One of the most familiar terms in real estate in connection with the purchase of real property is due diligence. “Due diligence” means conducting an appropriate investigation into the legal rights and encumbrances, physical structure, and financial operations of the real property to be acquired by the purchaser. The object is to find out all about the property by relying on all sources of information. What amount of diligence is “due” depends upon the circumstances, including the risks created by the prior use of the property, the monetary value of the transaction, and the available budget. Ultimately, the process should provide the acquirer with a reasonable level of confidence that they are aware of all material items affecting the property including those matters not disclosed to the buyer. For instance, the seller may not be aware of certain zoning rights and easements if the seller operated the property with no intention to redevelop the property, but the buyer intends on demolishing the existing facility to construct a larger complex.
Perhaps you submitted an application for recognition of tax exemption to the IRS months ago and wonder why it’s taking so long for the agency to process and send a determination letter. Tax-exempt organizations are currently experiencing significant delays after submission of their applications to the IRS. This article explores the reasons for the delay and offers suggestions to those who have submitted, or plan to submit, an application for exemption.
New orders in July 2013 increased 13 percent over orders in July 2012, according to our latest survey of residential furniture manufacturers and distributors. New orders were 2 percent lower than June 2013 but that is pretty normal for the July to June comparison. Approximately 76 percent of the participants reported increased orders in July over July comparisons. This was up from 64 percent last month.