This article is originaly published in IBA International Real Estate News. During 2015, one major acquisition of real estate property occurred in the Serbian real estate market. What happened was that a major international bank purchased over 8,000 sqm of space in two office buildings located in the Serbian capital, Belgrade. In fact, the buyer only acquired the parts of the buildings, while it already owned a significant part of this property ...
The COVID pandemic has catalysed the decline of traditional retail as the dominant offer in our town centres. There is a growing consensus that a significant part of most town centres needs to have a greater focus on the local community, be experimental and better address local needs. Alongside this, we have the government agenda to ‘level up’ and to ‘build back better’ ...
Led by Anna Lowe, this short and sharp session covered recent updates in tax affecting real estate. 1. VAT and the Reverse Charge Applies from 1 March 2021 to supplies of building and construction services where the Construction Industry Scheme would apply ...
Andrew Pattinson and Anna Lowe interview Sarah Teal and Richard Symonds on how CVAs are currently being used, where they are going and what do landlords and tenants (and their advisors) need to know? What exactly is a CVA and why is it different from other forms of insolvency process A CVA is a company rescue procedure. It is a proposal whereby the company restructures its business (i.e. deals with historic debts, under performance stores etc ...
The legal and practical issues that arise when executing documents electronically with a focus on practical points to consider and pitfalls to avoid. This is quite a hot topic at the moment with businesses having to continue to operate during lockdown ...
As we emerge from lockdown, the pace of change in the real estate world is increasing once again. Michael Callaghan looks at what the legal landscape looks like in the coming months. Climate change The Government is planning significant changes to the Minimum Energy Efficiency Standards (MEES) and the provisions that apply to Energy Performance Certificates (EPCs) to drive down carbon emissions from buildings ...
Legal Regime Regarding Real Estate The Serbian legal regime recognises private ownership of real estate, including land and buildings ...
Companies (listed and unlisted) spinning off real estate at Belgian or at both Belgian and European level is common practice. In comparison to the U.S. market, the trend is only just in its early stages here. Outsourcing often conceals widely varying realities:- a company shareholder may want to divide his corporate assets among his future heirs ...
In order to follow its task of reducing bureaucratization of the sale process of federal real estate properties, the Secretariat for the Coordination and Governance of the Federal Government’s Assets (SCGPU) edited three ordinances intended to regulate instruments brought by Law no. 14 ...
Article 41 of the Queretaro Treasury Law for Municipalities regulates the procedure to calculate the real estate tax and providesan annual rate based on the following criteria: Under such Article, the municipalities will determine which of the two rates may apply each year, incorporating the relevant rateto their respective Revenue Law ...
The Internal Revenue Service recently issued Revenue Ruling 2002-83 dealing with like-kind exchanges between related parties and unrelated qualified intermediaries ...
Growth of the real estate industry in Panama is evident everywhere. Skyscrapers that could very well be found in large cities such as Singapore, Hong Kong or Miami, rise proud in former residential and colonial areas of Panama city. Panama’s architectural identity is driven by important local and international architects, and symbolic buildings such as the Biodiversity Museum and the F&F Tower, also known as ‘the Screw’ ...
In recent years, Romania witnessed a continuously growing real estate market, along with a sustained rush of investors, including many foreign ones, eager to secure prime locations for their future development projects.On such a rapidly expanding market, it has been difficult at times to implement sophisticated real estate projects, as the country’s legal framework in the area of real estate did not change overnight, despite Romania’s recent accession to the EU ...
The Finance (No 2) Act 2017(“FA”) received royal assent on 27 December 2017 and was introduced to amend theIncome Tax Act 1967, the Real Property Gains Tax Act 1976 (“RPGTA”), the Goods and Services Tax Act 2014and the Finance Act 2013. This article will discuss the amendments to the RPGTA as provided in sections 16, 17 and 18 of the FA. The amendments to the RPGTA came into operation on 1 January 2018 ...
Claims of bad faith present unique challenges for insurers (and their counsel) with respect to attorney-client privilege: if the insurer’s state of mind is at issue, is the legal advice on which the insurer relied also at issue, thereby waiving the privilege? And if so, under what circumstances? The following addresses this issue in the context of a common practice for insurance counsel—authoring denial letters—and two recent holdings that should serve as warnings in th
The "pay when paid" issue has troubled the construction industry for many years. It refers to payment terms contained in a sub-contract, which typically provide that the main contractor shall pay the sub-contractor a certain period of time after the main contractor has received payment from the employer. The controversy is whether the phrase should be construed as creating a condition precedent to the main contractor's liability to the sub-contractor ...
A new rule promulgated by the U.S. Environmental Protection Agency (“EPA”) governing the disposal of coal combustion residuals, also known as CCR or coal ash, raises the risk for civil claims and the need for insurance to cover them.1 The rule, which takes effect Aug. 29, 2018, revises regulations issued in 2015 and has the stated intent of providing utilities and states “more flexibility in how CCR is managed ...
This blog post highlights certain amendments to British Columbia’s Real Estate Development Marketing Act (“REDMA”) Policy Statements 5 and 6 which came into effect May 1, 2021. Policy Statement 5 sets out circumstances under which a developer is deemed to have permission to begin early marketing of a real estate development before a building permit is issued for the development ...
Key Points City council and planning commission recusals can have a significant impact on the outcome of hearings involving land use and environmental issues. Recusals can lead to tie votes or the loss of a quorum, which may make it impossible for local governments to approve development projects. Failing to disclose conflicts of interests can be grounds for reversing local government approvals ...
Two federal cases in the Northern District of Ohio recently reached very different conclusions on whether the state’s COVID-19 shutdowns of restaurants permit valid claims for business interruption insurance coverage. Reviewing essentially the same facts and policy provisions, one court found for the insurer, holding no coverage to exist. The other found for the policyholder, awarding coverage. The opposite results will no doubt lead to further upcoming appellate activity in Ohio ...
Recently, the IRS has intensified enforcement of information reporting compliance under the Affordable Care Act (ACA). Information reporting penalties apply in addition to any penalties assessed for failures to meet the employer shared responsibility provisions, known as the employer mandate ...
We are all too familiar with stories of contaminated food and drugs that sicken and even kill consumers. Given the increasing number of product recalls and their enormous financial impact, it is not surprising the demand for recall insurance has increased exponentially in the middle market. Why has the number of recalls increased so dramatically? The answer is twofold ...
Over the past weekend, a series of tornadoes and severe storms caused significant injuries and property damage across seven states, including Texas. In Garland and Rowlett, northeast of Dallas, wreckage from businesses and homes, trees, power lines, cars and other debris litter the streets for miles ...
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