Real Estate

There are several basic types of real estate transactions that usually result in complex negotiations, contracts, or other requirements.  Timeshares, 1031 exchanges and commercial sales are just a few of what can be very complicated property conveyances. Our firm is experienced in structuring and negotiating sophisticated transactions that require in depth evaluation in numerous properties related disciplines.  Such transactions often involve:

1031 Exchanges

A 1031 Exchange, by definition, seems straightforward however in execution the transaction becomes complex. Simply stated, one qualified parcel of real property is sold and a second qualified parcel of real property is purchased within a specified period of time. The “exchange” is not considered a sale for tax purposes and the buyer is entitled to tax deferred gain treatment. These exchanges are outlined in detail by U.S. Code §1031.  In order to qualify for a 1031 exchange, several underlying conditions must be met:

  • the properties must be “like kind” and must be used for trade, investment or business purposes;
  • the funds of the exchange must go through a “qualified intermediary”;
  • all sale proceeds must be used to purchase the “like kind” property; and
  • the purchased property must be subject to equal or greater debt than the sold property.
  • If any of the funds are transferred through the agent or third person, the funds become taxable. Any unused monies

In addition to the requirements outlined above, two crucial timelines must be followed:

  • Identification Period: from the date of sale, the exchanging party has exactly 45 days to identify replacement, “like kind” properties; and
  • Exchange Period: from the transfer date of the sold property or the due date for person’s taxes for the taxable year of the exchange whichever is sooner, the exchanging party has exactly 180 days to receive the replacement property.

There are no extensions or exceptions to these time requirements even if the last day falls on a weekend or legal holiday. Additional requirements exist and unforeseen complications may arise. If you have any questions regarding a 1031 Exchange, please contact us.

Commercial Real Estate Transactions

Commercial sale and lease agreements are more complex than residential sale or lease agreements. For a discussion of commercial lease agreements, please see Leases and Sale Agreements – Commercial Leases. Many of the issues that arise in a commercial lease must also be addressed in a commercial sale agreement. Additional issues include, but are not limited to:

  • Estoppel agreements;
  • Confirmation of existing leases, habitability issues and accounting of deposits, etc.;
  • Accountings for business income, expenses, liabilities, taxes, etc.;
  • Inspections, repairs and set-offs; and
  • Assumption of existing maintenance agreements, etc.

Additional issues may arise depending on the type of commercial property sold and it is important to consult with an attorney and financial professional to assess and address all legal, tax and financial concerns.

Timeshare Ownership & Conveyances

Castle Venture Group (CVG) is a leading advisor in complex property transactions, including timeshare and other exotic rights to use conveyances.  Our staff of professionals has helped countless property and timeshare owners favorably resolve what are often fraudulent conveyances or sales contracts.  Our team includes seasoned lawyers, accountants, and real estate professionals, experienced in fixing even the most egregious situations on behalf of our clients.

Many owners believe they were misled when induced to purchase their timeshare property interest, heavily relying on representations that were later found to be untrue.  The law requires all Timeshare Companies to deliver a detailed and truthful disclosure document detailing all material facts relevant to making your purchase decision. The law also protects timeshare consumers from misleading and deceptive trade (sales) practices.  Finally, state and federal law provides numerous legal and equitable sanctions and remedies when such statutes are violated.  If you felt misled during the sales process, it is very important that you understand all of your legal rights and options, and that you exercise those rights in a timely fashion.

Our mission is to help timeshare and other exotic vacation and retirement property owners achieve the goals they had set when they purchased the property or contract.  It’s never too late to realize your dreams by addressing any problems that may have arisen during or after the purchase of your timeshare.  Our experienced team of professionals creates custom-tailored solutions for our clients.  As your ally, we work tirelessly to correct, once and for all, what are often one-sided, financially debilitating timeshare contracts signed by un- or ill- informed clients by sales people all too willing to sacrifice veracity for a lucrative commission.

The process of fixing your problematic timeshare transaction begins with a comprehensive consultation at no cost to you.  We will be able to quickly analyze and assess your situation and advise you as to how we can be of service.  Irrespective of whether you’re inclined to sell, cancel, modify or continue your timeshare contract or property ownership, we can help you navigate the complicated waters of timeshare transactions to ensure that all of your goals, with respect to your vacation timeshare or retirement property, are fully and satisfactorily achieved.

For More Information regarding our timeshare related legal services, See Timeshare Services.

Services We Provide

Castle Venture Group, PC provides customized legal solutions to complex property transactions, including but not limited to: (1) Aggressive negotiations, (2) Preparation of customized sale agreements, addendum’s and other terms, (3) Consultations and communication among the parties, (4) Preparation of all other necessary legal and accounting documents; and (5) Industry and location research as necessary. If you have questions regarding a complex property transaction please contact us for a free consultation.