Category: Real Estate / Property
Protection from Mortgages “Due on Sale”
Mortgages almost universally have “due on sale” clauses in the event that a mortgaged property is transferred, which require that the entire “accelerated” balance of the mortgage be paid at the time of the transfer. This is fine in the case of a sale of… Continue reading
The Importance of Contingencies
The purchase of residential real estate is the largest transaction many people ever engage in. All too often, the details of the written agreement become obscured by all the decisions that confront the buyer upon the purchase of a home. The purpose of this article… Continue reading
Realty Transfer Tax and Real Estate Companies
Notwithstanding its name, Pennsylvania realty transfer tax extends beyond the mere taxation of transfers of real estate. The tax also applies to certain transfers of ownership interests in a so-called “real estate company.” Generally, a “change” of 90% of the total “capital and profits ownership… Continue reading
Update on Subsequent Home Purchaser’s Claim for Breach of Warranty of Habitability
In a previous edition of this newsletter we reported on the case of Conway v. Cutler, in which the Pennsylvania Superior Court held that a second (or subsequent) purchaser of a home could bring a claim against the builder of a home for a breach… Continue reading
Assignment of Real Estate Contracts
This article continues the discussion of assignments of contracts from our last issue. Specifically, this article addresses assignment of real estate sales contracts, where the ability to assign and the effects of assigning are sometimes crucial. Following are some aspects of assignments of real property… Continue reading
Assessment Appeals Deadlines for 2019
The yearly real estate assessment appeal deadline is fast approaching. The last filing date for Montgomery, Chester, Bucks, Lehigh and Delaware Counties is August 1, 2019. For Berks County the deadline is August 15, 2019 (and you cannot file your appeal prior to July1). If… Continue reading
“Tender” Mercies
In most Agreements of Sale for real estate there is language to the effect that “Tender of an executed deed and purchase money is hereby waived.” Clients sometimes see this and ask about it. Sometimes, more usually in the case of buyers, a client will… Continue reading
Buying Real Estate for Your Business
It is common for businesses to lease the real estate upon which the business is operated. However, it sometimes makes sense to own the real estate upon which you run your business. What factors do you need to consider before purchasing real estate to use… Continue reading
Real Estate Assessment Appeals Deadlines
It is approaching real estate assessment appeal time again. The last filing date for Montgomery, Chester, Bucks, Lehigh and Delaware Counties is August 1, 2018. For Berks County the deadline is August 15, 2018. If you believe that your home, business location, rental property, or… Continue reading
Tree Liability
With the recent severe winter storms, the issue of tree liability comes up. If a tree on your property falls on your neighbor’s property, who is responsible for the damage and clean up? As with many issues in the law, the answer depends. . .… Continue reading