Fall Update: What’s Happening in Real Estate

For many people, back to school time is also back to business time.  Certain industries and markets – like real estate – which tend to quiet down in August, start to see new life in September.  Holm & O’Hara LLP’s Fall Real Estate Update covers four topics of interest to those who are likely to buy or sell real estate – whether for residential, commercial or investment purposes – in the coming months.

  • Increase in wire fraud:  Thieves have turned their attention to lucrative real estate deals.  Learn how they operate and how you can protect yourself from wire fraud in your transactions.
  • Ongoing battle over title insurance marketing and fees:  NYS regulators have attempted to impose tight restrictions on title insurance marketing and fee practices.  While the case is currently on appeal, everyone purchasing real estate should pay closer attention to the bills from their title insurance companies.
  • Decreased mortgage interest deduction/eliminated home equity interest deduction:  The “Tax Cuts and Jobs Act of 2017” contained some potential pitfalls for residents of affluent, high tax states like NY, NJ and CT. Remind yourself of the law’s potential implications for you and start planning today. 
  • Potential for increased reporting on some transactions:  The U.S. Treasury is looking closely at large real estate transactions that are completed without institutional financing or that involve legal entities, rather than individuals, as purchasers.  Understand how your particular transaction might be affected and how you can be prepared. 

The Real Estate attorneys at Holm & O’Hara LLP stand ready to assist you with:

  • Investment property sales, purchases & strategies, including IRC §1031 Like-Kind Exchanges
  • Commercial leasing for both landlords and tenants
  • Residential sales and purchases
  • Integrated financial, estate and real estate planning

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