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A foundation you can count on...
Taft Real Estate Practice Group
Selecting the right real estate attorney and law firm to partner with you is as critical to your long-term success as are the decisions you make in your projects - such as site selection, hiring architects and contractors, and choosing building materials, etc.
As a Taft client, you can utilize the intellectual capital of more than 42 intensely motivated and focused attorneys with extensive experience in all facets of real estate:
- Acquisition and development
- Leasing
- Financing
- Construction and management agreements
- Construction claims
- Land use issues: zoning, platting, variances, eminent domain, and annexation
- Tax disputes and appeals
- Litigation, arbitration, and mediation
- Environmental concerns, defense, and litigation
With a solid foundation in Ohio, Indiana and Kentucky, Taft Real Estate attorneys deliver comprehensive legal services and will leave nothing to chance on your account. That's because your success, and ours, depends on it.
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Broker Licensing and Property Management
As the real estate market makes a slow recovery there has been a renewed interest in real estate brokerage and property management careers. In Ohio, Kentucky and Indiana you may only perform real estate sales or brokerage services if you hold a valid broker's or salesperson's license in the state in which you are performing such services, unless one of the limited exceptions apply - such as being licensed to practice law in that state. If you hold a valid real estate license you may be able to work in cooperation with a licensed broker or salesperson in another state if there is a reciprocity agreement in place between the states. Indiana, Kentucky and Ohio permit reciprocity among licensed brokers and salespersons from those states and others in the central United States.
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HB 383/CSPA Revisions: A New Home for Consumer Remedies for Home Construction Services
The Ohio legislature recently removed consumer remedies arising under most home construction services contracts from the operation of the Ohio Consumer Sales Practices Act, Ohio Revised Code § 1345.01 et seq. (the "CSPA") by creating a separate statute, found in Ohio Revised Code § 4722.01 et seq., so long as construction service contract: (i) exceeds $25,000; and (ii) performed by a construction service supplier carrying at least $250,000 in liability insurance. The change was effective as of August 31, 2012.
Background. The CSPA was designed to protect a consumer from predatory merchants and service providers, like an unscrupulous auto mechanic, furnace repairman, etc. From a purely practical standpoint, several elements of the CSPA simply do not fit construction. For example, the CSPA requires on-the-spot estimates, which was designed for getting an estimate for car repair, furnace repair, or something that could reasonably be estimated over the counter. This is not practicable in construction (whether new or remodeling). Designs need to be drawn, materials need to be priced, subcontracts need to be bid, etc.
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1031 Tax Deferred Exchanges
On December 31, 2012, the reduced 15% tax rate on long term capital gains is scheduled to expire. If the reduction is not extended and taxes on long term capital gains increase, we may see an increase in like-kind, tax deferred exchanges (often referred to as "1031 Exchanges" as they are permitted pursuant to Section 1031 of the Internal Revenue Code). A 1031 Exchange permits a tax payer to "exchange" real (and other investment) property for investment property of the same kind, deferring the payment of capital gains taxes on the property being relinquished.
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Real Estate Insight is used to inform our clients and friends of significant new developments and current issues in real estate law. For more information about Taft Stettinius & Hollister LLP, please visit http://www.taftlaw.com.
These materials have been prepared by Taft Stettinius & Hollister LLP for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. No person or organization should act upon this information without first seeking professional counsel.
We cannot and do not represent you until our client intake process is completed. Further, we reserve the right to accept or decline representing any person or organization in any matter. Accordingly, please do not send us any confidential information about any matter until you receive a written statement from us advising you that we represent you (an "engagement letter"). When you receive an engagement letter from one of our attorneys, you will be our client, and we may exchange confidential information freely. Again, do not send us unsolicited confidential information until you speak with one of our attorneys and get authorization to send that information to us.
Some aspects of this Web site may allow you to register for newsletters, events, functions, or seminars hosted by, sponsored by, or associated with Taft Stettinius & Hollister LLP. The transmission or receipt of any information related to registration for any event or service does not create an attorney-client relationship.
Taft Stettinius & Hollister LLP's Web site and associated materials may provide links to other websites that may be useful or informative.These links to third party sites or information are not intended, and should not be interpreted by readers, as constituting or implying our endorsement, sponsorship or recommendation of the third party information, products or services found there.
The following statement is required by many states, including Kentucky: "THIS IS AN ADVERTISEMENT."
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