Real Estate Newsletters
It may be difficult to find bargains in the real estate market. However, it may still be possible for deals to be found on properties in foreclosure or following foreclosure.
In the year 1980, Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA). The law can be found at 26 U.S.C.S. § 1445. Briefly stated, the law provides that if a seller of real property is a “foreign person,” the buyer must withhold a tax equal to 10% of the gross purchase price, unless an exemption applies under the law.
Condemnation is the action of a governmental entity when it takes private property for a public use. When a state takes private land to build, expand, or develop a public highway, that private property is condemned through a judicial process that ultimately transfers the title of the land from the private owner to the state in exchange for the payment of funds that reflect the reasonable value of the land taken.
Generally speaking, a property owner may cut back branches and roots that stray onto the property owner’s land. The right of self-help, as it is called, is not found in state law, however; it derives from the common law.
On the federal level, the subject of historic preservation is governed by numerous laws, including the Antiquities Act of 1906, the Historic Sites Act of 1935, the Native American Graves Protection and Repatriation Act of 1990, the American Indian Religious Freedom Act of 1978, and the Surface Mining Control and Reclamation Act, to name a few.