How to Navigate removal of a Residential Tenant that has filed Bankruptcy
By: Transactional Department No matter what the lease says, the mere filing of a bankruptcy by a tenant does not terminate the lease or entitle a landlord to evict the tenant. That being said, if a residential tenant files bankruptcy they are always required to continue paying rent. If they stop paying rent the landlord …
New PAR Agreement of Sale Form Available
After some delay, the Pennsylvania Association of Realtors has released its new 2010 form Agreement of Sale. You can find a sample of the PAR Standard Agreement for the Sale of Real Estate on the Pennsylvania Association of Realtors website. If you have questions on the new form, please contact us in our …
Sprinklers Required in PA New Homes
In early 2010, the Pennsylvania Builders Association, among others, filed a lawsuit to stop the implementation of a new and updated Uniform Construction Code in Pennsylvania. Copies of the filing are available on the Builders Association website. Among the provisions objectionable to the Builders Association was a provision requiring new single family and townhomes …
The Limits of Limited Liability
By: William J. Burke, III Business owners form corporations, limited partnerships and limited liability companies to protect their personal assets from debts, claims and liabilities that can arise out of any business. Although the liability protection afforded by corporations, LPs and LLCs is real and worthwhile, it is far from absolute, and there …
Choosing the Right Business Entity
By: William J. Burke, III Entrepreneurs starting a new business often want to protect their personal assets and avail themselves of liability protection afforded by various types of business organizations. But what kind of business organization? There is an “alphabet soup” of entity types from which to choose: corporations (“S” Corps or “C” Corps), …
Employment Tax National Research Project
By: Theodore F. Claypoole During February 2010, the Internal Revenue Service (“IRS”) began its first Employment Tax National Research Project in 25 years. As part of the project, the IRS will randomly select a total of 6,000 taxpayers (2,000 taxpayers in 2010, 2,000 taxpayers in 2011, and 2,000 taxpayers in 2012) for comprehensive audits …
Proper Signature by Officers, Managers, and Members
By: Theodore F. Claypoole While acting in the capacity of an officer of a corporation or manager or member of a limited liability company, it is important for one to hold himself or herself out as the officer or manager or member of the corporation or limited liability company, as applicable. There have been …
Will You See Solar Panels in Your Neighborhood?
Will you see solar panels in your neighborhood? Maybe, or maybe not depending on whether there is a homeowners association and what the restrictions for your neighborhood say – but it may not matter for long. Pennsylvania State Representative Tom Houghton has recently indicated he intends to put forth legislation which would prohibit Homeowners …
RESPA Changes
Effective January 1, 2010 new HUD rules went into effect which require the settlement process for borrowers to be made more clear by the use of new forms. The Good Faith Estimate form and HUD-1 Settlement Statement required by the Real Estate Settlement Procedures Act (RESPA) has been revamped. Lenders, borrowers and title companies need …
Are You Paying Too Much in Real Estate Taxes?
By: John K. Fiorillo If you are a homeowner, please read my recent blog about real estate taxes and assessments. Contact John Fiorillo for more information.