Archive for the "Real Estate" Category
Records Retention: Which Documents Should You Keep and Which Should You Trash?
Posted on May 15, 2018 by
TURNER PADGET LITIGATION TEAM
Keeping documents has never been easier or cheaper. Cloud storage has opened up nearly infinite room to save digital files and data indefinitely. However, just because you can save documents conveniently doesn’t mean it’s always a good idea. While storage is relatively inexpensive, the risks related to retaining unneeded records can be costly.
If your business documents have been stacking up in the absence of a formal retention plan, it’s time for a spring cleaning. Don’t have a retention plan? All businesses should have one.
A Bad Mistake, In Deed: Avoid this Common Divorce Pitfall
Posted on May 02, 2018 by
Jennifer T. Kerr
Divorces are obviously delicate and emotionally fraught situations, and most people getting one want nothing more than to turn the page quickly and move on with their life. But sometimes the wish for closure causes those involved to overlook key details, such as the steps necessary to make sure that property gets transferred as intended. A frustrating, time-consuming and costly experience awaits those who don’t nail things down at the time of the divorce.
Because many divorces involve some kind of real estate, it is important to remember several key concepts.
Solar Tax Credits & Other Incentives Heat Up Energy-Efficient Demand in South Carolina Construction
Posted on Aug 08, 2017 by
R. Taylor Speer,
Thomas M. Kennaday
With an abundance of sunshine in South Carolina (August’s total solar eclipse notwithstanding), developers and builders are jumping on ways to take advantage of the sun’s rays to provide energy-efficient construction.
Solar panels provide cheap energy, but a major obstacle to mainstream use is the upfront installation cost. The most common residential solar installation – a 5-kilowatt system – costs about $20,000 to install in South Carolina, but generates only about $500 to $1,000 in annual energy savings.
Federal and state tax credits are the most significant tool to offset initial costs, along with rebates and other incentives from private utilities in South Carolina. A lucrative rebate for Duke Energy customers was exhausted at the end of January after falling victim to its own popularity. The utility offered a $5,000 annual rebate for the average household by paying $1 per watt of energy generated from solar panels. Another program for South Carolina Electric & Gas customers offered performance payments of up to 4 cents for every kilowatt hour of electricity generated from solar panels. It expired at the end of 2016.
Still, South Carolina users enjoy some of the best tax credits in the country and may be able to take advantage of new legislation pending in the House.
Eminent Domain in South Carolina: What Happens When the Government Wants Your Land?
Posted on Jul 24, 2017 by
Jeffrey L. Payne
South Carolina property owners and businesses have taken notice of recent actions across the state where the government is using eminent domain authority to clear the way for roads, infrastructure and other public uses.
Although a state constitutional amendment in 2006 prohibited the use of eminent domain for economic development, eminent domain is on the table for other uses and has been viewed as a bargaining tool for municipalities to accelerate the sale of coveted land.
Negotiations to acquire property for a library and museum in Myrtle Beach are continuing after the city council in February allowed the city manager to use eminent domain, if necessary, to force the sale of two downtown parcels.
In April, the Charleston City Council authorized the use of eminent domain to acquire the site of a former supermarket for a new intersection and park. One month later, the city reached an agreement with the developer to purchase the 2-1/2-acre site for $3 million.
And plans for Interstate 73, which aims to connect Myrtle Beach to North Carolina and up to Michigan, could involve more right-of-way acquisitions across South Carolina.
If Your Business Loan is in Trouble, You Can Prevent a Bad Situation from Getting Worse
Posted on Jun 06, 2017 by
Harriet P. Wallace
A business owner with visions of growth doesn’t borrow money thinking he or she won’t be able to pay it back. Sometimes, though, dreams don’t go according to plan.
When loan payments are late or missed or stop altogether, a loan will go into default, meaning the borrower hasn’t met his or her obligations when it comes to the agreement to repay. As difficult as that may be for a business to face, the situation won’t just go away by ignoring it.
Most business loans involve real estate, but they may also be secured with equipment or inventory as collateral. Defaulting on a loan places those assets at risk of foreclosure or liquidation.
When Entering into a Commercial Lease, Understand Your Obligations
Posted on Jan 23, 2017 by
Ian D. McVey
Entering into a commercial lease is a significant responsibility for both the landlord and tenant. Before a commercial lease is finalized, it is critical that both sides perform due diligence on the lease provisions and protections.
In City Electric Supply v. Johnny Murray – a lease dispute between an electric company and a family-run boat repair shop in North Charleston – the Court of Common Pleas granted the plaintiff’s motion for summary judgment and ordered the tenant to be evicted from the property. The case featured several legal missteps by the defendant that can serve to inform parties who are entering into commercial leases.
