Real Estate

Stand up for your property rights: buying and selling

By Adam Gross, Memery Crystal LLP

The Standard Conditions of Sale (for residential) or Standard Commercial Property Conditions (for commercial) (together, the “Standard Conditions”) are usually included in contracts for the sale and purchase of property. Both contain the right to terminate where one party fails to complete on time. To exercise this right, time must first be made of the essence. Where time is not of the essence in agreements (whether expressly or implicitly), time is made of the essence by a party being ready, willing and able to complete and serving a notice to complete. Such a notice usually gives the other party ten working days (excluding the day the notice is given) to complete.

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Real Estate

Required BEA report filings under U.S. LAW

By Edward G. Kluiters, Haynsworth Sinkler Boyd, P.A.

The United States Bureau of Economic Analysis (BEA) requires surveys on U.S. direct investment abroad and foreign direct investment in the United States. The term investment includes the ownership of real estate. The BEA uses these surveys to produce statistics concerning international transactions and direct investment positions, activities of multinational enterprises, and new foreign direct investment in the United States.

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Law

Real estate security for reimbursement of a debt

By Pierre-Olivier Martinez, LMBE Avocats

In accordance with a French Supreme Court decision, a real estate security granted by a real estate civil company to guarantee the reimbursement of the debt of one of its shareholders is not valid if it is contrary to the company’s corporate interest (Cour de Cassation, 8-11-2011), i.e. if:

  • granting the security is likely to endanger the existence of the company if the guaranteed debt is not paid, and no related benefit is provided to the company
  • even if such a guarantee is in line with the company’s corporate purposes of its articles of association.

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