I recently argued a case before the PA Commonwealth Court regarding whether our client, a church, was barred by the statute of limitations to seek just compensate for the partial taking of its property. In In re: Condemnation of Land, 2014 WL 3028035, Jenkintown Borough filed a declaration of taking in 1998 seeking to
real estate valuation
PA Supreme Court: Murder/Suicide Does Not Need To Be Disclosed To Home Buyer
My partner, Abe Reich, recently successfully argued before the PA Supreme Court a case determining “whether the occurrence of a murder/suicide inside a house constitutes a material defect of the property, such that appellees’ failure to disclose the same to the buyer of the house constituted fraud, negligent misrepresentation, or a violation of the Unfair…
PA Considering Extending Time To Challenge Condemnations
PA law requires that challenges to condemnations must be filed within 30 days of service of the Declaration of Taking. The document that is filed challenging the taking is called “Preliminary Objections.”
HB 2387, currently being considered in the PA House of Representatives, would increase the time for filing the Preliminary Objections to 90 days.
PA Considering Amending Condemnation Fees And Expenses Reimbursement Statute
The PA Senate is considering a bill which would make minor changes to the PA eminent domain statute providing for reimbursement for professional fees and expenses. Generally, PA requires reimbursement for up to $4,000 for those fees and expenses. If enacted, SB 1096 clarifies that this payment is owed “per property, regardless of right, title…
2012-2013 Edition of USPAP Now Available
The Appraisal Foundation announced Oct. 13 that it has released its 2012-13 edition of the Uniform Standards of Professional Appraisal Practice. “USPAP” includes a variety of standards of professional practice for all appraisal disciplines. The 2012-13 edition will become effective Jan. 1, 2012, and will be valid for two years. The new edition of USPAP…
Credibility Lessons From The Tax Court
The United States Tax Court recently issued an opinion that contains valuable lessons for any forum. Real estate valuation litigation regularly occurs in the Tax Court.
In Boltar LLC v. Commissioner, the Tax Court granted the government’s motion to strike the taxpayer’s appraisal because it was “unrealiable and irrelevant.” In that case, the IRS and…
FASB to Propose Fair Value for Real Estate
Reuters has reported that fair value accounting rules that would require real estate companies to report land and buildings held for investment may become the new standard.
Continue Reading FASB to Propose Fair Value for Real Estate