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  • Real Estate Transaction Basics

     No useful reason exists to think of or treat a closing like litigation although it does happen.  Everyone involved needs to work together in a cooperative way to consummate the deal.  Real estate law is a function of locality and custom in many respects; however, we will generally review some commonalities in the closing of a real estate transaction.  
    Most real estate transactions begin with a written contract and end with a closing.  The following parties are typically involved in negotiating, performing and closing on the contract:

    Seller
    Buyer
    Real estate agents
    Attorneys (depending on locality and complexity)
    Lender (if not a cash deal or other financing arrangement)
    Title company

    All agreements for the purchase and sale of real estate must be in writing.  The contract sets forth the conditions under which the seller agrees to transfer and the buyer agrees to purchase the property.  The contract may be lengthy or pithy, complex or straightforward, but its ultimate purpose is to convey ownership of the property to the buyer under mutually agreed upon terms.  
    Occasionally, a real estate transaction may involve an IRC Section 1031 tax-deferred exchange. The tax code and treasury regulations also provide certain rules that address conveying real estate in a tax deferred exchange.  A qualified intermediary (QI) is generally required and is a person or entity that is not a “disqualified person” as defined under the tax code.  For the most part,

  • Real Estate Transaction Basics

     No useful reason exists to think of or treat a closing like litigation although it does happen.  Everyone involved needs to work together in a cooperative way to consummate the deal.  Real estate law is a function of locality and custom in many respects; however, we will generally review some commonalities in the closing of a real estate transaction.  
    Most real estate transactions begin with a written contract and end with a closing.  The following parties are typically involved in negotiating, performing and closing on the contract:

    Seller
    Buyer
    Real estate agents
    Attorneys (depending on locality and complexity)
    Lender (if not a cash deal or other financing arrangement)
    Title company

    All agreements for the purchase and sale of real estate must be in writing.  The contract sets forth the conditions under which the seller agrees to transfer and the buyer agrees to purchase the property.  The contract may be lengthy or pithy, complex or straightforward, but its ultimate purpose is to convey ownership of the property to the buyer under mutually agreed upon terms.  
    Occasionally, a real estate transaction may involve an IRC Section 1031 tax-deferred exchange. The tax code and treasury regulations also provide certain rules that address conveying real estate in a tax deferred exchange.  A qualified intermediary (QI) is generally required and is a person or entity that is not a “disqualified person” as defined under the tax code.  For the most part,

  • Real Estate Transaction Basics

     No useful reason exists to think of or treat a closing like litigation although it does happen.  Everyone involved needs to work together in a cooperative way to consummate the deal.  Real estate law is a function of locality and custom in many respects; however, we will generally review some commonalities in the closing of a real estate transaction.  
    Most real estate transactions begin with a written contract and end with a closing.  The following parties are typically involved in negotiating, performing and closing on the contract:

    Seller
    Buyer
    Real estate agents
    Attorneys (depending on locality and complexity)
    Lender (if not a cash deal or other financing arrangement)
    Title company

    All agreements for the purchase and sale of real estate must be in writing.  The contract sets forth the conditions under which the seller agrees to transfer and the buyer agrees to purchase the property.  The contract may be lengthy or pithy, complex or straightforward, but its ultimate purpose is to convey ownership of the property to the buyer under mutually agreed upon terms.  
    Occasionally, a real estate transaction may involve an IRC Section 1031 tax-deferred exchange. The tax code and treasury regulations also provide certain rules that address conveying real estate in a tax deferred exchange.  A qualified intermediary (QI) is generally required and is a person or entity that is not a “disqualified person” as defined under the tax code.  For the most part,

  • Real Estate Transaction Basics

     No useful reason exists to think of or treat a closing like litigation although it does happen.  Everyone involved needs to work together in a cooperative way to consummate the deal.  Real estate law is a function of locality and custom in many respects; however, we will generally review some commonalities in the closing of a real estate transaction.  
    Most real estate transactions begin with a written contract and end with a closing.  The following parties are typically involved in negotiating, performing and closing on the contract:

    Seller
    Buyer
    Real estate agents
    Attorneys (depending on locality and complexity)
    Lender (if not a cash deal or other financing arrangement)
    Title company

    All agreements for the purchase and sale of real estate must be in writing.  The contract sets forth the conditions under which the seller agrees to transfer and the buyer agrees to purchase the property.  The contract may be lengthy or pithy, complex or straightforward, but its ultimate purpose is to convey ownership of the property to the buyer under mutually agreed upon terms.  
    Occasionally, a real estate transaction may involve an IRC Section 1031 tax-deferred exchange. The tax code and treasury regulations also provide certain rules that address conveying real estate in a tax deferred exchange.  A qualified intermediary (QI) is generally required and is a person or entity that is not a “disqualified person” as defined under the tax code.  For the most part,

