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|Does the Bankruptcy Court have the Authority to Surcharge Exemptions?|
Keri Ebeck; Weltman, Weinberg & Reis Co., L.P.A.;
November 3, 2014, previously published on October 28, 2014Law v. Siegel: The facts of the case are that Mr. Law (Debtor) filed for Chapter 7 bankruptcy protection. He valued his home in California at $363,348 and claimed a $75,000 homestead exemption, as well as listed two mortgage liens on the property in question: (1) to Washington Mutual Bank for...
|Foreign Investment in Indonesian Real Estate|
Denny Rahmansyah, Dyah Soewito; SSEK;
November 2, 2014Indonesia’s Agrarian Law provides that foreigners can only acquire right to use (hak pakai) title for land if they reside in Indonesia. If foreign investors wish to engage in business in Indonesia, they must establish a foreign capital investment (PMA) company.
|Authorized Louisiana Homeowners Insurers Must File Annual Loss, Policy Data By May 1, 2015|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
October 30, 2014, previously published on October 22, 2014Failure to comply with Act 427, a new Louisiana homeowners' insurance data reporting law, could result in insurer fines of $10,000 a month, Louisiana Insurance Commissioner Jim Donelon warned in Advisory Letter 2014-05 issued on October 15, 2014.
|Are Sellers Required by Law to Disclose a Death or Murder in the Home?|
Michael T. Brown; Perley-Robertson, Hill & McDougall LLP/s.r.l.;
October 28, 2014, previously published on October 17, 2014A few years ago, I purchased my home. It was an Estate Sale. As part of the negotiations, I inevitably asked my Realtor to enquire to the vendor’s Realtor, “did the deceased pass away in the home?” The Realtor for the vendor confirmed that as far as she knew, the deceased passed...
|Avoid Taxes by Entering into a Cottage 1031 Safe Harbor|
Kate E. Flewelling; Smith Haughey Rice & Roegge, P.C.;
October 23, 2014, previously published on October 2, 20141031 exchanges are often considered by real estate investors when they look to cash out of an investment. Generally speaking, a 1031 exchange (also referred to as a “like-kind exchange”) is a swap of one business or investment asset for a similar asset. For example, you own asset X,...
|An Appeal To The City Council Fails To Wash Away All CEQA Sins. Consideration Of Historical Resources In A Negative Declaration Falls Under The Substantial Evidence Test, Not The Fair Argument Test|
William W. Abbott; Abbott & Kindermann, LLP;
October 23, 2014, previously published on September 23, 2014The courts have been clear: the decisionmaking body has to consider the CEQA document before taking action to granting a discretionary approval. A recent court decision examines a variation on that practice when the approving body approved the CEQA document, but lacked the authority under the local...
|Real Estate Tip: ALTA 34-06 - The Endorsement That Saves The Day|
Richard W. Smith; Bernstein Shur;
October 22, 2014, previously published on October 7, 2014Buyers and developers who are focused on negotiating terms of transactions, projecting future income and meeting deadlines, can often ignore real estate title issues until a defect in a title threatens to derail a closing. Timing is everything and defects have a way of surfacing when the closing...
|New West Virginia Law Enables Real Property to Pass to Beneficiary Without Probate|
Paul L. Hicks; Bowles Rice LLP;
October 22, 2014, previously published on May 8, 2014A new West Virginia law now enables real property to pass simply and directly to a beneficiary, without going through probate.
|H.R. 2600: Good News for Condo Developers|
Alexander Dobrev, Adam R. Lewis; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
October 22, 2014, previously published on October 13, 2014On Friday, September 26, 2014, President Obama signed into law H.R. 2600, which made several important changes to the Interstate Land Sales and Full Disclosure Act (ILSA). In short, H.R. 2600 exempts the sale of condominium units from the registration and disclosure provisions of the ILSA (i.e., a...
|Pennsylvania: The Business Privilege Tax does not Apply to the Rental Real Estate Business|
McDonald Hopkins LLC;
October 18, 2014, previously published on October 9, 2014In Fish, Hrabrick and Briskin v. Township of Lower Merion, the Commonwealth Court of Pennsylvania concluded that the imposition of the business privilege tax (BPT) on the appellants’/lessors’ (Appellants) rental income, defined as gross receipts from lease transactions, violates the...