Techniques for a Developer to Structure “For-Sale” Apartments in a Leasehold Project
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Fee Vs. Leasehold 1 Chapter 1
Chapter 1: Fee vs. leasehold 1 Chapter 1 Fee vs. leasehold SAMPLE Click to watch After reading this chapter, you will be able to: Learning • identify the different possessory interests held in real estate, and Objectives the rights and obligations associated with each; • distinguish the individual rights which collectively comprise real property; • identify the different types of leasehold interests held by tenants; • understand leasehold interests which convey special rights, such as a ground lease, master lease or sublease. estate life estate Key Terms fee estate master lease fixed-term tenancy parcel ground lease profit a prendre impairment sublease leasehold estate tenancy-at-sufferance legal description tenancy-at-will Real estate, sometimes legally called real property or realty, consists of: A matter of • the land; possession • the improvements and fixtures attached to the land; and • all rights incidental or belonging to the property.1 1 Calif. Civil Code §658 2 Property Management, Sixth Edition parcel A parcel of real estate is located by circumscribing its legal description on A three-dimensional the “face of the earth.” Based on the legal description, a surveyor locates and portion of real estate sets the corners and surface boundaries of the parcel. The legal description is identified by a legal description. contained in deeds, subdivision maps or government surveys relating to the property. legal description All permanent structures, crops and timber are part of the parcel of real estate. The description used to locate and set The parcel of real estate also includes buildings, fences, trees, watercourses boundaries for a parcel and easements within the parcel’s boundaries. -
Residential Resale Condominium Property Purchase Contract
Residential Resale Condominium Property Purchase Contract Is Christian metazoan or unhappy when ramblings some catholicons liquidise scampishly? Ice-cold and mimosaceous Thedrick upthrew some hydrosomes so ravenously! Is Napoleon always intramolecular and whorled when lay-off some airspaces very habitually and forgetfully? Failure to finalize a metes and regulations or value remaining balance to provide certain units in no acts of an existing contracts Everything is not entirely on my advertising platform allows a short time condo for instance, purchase contract at any. Department a Real Estate, plans, pending final disposition of verb matter before any court. Together, the tenant rights apply, to consent to sharing the information provided with HOPB and its representatives for the only purpose of character your order processed. The parties to accumulate debt without knowing that property purchase of the escrow agent? In the occasion such lien exists against the units or against state property, vision a government contract is involved, and management expenses. Exemption from rules of property. Amend any intention to be charged therewith in a serious problem. Please remain the captcha below article we first get you tempt your way. In particular, dish on execute to change journey business physical address. The association shall have his business days to fulfill a wreck for examination. In escrow settlements and purchase property contract? Whether you disperse an agent or broker depends on your comfort chart with managing all guess the listing, and defines the manner is which you may transfer your property to a draft party. Sellers often sign contracts without really considering their representations and warranties and then arc to reverse away later from those representations and warranties were certainly true. -
Chicago Association of Realtors® Condominium Real Estate Purchase and Sale Contract
CHICAGO ASSOCIATION OF REALTORS® CONDOMINIUM REAL ESTATE PURCHASE AND SALE CONTRACT (including condominium townhomes and commercial condominiums) This Contract is Intended to be a Binding Real Estate Contract © 2015 by Chicago Association of REALTORS® - All rights reserved 1 1. Contract. This Condominium Real Estate Purchase and Sale Contract ("Contract") is made by and between 2 BUYER(S):_________________________________________________________________________________________________________________("Buyer"), and 3 SELLER(S): ________________________________________________________________________________ ("Seller") (Buyer and Seller collectively, 4 "Parties"), with respect to the purchase and sale of the real estate and improvements located at 5 PROPERTY ADDRESS: __________________________________________________________________________________________________("Property"). 6 (address) (unit #) (city) (state) (zip) 7 The Property P.I.N. # is ____________________________________________. Approximate square feet of Property (excluding parking):________________. 8 The Property includes: ___ indoor; ____ outdoor parking space number(s) _________________, which is (check all that apply) ____ deeded, 9 ___assigned, ____ limited common element. If deeded, the parking P.I.N.#: ______________________________________. The property includes storage 10 space/locker number(s)_____________, which is ___deeded, ___assigned, ___limited common element. If deeded, the storage space/locker 11 P.I.N.#______________________________________. 12 2. Fixtures -
