The Benefits of Depreciation for Real Estate Investors

Real estate investors frequently cite depreciation as one of the major benefits of owning investment real estate. However, if you’re unfamiliar with real estate investing or accounting, you may have questions such as “what is depreciation?” and “what are the benefits?” We hope that the below sections provide insight into depreciation...
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woman signing a contract

Force Majeure in Contracts

Force majeure is a legal term that many are familiar with, but few understand. In law, force majeure is often claimed as an excuse for breaching a contract following severe and unexpected events, such as a devastating hurricane. Due to the impacts of COVID-19, many businesses and investors...
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partnership agreement

Partnership Agreement Basics

Partnerships are a common business structure in the US because they do not require a formal agreement; rather, partnerships begin when two or more persons engage in a business enterprise for profit. Many partnerships start in this manner before drafting a clear partnership agreement to govern the enterprise. At PALUMBO LAW,...
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man signing insurance claim

Understanding Title Insurance

If you own real estate and have a mortgage, you have undoubtedly been exposed to title insurance. Even if you have never purchased real estate, you have likely heard of title insurance – whether seeing title insurance agencies or hearing “title insurance” in passing. Despite the ubiquity of title insurance, many...
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Reverse Mortgages

Reverse mortgages have gained and waned in popularity over the years. While you may not understand how reverse mortgages work, you may remember the many celebrities who have been featured in reverse mortgage commercials, including Tom Selleck, Henry Winkler (“The Fonz”), and Jerry Orbach from Law & Order. Reverse mortgages...
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What’s the Difference Between a Condo and a Co-op?

Condominiums and co-operatives (commonly referred to as condos and co-ops) are becoming an increasingly more important source of housing for Americans. Demographic trends are seeing more individuals favoring location and convenience over large homes or properties in less convenient areas. In order to meet this demand, the density of living must...
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Understanding the Difference Between Condos, Co-ops and HOAs in Rhode Island, Massachusetts and Connecticut

While condos and homeowners’ associations (“HOA”) are quite common, co-operatives are less common and often misunderstood. Many readers may be asking themselves how these three are different. While all three achieve similar goals of ensuring a quality living experience for residents and owners, the ownership structures and related peculiarities are tremendously...
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How to Work with Zoning Laws in Rhode Island, Massachusetts and Connecticut

In real estate, zoning laws are arguably the most important consideration for any owner seeking to alter or redevelop their property, or any would-be buyer. Want to construct a warehouse for your business? You’ll need to check the zoning regulations. Want to build a new home on a vacant lot? You’ll...
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Understanding Property Insurance in Rhode Island, Massachusetts and Connecticut

In autumn, tourists from across the world flock to New England to witness the breathtaking foliage –  red, orange, yellow and green leaves set fire to the forest and create one of the most spectacular sightseeing opportunities. This period transitions from the warm and enticing summer to a much harsher and colder...
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