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Innovative Development Opportunities Abound In Philadelphia Commercial Land Condominiums
Condominium development has been around since the 1960s and has ramped up in recent years. Within larger parcels where multiple structures or different uses are planned, developers in the greater Philadelphia area are increasingly turning toward a newer form of joint ownership of property to develop large projects: the horizontal, or land, condominium. While the appetite for building new vertical residential condominium buildings in Philadelphia has slowed since the onset of the pandemic, many commercial developers are now considering early on whether applying a land condominium regime makes sense for integrated development projects.
The basic condominium concept is that a person or a company owns their individual unit within the condominium, and together with their fee ownership of their individual unit, the owner has a proportionate undivided interest in the entirety of the common elements of the condominium. Collectively, all of the owners in the condominium own 100% of the common elements of the condominium. Think, for example, of a vertical residential condominium tower: a person owns their own unit within the building, and all of the owners together own the common parts of the building such as hallways, the elevator bays, and the reception areas on the ground floor. Instead of paying rent to a landlord, the owner of the unit pays their own mortgage and pays condominium fees to a unit owners association established for the maintenance of the common elements of the building.
Land condominiums work similarly to their vertical and residential condominium counterparts. However, instead of spreading the condominium up into the air with units stacked atop one another (as is typical of vertical condominiums), the land condominium tends to spread horizontally with units standing apart from each other. To the average onlooker, a land condominium may appear similar to an office park or a shopping center with various owners.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.