Real Estate Law Archives

The Philadelphia Department of Licenses and Inspections has been trying to right itself since the fatal demolition accident in June. When that wall collapsed on the Salvation Army Thrift Store, city officials launched an investigation into L&I’s demolition permitting process and found more than a few flaws. A review of the department as a whole is underway; it should be in Mayor Michael Nutter’s hands in July (see our Nov. 1, 2013, post for more information).

Have you put down roots in Philadelphia by purchasing a residence? Have you been there for 10 years? You could be getting a little more money back in your pocket, said Mayor Michael Nutter on Tuesday, Dec. 3. How? By way of the implementation of PHL Tax LOOP, a program that addresses the significant property tax increases that have occurred in the recent past.

Completing a real estate transaction can prove to be a positive move for both the seller and buyer. If the seller is looking to liquidate assets to have more funds on hand, a buyer can be of great service. At the same time, purchasing property can prove to be a sound financial investment for the buyer. This process can be completed in a fair and consistent manner so both parties can benefit the most.

A federal judge in Philadelphia has determined that a class action lawsuit against HSBC USA Inc. and others can proceed — for now. The court was ruling on a motion to dismiss filed by the mortgage lender. The plaintiffs are not out of the woods yet, though: Down the road, HSBC could file a motion for summary judgment which, if granted, would put an end to the litigation.

One of 23 schools set to close at the end of this school year as part of the Philadelphia School District’s plan to consolidate its facilities, community leaders, lawmakers, real estate experts and citizens are all putting in their two cents on the issue of how to put the property to use. Built in 1914, Germantown High covers almost an entire block.

An interesting angle has arisen in regard to the recent increase in Property Tax Assessments this year. That angle involves public school teachers and planned cuts to teacher contacts in the City of Philadelphia. Under the plan, the district would cut pay up to 13 percent, require longer work days and put no limit on class sizes. In addition, the district would not provide teachers with copy machines, desks or even enough instructional materials and textbooks. Why is the district proposing the plan now? Because of a budget crisis that could get worse with forced spending cuts. Like most states

After the Philadelphia Office of Property‘s recent release of residential real estate valuations, the City of Philadelphia is encouraging low-income residents to participate in the Department of Revenue’s Real Estate Tax Installment Program. The program allows qualified homeowners to pay their current property tax bills in eight monthly installments without suffering any penalties.

The Philadelphia Office of Property, in an attempt to accurately determine real estate values throughout the city, conducted an assessment that created over 600 Geographic Market Areas. These are small groupings of blocks in which properties are similar and sell for similar prices.

Real estate sales have given agents a run for their money in the last couple years, in Philadelphia and many other markets across the nation. Fortunately, the situation is predicted to be on the verge of a change for the better in the upcoming spring market.

Five properties from the Pennsylvania state inventory will soon be up for sale after recent approval of the 2012 Real Property Disposition Plan. The five pieces of new real estate will add to a plan hoping to save money and generate revenue for the commonwealth by putting these properties onto local tax rolls.