from the program - Arizona, California, Florida, Michigan and Nevada - all experienced more than a 20 percent decline in the average home price according to the U.S. Treasury Department.

When introduced, the federal government's foreclosure rescue program offered hope to millions of people facing the loss of their homes. The reality has fallen far short of expectations: less than half a million people have had their mortgages permanently modified since the program began in early 2009.

The importance of real estate transactions continues to rise, however the culture of legal consulting for such transactions is not formed yet. There are several objective and subjective reasons for reluctance to apply for the services of a lawyer for performance of the real estate transactions in Armenia.

Federal Programs for home loan modifications during bankruptcy.

The building has an important part as the place for human being to conduct their daily activities. The regulation on the building is the Law Number 28 of 2002 on Building (the “Building Law”).

Real estate acquisition of foreign real persons and legal entities in Turkey has been regulated in the article of 35 and 36 of the Land Registry Law numbered 2644.

Foreigners are not allowed to own land in Thailand. However, there are avenues available for foreigners to legally acquire a house or condominium for long-term possession. We have listed below the ownership scheme options for both house and condominium acquisitions in Thailand and other pertinent considerations to help you make a choice that best suits your needs and preferences

How New York City's "One Shot Deal" is destroying our city.

Construction services hold a very important and strategic role in achieving various aims in order to support the objectives of national development to realize a fair and prosperous society both materially and spiritually based on Pancasila and the 1945 Constitution. Therefore, it is necessary to arrange a specific regulation of construction services, which is now set under the Law Number 18 of 1999 on Construction Services (“Construction Services Law”).

As the capital city of state of Indonesia, Special Capital Region of Jakarta is a center of economic and trade center in Indonesia, which located in the west island of Java.

The interest to live in the condominium tends to increase particularly to people who live in the big cities. According to Article 7 Law Number 16 Year 1985 on Condominium, it is stipulated that the condominium can only be constructed over land of Right to Own (Hak Milik), Right to Build (Hak Guna Bangunan), Right to Use (Hak Pakai) on State Land or Right to Manage (Hak Pengelolaan).

The crash of the housing bubble has left many homeowners in homes that are now not worth what was paid for them. The current economic crisis and rise in unemployment are leaving many homeowners with mortgages they cannot afford for houses that they cannot sell.

Not too many years ago, this headline would have sounded ridiculous. However, such sentiment seems to be gaining traction outside of the fringe anarchist groups that would normally espouse such behavior. Before the real estate market went haywire, a borrower who did not pay the lender lost his or her home to foreclosure.

A common misconception when someone receives a notice to quit (either a 14-day or a 30-day depending on the reasons) is that if you don’t move out by the time stated in the notice, you can be thrown out of your apartment and evicted immediately. That is untrue.

What most homeowners don’t know is that they may not have to go to court. Massachusetts has a Home Improvement Contractors Guaranty Fund to which all licensed contractors pay into. The money for this fund is used for the types of cases as described above: where the work is done in an un-workmanlike and unprofessional manner.

The third quarter of 2009 saw a record number of foreclosures across Arizona according to RealtyTrac, an online marketplace for foreclosure properties. For the fifth quarter in a row, Arizona ranked second behind only Nevada with one out of every 55 homes threatened by foreclosure. In the Phoenix area alone, 2009 foreclosures jumped 158% over the 2008 figures.

The mayor of Boston may decide to use eminent domain to solve the problem of a stalled major downtown development.

The purchase of a real property is probably one of the best ways to invest your money as it is a lifetime investment. But on the other hand this might be risky. That is why you must be very careful and spend a short time in investigating the property prior to entering a contract instead of trying to solve the problems afterwards.

Even though many property settlements are hammered out outside the courtroom, the factors judges use in dividing property affect the relative strength of each side's bargaining position.

This article discusses the legal regime established by the new regulation of the Ministry of public Works as regards foreign-related real estate acquisitions in Turkey.

The author gets to the heart of short sales and foreclosures.

The author discusses the types of scam artists that are targeting distressed homeowners.

