Industry News

farm joint ownership

Untangling Joint Ownership of Real Estate

It is not uncommon in the farm community for real estate to be owned jointly by two or more owners.  Many times, parents will transfer their real estate to more than one child as part of their estate and farm succession plan.  Joint ownership of real estate often presents unique problems for the joint owners. 

Life Insurance Policy

Will Your Whole Life Insurance Expire Before You Do?

Some farmers have purchased whole life insurance as an integral part of their estate/farm succession plan. Some of our clients, who have purchased whole life insurance as part of their farm succession plan, however, are discovering, unexpectedly, that their insurance may lapse before their deaths, whether automatically or due to unaffordable premium increases. 

Like-Kind Exchange

How Does a Like-Kind Exchange Work?

Most farmers and land owners have heard of a like-kind exchange, which goes by several other names, including a 1031 exchange or a tax-free exchange. The primary purpose of an exchange is to reduce the federal income taxes resulting from the sale of real estate.

Water Treatment Plan

DEP Provides Clarification On Reporting Requirements For New And Increased POTW Discharges

In 2010 the EQB enacted extensive changes to DEP’s NPDES regulations, now codified at Chapter 92a. Among these changes was a revision to a previous requirement to apply for a new NPDES permit whenever significant changes to influent pollutant loadings-—either the addition of a new pollutant or a substantial increase in an existing pollutant-—was projected to occur. The new regulation, now at § 92a.24(a), is a bit less stringent.

Real Estate What If Question

What if?

These two words are the start of many questions by those who draft contracts, including agreements for the sale of real estate.

Are Emotional Support Animals Permitted in a “No Pets Allowed” Property?

It can be a familiar prohibition in condominium complexes and rental properties: NO PETS ALLOWED. Does that include an emotional support animal? The federal Fair Housing Act enlarges the definition of assistance animal to include “emotional support animals,” which it considers to be a reasonable accommodation.

Deposits – Too Little, Too Late

To state that the typical deposit is too low an amount and that it is paid later than should be is not an overstatement. The purchase deposit, which is referred to as “initial deposit” in the Agreement of Sale, is paid within five days of execution.

Mediation Regarding Residential Agreements of Sale – Is it Binding?

The standard residential agreements of sale mandate that buyers and sellers “will submit all disputes” arising from those agreements to mediation.

Working Outside of the Box

Brokers Need to be Aware of Potential Risk When Real Estate Salespeople Have Second Jobs Real estate salespersons often have second jobs. Should a broker care? All in unison: “it depends.”  Issues relating to profitability and productivity of a salesperson aside, a broker has reason to be concerned when a salesperson is also employed in […]

Working Inside the Box – Establishing the Box

Real Estate Sales People Need to Understand Their Broker Agreement What is your agreement with your broker? A recurring question to the Hotline is “what is my broker’s obligation to pay me when I have pending transactions at the time I affiliate with a new broker?” There are many similar questions relating to fees after […]