Real Estate Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Real Estate.
This article gives you a short outline on how to evict an occupant from a property that you just bought in foreclosure. Usually the properties you buy in foreclosure are occupied. You must get rid of the occupant ASAP to protect the property and maximize your profit.
By MMLC Group
This article looks at the main regulators and laws involved in carrying out construction projects in China. It also provides some useful tips for project owners to keep in mind when dealing with construction projects in China.
Background Referring to Law Number 4 of 1996 on Mortgage of Land along with Properties Related to the Land (“Law 4/96”), particularly Article 10 paragraph (1), it is stated that the granting of mortgage is preceded by a covenant to provide mortgage as the security for settlement of certain debts, which is set out in and as an integral part of the debt (loan) agreement concerned or other agreement which causes such debt.
Introduction As we already have known, according to Law Number 4 of 1996 on Mortgage of Land along with Properties Related to the Land (“Law 4/96”), the granting of mortgage is conducted by making the Deed of Granting of Mortgage (“Deed”) by the Land Conveyancing Officer (“Pejabat Pembuat Akta Tanah/PPAT”) in accordance with the prevailing laws and regulations.
Many of today’s homeowners have more than one mortgage on their home and are struggling to pay multiple mortgages. Some people are simply “walking away” from their homes because the value of their home is significantly less than the balances of their mortgages. However, I am convinced that thousands of homeowners would be in a position to keep their homes if these second and other junior mortgages were eliminated.
Today, one of the most interesting objects for investment in Moldova is real estate. This fact it is grasped by both the Moldovan and foreign investors. The right of ownership in the Republic of Moldova is regulated by the Law "On property". According to this law, the subject of property rights can be any individual, legal entity, state, and local authorities.
The Hong Kong Mortgage Corporation Limited (“HKMC”) launched a pilot reverse mortgage scheme on 11 July 2011, which scheme is designed for elderly people and aims to provide the ageing population in Hong Kong an alternative means to raise cash to meet their daily and medical expenses using their dwelling place as collateral.
You might have heard something like the following all too common assertion: “the party named in a building permit is considered to be the owner of the that building.” To have heard such may have been particularly disturbing to many foreigners who are allowed to legally own buildings in Thailand.
It is a common misunderstanding that foreigners are per se restricted from owning land in Thailand. One of the most interesting exceptions from the restrictions of foreign ownership of land in Thailand has been enacted for foreigners who bring at least Thai baht forty million equivalent into Thailand for certain prescribed investments.
Many purchasers of real estate in Thailand are not using their newly purchased home as a permanent personal residence. Such assets are often meant to be used as a holiday home only and are unoccupied for the remainder of the year. This article will discuss the taxation of individuals who own real estate in Thailand and who receive rental income from renting out the property.
What people commonly suspect in the Thai real estate market is that if a company sells immovable property such as land it is subject to a specific “capital gains tax” or that the sale of that land is taxed at the corporate income tax (“CIT”) rate of 30%. However, such is not necessarily the case.
If you or your company own a condominium unit or villa here in Thailand that was used for even one day (with or without having actually received rental income) during the tax (i.e. generally the "calendar") year then you or your company will most likely be obliged to pay an annual “house and land tax” (“HLT”) in accordance with the House and Land Tax Act (A.D. 1932) and as further amended.
The use of off-shore entities, such as a company incorporated in the British Virgin Islands (“BVI”) to own real estate is not uncommon in Thailand. This article will analyze the tax consequences of an off-shore entity renting out real estate it owns in Thailand.
Restrictions imposed by a Developer on subdivided/platted land are generally entitled Covenants, Conditions, Restrictions and Easements (“Covenants”).
Mortgage (hak tanggungan) of land is a security right over right(s) of land, along with or without other properties that constitute a unity with such land, for the settlement of certain debts, which gives the preferred position to certain creditors against other creditors (“Mortgage”).
After three years with no meaningful assistance from the banks or the government, U.S. homeowners may at long last have a workable solution to their mortgage problems.