Ask a tax professional before losing or walking away from your home. These days in this shaky economy and what the experts are calling the “jobless recovery,” there are many people still out of work. Perhaps the reader of this article has friends or family that are currently out of work, but have been actively seeking work.

As many Napervillians become more successful in their businesses, they may purchase another residence in another state. As time goes on, they may choose to spend more time in that state (especially in the wintertime). The other state may be more attractive, because that state might not have an income tax or an estate tax upon death. Thus, even if people choose to spend a substantial amount of time at their Illinois residence, they may declare they are a resident of another state.

So you have been served with foreclosure papers, a hearing was held, the sale date has passed and your property is now in the hands of your lender. It was a stressful and often frustrating experience, but whew… it’s over! Or is it? The author discusses the process.

With the country in the midst of a national housing market crisis, many homeowners have found themselves in the precarious position of owing more on their houses than they are currently worth.

More and more people are simply packing their bags and walking away from their homes, convinced there’s no better way to deal with underwater mortgages. While it’s undoubtedly true that you should keep all your options open as you struggle with a dire financial situation, it’s just as true that you should carefully consider all your options before acting.

Several major guide-lines of necessary steps towards a fast and successful property resale in Bulgaria.

There are three principal ways in which individuals acquire ownership in real property–as tenants by the entireties, as joint tenants with rights of survivorship, or as tenants in common.

Since 2009 when the new Bulgarian Condominium Ownership Management Act came into force many important questions have been continuously asked by owners. I have tried to summarize below some of the most frequently asked questions.

A self help guide to avoiding disputes when building or renovating your property in the St Lucia.

There are very good opportunities for investment in St Lucia. Once you have decided what property you wish to buy, you will need an alien landholding licence. This article guides you through that process.

Acquisition of business has several stages, including gathering of information about acquired company, preparing of documentation, negotiation, execution and closing of transaction. The quality of research and investigation in the acquired company affects not only on the position of the buyer and seller in the negotiations, but also the company's activities in future.

The real estate crisis reaches every strata of society, including financially stable individuals and companies. There is no one-size-fits-all approach, however, and affluent clients have unique concerns that have been largely over-looked by the media and governmental programs. This article discusses strategies for resolving mortgage problems for people who have good reason to worry about deficiency judgments, credit rating, and public image.

“The principle of "let the buyers beware" applies to purchasers who, without representation are on their own. It is important that lenders and vendors are protected, but it is also equally important for purchasers, particularly a first time buyer to be protected and be advised on benefits and opportunities that they would have otherwise missed” says Sonia Bush, The Real Estate Lawyer in the Cayman Islands.

Introduction: Thai law strictly prohibits freehold ownership of real property by foreigners. Essentially, only Thai citizens can “own land.” Despite this restriction, the Thai government has left several options open for foreign individuals and corporations seeking long-term property interests.

Introduction: The Condominium Act of B.E. 2522 (1979) (as amended) delineates the rules regarding foreign ownership of Thai condominiums. Essentially, foreign investors may own buildings but not land. Therefore, condominiums offer ideal investment opportunities. However, the Thai statutes place a few restrictions on the condominium investment.

A hurricane attorney can help you navigate the difficult process of homeowners and hurricane insurance claims.

This article addresses the important issue of ascertaining whether there exists a 'subject matter' in a sales agreement relating to a subdivided building.

Introduction: Since 1999, the Thai government has allowed its citizens who are married to foreigners to own land in Thailand. This was a stark contrast to a former law which did not allow even its own nationals to own land within the State owing to their marriage to a foreigner. Back then, the government considered a mixed couple as entirely foreign and thus, not qualified to own land in Thailand.

Litigation Against Lenders and Banks - Is It For You?

Chapitre VIII: De l'arbitrage, Article 306 Toutes personnes capables peuvent souscrire un compromis d'arbitrage sur les droits dont elles ont la libre disposition.

This Article describes general grounds for Bid Protests on City, County, Local Agency and State Government Public Contracts in the State of California and stresses the urgency to file a Bid Protest very, very quickly after bids are opened to avoid losing your rights to file a successful Bid Protest. Protest procedures vary so check the project manual, local statutes or ordinances on deadlines and procedures, and - immediately - consult a competent and experienced government contract attorney.

