An investor who does not wish to proceed with the construction of the building after the building permit has been issued, may lodge a request for annulment of the building permit and, in some cases, simultaneously demand the repayment of the public utilities charge.
If you are in the real estate industry, you have probably heard about Opportunity Zones (the “OZProgram”). If you haven’t, you should get up to speed (very!) quickly since these two unassuming sections of the Internal Revenue Code of 1986, as amended (the “Code”), which were added as part of 2017 Tax Reform, have cracked wide open a new investment structure that results in significant tax benefits to investors.
The current situation on the real estate market is rather intriguing and ambiguous. It is intriguing because we saw some developments in 2017 when new transactions did appear, including investment ones. Their number has increased as compared to 2016 and they turned out to be more large-scale and diversified. And it is not about residential property alone, but commercial property and infrastructure as well.