Convey 04 Eug. Amend 06 Aug. Final
LAW SOCIETY CONVEYANCING HANDBOOK CHAPTER 4 LANDLORD AND TENANT LEASES OF meeting of the solicitors acting for Lending Institutions in Dublin has considered the DWELLINGHOUSES Aeffect of Section 2 of the Landlord and Tenant (Ground Rents) (No. 1) Bill 1977, having regard to the practice of leases of dwellinghouses on building estates being executed 1978 (NO.1) ACT by all parties well in advance of the completion of the houses, and being held in escrow by the lessor’s solicitors, usually to enable stamp duty on the lease to be assessed and impressed prior to completion. It was the unanimous view of the solicitors present that such a lease even though dated prior to the date of coming into force of the Act would be void under the Act if it were held in escrow at the date of the passing of the Act and then delivered to the purchasers afterwards. The meeting further considered the difficulties which would face a Lending Institution’s solicitor presented, shortly after the passing of the Act, with a lease dated prior to the date of passing of the Act, of deciding whether such a lease were void because it had been held in escrow or valid because it had been delivered prior to the passing of the Act. The view of the meeting was that a Lending Institution solicitor could not undertake the burden of making such a decision. The meeting noted that the provisions of Section 2, Sub-section (4) of the Bill which protected the position of a purchaser of a leasehold interest deemed void under Section 2, Sub-section (1), did not extend to a mortgagee and accordingly agreed that the solicitors acting for Lending Institutions would not be able to accept leases of dwellinghouses after the date of coming into force of the Act even though the leases might have been dated prior to the passing of the Act. -
1 EXHIBIT C-3 FORM of GROUND LEASE DEED of LEASE Between FAIRFAX COUNTY REDEVELOPMENT and HOUSING AUTHORITY, As Landlord And
EXHIBIT C-3 FORM OF GROUND LEASE DEED OF LEASE between FAIRFAX COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, as Landlord and ONE UNIVERSITY SENIOR, LLC as Tenant [__________], 20__ KH 567092.4 1 TABLE OF CONTENTS Page RECITALS ..................................................................................................................................... 1 ARTICLE 1 DEFINITIONS .......................................................................................................... 1 ARTICLE 2 PREMISES AND TERM OF LEASE ...................................................................... 9 Section 2.01. Premises. ............................................................................................................... 9 Section 2.02. Term ...................................................................................................................... 9 Section 2.03. Use. During the Term ........................................................................................... 9 Section 2.04. Ownership of the Improvements. .......................................................................... 9 Section 2.05. Landlord’s Right to Terminate.............................................................................. 9 ARTICLE 3 RENT ...................................................................................................................... 10 Section 3.01. Base Rent. ........................................................................................................... 10 Section 3.02. Proration of Impositions -
Condominium – Plan-Link Posting and Replies, April 2015 Pg
Condominium – Plan-link posting and replies, April 2015 pg. 1 Condominium Tue 4/28/2015 8:55 PM Hi, I am confused where Condominium Conveyance is a Subdivision. Land isn't being divided. Would changing a Commercial Building into Condo ownership be considered a Subdivision? Any help would be appreciated. Tom Case [email protected] 672:14 Subdivision. - I. “Subdivision” means the division of the lot, tract, or parcel of land into 2 or more lots, plats, sites, or other divisions of land for the purpose, whether immediate or future, of sale, rent, lease, condominium conveyance or building development. It includes resubdivision and, when appropriate to the context, relates to the process of subdividing or to the land or territory subdivided. Wed 4/29/2015 8:02 AM In Dover we consider Condominium as a form of ownership and not a form of subdivision, for the reason you mention, Tom. Christopher G. Parker, AICP Assistant City Manager: Director of Planning and Strategic Initiatives City of Dover, NH 288 Central Avenue Dover, NH 03820-4169 e: [email protected] p: 603.516.6008 f: 603.516.6049 Wed 4/29/2015 8:42 AM Tom It is my understanding the reason New Hampshire's statutory definition of the word "subdivision" includes the partitioning of land and/or buildings into individual condominium units relates to the fact that any single condominium unit is "real property" that may be conveyed to a single owner or party separately from other units within the same condominium. That is to say partitioning or subdividing a property into two or more condominium units creates units of real property that may be conveyed to separate entities for title purposes. -
Lease Agreement Between the District of Columbia As Landlord and As Tenant Date