Deadlines, issues and warnings on filing lawsuits for California construction defect damage cases for private and residential construction jobs

A Q & A guide to corporate real estate law in Poland. © This chapter was first published in the PLC Cross-border Corporate Real Estate Handbook 2011/2012 and is reproduced with the permission of the publisher, Practical Law Company.

Real Estate law is widely regulated within the Civil law according to Turkish regulations. Within this article, it is intended to provide a niche understanding of property purchase and sell procedure in Turkey.

A partition case in Rhode Island is an equitable, legal action in which a person corporation or legal entity can force the sale of real estate against another co-owner or life tenant.

Clients frequently ask how they can protect themselves when they enter contracts for home improvements projects.

Hurricanes are becoming a more and more severe natural occurrence. Learn more about exactly what a hurricane is.

The myriad options presented to home buyers when titling real estate have significant tax, asset protection, and estate planning consequences.

This article refers to the several recourses available to enable a syndicate of co-ownership to collect the contributions for common expenses (condo fees) from co-owners who are negligent in remitting these expenses.

The regulation of real estate law is set forth in section four of the Turkish Civil Code, named as Law of Property. This section stipulates the subject matter of real property, procedure for acquisition and termination of ownership rights and main principles of property law. In addition, the said section of property law deals with non-proprietary interests to real estate, such as easements, real estate obligations, mortgage and charge over property.

A brief explanation of British Columbia's consumer protection legislation for pre-sale purchasers of condominiums, and comment on how the courts have recently enforced the legislation in disputes between developers and purchasers.

Your practice is doing well. Interest rates are low. Your lease is about to expire, and you are tired of paying rent. You want to buy a commercial property (the “Building”) that will be owner-occupied. You may also have additional space available for rent. After some time, you may want to sell the Building or rent it out in its entirety. So what do you do?

On February 16, 2010, Canada’s Finance Minister announced changes to federal mortgage rules that will take effect on April 19, 2010. The new rules will likely affect all residential real estate purchasers in Canada. This article discusses the serious financial impact of the new rules on condominium pre-sales.

In Spain, to obtain this information, we have to go to 3 different sources of information: land registry, Catastro, and Local Council. It creates disparity of information, and differences between the registration of the property. UK conveyance is being becoming more “impersonal”. Now, searches can be done electronically, changes of contracts can be done by internet, even deeds and mortgages can be done by electronic way.

There is an inherent limitation regarding the power of eminent domain.

This is a practical guide to how to win a construction adjudication.

Joint ownership of real property can create a legal partnership even when the creation of a partnership is not the intent of the parties.

The author describes the legal aspects attached with the purchase and/or sale of real estate in India.

As of June 1, 2010, Mobilehome Park Owners, Landlords and Property Management Companies who use consumer reports in their daily operations, ie. to screen applicants, are required to create and implement reasonable policies and procedures to identify and assist in combating Identity Theft.

A real estate investor’s projects increase in size and volume as the investor evolves. With the growth, an investor might need more capital for down payments and development costs. The investor might already have exhausted all available debt financing, however.

With more project owners demanding the use of Building Information Modeling (BIM), project delivery is necessarily carried out through greater contributions of design input by the general contractor and the major trade subcontractors. The design professionals are no longer the sole authors of the project design. This collaborative project delivery method has been called integrated project delivery (IPD).

A life in condominium is different from life in ordinary house. Tenants not only have next door neighbours but also have upstairs and downstair neighbours. In condominium there is also a governing body that regulates the management of the condominium environment, maintenance and the construction of environmental infrastructure and social facilities for the purpose of living together with all tenants in condominium.

Housing and residence are every human being basic needs. With the increasing number of inhabitants, the land space provided becomes very limited. Because of that, houses are made in a multistory structure or commonly known as condominium (rumah susun).

The purpose of the Government Regulation No. 41 of 1996 (the “GR No. 41”) is to give a legal certainty for foreigners who own property in Indonesia. Foreigners who are domiciled in Indonesia are foreigners who give benefits for national development.