Law Commons^™

Buyers Beware: Statutes Shield Real Estate Brokers And Sellers Who Do Not Disclose That Properties Are Psychologically Tainted, Ronald Benton Brown, Thomas H. Thurlow Iii

Oklahoma Law Review

No abstract provided.

California Code Of Civil Procedure Section 580b Revisited: Freedom Of Contract In Real Estate Purchase Agreements, Jamie O. Harris

San Diego Law Review

Section 580b of the California Code of Civil Procedure makes purchase-money deeds of trust in California "nonrecourse" by prohibiting any deficiency judgment following foreclosure. In Spangler v. Memel, the California Supreme Court created an exception to the antideficiency rule of section 580b where the seller subordinated the buyer's purchase-money deed of trust to a construction loan deed of trust that was subsequently foreclosed, leaving the seller without security. This Article suggests that upon analysis of Spangler, the judgment is a misconceived attempt to protect sellers as a "class" from certain risks of real estate development, even though sellers of developable …

Rolling Down The Curtain On "Roll-Ups": The Case For Federal Legislation To Protect Limited Partners, Kenneth R. Hillier

Michigan Law Review

This Note examines roll-ups and the lack of alternatives available to reluctant limited partners. Part I focuses on existing judicial remedies for limited partners, such as injunctions and actions for damages, and explains why these courses of action provide inadequate protection. This Part then reviews recent attempts at statutory protection and points out the shortcomings of these remedies. Part II examines safeguards afforded analogously situated corporate shareholders and sets forth arguments why limited partners should receive similar protection. After demonstrating the need for legislation, Part III suggests a workable structure for this statutory protection. Then, the Note discusses the relative …

Refining The Itemized Deduction For Home Property Tax Payments, J. B. Mccombs

Vanderbilt Law Review

By enacting a $1 million debt limit for deductible home mortgage interest in 1987,' Congress opened the way for a fresh inquiry into the home property tax deduction. Adoption of that debt limit reflects a major change in policy-a re-evaluation of the benefits and costs of subsidies to luxury housing.

At first glance a $1 million limit seems ridiculously high if the debt ceiling reflects a decision to stop subsidizing luxury housing. The debt ceiling, however, does not contain an inflation adjustment provision. Because such provisions are common in the Internal Revenue Code, the absence here must be by conscious …

Potential Liability For Misrepresentations In Residential Real Estate Transactions: Let The Broker Beware, Dawn K. Mcgee

Fordham Urban Law Journal

While the caveat emptor (buyer beware) theory has traditionally applied to real estate purchases, courts are continuously recognizing a brokers' duty to disclose. Some courts have found duty under an agent-principal relationship; others have found a duty as a matter of public policy, statutory language, ethics codes, or malpractice case law. Courts also differ on whether brokers have a duty to investigate the property and disclose defects. The author recognizes three issues of broker liability about which courts are divided: (1) the level of culpability required to find broker liability; (2) the basis of a real estate broker's duty to …

Perspectives On Foreign Investment In The Southeastern United States: An Introduction, Harold V. Morgan, Jr.

Vanderbilt Journal of Transnational Law

International practice in the Southeast is primarily divided between representation of industrial and business investors and representation of real estate investors. In both cases, the legal skills required are those necessary to represent domestic clients engaged in the same activities, with an overlay of specialized expertise. For example, closing a real estate purchase on behalf of a foreign purchaser involves the same elements of real estate practice as any domestic purchase and sale. If the purchaser is foreign, however, the lawyer must consider the applicability of tax treaties, Internal Revenue Code provisions governing repatriation of real estate income, various state …

Effects Of Legislation On The Reverse Annuity Mortgage As A Means Of Home Equity Control, Dorothy E. Cumby

Fordham Urban Law Journal

This student note explores the plight of elderly home-owners whose income cannot meet their expenses, and the federal legislation designed to meet their needs, specifically the Reverse Annuity Mortgage (RAM), which draws on home equity to provide monthly cash payments to homeowners. The author explains the legislation authorizing the RAM, describes the pros and cons of different forms of the RAM for elderly homeowners, and suggests modifications that will allow homeowners maximum support without sacrificing their other sources of income, such as Social Security payments and tax benefits. The author also explores New York state legislation dealing with the RAM, …

Sale-Leaseback Transactions By Tax-Exempt Entities And The Need For Congressional Guidelines, William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr.

Fordham Urban Law Journal

This Note explores the use, mechanics, and financial and tax ramifications of sale-leaseback transactions, focusing on their growing use by tax-exempt entities and the concerns this use has created in Congress. This analysis demonstrates that these transactions do not pose the problems feared by Congress, the Treasury Department (IRS), and the current Administration. Furthermore, it will show that under most circumstances sale-leaseback transactions by tax-exempt entities, although causing a revenue loss, are a useful device for providing certain tax-exempt entities with the financial means to maintain services in the face of rising costs and the withdrawal of federal funding. Finally, …

Property—Zoning—The Courts Further Define Their Limited Role, Audrey Riemer Evans

University of Arkansas at Little Rock Law Review

No abstract provided.

The Real Estate Installment Sale Contract: Its Drafting, Use, Enforcement, And Consequences, Maurice Cathey

University of Arkansas at Little Rock Law Review

No abstract provided.