Not On My Land? Clarifying the Elements For a Prescriptive Easement
Posted on Dec 20, 2016 by
Kristen N. Nichols
Imagine finding that a neighbor, or a company, or even the public has acquired the right to use part of your property without compensating you. A recent ruling in South Carolina sets new case law and provides important guidance for issuers of title insurance, parties impacted by property litigation and anyone who may be seeking advice about the validity of an easement, which is a right to cross or use someone else's land for a specified purpose.
In Simmons v. Berkeley Electric – a property dispute over whether utility companies had the right to use a individual's land for water and power lines – the South Carolina Supreme Court held that the Court of Appeals erred in recognizing two methods, adverse use and claim of right, of proving the third element of a prescriptive easement. (A prescriptive easement is earned by regular use; it is not something that is purchased, negotiated or granted, and the user does not gain title to the land.)
This ruling concluded that when analyzing the third element of a prescriptive easement, South Carolina courts should apply a new test for adverse use, which is the practice of using property without the authorization of the owner.
Your Right to be Free of Your Neighbor’s Water
Posted on Jan 27, 2016 by
TURNER PADGET LITIGATION TEAM
Almost any change that people make to the natural landscape can alter the flow of surface water, and that often creates problems that grow into legal disputes. It’s an area where property rights, nature and engineering intersect in unpredictable ways.
A new subdivision, parking lot, expansion of a building or even change in the use of rural land can result in water washing out a neighbor’s lawn, flooding homes, attracting mosquitos in standing pools, depositing silt on a golf course, polluting a backyard pond or rendering crop land less profitable. While we typically see these problems emerge in urban developments, disputes can arise anywhere water flows.
Be Careful What You Sign: Red Flags in Commercial Contracts
Posted on May 19, 2015 by
C. Pierce Campbell
When businesses sign a contract, they’re usually focused on the opportunity it represents – a new customer, a better supplier or a partnership that expands their reach. Unfortunately, when we, as lawyers, see some of these same contracts, it’s after the air has gone out of such expectations and a deal has soured.
While our best advice is to have every contract reviewed by your attorney, we realize that most businesses aren’t going to do that for every agreement. If there is a lot of money – or risk – involved, consider asking your attorney to review a contract – a process that usually isn’t time consuming for legal counsel familiar with your business.
However, in those cases where you choose not to make a call to your attorney, here are some things to watch for based on our experience.
How to Pick a Lawyer
Posted on Apr 29, 2015 by
Jeffrey L. Payne
Just as we all need a family doctor who we can rely on, every small business eventually finds that it needs a relationship with a lawyer. As with the family doctor, many small business owners find it beneficial to develop rapport with one lawyer as a point of contact. While the relationship attorney may sometimes direct the client to someone with specific experience, it’s reassuring to begin the conversation with someone who understands your business and industry – and remembers the names of your kids.
I frequently go shopping for other lawyers myself, so I have some experience in this area. In my case, I’m usually looking for a lawyer or firm in another state who can handle a matter for a client. Even as a lawyer, it’s not always easy to judge if another is going to be a good fit, so I understand how business owners may find it difficult to pick an attorney. Here’s my test for picking a lawyer.
Eminent Domain in South Carolina: Don’t Sell until the Price is Right
Posted on Apr 16, 2015 by
Jeffrey L. Payne
Property owners in South Carolina no longer have to fear that their land will be taken from them for an economic development project. Voters put the brakes on what they saw as the abuse of eminent domain in 2006 with a constitutional amendment that forbids the use of eminent domain for economic development.
Nonetheless, eminent domain is alive and well for other purposes in South Carolina, and here’s what you need to know.
Don’t Automatically Include Arbitration Clauses in Commercial Contracts
Posted on Feb 25, 2015 by
C. Pierce Campbell
For years, mandatory arbitration clauses have been almost automatically included in many commercial contracts, because they’ve been regarded as cost-effective detours for matters that might otherwise work their way through the courts. Over the last few years, we’ve adopted a more critical view of arbitration, and now regard it as a good strategy for some clients, but not for others.
Don’t Misunderstand the Memorandum of Understanding
Posted on Jan 20, 2015 by
Lanneau Wm. Lambert, Jr.
Can a city change its mind about development partners after signing a memorandum of understanding (MOU)?
That question bounced around in South Carolina courts for a decade, and the state Supreme Court issued the final answer last summer. A city – or any party – may back out of an “understanding” that doesn’t include a definitive agreement.
Unloading Beasts of Burden: SC’s New Expedited Foreclosure Law
Posted on Aug 26, 2014 by
TURNER PADGET LITIGATION TEAM
South Carolina’s real estate market is not yet out of the woods from recession woes. According to a June 2013 RealtyTrac nationwide study, South Carolina ranks ninth in the nation for the number of abandoned properties in foreclosure. South Carolina’s ranking is ahead of its neighboring states, Georgia and North Carolina, despite having half as many housing units as these states.