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|IRS Issues Favorable Private Letter Ruling to Data Center REIT|
Daniel R. McKeithen, R. Robinson Plowden, David A. Roby, William E. Sheumaker; Sutherland Asbill & Brennan LLP;
June 30, 2014, previously published on June 25, 2014On June 6, 2014, the Internal Revenue Service (IRS) released Private Letter Ruling 201423011 (the PLR), confirming that income from certain data center services can constitute “rents from real property” for purposes of the real estate investment trust (REIT) rules. Although the PLR is...
|California High Speed Rail Authority Gives Thumbs-Up on Fresno-Bakersfield Track|
California Eminent Domain Law Group APC;
June 27, 2014, previously published by California Eminent Domain Law Blog California Eminent Domain Project News CHSRA approves the next track for the high-speed rail from Fresno to Bakersfield.
|Iowa Court of Appeals Rejects Argument to Impose Implied Warranty upon Land Developers|
Jodie Clark McDougal; Davis, Brown, Koehn, Shors & Roberts, P.C.;
June 27, 2014, previously published on June 17, 2014On April 16, 2014, land developers and sellers breathed a sigh of relief after the Iowa Court of Appeals ruled that a purchaser of a residential building lot cannot sue the land developer for perceived deficiencies with the excavation and dirt work performed by that land developer. Rosauer Corp. v....
|The Attorney-Client Privilege: A Primer for Landmen|
Andrew LeMieux; Holland Hart LLP;
June 27, 2014, previously published on June 12, 2014Your attorney has finally sent you a title opinion advising you that some of your leases may be dead. Management decides to drill anyway. It's a gusher and the lessors sue. Can you prevent the title opinion from being given to the lessors' attorneys? What if you previously gave a copy of the...
|Kelo, Landmark Eminent Domain Case: The Aftermath|
California Eminent Domain Law Group APC;
June 27, 2014, previously published by California Eminent Domain Law BlogThe aftermath at Fort Trumbull nine years after the United States Supreme Court ruling in Kelo v. City of New London.
|BIA Proposes New Indian Land Right-of-Way Rules|
Hadassah (Dessa) Reimer; Holland Hart LLP;
June 27, 2014, previously published on June 23, 2014On June 17, 2014, the Bureau of Indian Affairs (BIA) published proposed new rules to update and streamline the process for obtaining a BIA right-of-way grant on Indian land. 79 Fed. Reg. 34455 (June 17, 2014). The current regulations were promulgated in 1968 and last updated in 1980. The proposed...
|The Emperor Has No Exhibits|
June 25, 2014, previously published on June 19, 2014All of us in the real estate world, regardless of experience or sophistication, have been guilty of ignoring Exhibit A. Like the emperor who believed his invisible cloth clothing could be seen by intelligent people, our unread “invisible” exhibits can leave us exposed.
|Retaining Mineral and Other Subsurface Rights? Prior Notice Will Soon Be Required|
Miranda F. Fitzgerald, Kathryn Smith; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
June 24, 2014, previously published on May 29, 2014Governor Scott recently signed into law Chapter 2014-34, Laws of Florida, (effective October 1, 2014) that requires sellers of residential property to provide prospective purchasers with advance written notice when any subsurface rights or rights of entry will be retained. The seller, or an...
|You Received A Code Violation Notice - Now What?|
Gary M. Kaleita; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
June 24, 2014, previously published on May 28, 2014Realtors offering properties for sale sometimes find that a property suffers from code violations that can have a number of adverse consequences. The existence of such violations raises concerns with potential buyers about whether a property has been maintained adequately, whether more...
|California Investment Firm and City Team Up to Erase Mortgages Through Eminent Domain|
Nicholas P. Mooney; Spilman Thomas & Battle, PLLC;
June 23, 2014, previously published on June 18, 2014If a California investment firm and the City of Richmond, California have their way, the mortgage industry may face a new threat: a plan to use government’s eminent domain power to seize homes where homeowners owe more than their homes are worth. San Francisco-based investment firm Mortgage...