Author Archives: David Farus

Don’t Forget About FIRPTA

Foreign Investment in Real Property Tax Act The federal Foreign Investment in Real Property Tax Act (“FIRPTA”) attempts to reduce opportunities for foreign persons to avoid U.S. income tax on their sales of U.S. real property interests. For that purpose, FIRPTA generally obligates any person who buys a U.S. real property interest from a foreign… Continue Reading

Subleases – Part I

CO-Author:  Jon Goodman, Esq. As businesses reduce staff or shut down locations, they often remain obligated on long term leases. Subleasing unused space helps offset continuing liability. Subleases are often documented by simple forms specifying the premises, gross rental rate, security deposit and duration for the sublease, but then address other issues by incorporating the… Continue Reading

Subleases – Part II

CO-Author:  Jon Goodman, Esq. As businesses reduce staff or shut down locations, they often remain obligated on long term leases. Subleasing unused space helps offset continuing liability. Subleases are often documented by simple forms specifying the premises, gross rental rate, security deposit and duration for the sublease, but then address other issues by incorporating the… Continue Reading

Mediation & Contract to Buy and Sell Real Estate

Co-Author: Jon Goodman Question: How does the mediation process work? Response:     Section 21 of the Real Estate Commission-approved Contract to Buy and Sell Real Estate (Residential) (CBS 2-7-04) provides, in part, as follows: “If a dispute arises relating to this contract, prior to or after Closing, and is not resolved, the parties shall first proceed… Continue Reading