I’ve never really gotten on the Zombie movie and TV show bandwagon. I think it’s because they’re just so far-fetched, that it’s difficult for me to buy into the premise. When it comes to the reality of the Zombie Property Apocalypse though, it’s a completely different story. You may have read or heard about “Zombie Properties” in the… Continue Reading
Spring is almost here, and that means real estate sales in Wisconsin will soon be picking up! With that in mind, a recent Wisconsin Court of Appeals decision may have a large impact on future Wisconsin real estate transactions. In Fricano v. Bank of America, the Wisconsin Court of Appeals found that a buyer of… Continue Reading
A Federal Appeals Court ruled earlier this month that an S-Corporation’s rental income from a lease agreement with a C-Corporation with entirely common ownership with the S-Corp, could not be classified as passive activity income, and therefore could not offset the individual’s passive activity losses. Internal Revenue Code section 469 was passed in the 1980s… Continue Reading
Starting in 2013, a new 3.8% federal tax, known as the “Medicare Tax,” may apply to some gains on the sale of real estate, including even sales of personal residences. However, this is not a general tax and there are some exceptions. It is best to know the rules and seek competent tax advice. The tax… Continue Reading
The Wisconsin Supreme Court in Brenner v. New Richmond Regional Airport Commission 2012 WI 98 (July 17, 2012) reversed a circuit court decision dismissing inverse condemnation claims made by property owners abutting a municipal airport due to the effect of flights of private aircraft over their properties resulting from the extension of runways at the… Continue Reading
I have been told that I am a fairly good negotiator. That raises a question: is negotiating inherent or can it be learned? I think it can be learned. While I have taken many courses about how to negotiate (several from Marty Latz, one of the best negotiators of our time), I spend a lot of… Continue Reading
Property Condition Reports have been used for a long time with regard to Wisconsin residential real estate. They are also used in commercial and other real estate transactions, but not because they are required by law, but because they are negotiated between the parties. Now that is all changing with respect to vacant land sales… Continue Reading
I recently had an opportunity to represent a client who was selling a condo in Cancun, Mexico. I got quite an education as to how real estate transactions are handled in other countries, and became very thankful that I practice in the U.S. Such transactions become tricky because the Seller wants to be sure to… Continue Reading
The Wisconsin Legislature in its last session made significant changes to the ability of municipalities to regulate commercial and other buildings. Senate Bill 472 prohibits municipalities from imposing cost requirements on repair or remodeling of legal nonconforming structures. Such structures are not compliant under currrent zoning regulations, but were compliant at the time the current… Continue Reading
Karen G. Courtney, Managing Attorney, ATG Short Sale Coordination Department, wrote an article with tremendous insight as to tips which could improve a client’s chances of having a successful short sale. Please consider going to Karen’s article to read more about this interesting and important topic.
It is common in exclusive real estate listing contracts for agents to include provisions regarding "Protected Buyers." Included in many standard Wisconsin listing contracts is a clause that a "Protected Buyer" includes a potential buyer who "negotiates directly with Seller by discussing the potential terms upon which the buyer might acquire an interest in the Property." Subject to… Continue Reading
Negotiating a short sale then required considerable expertise on behalf of the Seller.
Did you ever wonder what happens when two unmarried people split up and then argue over who should get what? A recent Wisconsin Court of Appeals case, Leonard v. Lynn, 2009AP2026, for which the Wisconsin Supreme Court denied certiorari on January 11, 2011, gives us the answer, which may surprise many.
foreclosure guarantee guarantor ‘personal liability’
On September 1, 2010, Wisconsin’s new POA statute, Chapter 244, Wis. Stats., became effective. The new law does not change the validity of existing POA’s, but expanded on and clarified much existing law surrounding POA’s.
Wisconsin foreclosure law generally allows a lender the option to shorten the debtor’s redemption period in return for agreeing not to go after the “debtor” for any “deficiency” after the sale of the real estate (i.e. if a property sells for less than the amount due the lender at the foreclosure auction, the lender… Continue Reading
On December 17, 2010, President Obama signed into law the Tax Relief Act of 2010
It is common that at a foreclosure sale the mortgagee Bank will submit the winning bid at the amount owed on the mortgage of the property at issue. But what if the amount owed is significantly less than the “market value” of the house? Can the court under Wisconsin law refuse to confirm the sale… Continue Reading
In the recent Wisconsin case of Griswold v Rogich, decided by the Wisconsin Court of Appeals, it was held that a buyer could reasonbly rely upon a Seller’s representation in a Property Condition Report, even after an inspector pointed out that certain problems may exist and that further experts should be called in.
Back on March 30th I wrote that homebuyers needed to act fast to meet the then fast approaching expiring deadline for closing on the purchase of a residence. Since then, Congress has acted once again by extending the closing deadline from June 30 to September 30, 2010, for eligible homebuyers. Again, for qualifying purchases in… Continue Reading
The following was posted by Thomas Kertschner of the Journal Sentinel on July 5, 2010: Oak Creek – The Common Council, which was hit by a storm of denunciation after it considered using eminent domain to acquire a 94-year-old farmer’s property, will be asked Tuesday to pay the man’s $9,081 legal bill. The request comes… Continue Reading
The Wisconsin Legislature recently adopted a law which prohibits municipalities from considering the proposed use of property in reviewing requests for land divisions within their extraterritorial authority. The result is that where a business intends to acquire property outside of a city or village but within 3 miles of its limits, the city or village… Continue Reading
My good friend, Ed DeFrance, at Baird, just sent me an article Baird puts out about the new health care law and a new tax which will affect high income filers. It seems that if you have household income over $250,000, starting in 2013, a new Medicare Tax of 3.8% will apply to interest, dividends,… Continue Reading
Buying residential real estate in Wisconsin almost always entails using an "Offer to Purchase," also known as form WB-11. In a recent article written for the March issue of the Wisconsin Lawyer magazine, entitled "Using the New, Flawed Residential Offer Form," Richard J. Staff criticized the current draft of the form which requires mandatory use by… Continue Reading