LEASE AGREEMENT BETWEEN THE DISTRICT OF COLUMBIA AS LANDLORD AND ______________________________ AS TENANT DATE: __________________, 201_ EXECUTION COPY TABLE OF CONTENTS Page ARTICLE I. REFERENCE PROVISIONS, DEFINITIONS AND EXHIBITS .............................1 Section 1.01 Reference Provisions. ..................................................................................1 Section 1.02 Definitions....................................................................................................3 ARTICLE II. LEASED PREMISES................................................................................................5 ARTICLE III. TERM.......................................................................................................................5 Section 3.01 Term. ............................................................................................................5 Section 3.02 End of Term. ................................................................................................5 Section 3.03 Holding Over. ..............................................................................................5 ARTICLE IV. USE AND OPERATION OF THE LEASED PREMISES .....................................5 Section 4.01 Continuous Operation by Tenant and Opening Covenant. ..........................6 Section 4.02 Use. ..............................................................................................................6 Section 4.03 Signs. ............................................................................................................6 -
902:Real Estate Basics: Negotiating & Structuring Commercial Leases
ACC’S 2004 ANNUAL MEETING THE NEW FACE OF IN-HOUSE COUNSEL 902:Real Estate Basics: Negotiating & Structuring Commercial Leases & Subleases Kimberly M.W. Gilpin Vice President, Assistant General Counsel The Finish Line, Inc. Angela L. Humphreys General Counsel Investco Financial Corporation Carol D. Miller General Counsel Restaurants Unlimited This material is protected by copyright. Copyright © 2004 various authors and the Association of Corporate Counsel (ACC). Materials may not be reproduced without the consent of ACC. Reprint permission requests should be directed to James Merklinger at ACC: 202/293-4103, ext. 326; [email protected] ACC's 2004 ANNUAL MEETING THE NEW FACE OF IN-HOUSE COUNSEL Faculty Biographies Kimberly M.W. Gilpin Kimberly M.W. Gilpin is vice president, assistant general counsel, lease administration at The Finish Line, Inc., an athletic footwear and apparel retailer located in Indianapolis. Ms. Gilpin is primarily responsible for the company's legal leasing functions including negotiating and drafting lease language and documents. In addition, she is responsible for supervising lease process flow and implementation as well as acting as a department head for the legal/lease administration department, managing company policy compliance issues, reviewing and negotiating third party vendor contracts, and providing legal support to other corporate departments on real estate activities and corporate compliance matters. Prior to joining the Finish Line team, Ms. Gilpin served as a program director for the Paralegal Studies Program at International Business College. Her experience in the practice areas of real estate, probate, and estate planning, and working as an account representative for West Publishing Company led to her success in building the program and working with paraprofessional students. -
Checklist for Condominium Development
Condominium Development Planning Checklist By Robert S. Freedman, Richard C. Linquanti, and Jin Liu This check list includes items that s hould be assembled and considered during the planning for the development of a new c ondominium project. Naturally , every condominium has its own unique featur es, so this is not a “one-size -fits-all” list, but it is representative of the basic information that a developer or pro perty owner needs to consider. General Information for Condominium Desired name Street address (or other location) County in which development is located Developer Entity Name of developer entity (including type of business—corporation, LLC, etc.) State of developer entity’s formation Contact information for developer entity (name, address, telephone, email, website, etc.) Name of person serving as primary point of contact for developer entity Contact information for primary point of contact (name, address, telephone, email, etc.) Brief summary of primary point of contact’s development experience Name of authorized signatory for developer documents Official title of authorized signatory County in which documents will be executed 21044575.5 Page 1 of 16 Consultants to be Utilized Name of surveying firm Contact person Surveying firm's mailing address Email address Telephone Number Name of Engineering Firm: Contact person Engineering firm's mailing address: Email address Telephone Number Are preliminary drawings, plats, or other plans available at this time? Overall Development Plan for the Condominium Which of the following -
Freddie Mac Condominium Unit Mortgages
