Real Estate Law Research Articles

Does It Matter Whom An Agent Serves? Evidence from Recent Changes in Real Estate Agency Law

Recent changes in real estate law hastened the shift from a seller's agency regime, in which real estate agents serve the interests of sellers, to a buyer's agency regime, in which agents serve the interests of buyers. Using data from the Atlanta real estate market, we show that the shift to buyer's agency led to a significant decline in real estate prices in the market for relatively expensive houses, while real estate prices did not significantly change in the market for relatively inexpensive homes. In both markets, the average time needed to sell a house fell after the change in agency regimes. These results are consistent with a conclusion that a shift to buyer's agency improves the efficiency of the search process.

Will That Be Performance - Or Cash: Semelhago v. Paramadevan and the Notion of Equivalence

This article discusses the manner in which the Supreme Court of Canada assessed damages in Semelhago v. Paramadevan, a dispute arising from a breach of contract for sale of land. The author analyzes the decision as it affects established real estate law and principles governing judicial remedies available in contracts. Before Semelhago, specific performance was normally granted as all land was presumed to have no substitute and therefore, damages were considered to be inadequate. As a result of the decision in Semelhago, the plaintiff, whether vendor or purchaser, is now required to adduce evidence that the specific property in question is unique. The plaintiff retains the right to request specific examine performance or damages and can make her election any time up until the date of the trial. The author discusses when the value of the property should be assessed and the deductions that should be included in the final judgment. He also outlines the confusion and uncertainty this judgment has created and how the plaintiff is overcompensated by using thisformula. A solution to this dilemma is presented.

Commercial Leasing in China

COMMERCIAL LEASING IN CHINA Patrick A. Randolph, Jr.t Jianbo Lout Chinese economic policy increasingly is given over to the concept of market operations to direct land investment and us- age. It therefore is critical that Chinese law provide a clear basis for the rights of participants in the real estate marketplace. This article will evaluate the Chinese law of commercial leasing as a basis for market development. Necessarily, the article also will provide a basic background of Chinese real estate law. The lease is a critical tool in the operation of a market econ- omy. Markets thrive when market participants are given flexibil- ity in pricing and subdividing assets. Leasing permits division of the benefits of ownership and control of property among a series of parties, thereby making the property not only more flexible in terms of possible uses, but also more attractive to capital. Through the use of leases, parties intending short-term use of real estate can meet their needs without extensive capital invest- ment. Investors who have a tentative long term interest in prop- erty can make a capital investment when opportunities arise, even if their long term uses have not yet become practical, and lease to short term users in the meantime. If owners of real property are permitted to subdivide their property by using leases, then multiple short term users can also make use of a given asset at the same time. As a consequence of this flexibility, capital investors are more likely to fund investments into real es- tate because the risk is not tied to an individual use for a limited time frame. Capital can be matched to real investment opportu- nities unhampered by a limited use framework. t Professor of Law, University of Missouri, Kansas City, School of Law. The authors acknowledge the significant support of their home institutions and the fol- lowing corporate sponsors: The Chicago Title Insurance Company, GE Capital, Amoco Corporation. The information and ideas expressed by the authors are their own, and do not necessarily reflect the positions of any sponsor. t Instructor, Law Department, Peking University, Beijing, China. Professor Lou currently is a Ph.D. Candidate at Queen Mary and Westfield College of the University of London, London, England.

Corporate Law Locator 1988; Estate Planning Law Locator 1988; Real Estate Law Locator, 1988. New York; London: R.R. Bowker, 1988. 3 vols. $39.95 each (paperbound).

Corporate Law Locator 1988; Estate Planning Law Locator 1988; Real Estate Law Locator, 1988. New York; London: R.R. Bowker, 1988. 3 vols. $39.95 each (paperbound).

Taxation of Immovables as an Aspect of Urban Policy

Journal Article Taxation of Immovables as an Aspect of Urban Policy Get access Curtis J. Berger Curtis J. Berger *Lawrence A. Wien Professor of Real Estate Law, Columbia University Search for other works by this author on: Oxford Academic Google Scholar The American Journal of Comparative Law, Volume 26, Issue suppl_1, Supplement 1978, Pages 451–470, https://doi.org/10.1093/ajcl/26.suppl1.451 Published: 01 December 1978

Drafting of Real Estate Instruments: The Problem from the Standpoint of the Realtors

Everyone who buys a piece of real estate or who has a piece of real estate for sale would eventually be affected by the outcome of suits which have been brought by local bar associations in the courts of a great many of the states. These suits seek to outlaw the ordinary business practice under which the real estate broker, who must be licensed by state authority in 30 of the states, draws up ordinary instruments of agreement that are an integral part of his work. These suits aim to prevent him from even filling out forms of agreement which after long study by the most able men in the business of real estate, after scrutiny by the most capable lawyers in the field of real estate law, and after wide tests in use have been adopted as standard. Brought on the ground that selecting and filling out such instruments constitutes unauthorized practice of law, the suits attempt to make it legally necessary to employ a lawyer to draw the papers involved each time at practically every step of every real estate transaction. Within the last five years such suits have been brought by the local bar associations in at least seven states. In at least six states bar associations

The Principles of Real Estate Law

The Principles of Real Estate Law

Concerning Certain Peculiarities in the Real Estate Laws and Proceedings of New York

Concerning Certain Peculiarities in the Real Estate Laws and Proceedings of New York