Reprinted from REALTOR® Magazine http://www.realtor.org/realtormag February, 2002 by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2002. All rights reserved. At her buyer clients’ request, Joan went to the inspection. “She was our agent, and we thought she should be there,” the buyers would later testify. Occasionally, just to make sure the inspection was … Continue Reading
Joint Tenancy With A Noncitizen Spouse: An Estate and Gift Tax Guide for the Perplexed This article was originally published in Probate & Property, the Magazine of the Real Property, Probate and Trust Law Section of the American Bar Association, Vol. 16, No.1, January/February 2002, at page 41. The problem with federal estate and gift … Continue Reading
Co-Author: Amy E. Allison, Esq. Last month we looked at what constituted a trademark and how to search to see if there were any pre-existing marks that were similar. This month we address how to register a mark and therefore protect your rights in it. Registration A state trademark is one that is used within … Continue Reading
I (Abby) am the sole member in an LLC. The sole asset of the LLC is a Rental Property with an adjusted basis for tax purposes of $150,000 and a fair market value of $400,000. My friend, Bob, wishes to purchase a 1/2 interest in the LLC for $200,000 in cash. How should we structure … Continue Reading
Winning The S Corporation Election Many small businesses and start-up entrepreneurs consider using the S corporation as the entity of choice for running their business. The formation, management, and functioning of an S corporation is the same as, or very similar to, the formation of a C corporation. The primary difference between the S corporation … Continue Reading
Co-Authors: Cinthia M. Manzano, Esq. and Oliver E. Frascona, Esq. Law regarding construction defect changed effective April 2003. Please see new article at: Construction Defect Law: Effective April 2003 Colorado has enacted a law affecting construction defect litigation. The Act, called the Construction Defect Action Reform Act, applies to actions filed on or after August … Continue Reading
Part II In Part I of this article, the differences between listing agreements and property management agreements were discussed. A primary difference is that listing agreements are short-term, while property management agreements contemplate a continuing relationship between manager and owner. There are no Real Estate Commission approved forms for property management. Owners and managers routinely … Continue Reading
Do you have customers who, but for a mistaken entry on their credit report, would otherwise qualify for a mortgage? Recognizing the importance of the credit reporting system, and its potential for error, Congress, in 1970, enacted the Fair Credit Reporting Act (Title 15, United States Code, Section 1681 et seq). Among its purposes … Continue Reading
Like-Kind Exchanges of Real Estate Like-kind exchanges under Internal Revenue Code Section 1031 are a popular method used by real estate investors for disposing of one property and acquiring another without recognition of taxable gain. When taxable gain is not recognized in a transaction, income taxes are not required to be paid as a result … Continue Reading
Part I The nature of a listing agreement is different from a property management agreement. With a sale listing, the owner and the broker contemplate a relatively short term relationship which terminates upon the sale of the property. Unless the seller carries financing, neither the seller nor the broker expect to deal with the property, … Continue Reading
