Real estate investment has long been regarded as a lucrative avenue for generating wealth and diversifying portfolios. As the industry evolves, new strategies emerge to capitalize on its potential. One such strategy that has gained traction is the concept of real estate joint ventures (JVs). In this blog, we'll delve into the world of real estate joint ventures, uncovering their benefits, potential pitfalls, and key considerations for anyone looking to embark on this collaborative investment journey.
Read MorePurchasing a home is a monumental life event that comes with a multitude of intricacies and legalities. Among these, the Real Estate Settlement Procedures Act (RESPA) stands as a key piece of legislation designed to protect homebuyers and ensure transparency in the real estate settlement process. In this blog, we'll delve into what RESPA is, its significance, and how it impacts your journey to homeownership.
Read MorePurchasing a home is a significant milestone in anyone's life. It's not just a financial investment; it's a place where memories are made and futures are built. However, as exciting as the process may be, it's crucial to be aware of potential risks that can arise during real estate transactions. One of the most effective ways to protect your investment and ensure peace of mind is by obtaining title insurance. In this blog, we'll delve into the importance of title insurance and why it's an essential safeguard for any real estate transaction.
Read MoreThe COVID-19 pandemic has caused many problems in daily life. One of the biggest changes in our new normal is practicing social distancing and sheltering in place as much as possible to avoid potentially infecting yourself and others. But how do these social guidelines affect transactions that require a notary?
Read MoreThe novel coronavirus pandemic raises novel questions and unprecedented challenges for commercial property owners. It is no longer business as usual. Property managers face the tough task of getting prepared for major dislocation, while avoiding panic for themselves and their tenants. Education and proactive planning are critical for keeping your occupants safe and building operations functioning.
Read MoreCOVID-19 (Novel Coronavirus) has completely disrupted life as we know it. During this very chaotic and unprecedented time, there are certainly many questions with little to no satisfying answers. If you lease commercial space you may be wondering whether your lease is still enforceable, specifically whether you are still required to pay rent. That answers depends on the exact language contained in your lease.
Read MoreBuying a property with a friend, business partner, relative, or significant other can be rewarding investment. But if the relationship sours, undoing the jointly titled deed can pose serious problems, particularly with a mortgage. If the co-owners cannot amicably dispose of one interest or the other through a buyout, or cannot agree to sell the property outright, a judicial partition action my be the only recourse.
Read MoreIn 2009 the Commonwealth of Pennsylvania enacted the “Home Improvement Consumer Protection Act”, commonly referred to as HIPCA, in an effort to protect consumers from scams and other unfair trade practices that so often occur with home improvement contractors. If you are a homeowner in need of home improvement work it would certainly be in your best interest to know a bit more about HIPCA, specifically it would be a good idea to know when a home improvement contractor can be held liable under Pennsylvania law.
Read MoreRESPA is a federal law that is administered and enforced by the Consumer Financial Protection Bureau, or CFPB. For a prospective borrower or a lender, the most important provisions of RESPA are the disclosures required at various times during the mortgage loan process. Within three days of submitting a mortgage loan application to a lender the lender must provide a “Good Faith Estimate”, or GFE, that provides the prospective borrower with the loan terms as well as with the lender’s estimate of what the closing costs will be.
Read MoreIf you are in the construction industry, you already understand that even a simple project typically has several different companies working on different aspects of the project at any given time. Ultimately, all of those sub-contractors must report to the general contractor who, in turn, reports to the property owner. Payment for services rendered trickles down from the property owner to the general contractor, and eventually down to the sub-contractors and sub-sub-contractors. What happens if payment doesn’t trickle down, though?
Read MoreIf you are in the construction industry, you already know how important it is to have a properly-drafted contract in place that protects you and your business before commencing work on any project. A contract, however, can only offer you protection if you understand the terms used in the contract, and understand what happens if a party breaches or defaults on the contract. For example, in the construction industry, there is a significant difference between a simple breach and a material breach of contract. At this point, you may wonder “How do I know if a material breach has occurred?”
Read MoreWhether residential or commercial property is involved, the relationship between a landlord and tenant can be complicated. Moreover, the laws governing the landlord-tenant relationship are numerous and complex, making it difficult to resolve disagreements or issues when they do surface. If you foresee the need to retain the services of an attorney for your landlord-tenant issue, you may be wondering if real estate lawyers handle issues with rental properties. While there is no way to provide a universal answer to that question that will apply to every real estate lawyer, most real estate lawyers do, indeed, handle issues relating to rental properties.
Read MoreIf you are like the average home buyer, you will be depending on a mortgage loan to finance the purchase of your new home. Given the fact that purchasing a home will likely be the single biggest purchase you make in your lifetime, it only seems appropriate to know as much about the financing process as possible before committing to a lender and/or loan. Unfortunately, first-time home buyers often make costly mistakes because they fail to do the proper research and ask the right questions before starting the home search.
Read MoreThe rental relationship between any landlord and tenant is governed by the written lease agreement executed by the parties as well as by local, state, and even federal laws. In Pennsylvania, for example, there are state law procedures that must be followed if a landlord wishes to evict most tenants; however, if the property is located in certain areas, such as Philadelphia county, local rules apply.
Read MoreIn the normal course of things, a taxpayer is required to pay capital gains taxes any time a gain is realized on the sale of a capital asset. Although just about any asset qualifies as a capital asset, a common example of when capital gains taxes are incurred is when a taxpayer sells real property. Understandably, taxpayers are always looking for ways to limit, or avoid altogether, capital gains taxes. One option that may work to defer capital gains tax when the asset in question is real property is to enter into a Section 1031 Exchange in lieu of a traditional sale.
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