Background: A condominium is a building built in an environment which is divided into parts that are functionally structured horizontally and vertically and consisting of units that can be owned individually and can be used separately, particularly for residence, which is completed with common equipment, common facility, and common land.
In order to implement the provision of the granting of rights of land in accordance with Law Number 5 of 1960 on Agrarian Principle Regulation (“Law No.5/1960”) and Government Regulation Number 40 of 1996.
Background: Construction service is one of the activities in the field of economy, social and culture which has important role in the achievement of various objectives to support the realization of the national development goals. Therefore, the implementation of construction services needs to be regulated to carry out the orderly of the construction work.
In today’s current economic climate with many homeowners losing their home to foreclosure, short sale or simply “walking away” they are finding that they are burdened by their timeshare vacation rental with their ever increasing assessments.
Medical and dental offices need special lease provisions. All leases need a little negotiation and revision, but leases for physicians and dentists need a little more. In this article, the author discusses some advanced lease provisions that health care providers frequently need.
Some tenants need special lease provisions, for example, medical practices and businesses in the computer industries. In this article, the author discusses special, advanced lease provisions that tenants frequently need.
California Contractors’ Licensing Law Requirements, and Risks for Unlicensed Contractors and Property Owners
California Contractors’ Licensing Law Requirements, and the Adverse Effects to Unlicensed Contractors and Property Owners From the Failure of a Builder to be “Duly Licensed” as Required By the California Contractor’s License Law.
As is the case on private construction projects or contracts, there are many events on public works projects which make it necessary for a contractor or subcontractor to file claims for extra compensation or extra time to complete a project.
Qui Tam or Whistleblower Lawsuits for Fraud on Government Contracts or Public Contracts under the California False Claims Act, and California Law on the Statute of Limitations.
The benefit of SBA 504 Loans for Growing Businesses.
In densely populated urban areas, where available land is very limited, it is necessary to develop residential in the form of strata title to provide a complete, balanced, and harmony with its surroundings.
Construction service is one of the activities in the field of economy, social and culture which has important role in the achievement of various objectives to support the realization of the national development goals. Therefore, the implementation of construction services needs to be regulated to carry out the orderly of the construction work.
By LPA Law Firm
Under the agreement between the Central Immovable Property Registration Office Albania (CIPRO) the Swedish company Lantmäteriet has brought to Albania a team of specialist who, in collaboration with CIPRO specialists will assist the project of the implementation of the computerized system property registration in Albania.
So, there is hope for homeowners. Last decade, you saw advertisements asking viewers: Why pay rent when you can own your own home? You haven't seen those advertisements lately? So what changed?
One of the fastest growing sectors in the Ghanaian economy is the Real Estate industry. In fact this is not strange to industry analyst especially as the World Bank’s Global Economic Prospect Report has projected that Ghana will become the fastest growing economy in fiscal year 2011 in sub-Saharan Africa.
Neighborly interactions can be less than neighborly at times.
As far as entering of a foreign company into the construction market of the Republic of Belarus is concerned, taxation of foreign construction companies’ profits, operating in the Republic of Belarus through the permanent establishment is one of the problematic issues.
According to Article 41 of Law Number 5 of 1960 on the Principles Provisions of Agrarian (“Agrarian Law”), Right of Use means right to use and collect the production over State Land or land which is owned by private parties.
As we all know, earth, water, and natural resources contained therein controlled by the State and used as much as possible for the prosperity of the people (society). Land and buildings that build on it, in addition to fulfill the basic need, is also constitutes as profitable investment equipment. In other words, land and building have economic value.
According to Article 41 of Law Number 5 of 1960 on the Basic Principles of Land (“Land Law”), Right of Use means right to use and collect the production over State Land or land which is owned by private parties.
