New Documentary Transfer Tax in California

The California Supreme Court just held that the County recorder could impose documentary transfer tax (“DTT”) on taxpayers who transfer interests in real estate-owning LLCs and other entities — not just on a transfer of the underlying real estate where a deed is recorded. The Los Angeles County recorder publicl...

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How to Protect Yourself as a Construction Lender

Mechanic liens can usurp a constructions lender’s place on title in many cases. A lender can insure against such a loss of priority by negotiating with the title insurer to (i) include mechanic’s lien coverage in the title policy or (ii) obtain certain endorsements to the title policy for such coverage. Title insurers exercise a ...

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Land Use in the Cannabis Legalization World

California municipalities are beginning to face difficult decisions related to land use and planning regarding cannabis legalization. Cannabis growing and processing is treated as an industrial use in most cities, which adds an added layer of complexity to land use decisions where lack of housing is also an issue. Housing and in-fill...

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New York State Real Estate Transfer Tax May Become More Expensive

A proposed amendment to the New York State real estate transfer tax will impose a transfer tax on the conveyance of any interest (whether controlling or non-controlling) in an entity, 50% or more of the fair market value of which is attributable to real property located in New York State. This amendment will affect partnerships, LLCs...

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Apartments Once Deemed Illegal Now In Play: Los Angeles Real Estate

Los Angeles has approved a measure to legalize multi-family units that were once deemed illegal because of certain code violations or because the units are a non-confirming use under the zoning code. The ordinance allows landlords to rent out previously unapproved units, so long as the landlord provides an equal amount of affordable ...

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Disclosure of Disability Access Compliance in Commercial Property Leases in Effect January 2017

Beginning January 1, 2017, revisions to current California law will expand the disclosure requirements and the responsibilities of landlords and rights of tenants regarding the compliance of commercial real property with disability access laws. We encourage all of our existing and prospective clients to discuss the new law with us if...

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New Affordable Housing and Local Hiring Requirements for Developers a result of ‘Build Better LA’ Initiative being Approved

Build Better L.A. initiative recently approved by voters establishes new labor and affordable-housing requirements for developers in Los Angeles seeking discretionary approvals for residential projects Who Does it Apply to? The Initiative applies to all residential housing projects with ten or more units needing a discreti...

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New Jersey Condominium Act Decision to Determine Voting Rights of Investor Owners

A recent New Jersey case was called upon to determine whether investor’s who purchase condominiums through a Limited Liability Company (LLC) retain their voting rights. The recent case, 275 Prospect Equities, LLC v. Prospect Towers Association, Inc., in which the New Jersey Superior Court Chancery Division was called upon to interp...

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What you should know about ALTA 13-06 Leasehold Owner’s Policy Endorsement

We have carefully evaluated the ALTA 13-06 Leasehold Owner’s Policy Endorsement on our work on several recent transactions. The endorsement covers a broad range of leases, however, in its current form the endorsement does not always protect the true value of the leasehold interest. For example, if a property to be insured is partic...

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