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.
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.
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.
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.
These two words are the start of many questions by those who draft contracts, including agreements for the sale of real estate.
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.
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.
The standard residential agreements of sale mandate that buyers and sellers “will submit all disputes” arising from those agreements to mediation.
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 […]
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 […]