Real Estate
Admissibility of Real Estate Tax Assessment to Establish Fair Market Value.
June 28th, 2017 by JBWK
Submitted by Herbert V. Kelly, Jr. In a June 22, 2017 opinion by the Virginia Supreme Court, the Justices found that a trial court did not abuse its discretion in excluding real estate tax assessments to establish the value of real property. In Lawerence E. Gelber, Co-Executor of the Estate of Beverly E. Gelber, Deceased, […]
GUIDE TO SECTION 1031 EXCHANGES
March 17th, 2017 by JBWK
Submitted by Conway H. Sheild, III. I continue to receive questions from people who are somewhat confused about the time limitations that go along with a Section 1031 Exchange, which is an exchange of like-kind investment property so that the tax on any gain can be deferred. While a simultaneous exchange is one where the […]
RE-VISITING 1031 EXCHANGES
December 17th, 2016 by JBWK
Submitted by Conway H. Sheild, III Twenty years ago 1031 Exchanges were very popular. Many real estate transactions involving investment properties involved an Exchange, tax deferral technique (not tax free) whereby the capital gains tax is deferred until the sale of the replacement property occurs. Once you sell an asset, generally real […]
The status of Condemnation Law in Virginia
November 30th, 2016 by JBWK
Submitted by Conway H. Sheild, III What can a condemnee expect as compensation? The power of eminent domain has been exercised in the Commonwealth of Virginia since its formative years, and the Virginia Constitution currently reads that the General Assembly shall not pass any law … where private property shall be taken or damaged for […]
Foreclosure Buyers Beware! How Parrish v. Federal National Mortgage Association changes the game for some evictions.
September 20th, 2016 by JBWK
Submitted by Attorney Patrick Tench The Supreme Court of Virginia’s recent decision in Parrish v. Fed. Nat’l Mortgage Ass’n, 787 S.E.2d 116, 120 (Va. 2016) has placed a potential roadblock in the way of foreclosure buyers. Until now, if you purchased a home at a foreclosure auction and the person living there claimed to be […]
JONES, BLECHMAN, WOLTZ & KELLY, P.C. ACTS AS SETTLEMENT AGENT FOR CHANGE IN OWNERSHIP IN THE CITY CENTER OYSTER POINT PROJECT
July 26th, 2016 by JBWK
Submitted by Conway H. Shield III – In what is probably going to be the City’s largest real estate transaction for some years to come, Jones, Blechman, Woltz & Kelly, P.C. acted as Settlement Agent for a transaction where the bulk of the City Center Oyster Point buildings were conveyed from an […]
A RAY OF SUNSHINE IN PROFFERED CONDITIONS
March 21st, 2016 by JBWK
Submitted by Attorney Conway H. Sheild, III Those connected to land development these days are aware that municipal governments on an increasingly strident basis are requiring developers to bear an economic burden, as part of the cost of development, and often the burden that the developers have to bear is greater than the burden they […]
When does the sanctity of a monetary lien not survive?
March 11th, 2016 by JBWK
Submitted by Attorney Conway H. Shield, III Those conversant in the development, purchase and sale of real estate often think that the validity of a monetary lien (think deed of trust) will hold up in every case (except perhaps where the market value of the property, generally the debtor’s residence, is worth less than the […]
Real Estate Regulation To Watch For In 2016
January 27th, 2016 by JBWK
Changes to the EB-5 visa program — which recently received an extension until September 2016 — and to rules for real estate investment trust spinoffs are among the areas of law that real estate lawyers will have their eyes on in 2016. Add to that modifications of the Foreign Investment in Real Property Tax Act […]
Real Estate Update: 2015 Changes to the Settlement Service Process
November 2nd, 2015 by JBWK
Submitted by Matthew D. Meadows Effective October 3, 2015, the Consumer Financial Protection Bureau has instituted several changes to the terminology and forms employed in real estate settlements, which are regulated by the Real Estate Settlement Procedures Act (RESPA). Specifically, the revised regulations merge the Truth in Lending Act disclosure form with RESPA’s HUD-1 Settlement […]