Nowadays, there are various kind of companies established in Indonesia. In term of construction, these companies require a building located on a land. Therefore, according to Law Number 5 of 1960 on the Principle Provisions of Agrarian, there are several rights over land. One of these rights over land is the right to build which can be defined as the right to establish and own a building on a land.
Article 7 paragraph (1) and (2) of Law Number 16 of 1985 on Condominium, the developer (the “Developer”) may build a condominium over the land with Right of Management (Hak Pengelolaan) (“HPL”). HPL is a right to control, given by the state which the implementation is delegated to its holder. Rights of land that may be granted over the HPL land are Right to Build (Hak Guna Bangunan) (“HGB”) and Right of Use (Hak Pakai) (“HP”).
According to the Regulation issued by State Minister for Public Works Number 28/PRT/M/2006 Year 2006 (“Minister Regulation”), it is allowed for the representative of foreign construction legal entities (“Foreign Entities”) to conduct their business in Indonesia after fulfilling some requirements.
On 12 January 2011, the Government issued the Law Number 1 of 2011 on Housing and Habitation (“Housing Law”). By the issuance of this law, the existed law on housing Number 4 of 1992 has been revoked. This new Housing Law is divided into 2 (two) parts i.e. housing and habitation. The purpose of this Housing Law is to fulfill the public needs for housing.
The illegal occupancy of land is not a new event in Indonesia. The terms illegal occupancy can be interpreted as the act or condition of holding, possessing of rights or assets illegally, such as occupying a land or house, which is not belong to him, illegally (which is forbidden by law). The illegal occupancy of land is an unlawfully act that can be classified as a criminal offense. As we know, the prices of land are very stable and continue to rise along with the times.
Basically, the development for industrial area is required to support the economy in a country. If one country has well maintained industrial areas, it can be the supporting factor for the investor to make their investment in those areas.
Indonesia’s high population growth rate has increased the housing needs of the people. Urgent needs of the available units of house often results on the sale and purchase of the house which is still in the planning process and it is giving rise to the sale and purchase through reservation. Therefore, as a result of it, the sale and purchase of house is conducted through a preliminary sale and purchase arrangement.
Many individuals purchasing real property expect that they have the right to use the land without interference from their neighbors. However, that right is limited both by local governmental regulations and any recorded restrictions imposed on the property. This article addresses private restrictions.
Have you ever heard the cold hard slap of five points? Maybe next time you don't have to...
Unless you are living in a cave, you know by now that the near collapse of the residential real estate market in 2008 -and the continuing fallout- has led to a dramatic increase in the number of residential mortgage defaults and attempted workouts.
The European Commission called Cyprus to comply with EU rules which grant to nationals from the European Union as well as from Iceland, Norway and Liechtenstein, the right to purchase property in the Republic of Cyprus. Cyprus is still maintaining its restrictive measures and as a result EU and EEA nationals cannot exercise their right.
Debt reduced by a mortgage loan modification, short sale or foreclosure will often result in the issuance by the lender of an IRS Form 1099–C, Cancellation of Debt. Under the Internal Revenue Code if you borrow money from a lender who later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes.
If you are a natural person, corporation, partnership or limited liability company that owns an income producing parcel of real property and you are behind on payments or perhaps “underwater” you should consider filing a single asset Chapter 11 real estate bankruptcy.
California Construction Contracts, Subcontracts, Arbitration Agreements, & Mechanics Liens in California Law
Construction Contracts on private construction projects - including AIA A-201 General Conditions, and other form construction contracts - quite commonly include a clause or provision requiring “binding arbitration” of disputes between the Property Owner and the Prime or General Contractor.
The obtaining of a residence permit in Bulgaria (long stay permit or permanent stay permit) by foreign citizens could be realized on more than legal 20 grounds. One of the most preferred is the purchase of a real estate property in Bulgaria.
Who is the owner, construction lender, or payment bond surety for purposes of serving, recording and pursuing preliminary notices, mechanics liens, and payment bond claims in California law?
