Real Estate / TAG Property (J)

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Klose, Dr. Christoph
RWP Rechtsanwälte

Real Estate / TAG Property (J)

Contact: Marc Ausfresser; Berdon LLP (New York, New York, USA)

The IRS has proposed regulations to clarify what is real property for purposes of real estate investment trust (REIT) rules.  Long overdue, it noted that no guidance has been published on this topic since 1975.  The proposals define real property to include land, inherently permanent structures, and structural components.  Safe harbors are provided for determining whether certain assets are or are not real property.  The proposed regulations also identify certain types of intangible assets that are real property or interests in real property for REIT purposes.

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Residential property is not the only thing in short supply in Prime Central London the funding needed to develop new stock is equally hard to secure.

Not so long ago the high street banks were falling over each other to finance residential projects.  Now they are being extremely selective. If a developer is fortunate enough to fall within a bank's core criteria then access to relatively inexpensive debt is available, albeit at a loan-to-cost that may require topping up with mezzanine finance.  Outside those criteria, a plethora of specialist lenders, family offices and ultra high net worth individuals (UHNWs) are filling the void.

Read more: London's Prime Residential Developments

Contact: Bruce Gorman; Berdon LLP (New York, New York, USA)

The deadline for filing RPIE (Real Property Income and Expense) forms for 2013 has been pushed up to June 2, 2014 from September 1. For future years, the deadline will be June 1. This form is required for all income producing properties within New York City with a value of over $40,000.

Read more: Deadline for Filing RPIEs Pushed Up

Contact: Antony Morris; Contact: Clarkslegal LLP (Reading, England - TAGLaw)

It is common for tenants of multiple occupancy buildings to complain about the level of their service charges. Some are lucky enough to have been able to negotiate a fixed or capped service charge, but in many cases tenants feel they are at the mercy of their landlord or managing agent when it comes to service charges. In modern buildings these can often constitute a significant proportion of the costs of occupation.

Read more: Are you Being Fairly Served? Your Options if You are unhappy with Your Property Service Charges