Posts tagged real estate transaction
Anatomy of a Real Estate Transaction–Closing Preparation

During the time between the end of the due diligence inspection period and the closing, parties to a real estate transaction prepare for the closing, but they also must be sure that unexpected developments don't derail the transaction.

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Anatomy of a Real Estate Transaction–Due Diligence Inspection Period

Most real estate purchase contracts include a due diligence inspection period. Although there are certain inspections which every buyer should conduct, others will depend upon the age, location, and use of the property and the buyer's plans.

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Anatomy of a Real Estate Transaction–Pre-Contract Period

The pre-contract period, when the parties negotiate contract terms and may share information is the important first stage in a real estate transaction.

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Anatomy of a Real Estate Transaction – Parts of the Transaction

Real estate transactions can be broken into seven standard parts. Despite this, each transaction is as different as the parcel of real estate being purchased.

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Real Estate Wire Fraud Hiding in Plain Sight

Julian Altman stole a Stradivarius violin and "hid" it in plain sight as he performed on it for nearly 50 years. Fraud in real estate transactions also has moved out of the shadows and into plain view as fraudsters impersonate transaction parties.

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A Bill of Sale and Proving Violin Ownership

In the 1960's, Genevieve Veder donated the Duke of Alcantra Strad to UCLA, which loaned the valuable instrument to violinist David Margetts, who lost it. When the instrument surfaced 27 years later,  another violinist claimed that she was the rightful owner because UCLA did not have complete documentation showing its ownership. Documentation showing change of ownership is equally important in real estate transactions. 

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The Merger Doctrine and Surviving the Closing

Sight-reading is a crucial skill for a professional musician. Many auditions include a sight-reading “test,” to see whether the musician can perform at a high level with little rehearsal time. When reviewing real estate contracts, many people act like an inexperienced musician sight-reading music.

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How Your Real Estate Transaction Is Like An Orchestra (And Why You Need A Conductor)

Recently, while in the midst of a managing a complicated commercial real estate closing, I took a few hours off to attend an orchestra concert.  During intermission, while orchestra took a break, a string quartet played in the lobby. It was then that I realized that the typical commercial real estate transaction frequently has at least 15 different roles and is much more like an orchestra than a string quartet. 

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When it Looks Like a Strad but Isn’t: Protecting Yourself from Wire Fraud in Your Real Estate Transaction

Fine violins do not have serial numbers, but they do typically have a label inside identifying the maker and frequently the year and location where the violin was made. Many violin makers, or luthiers[i] as they are known, like to copy well-known instruments, sometimes even down to the label inside the instrument, and the most famous violin maker, Antonio Stradivari, is also the most frequently copied.

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Tax Cuts and Jobs Act Changes Considerations in Section 1031 Exchanges

A real estate investor might start small, with a single duplex and eventually, through a series of purchases, sales, and reinvestments, the real estate investor may own multiple large apartment complexes, office buildings, or even high-rise mixed-use buildings. In those instances, although the primary purchase was real estate, each purchase would come with a certain amount of personal property in the form of appliances, furnishings, supplies, and other equipment necessary to operate the real estate. Comparing a real estate transaction to a violin purchase, purchasing the violin would be akin to purchasing the real property, and purchasing the bow and case would be more like the personal property that is purchased with the real estate investment. 

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