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Posts in Real Estate
How Does a Short Sale Work?

To understand the short-sale process you first need to understand how a mortgage loan works and a little bit about the real estate market. Most people cannot afford to pay cash for the purchase of a home. To finance the purchase of a home most people take out a mortgage loan and then make monthly mortgage payments for 15-30 (typically) years until the loan is paid off. At any time during the life of the loan a borrower may sell the home and pay off the mortgage with the proceeds from the sale. Of course, that assumes that the proceeds from the sale will be sufficient to pay off the balance owed on the loan. If the real estate market takes a drastic turn for the worse, as often happens during a recession, that assumption could be wrong.

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What Is the Role of a Civil Engineer?

Anytime a new building or structure, whether commercial or residential, is constructed, a number of different steps must be taken during the process. It takes a team of professionals to take a building from conception to construction. A civil engineer is usually among those professionals. Whether you are planning to build a multi-million dollar commercial office park, or just your dream home, you may need to employ the services of a civil engineer.

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What Is a Guaranteed Maximum Price Construction Contract?

Whether you are planning to build your dream home or a multi-unit commercial complex, the entire project is based on a construction contract. For both the owner and the contractor, the cost of the project is important; however, it is not only the final cost that matters, but how that cost is arrived at as well that is important. In the construction industry, there are several different types of commonly-used pricing structures, including a “guaranteed maximum price” construction contract.

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What is a Tenants in Common Agreement?

When real estate is purchased, there are different ownership structures by which the owners may take title. One option is to take title as tenants in common. Tenancy in common means that two or more people own a property concurrently and the co-owners have a simultaneous right to possession.  Each of the co-owners has an individual, undivided interest in the property that is owned as tenants in common, so each can transfer his or her own ownership interest.

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What Is a Payment and Performance Bond?

In the construction industry there is virtually an endless number of things that can go wrong. There are also numerous opportunities for disagreements between the various parties involved in a construction project. Executing written contracts is one way to reduce the likelihood of problems or disagreements. Requiring different types of bonds is another. In fact it is very common to require a general contractor to take out a payment and performance bond before beginning a construction project.

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What Is a Variance and How Do I Apply for One?

When it comes to developing or improving real property, zoning regulations are everything. Before you purchase a piece of property, and certainly before you start designing plans for the property, it is imperative that you know how the property is zoned and you understand the restrictions that apply to how the property is zoned. If the current zoning will not allow you to develop or improve the property in the manner in which you wish, a variance might be the answer.

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How Do I Get My Property Re-Zoned in Conshohocken, Pennsylvania?

Local zoning regulations determine how a piece of real estate may be used. Real estate is typically broadly categorized into several different types of zoning, including agricultural, industrial, commercial, and residential. Within those categories, all property is further sub-divided according to the allowable uses for the property. A property owner must conform to the zoning restrictions for the property.

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How Do I Subdivide My Property in Pennsylvania?

When you subdivide property, it basically means you take a parcel of land and turn it into two or more tracts of land. Typically, subdividing is done by a developer who plans to build a “subdivision” on the land. Although this sounds simple enough, it can be a complicated process because of the legalities involved. You cannot simply decide to split your land into numerous legal parcels of land. In Pennsylvania, subdividing land requires you to legally separate the land.

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What Are the Processes Required to Develop Land in Pennsylvania?

If you have a decent sized plot of land you may have a goldmine and not even realize it. Raw land is frequently far more valuable than people realize if the location is right and the land I suitable for development. If you are considering developing the land you own your first inquiry will likely be “What are the processes required to develop land in Pennsylvania?”  Exactly which processes or steps are required to develop the land you have will, to some extent, depend on whether you plan to develop the land for personal use or subdivide the land.

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What Is the Role of an Architect?

Whether you plan to add on to your existing home, build your dream home, or develop a commercial complex, you will likely need to consult with an architect before your project actually gets off the ground. Unless you have worked with one before, however, you may not really understand what the role of an architect is.  Think of an architect as the artist and a building or home the canvas. An architect’s role is to work on a project from concept to design.

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In a Construction Contract Who Decides Where Disputes are Resolved?

In the construction industry, more so than in many other industries, disputes are commonplace. When disputes arise, they can become extremely costly, both in terms of time and money, for everyone involved if they are not resolved quickly. One thing that can prevent an obstacle to the resolution of construction disputes is the fact that it is very common for the parties involved to be from different jurisdictions. Where a dispute is resolved can have a direct impact on how it is resolved, with each party wanting the “home court” advantage. The question then becomes “ In a construction contract who decides where disputes are resolved?”

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Can I Be Forced to Arbitrate a Dispute Over a Construction Contract?

Disputes in the construction industry are very common. In fact, they are so common that most construction contracts have a lengthy section that includes provisions for how a dispute between the parties is to be handled should one arise. Unfortunately, some people fail to thoroughly read through those provisions prior to signing a contract. It then comes as a surprise down the road when they are told they are required to arbitrate a dispute over a construction contract; however, the terms of their contract may, indeed, require arbitration.

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When Does CASPA Apply in Pennsylvania?

CASPA was passed by the Pennsylvania legislature back in 1994 and was intended to provide contractors and sub-contractors with an alternative to sitting around and waiting or filing a mechanic’s lien. CASPA does many things to encourage payment, including imposing a staggering 24 percent interest (one percent per month on past due balances plus another one percent in penalties) on overdue payments if the contractor must pursue the payment. Owners are also required to pay contractors for all items or work that are not in dispute under CASPA.

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What Is the Role of an Owner’s Representative?

A construction project, regardless of size and scope, can be a daunting undertaking. From concept to completion can take months – even years – and will require a seemingly endless number of decision to be made. Often, the owner of the finished project is either too busy to adequately monitor the progress of the project or lacks the knowledge and experience to effectively do so. When that is the case, an owner’s representative may be used by the owner. What exactly is the role of an owner’s representative though?

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Does a Judgment Create a Lien on Property?

Often, the end result of civil litigation is a judgment. A judgment is a court order stating that one party to the litigation owes the other party money. For example, if you have a landlord tenant dispute you might settle the dispute by filing a small claims lawsuit. At the hearing, the judge might award you a fixed amount of money if you prevail at the hearing. That order then becomes a judgment against the other party to the lawsuit. Obtaining a judgment, however, is only the first step in receiving your monetary award. The next step is to enforce the judgment.

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