Real Estate Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Real Estate.
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.
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.
By K&P Law Firm
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”).
The Code on the Amendment of Land Registry and Cadastre which was enacted on the 18th of May 2012 and published on Official Gazzette numbered 28296, amended the Land Registry Code’s article 35 which is related to the reciprocity principle.
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.
By Oreste Law
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.
By Oreste Law
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.
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.
Mitigating Loss When You Have Something to Lose: Deficiency Judgments, Credit Rating and Public Image
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.