It is common for real estate to be held in a limited liability company (LLC) for limited liability protection, management, privacy reasons, and for tax purposes. Single member LLCs are generally disregarded for income tax purposes and multi-member real estate LLCs are generally taxed as partnerships, which allows for a flow-through and a single level of income taxation at the member level. » Read More
A recent New Jersey Tax Court opinion highlighted the need for expert witnesses to verify the integrity and accuracy of the market data that forms the basis their opinions; otherwise, the opinions are entitled to little weight. In VBV Realty LLC v. Scotch Plains Township, plaintiff’s appraiser employed the income capitalization and sales comparison approaches to derive an opinion of value for the subject property as of the respective valuation dates.» Read More
An easement is a non-possessory interest in the land of another. A prime example would be an easement allowing owner A to travel over owner B’s property in order for owner A to get to his own property. Much has been written about how easements are created (either expressly or by implication). Of equal importance, however, is how easements are terminated.» Read More
No, not that wall. I am writing about another wall — a retaining wall, to be precise, damage to which precipitated a war of sorts between neighbors.
In 2004, Defendant purchased a home and has lived there ever since. A retaining wall separated defendant’s property from Plaintiff’s property. After 2004, a few mulberry trees began to grow on Defendant’s property near the retaining wall.» Read More
In my travels over the years, I have come across instances where business people have confused the distinction between a lease and a license. The distinction is important because the rights and obligations of the parties can be significantly different depending upon what the true relationship is determined to be.
Initially, simply labeling an Agreement a “License Agreement” or “Lease” does not make it so.» Read More
Cyberspace issues have infiltrated practically every facet of our lives and with that comes the need for cybersecurity. Click here for an informative article from Cushman & Wakefield regarding the need for cybersecurity in the commercial real estate sphere.
If you have any questions regarding real estate matters, please contact me at firstname.lastname@example.org.» Read More
On March 10, 2015, the New Jersey Supreme Court essentially “benched” the Council On Affordable Housing (“COAH”) as a result of its continued failure to adopt “Third Round Obligations”, the Second Round Obligations having expired in 1999. In re Adoption of N.J.A.C. 5:96 and 5:97 by the N.J.Council on Affordable Housing (M-392-14; 067126).
The Court ruled that New Jersey courts may resume their role as the forum of first resort for evaluating municipal compliance with Mount Laurel obligations.» Read More
A New Jersey Federal District Court recently refused to dismiss a plaintiff’s claim under the Fair Debt Collection Practices Act (FDCPA) brought against a realtor who took steps on behalf of the landlord-client to try and collect overdue rent from the plaintiff.
What happened to the plaintiff in this case seems rather draconian. Apparently, plaintiff was approximately 10 days behind on her rent.» Read More
Valentine’s Day will soon be upon us, when everyone’s fancy will turn to — real estate ownership issues? Well, of course! It seems more and more couples (as in unwed couples) are choosing to put off marriage, but not the purchase of a love nest. As the old adage goes, there’s nothing certain in life except for death and taxes. In many instances, love is not forever but regret can be.» Read More
A recent New Jersey Appellate Division case ruled that lawyers handling transactional matters – such as real estate contracts – may have a legal duty to explain to their clients the terms of a contract, even if those terms are unambiguous and the client personally negotiated them.
In the unpublished decision of Cottone v. Fox Rothschild, the Appellate Division overturned the trial court’s dismissal of plaintiff’s claim that his lawyer committed malpractice by missing a last minute revision of a key provision in the contract, which ended up costing the client a lot of money.» Read More