Tag Archives: property law

ILN Today Post

MARKET BOOM IN THE WAKE OF NEW LBTT RATES

BACKGROUND

‘Unprecedented’ is surely the word of choice this year.  In a matter of months, coronavirus has redefined the way we work, live and interact with one another.  The various restrictions imposed to try and reduce the spread have profoundly impacted the global economy and things are almost certain to get worse before they improve.  In the midst of all of this, there is, however, some cause for optimism in the residential property market in Scotland where there has been a sharp rise in house prices with few properties staying on the market for long before successful sales are achieved. Read more…

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Fourth Release of “Buying & Selling Real Estate: An International Guide”

Our Real Estate Specialty Group announced today the fourth release of its publication, “Buying & Selling Real Estate: An International Guide.” This collaborative electronic guide offers a summary of key real estate law principles in almost 30 jurisdictions across the globe, serving as a quick, practical reference for those buying & selling real estate in these jurisdictions.

We’re so pleased to offer the fourth edition of our guide, which builds on our previous efforts. We have expanded the guide by six jurisdictions, including Colombia, Hungary, India, Norway, Panama, and Singapore. The group has also updated the guide with the latest figures and regulations for their countries. It’s a practical and valuable resource for firms and companies with multinational real estate needs.

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Land and Building Transaction Tax – The Elimination of Stamp Duty Land Tax in Scotland

From April 2015, Stamp Duty Land Tax (SDLT) will cease to apply to transactions involving heritable property located in Scotland. Instead, it will be replaced by the Land and Buildings Transaction Tax (LBTT) which is the first devolved Scottish tax and will allow the Scottish Government to have control over the tax base and rates.

It is important to note that the new Land and Buildings Transaction Tax will apply to both residential and commercial property transactions in Scotland. However, for the purposes of this blog, our focus will be on Residential property transactions.

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ILN Today Post

Can I be certain that I acquired the property?

Before purchasing a real property it is obvious that the purchaser examines whether the seller is the registered owner of the property and whether the title deed lists any encumbrances relating to the property. If, however, the investigation stops at this point and does not cover the transaction on the basis of which the seller acquired the property, the purchaser may face some unpleasant surprises.

According to the principles of the civil law, ownership rights can only be acquired from the owner. This principle applies to properties as well: the purchaser can only acquire ownership if the seller was the owner of the property. As the land registry authentically certifies who the owner of the property is, it seems easy to check the owner of a real property. More…

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ILN Today Post

Draft Regulation of the Government of Russian Federation “On Introduction of the Document Required for Obtaining the Commissioning Permit”

On 31st January 2013 Ministry of economic development of the Russian Federation published on its web-site the draft Regulation of the Russian Federation Government “On Introduction of the Document Required for Obtaining the Commissioning Permit” (hereinafter “Draft Regulation”) along with the explanatory note thereto (hereinafter “Explanatory note”).

Draft Regulation proposes to introduce the technical plan executed pursuant to art. 41 of the Federal Law of 24th July 2007 No. 221-FZ “On state immovable property cadastre” (hereinafter “Law on state cadastre”), as one of the documents necessary to be presented by the developer in order to obtain the commissioning permit in respect of newly constructed building. More…

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ILN Today Post

Chatswood Transport Interchange case reveals call option risks for unwary purchasers

In a sobering decision by the Supreme Court of New South Wales in CTI Joint Venture Company Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 20, the development community has been reminded that the Chief Commissioner of State Revenue is looking closely at the manner in which third party purchasers acquire land under call options where the consideration (typically in the form of a nomination fee) is paid by the third party purchaser. More…

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Business Restructuring and Bankruptcy Alert: Proposed legislation to amend and clarify the powers of a receiver and procedures for the sale…

Ohio common law decisions regarding a receiver’s ability to sell property “free and clear” of liens and interests appear to have more often than not supported the proposition that a receiver can sell property free and clear of liens as long as the receiver complies with procedural notice and due process requirements. Ohio Senate Bill 388, introduced to the 129th General Assembly on November 13, 2012, would amend Sections 2333.22, 2715.21, 2735.02, and 2735.04 of the Ohio Revised Code to add to and clarify the powers of a court-appointed receiver and provide new procedures for the sale of real property by a receiver free and clear of existing liens, claims and interests.

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ILN Today Post

Splash! More requirements for pool owners

The Swimming Pools Amendment Act 2012 (Amendment Act) commenced on Monday 29 October 2012. 

1.  Objective 

The legislation amends the Swimming Pools Act 1992 (NSW) (Act) by including new obligations aimed at increasing the safety of very young children around backyard swimming pools and reducing associated drowning and near-drowning incidents.  More…

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ILN Today Post

A developer’s dilemma: parent company liability

Most developments are carried out by a special purpose vehicle, a company set up specifically to purchase the site and carry out the development.  One of the reasons for this is that it enables liabilities to be contained within that company. In what circumstances can that strategy fail?

The 2009 case of Ackers v Austcorp International Ltd1 highlighted the potential for parent companies to be held liable for misleading and deceptive representations made by a subsidiary company.  The subsidiary company, which was the seller under various sale contracts, through its agents, was found to have made representations to buyers about capital gains and returns on their units.  The development had been completed and the seller company wound up by the time the action was commenced.  The buyers were therefore seeking compensation from the parent company Austcorp.  Austcorp was found to be liable because, as would be the case with most developments, all of the marketing material referred to the development as an Austcorp development and bore the Austcorp logo. More…

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Real Estate Alert: Is your property overvalued? Deadlines to appeal assessments in Ohio and Michigan are fast approaching

If the amount of the fair market value on your recent Ohio real estate tax bill or Michigan notice of assessment seems inflated or unreasonably high, you should consider a challenge to the value.

By now, many property owners in Michigan have received notices of assessment for 2012, and Ohio property owners have received real estate tax bills based on the value of their property. If you believe that your property was overvalued for tax purposes, you are permitted to challenge the fair market value, and potentially reduce your tax burden.

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