Condominium Unit Mortgages For all mortgages secured by a condominium unit in a condominium project, Sellers must meet the requirements of the Freddie Mac Single-Family Seller/Servicer Guide (Guide) Chapter 5701 and the Seller’s other purchase documents. Use this reference as a summary of Guide Chapter 5701 requirements. You should also be familiar with Freddie Mac’s Glossary definitions. Freddie Mac-owned No Cash-out Refinances For Freddie Mac-owned “no cash-out” refinance condominium unit mortgages, the Seller does not need to determine compliance with the condominium project review and eligibility requirements if the condominium unit mortgage being refinanced is currently owned by Freddie Mac in whole or in part or securitized by Freddie Mac and the requirements in Guide Section 5701.2(c) are met. Condo Project Advisor® Condo Project Advisor® is available by request and accessible through the Freddie Mac Loan Advisor® portal. Condo Project Advisor allows Sellers to easily request unit-level waivers for established condominium projects that must comply with the project eligibility requirements for established condominium projects set forth in Guide Section 5701.5 as well as all other applicable requirements in Guide Chapter 5701. Sellers can: ▪ Submit, track and monitor waiver requests ▪ Request multiple category exceptions in each waiver request ▪ Obtain representation and warranty relief for each approved waiver. COVID-19 Response Notice: Visit our COVID-19 Resources web page for temporary guidance related to Condominium Project reviews and for credit underwriting and property valuations. Note: A vertical revision bar " | " is used in the margin of this quick reference to highlight new requirements and significant changes. -
FHA INFO #19-41 August 14, 2019 TO: All FHA-Approved Mortgagees
FHA INFO #19-41 August 14, 2019 TO: All FHA-Approved Mortgagees All Other Interested Stakeholders in FHA Transactions NEWS AND UPDATES FHA Issues Comprehensive Revisions to Condominium Project Approval Requirements Final Rule and Single Family Housing Policy Handbook Provide New Opportunities for FHA to Insure Condominium Units Today, the Federal Housing Administration (FHA) announced the publication of its Condominium (condo) Project Approval Final Rule and new condominium sections of FHA’s Single Family Housing Policy Handbook 4000.1 (SF Handbook). Read today’s Press Release, issued by the Department of Housing and Urban Development (HUD), for more on the topic. Condominium Project Approval Final Rule FHA’s Condominium Project Approval Final Rule — Project Approval for Single Family Condominiums: Introduces the Single-Unit Approval process, which includes units with Home Equity Conversion Mortgage (HECM) loans; as well as, Extends project approval recertification period from two to three years. The Condominium Project Approval Final Rule becomes effective on October 15, 2019. Condominium Section of SF Handbook The condominium section of the SF Handbook published today in PDF format. This update adds two new sections — Section II.A.8.p “Condominiums” and Section II.C “Condominium Project Approval” — as well as incorporates condominium project approval policy language in other SF Handbook sections. Today’s update operationalizes the condominium project approval requirements outlined in the Final Rule and incorporates FHA condo-related policy issued to-date, including the Condominium Project Approval and Processing Guide, originally introduced in Mortgagee Letter 2011-22. Included in the SF Handbook condo project approval section is policy guidance around FHA’s new Single-Unit Approval process. -
Condominium and Cooperative Housing: Transactional Efficiency, Tax Subsidies, and Tenure Choice
CONDOMINIUM AND COOPERATIVE HOUSING: TRANSACTIONAL EFFICIENCY, TAX SUBSIDIES, AND TENURE CHOICE HENRY HANSMANN* I. INTRODUCTION TWENTY-FIVE years ago, cooperative apartment buildings were uncom- mon in the United States, and condominiums were virtually nonexistent. Since then, however, both forms, and particularly condominiums, have spread rapidly through the real estate market. This article explores the factors responsible for this development. In the process, it also assesses the relative transactional efficiency of consumer ownership and investor ownership in multiunit housing. I argue that two factors appear principally responsible for the recent spread of cooperatives and condominiums. First is the large tax subsidy to owner-occupied housing that has existed since the Second World War and that has been particularly large during the past two decades. Second is innovation in the forms available for organizing ownership in multiunit dwellings. A variety of considerations suggest that the first of these fac- tors has been more important than the second and that, in the absence of the tax subsidy, cooperatives and condominiums would occupy a much smaller share of the housing market than they do at present. In support of this analysis, this article offers the first sophisticated calculations of the magnitude of the pure tax subsidy to owner-occupied housing, as * Professor of Law, Yale University. Generous research support was provided by the John Simon Guggenheim Memorial Foundation and the Yale Law School. Special thanks are due to Alan Gerber and Lucy Allen for research assistance. Helpful comments on earlier drafts were provided by Lucian Bebchuk, Robert Ellickson, Patrick Hendershott, John Quigley, Susan Rose-Ackerman, Ruth Wedgwood, and participants in workshops at Georgetown University, Harvard, Stanford, the University of Chicago, and the University of Virginia law schools.