Janet (taxpayer) residing in Australia is named as the sole beneficiary of a property (1.85 hectares) with a large homestead as a result of the death of a relative on 7/10/2010. The property is not used for commercial purposes and at the date of death, the property was valued at $1.45million. Settlement took place on 21/12/2010. After moving into the homestead shortly after taking ownership, she planned to take a one-year trip which she had been planning for some time in late 2011. The taxpayer felt that the homestead was far too large for her (she is single),…
Court analysis of this transaction in light of these eleven factors lead to conclusion that Mrs. Hardman's transfer of the Hale Field property to Hardman, Inc. was a sale rather than a contribution to capital. Since the trial court erred in relying on a sole factor and neglecting to consider fully the several other factors, all of which point to the opposite conclusion. Therefore, the decision of the district court was reversed and the case is remanded for a determination of the amount of excess taxes paid by the Hardmans and Hardman,…
(Cheeseman2013) In the case of Cunningham v. Hastings, Mr. Hastings and Mrs. Cunningham, was an unmarried couple, purchased a home together. Mr. Hastings put $45,000 down payment toward the home out of his pocket. When it came to how the deed established the deed stated Hastings Cunningham as joint tenants with the right of survivorship. The couple occupied the property jointly. When the relationship between the two ended, Mr. Hastings seized sole possession of the property. Mrs. Cunningham filed a complaint seeking partition of the real estate. Based on its determination that the property could not be split, the trial court ordered it to be sold. The trial court further ordered that $45,000 of the sale proceeds be paid to Mr. Hastings to reimburse…
The Plaintiff Wendling was originally awarded damages for the breach of an oral contract for the purchase and sale of cattle to the Defendants Puls and Watson by the Harvey District Court; which the Defendants turned around and later appealed. Both of the Defendants argued that the oral contract was unenforceable by law and the damages were also not calculated correctly.…
Facts: Angela Woodside, a resident of New York, inherited ten acres of land in Ohio. She decided to sell the property to Doyle Contactors, Inc. for the sum of five hundred thousand dollars ($500,000.00). Doyle Contractors entered into a contract with Angela Woodside for the purchase of the above property on June 1, 2007. As part of the contract, Ms. Woodside provided owner financing by accepting a $100,000 down payment from Doyle Contractors and agreeing to receive the remaining $400,000 in monthly installments over a ten (10) year period.…
Any real property, any beneficial interest in a land trust . . . held in tenancy by the entirety shall not be liable to be sold upon judgment entered on or after October 1, 1990 against only one of the tenants, except if the property was transferred into tenancy by the entirety with the sole intent to avoid the payment of debts existing at the time of the transfer beyond the transferor 's ability to pay those debts as they become due. (735 ILCS 5/12-112).…
Answer: No. A contract to convey real property did not exist between Heikkila and McLaughlin. David McLaughlin submitted written offers to purchase three of the parcels. If Heikkila had written and submitted the three parcels also stating the amount she was going to sell them at, then she would be in the wrong. But, in this circumstance, that wasn’t the case.…
(Tenn.Ct.App., 2008). In this case the following facts were argued: The dispute arose over a strip of land located on the northern side of Underwood Repair Service's property Lot 1 and the southern side of the Deans' property Lot 2. Underwood Repair Service asserted that it owned the disputed strip of land in fee simple, or, in the alternative, through adverse possession. The Deans filed a motion to dismiss both claims, and the trial court granted the motion to dismiss the adverse possession claim, finding…
This land was either received from the state or inherited, could not be bought or sold…
Creditor, ERIC MOORE does hereby file this motion to determine property of the estate and…
1. What objective evidence was there to support the defendants’ contention that they were just kidding when they agreed to sell the farm?…
The recording acts determine which party will prevail when a piece of property is given to at least two different parties. There are three types of jurisdictions under the recording act: notice jurisdiction, race jurisdiction, and race-notice jurisdiction. In a notice jurisdiction, the purchasers will prevail over an earlier purchaser if the current purchaser had no knowledge of the transfer and there was no record of the earlier purchaser’s deed. In a race jurisdiction the determination of which party will prevail is based solely on which party has their deed recorded first. In a race notice jurisdiction the subsequent purchaser will prevail over the earlier purchaser if the subsequent purchaser did not know, and their deed is recorded before the earlier purchaser’s deed.…
Jerome, the explanation of legal procedures that may be enforced that are associated with the tragedies that surround Martin are quite intriguing. Specifically, in regards to the coastal property, you suggested the utilization of inverse condemnation. As a matter of fact, this term extends further than the avenue I chose to defend the matter of Martin’s coastal property being condemned for the purposes of the community. Furthermore, eminent domain was the primary focus of the argument I presented of whether the coastal property was justifiably taken from the possession of Martin.…
In Rochefoucauld v Boustead (1897), Lindley LJ said ‘that the Statute of Frauds does not prevent the proof of a fraud; and that it is a fraud on the part of the person to whom the land is conveyed as a trustee, and who knows it was so conveyed, to deny the trust and claim the land himself’.…
Here the agreement between Pat and Dan falls outside of Common Law and within the boundaries of the Statue of Frauds. The most relevant of the types of contracts which fall within the Statue of Frauds, is an agreement for the sale of land and for an interest in land, or an agreement by a purchaser of real property to pay an indebtedness…