Real Estate Transactions
The world has accumulated vast experience in both direct administrative and economic regulation of the real estate market through taxation systems, flexible schemes for land allocation, government tax incentive policies, effective demarcation of land boundaries, determination of buildable land and systems of land registration.
Constantly improving international legislative framework lays the foundation for the transfer of ownership of land and real estate during market operations.
The most important element of the real estate market infrastructure is legislation that is the basis of institutional regulation of the real estate market by the state. Specialists from YB Case will provide you with comprehensive legal assistance in resolving a wide range of issues related to real estate transactions and acquisition of land in virtually all jurisdictions of the world. Our professional legal services include, but not limited to:
- Title search;
- Development of land acquisition / real estate plan;
- Preliminary contract drafting;
- Preparation of contract for sale of freehold land & estate;
- Preparation of lease agreements;
- Search for any deed and zoning restrictions;
- Research for CC&Rs in HOAs;
- Registration of property deeds & title deeds;
- Land & real estate taxation issues;
- Investment property structure;
- Discharge of mortgages;
- Preparation of security interest agreements;
- Real estate closing legal assistance;
- Foreclosure legal advisory services;
- Estate planning;
- Advising on homeowner’s insurance
Real Estate & Land Administration (Cadastral) System
The real estate cadastral system (land register; filing register) includes state accounting and control over land use. This is a complex system based on geo-information technologies, which includes the whole complex of geodesic and cartographic works that allow land surveying and cadastral registration of land plots.
The market and cadastral valuation systems are basic concepts, both in taxation and in determining the redemption value of land plots.
Land Use Zoning
Territorial zoning is the most difficult and one of the most important conditions for the free development of the real estate market. The absence of the territorial zoning within a state creates favorable ground for the development of corruption, and also leads to disharmonious development of territories and land units and drastic deviations from legal norms.
As of to date, there are seven commonly recognized types of land zoning:
Mortgage or loans secured by real estate is an indispensable condition for the development of the real estate market in a market economy. The high cost of real estate compared with the annual income of enterprises or individuals requires the introduction of a mortgage mechanism that allows introducing installment payments for purchased property. The mortgage institution implies three main conditions:
- The existence of a system of long term crediting in the economy;
- The presence of the existing system of mortgage securities;
- The presence of special institutions engaged in mortgage lending
Real estate taxation is the basis for the formation of the state budget policy and forms a significant part of a country’s budget revenue. For example, the share of property taxes in the U.S. budget revenues is over 71% that consists of land and property taxes.
Real estate activity is an integral part of the real estate market. Today it is impossible to imagine the development of this market without a marketing and sales system, which is the core of the real estate activity. Nowadays, realtor communities are powerful self-regulating organizations of real estate professionals that operate in an open and transparent market using multiple listing systems (MLS).
Purchase and Sale Agreement
Despite the differences in legal systems and procedures in different countries, the sale and purchase agreement should cover the following aspects:
- Exact name of the parties to the contract;
- Exact name and description of the acquired property;
- Purchase price, method and schedule of payment;
- Period of transfer of ownership and right of use;
- Period of transfer of rights and obligations, privileges and risks;
- Payment of tax liabilities, especially capital gains taxes;
- Clauses on fines, confiscation of property;
- Contingency provisions;
- Dispute resolution provisions
Prior to the acquisition of real estate it is very important to ensure that there are no restrictions on the sale or purchase.
Before acquiring real estate, it is necessary to clarify the following questions, referring to the relevant records from the registers and official documents:
- Confirmation of the existence of legal property rights and the seller’s right to dispose of real estate;
- Confirmation of all existing encumbrances;
- Confirmation that all taxes and duties paid by the seller;
- Confirmation that the seller has fulfilled all his obligations to the association of owners, if such exists.
In most countries, a purchase or notarized contract of sale is entered into a public registry, commonly known as a land cadaster or land registry, to provide open access for proof of purchase.
Specialists from YB Case will help you with tax issues when buying property or land plot and advise you on transaction costs associated with buying, owning and re-selling residential and commercial real estate around the world.
The principle that real estate is taxed where it is located is applied internationally. YB Case specialists will help you with optimizing schemes for paying real estate taxes that consist of the following types:
- One-time taxes and fees upon purchase;
- Regularly paid taxes and fees charged on a recurring basis;
- Tax on the increase in value or capital gains tax;
- Inheritance and gift tax;
- Tax on speculative resale of real estate;
- Excess profits tax
Highly qualified specialists from YB Case will also provide you with full legal support regarding:
- Fiduciary invoice and fiduciary construction management systems;
- Use of public-private partnerships in solving infrastructure and social problems;
- Mortgage or loans secured by real estate
Land Dispute Settlements
In the modern world land is the subject of civil law relationships, a means of production and has a high economic value. Land is a very limited resource and is included in the range of interests of a large number of subjects of legal relations.
Relations between the landowners are based on the freedom to exercise subjective rights to the extent that it does not prejudice the rights and interests of others, as well as the environment. It is to note that the interests of land plot owners do not always coincide, which leads to the emergence of land disputes.
YB Case specialists by analyzing the international court decision database divides land disputes into:
- Administrative offenses;
- Civil wrongs
Specialists from YB Case will provide you with qualified legal assistance in judicial and out-of-court resolutions of land disputes related to real estate transaction and/or construction. Our specialists have an extensive professional experience in resolving the following types of disputes:
- Legal assistance in tax disputes regarding land taxes;
- Unauthorized occupation of land;
- Failure to comply with environmental requirements in the implementation of urban planning;
- Violation of the established procedure for construction, reconstruction, overhaul of a capital construction object and its commissioning;
- Disputes related to the acquisition of land ownership;
- Acquisition of an inheritance in the form of a land plot;
- Disputes on the recovery of a land plot from unlawful possession;
- Protecting the rights of the owner from violations not related to the deprivation of ownership of the land plot
Equitable resolution of land disputes is one of the effective ways to protect the rights and legitimate interests of landowners, landlords and land users.
Specialized land dispute resolution courts have proven their effectiveness in countries such as the United Kingdom, Germany, Denmark, Cyprus, Switzerland, Turkey and the United States. For example, in the United States, the courts of general jurisdiction consider the majority of land disputes. But at the same time, in some states there are special judicial bodies that are specifically called upon to resolve land disputes while employing for these purposes professional land engineers, land surveyors and real estate specialists.
Specialists from YB Case believe that the best option for resolving land disputes may be mediation. Mediation as an alternative method of resolving land disputes at the present stage of its development provides greater opportunities for achieving mutually acceptable results, ensures confidentiality, improves chances to maintain business relations with a partner with whom a land dispute arose and saves money.
Summarizing the aforementioned, it can be said that land disputes are an element of land relations and their occurrence is largely influenced by political, economic and social transformations in modern society. YB Case attorneys keep abreast of these transformations and readily will provide comprehensive legal advice and support with informal discussions, assisted negotiations and arbitration whenever there is an urgent need to effectively settle a land dispute.