  • FEA Meeting with Representative Raja Krisnamoorthi

    On Friday, March 30, Accruit’s Martin Edwards and Jordan Born joined other members of the Federation of Exchange Accommodators (FEA) in a meeting with Rep. Raja Krishnamoorthi (D-IL-8) to discuss 1031 like-kind exchanges and their value to economy.
    Like-kind exchanges have persisted in the tax code for nearly 100 years because of their benefits to the United States economy and to the local economies in which they are transacted. Economic studies by Ernst & Young and Ling & Petrova underscore the potential negatives to the economy of the repeal of Section 1031.
    Rep. Krishnamoorthi, who met with the FEA members in his Schaumburg, IL district office, expressed his belief that there is currently broad bipartisan support for like-kind exchanges in Congress. 

  • FEA Meeting with Representative Raja Krisnamoorthi

    On Friday, March 30, Accruit’s Martin Edwards and Jordan Born joined other members of the Federation of Exchange Accommodators (FEA) in a meeting with Rep. Raja Krishnamoorthi (D-IL-8) to discuss 1031 like-kind exchanges and their value to economy.
    Like-kind exchanges have persisted in the tax code for nearly 100 years because of their benefits to the United States economy and to the local economies in which they are transacted. Economic studies by Ernst & Young and Ling & Petrova underscore the potential negatives to the economy of the repeal of Section 1031.
    Rep. Krishnamoorthi, who met with the FEA members in his Schaumburg, IL district office, expressed his belief that there is currently broad bipartisan support for like-kind exchanges in Congress. 

  • FEA Meeting with Representative Raja Krisnamoorthi

    On Friday, March 30, Accruit’s Martin Edwards and Jordan Born joined other members of the Federation of Exchange Accommodators (FEA) in a meeting with Rep. Raja Krishnamoorthi (D-IL-8) to discuss 1031 like-kind exchanges and their value to economy.
    Like-kind exchanges have persisted in the tax code for nearly 100 years because of their benefits to the United States economy and to the local economies in which they are transacted. Economic studies by Ernst & Young and Ling & Petrova underscore the potential negatives to the economy of the repeal of Section 1031.
    Rep. Krishnamoorthi, who met with the FEA members in his Schaumburg, IL district office, expressed his belief that there is currently broad bipartisan support for like-kind exchanges in Congress. 

  • The John Marshall Law School Careers in Real Estate Law Program

    The John Marshall Law School in Chicago, Illinois hosted a Careers in Real Estate Law program on Thursday, March 29, 2018.  Jordan Born, Associate General Counsel for Accruit, was a panel speaker at the event in which alumni of the LL.M. Real Estate program discussed their career paths and practice in Real Estate Law to both J.D. and LL.M. students.  It was a great opportunity to espouse the services that Accruit provides to the attendees and Director of the Center for Real Estate Law, Professor Celeste Hammond.  Jordan enjoyed being a part of the discussion and looks forward to future informational sessions and panel discussions through The John Marshall Law School Center for Real Estate Law.

  • The John Marshall Law School Careers in Real Estate Law Program

    The John Marshall Law School in Chicago, Illinois hosted a Careers in Real Estate Law program on Thursday, March 29, 2018.  Jordan Born, Associate General Counsel for Accruit, was a panel speaker at the event in which alumni of the LL.M. Real Estate program discussed their career paths and practice in Real Estate Law to both J.D. and LL.M. students.  It was a great opportunity to espouse the services that Accruit provides to the attendees and Director of the Center for Real Estate Law, Professor Celeste Hammond.  Jordan enjoyed being a part of the discussion and looks forward to future informational sessions and panel discussions through The John Marshall Law School Center for Real Estate Law.

  • The John Marshall Law School Careers in Real Estate Law Program

    The John Marshall Law School in Chicago, Illinois hosted a Careers in Real Estate Law program on Thursday, March 29, 2018.  Jordan Born, Associate General Counsel for Accruit, was a panel speaker at the event in which alumni of the LL.M. Real Estate program discussed their career paths and practice in Real Estate Law to both J.D. and LL.M. students.  It was a great opportunity to espouse the services that Accruit provides to the attendees and Director of the Center for Real Estate Law, Professor Celeste Hammond.  Jordan enjoyed being a part of the discussion and looks forward to future informational sessions and panel discussions through The John Marshall Law School Center for Real Estate Law.