Real Estate

When a buyer and seller of a home come together over a purchase agreement, they may at times find that contingencies need to be made. In this context, contingencies are certain conditions that have to be met before a buyer will be able to close on the home. Should these conditions fail to be met, the contract can be canceled without causing penalty—either to the buyer or seller of the property—other than lost time and the potential of missing other offers that might have been made if the home had not gone under the purchase agreement. And while contingencies come in many different forms, there are some contingencies we tend to see more often than others.

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A real estate lawyer performs numerous functions within the rubric of real estate law. In fact, though we at Provident Law provide a full slate of real estate law services, there are many in this area of law who sub-specialize. And it’s important to get a real estate lawyer involved in a transaction well before it occurs—because the concept of land ownership is defined almost entirely by specific terms of art with which a layperson may be unfamiliar.

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It may seem obvious to most what real estate law is, or what it should be, but when people stop to think about it often they realize that they don’t know the whole story. First things first: “real estate,” or “real property,” refers to land and buildings (or edifices) that sit on it. Real estate law, therefore, is the set of laws and customs governing who may live on, work on, use, or pass across a particular plot of land or building, and, further, who may sell or buy it, and under what conditions.

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In today’s litigious culture, you would think it’s enough for property owners to worry just about risks arising from their own conduct – for example, slip and fall cases, environmental hazards, trespass issues, etc. Do owners really need to worry also about lawsuits because of their tenant’s conduct?  Recent trends in case law suggest the answer is yes.

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The Tax Cuts and Jobs Act of 2017 was experienced by many investors in the real estate industry as a confounding law whose rules and incentives had an uncertain effect on the taxes they would be required to pay. Things got so confusing that the IRS saw need to clarify how, in particular, the 20 percent pass-through deduction would affect such investors.

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