Prompt Payment Laws, Laibilities & Legal Rights on Public and Private Construction Projects in California Law
California prompt payment laws, rights and liabilities for progress and retention payments for owners, contractors and subcontractors on private and public works construction projects.
How to Record a valid Mechanics Lien; How to Maintain, Perfect & Enforce a Mechanics Lien per California Law.
Time Deadlines, Procedures and Traps for Contractors and Subcontractors on Mechanics Liens under California Laws
Calculation of the Amount of and What Costs May be Included in a Mechanics Lien under California Laws.
The short sale is an important and common form of property sale when you owe more than the value of your property and can no longer afford the mortgage. Learn more about them here.
Speaking in these days about investing in general, and investing in the commercial real estate in particular, it is impossible to go round attention crisis situation, folded in a world economy. This crisis struck on the investment projects of citizens and companies stronger than on all.
Investing in commercial construction projects is an entrepreneurial activity that, according the Article 2 of the Legal Code of the Russian Federation, is undertaken at the investor’s own risk. Herein lies the primary difference in the consequences of a poor monetary investment by a legal entity or a private entrepreneur and the consequences of a developer not fulfilling his obligations before to the investor of the construction project.
The potential affect of Tea Party influence on the Federal Section 8 Voucher Program as pertaining to New York City multi-family housing.
Alternative Financing Methods in a Slow Real Estate Market.
Purchasing commercial or investment properties is a complicated process that begins with your evaluation of which property is right for you.
Most homeowners and owners of real estate have seen an abstract of title.
Tenant improvements are not uncommon in a commercial situation. In Minnesota, the rules relating to mechanics liens for improvements apply to situations where commercial tenants make improvements to their rental units. As a landlord, precautions should be taken to make sure these liens do not attach to your property.
When parties agree, cancellation of a purchase agreement can seem simple. However, when one party or the other is unwilling to cancel home buyers, home sellers, and their Realtors can be frustrated with the process. In the last several years, new statutes have been passed to make it easier for parties to resolve cancellation and earnest money issues.
Amounts Recoverable on a Mechanics Lien under California Law
How to Substitute Listed Subcontractors On California Public Contracts under the Fair Practices Act Law
How to substitute or remove listed subcontractors on California public works government construction jobs under the Subletting and Subcontracting Fair Practices Act, Public Contract Code sec. 4104, 4106 & 4107.5 substitution procedures and hearing procedures, lawsuits by substituted subcontractors for lost profits, and other concerns for listed subcontractors and substitute subcontractors.
Disclosure duties in the sale of real estate, and liability and damages for fraud, misrepresentation or the failure of sellers to disclose material facts affecting the value or desirability of real estate under California Law.
We’ve seen the housing market go from bad to worse. Foreclosures are up, values are down. If your mortgage is considered “upside down” or “under water” – you can’t expect to sell the property right now for more than you owe - so you need to come up with another solution. There are five basic methods of solving the problem: (1) Payment Plan; (2) Loan Modification; (3) Sell the property, including at short sale; (4) Deed in Lieu of Foreclosure; (5)Foreclosure. Let's go through each one.
This article gives a short overview of evictions (unlawful detainers) from a landlord’s perspective. When you, the landlord, need to evict a tenant, you may not use self-help measures to remove the tenant. For example, you may not lock out the tenant, cut off utilities or place a baseball bat strategically upside the tenant’s head. Instead you bring an unlawful detainer lawsuit against the tenant.
This article gives a brief summary of the 3-day notice, which is how you start an eviction (an unlawful detainer lawsuit). Once the tenant defaults on the lease (usually by not paying rent) the landlord cranks up the machinery of eviction by serving a 3-day notice.
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?
Overview - This common fact scenario is played out every day in law offices throughout DuPage County.
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.
Joint tenancy is one way for two or more people to own real estate together. This special designation carries with it certain rights and responsibilities.
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.
By L Y LU & Co
With effect from 1 January 2010, the minimum value of foreign acquisition of a residential property is now set at RM500,00.