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"Watcher" who preys on young blood

I wonder how much the Judge will give the Buyers because of the "Watcher" who preys on young blood. PA Seller Disclosure law, Section 7303. Disclosure of material defects, requires that the "Seller disclose to the Buyer ANY MATERIAL defects with the property KNOW to the seller" which includes: "Legal issues affecting title or that would interfere with use and enjoyment of the property." § 7311. Failure to comply. If the Seller does not disclose then the Seller "shall be liable in the amount of actual damages suffered by the buyer" and Seller may be liable to PUNITIVE DAMAGES. Buyer must sue within 2 years of settlement. read more...

Transfer tax

Unfortunately, now based on 61 PA Code 91.193 (b)(12)(iii), the city, the district, and the state will receive their $10 million in transfer taxes even if the buyer only acquires 89% interest in the corporation where the main goal is to avoid transfer taxes. "In “89-11” transactions, a buyer acquires 89 percent of the interest in the firm at the time of the deal and the other 11 percent three years later. At the time, the transfer tax applied only if 90 percent or more of the interest was conveyed within three years." read more...

Fraud may occur

Fraud may occur: (1) where you know that you are making a false statement (written or oral), (2) where you are purposely concealing information to deceive, or (3) where you do not tell someone information that you are required to share. DeJoseph v. Zambelli, 139 A.2d 644, 647 (Pa. 1958). I wonder if the defense attorney will claim that the mistress received the lease as a gift rather than a business payment for engaging in a sexual activity. Really hope for the mistresses sake that the NYC real estate baron filed his IRS 709 form after giving his mistress the lease. read more...