A title search is a crucial part of the closing process. It benefits and protects both the buyer and the seller from a fraudulent or defective deal. Because homes cost thousands of dollars and owning property requires the payment of federal taxes, a lot of tedious work is involved in protecting the investment. While title insurance isn't legally required, lenders usually require a policy to be taken out to protect the new purchase. A title search and insurance are necessary to close on a new home, but many people aren't aware of what it is they are purchasing.
Whether you are buying, selling or managing a property, you need legal guidance and representation to protect your best interests. The state of Tennessee has legislation in place that protects both the buyer and the seller of a commercial property. In particular, the Tennessee Statute of Frauds requires, in writing, documents that comply with the strict regulations. Unless adequately drafted, these materials are unenforceable which may void the entire transaction.
Topics: Commercial Real Estate Law
Rochford Law & Real Estate Title, a long-standing member of the Nashville legal community, has released a new resource for investors and developers to help them better understand and navigate the complexities of the commercial real estate closing process.
A “Like-Kind Exchange,” also known as a 1031 Exchange or a Starker Exchange, allows investors to defer paying capital gains taxes on investment properties when they are sold, as long as another “like-kind” property is purchased with the profits of the sale. Congress enacted the like-kind exchange statue nearly 100 years ago, in 1921, to help investors avoid unfair taxation of ongoing investments in property and to encourage active reinvestment (Federation of Exchange Accommodators).
A first glance, real estate law might seem like a very specific niche in the legal world. Well, it shouldn’t take much exploration to begin to understand just how much is encompassed by the term “real estate law.” Indeed, real estate law is a world unto itself, and one that often must be extended to include adjacent areas of practice. Indeed, real estate lawyers are forced to wear many hats!
Today we’ll be talking about one such instance of real estate law overlapping with other fields of practice. We often handle matters that blur lines between different areas of law, and the following matter is a perfect example of this.
It’s never too late to begin planning for retirement, and it’s never too soon to diversify. Many investors don’t realize they can take the helm of their retirement ship with a self-directed Individual Retirement Account (IRA). According to a study recently published by The Entrust Group, “Real Estate Investor Market: 2015 Trends in Real Estate IRA Investments Research Report,” individual investors throughout the country are giving a boost to the economy while planning for the future. Working with a real estate attorney can help you clear the way for a smooth sail into retirement by making the best decisions regarding a self-directed IRA.
Despite discouraging May numbers, both housing starts and building permits were on the rise throughout the United States in June, which indicates the demand for housing is holding steady as we rocket towards the final quarter of 2016. Housing starts rose 4.8% and applications for new building permits rose 1.5% in June. According to the U.S. Department of Housing and Urban Development’s August joint press release, housing starts increased yet again in July, while permits held steady.
Buying a home or even leasing a property can be a huge undertaking with significant financial implications. Add to this the fact that the contracts typically used in these types of agreements can be dozens of pages long and contain a ton of information that is written in what can affectionately be referred to as “legalese,” and it’s easy to see how the layperson can become confused. Before signing your name on the dotted line of a legally binding document that you don’t fully understand, enlisting the help of an experienced real estate attorney might be a wise decision. Here’s why...
If you’re planning to buy real estate, as exciting as that can be, there’s also a lot that can go wrong. As such, it is very important that you are familiar with the dangers involved in making investments like this, and take steps to keep your property safe.
Topics: Commercial Real Estate Law, Judgement Lien, Lien, Mechanic's Lien, Nashville Real Estate Law, Nashville Real Estate Lawyer, Real Estate, Real Estate Attorney, Real Estate Law, Real Estate Title, Residential Real Estate Law, Tax Lien
Buying and selling property and building a robust real estate portfolio can be an exciting experience for both parties, especially when profit, or gain, is part of the equation. Gain happens when property appreciates in value or when the seller takes advantage of depreciation deductions for tax purposes. In either case, it’s important to understand tax ramifications of your real estate transactions and how to make the most of your investment dollars. A 1031 Exchange may be a great option for maximizing your investment and getting the most out of your next commercial real estate investment.
Topics: 1031 Exchange, Commercial Real Estate, Commercial Real Estate Law, Nashville Real Estate Law, Property Tax, Real Estate, Real Estate Attorney, Real Estate Law, Real Estate Title, Residential Real Estate Law