Problem Areas Concerning Foreign Investment In U.S. Real Estate, John T. Jr. Allen, David B. Olaussen

Northwestern Journal of International Law & Business

Current problems related to foreign investment in real estate have a long and involved history. After a brief historical review, this per- spective will consider present limitations on alien ownership of real es- tate, inconveniences such as disclosure of ownership, and incidental administrative side effects which place the foreign investor in a differ- ent position than a U.S. investor.

The Regulation Of Rental Apartment Conversions, Constance W. Cranch

Fordham Urban Law Journal

This Comment examines the increasing rate of apartment buildings being converted to condominiums and cooperatives. It take a critical look at the the benefits and drawbacks of conversion for both landlords and tenants. Finally, the Comment argues that legislation should be passed in order to ensure that landlords can reap the benefits of conversion while seeing that the hardship on low-income and elderly tenants is mitigated.

Condominium Renovation, Amy R. Piro

Fordham Urban Law Journal

As a result of deterioration or obsolescence of condominium premises, unit owners often decide to renovate. These decisions may raise questions significantly different from those encountered in dealing with ordinary condominium expenses. These include matters such as required authorization, protection of dissenters' rights, and financing. This article explores some of these problems and suggests possible solutions. The author concludes that present law, including statues and condominium association bylaws, should differentiate between renovation expenses and those arising from ordinary maintenance and repairs, and should permit special authorization and financing arrangements for renovations.

Contracts: A Real Estate Contract Made On Sunday Is Unenforceable, John M. Brumbaugh

Maryland Law Review

No abstract provided.

Fraud In Realty Transactions, David S. Lake

Cleveland State Law Review

In real estate transactions, the law will protect the innocent, unwary, and sometimes stupid, buyer from fraud, misrepresentation and deceit. This article presents a summary of that law, categorized according to the specific matter misrepresented (i.e., misrepresentations of value, income, size or quantity, and condition or quality).

Contracts -- 1961 Tennessee Survey (Ii), Paul J. Hartman

Vanderbilt Law Review

Statutes may impose a tax upon the transaction of certain business merely for the purpose of raising revenue, and not with any view of regulating the business itself. Even though such statutes impose a penalty for failure to comply with their provisions, contracts made without paying the requisite tax or obtaining the requisite license generally are not thereby made unenforceable. Of course, the legislature may provide that the failure to comply with a revenue statute will invalidate a bargain. But where, as in the Acuff case, the purpose of the statute is the protection of the public, a bargain made …

Agency -- 1960 Tennessee Survey, Warren A. Seavey

Vanderbilt Law Review

In Richardson v. Snipes' both parties to an exchange of land employed the plaintiff, the contract providing that the defendant would pay no commission unless the transfer was completed. The other party satisfied the conditions imposed by the defendant, who, however, refused to go through with the exchange. The court properly reversed judgment for the defendant; but the result should not have turned upon the finding of bad faith of the defendant, as the court held. The plaintiff had performed his undertaking which was to provide one who would exchange titles and who would have gone through with the transaction …

The Real Estate Broker's Undertaking, William E. Wallace

Vanderbilt Law Review

In earlier articles I have discussed problems dealing with the enunciation and expression of listing agreements, their formal import' and the effect of one important segment of many of the attendant" payment" clauses. The former article concerned itself with the general problem of the relationship existing between a real property owner and his broker, while the latter dealt with the significance of words by which the payment clause of a brokerage agreement was introduced and with the effect of a wrongful default by the landowner. The present article will consider the legal significance of the actual terms employed to designate …

Distinguished, Followed, And Overruled:North Carolina Reconsiders Entiretiesby Partition Deed

Washington and Lee Law Review

No abstract provided.

Annual Survey Of Tennessee Law, Harold Seligman

Vanderbilt Law Review

Of particular significance in this field during the survey year has been the decision of the Supreme Court of Tennessee in Southern Bell Tel. and Tel. Co. v. Tennessee Pub. Serv. Comm'n. Several aspects of administrative law are involved in this holding, including scope of review, evidence to be considered by the court on review, and the rate-making function...

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In Flowers v. Benton County Beer Board, the license of a beer permit holder was revoked by a county beer board due to the holder's plea of guilty to driving an automobile while under the influence of an intoxicant in …

Implied Warranties In The Sale Of Realty - Gilbert Construction Co. V. Gross, Nelson R. Kerr Jr.

Maryland Law Review

No abstract provided.

Restrictive Covenants--Right To Compensation In Eminent Domain Proceedings, R. M.

West Virginia Law Review

No abstract provided.

Book Reviews, Robert J. Lynn (Reviewer), William J. Bowe (Reviewer), Samuel J. Foosaner (Reviewer), Stanley D. Ross (Reviewer)

Vanderbilt Law Review

Handbook on the Law of Future Interests

By Lewis M. Simes

St.Paul, West Publishing Co., 1951. Pp. xv, 495. $8.00

reviewer: Robert J. Lynn

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Tax Savings in Real Estate Transactions

Prepared by Bureau of Analysis, Davenport, Iowa. Chicago: Published under auspices of National Institute of Real Estate Brokers of the National Association of Real Estate Boards, 1951. Pp. 98. $5.00

reviewer: William J. Bowe

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Income Tax Treatment of Life Insurance proceeds and other Tax Articles

By William J. Bowe

Nashville: Vanderbilt University Press,1951. Pp. 90. $2.10

reviewer: Samuel J. Foosaner

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Justice According to Law

By Roscoe Pound …

Specific Performance Of Contracts To Convey Real Estate, Robert Bird, William E. Fanning

Kentucky Law Journal

No abstract provided.