The World in Brief (October 1st Edition)

The World in Brief This e-newsletter is provided courtesy of Reed CNY Business Law, P.C.

Real Estate: Investment on U.S. Real Property Industry

Even though the global economy has not recovered from COVID-19, U.S. housing is a hot seller’s market. Record-low mortgage rates and a shortage of inventory have kept the housing market strong. Conversely, the commercial real estate market in the U.S., particularly the office leasing segment, has suffered under COVID. Investing in both the U.S. housing market and the commercial real estate market is challenging, but lucrative for global businessmen. In order to invest in real property in the U.S., you must understand some basic U.S. real estate requirements, particularly if you are using bank financing to complete the deal: You should obtain a pre-qualification letter from the lender, and then present an offer letter to the seller (or most likely, the seller’s agent).


The price, representations as to the condition of the property and closing date are then negotiated. Once buyer and seller sign the purchase contract, buyer confirms the availability of the loan by obtaining a commitment letter from the lender. Once buyer completes every condition of the commitment letter, and seller has met its obligations under the purchase agreement, the bank’s attorneys set up a closing schedule. At the closing, the seller gives title (that is, a ‘deed’) and keys to buyer, the bank gives money to the seller, and the buyer gives a mortgage to the bank. The details of the deal may require additional documents (guarantees, escrow agreements, warranties by seller that survive closing, etc.). Reed Business Law successfully consummates real property transactions with clients, whether selling or buying, and whether commercial or residential. Please reach out to us if you think we may assist.

Related news: https://www.noradarealestate.com/blog/housing-market-predictions/


글로벌경제는 아직 회복될 조짐이 보이지않지만, 미국부동산시장은 활황을 띄고있습니다. 저담보대출금리와 부동산 공급의 저하로 주택시장은 매력적인 투자처가 되고있습니다. 반면에, 상업용 부동산시장은 사무실임대수요가 저조한 이유로 힘든상황입니다. 미국부동산시장에 투자하려고 하는 글로벌 투자자들은 은행융자를 이용하여 부동산을 구매하려고 할때 다음과 같은 점들을 유의해야합니다. 우선 융자를 받으려고 하는 은행에 융자가능확인서를 발급받아야합니다. 그후에 구매자는 부동산소유주에게 가격과 계약마감일등이 작성된 계약서를 보내게 됩니다. 양 당사자가 계약서에 합의하고 서명을 하면 구매자는 서명된 계약서를 은행에 전달하여 대출확약서를 받아야 합니다. 구매자가 대출확약서의 요구사항들을 모두 완료하게 되면, 계약마감일을 확인하고 부동산거래는 완료되게 됩니다. 저희 로펌은 상업용, 주거용 부동산의 거래를 구매자, 판매자의 모든 편에서 도와드리고 있습니다.

Security: Blue Sky Laws

U.S. Security and Exchange Commission protects investors in securities markets. SEC holds primary responsibility for federal securities laws, proposing securities rules, and regulating the securities industry. At state level, “blue sky” laws often replace SEC’s duties. The name derives from the statutes’ intentions to protect investors from “speculative schemes which have no more basis than so many feet of blue sky.” Hall v. Geiger-Jones Co., U.S. Supreme Court (1917). Blue sky laws are anti-fraud regulations and require issuers of securities to be registered (or to be determined lawfully exempt from registration) and to disclose details of their offerings, allowing authorities and investors to bring actions against issuers for failing to live up to laws’ provisions.

Related news: https://www.sec.gov/fast-answers/answers-blueskyhtm.html


미국 증권거래위원회는 주식시장의 투자자들을 보호하기 위해 연방법안들을 공표하여 여러 제도들을 마련하고 있습니다. 미국의 각 주들도 역시 해당주의 투자자들을 보호하기 위해 조치를 취하고 있습니다. 이러한 주 법률, 제도등을 “블루스카이” 법 (청공법)이라고 칭하고 있는데, 이 명칭은 홀 vs 가이거-존스 회사 판례에서 유래한 것입니다. 당시 맥커너 판사는 투자자들을 보호하기 위해, “보기에는 그럴듯해보이지만 실체적으론 공허한 하늘같은 엉터리주식들”이라고 말한것에서 유래되었습니다. 블루스카이법은 부정증권판매금지법으로써, 주식발행인들이 주식거래시, 적법하게 등록하거나 또는 적법하게 등록면제를 할수있게 하는 제도입니다.


Corporate Law: Dissolution of Entity

Compliance with laws and regulations is extremely important when starting your business and when closing the business; simply ceasing operations is not enough to protect a business’s officers, directors and investors from future liabilities. ‘Dissolution’ is the final step when a legal entity informs the Secretary of State and Tax Department that it no longer wishes to be a legal entity and is winding up all business affairs. The way to dissolve an entity differs state-to-state, and will vary depending upon whether the dissolution is voluntary or involuntary. When you want to dissolve your company voluntarily in New York, the first step involves passing a resolution and the final step involves filing official dissolution consent forms with the State. In between are many actions and notices which must be documented and performed in the correct sequence. Dissolution of an entity is a demanding process, so please consult your accountant or our firm BEFORE you do anything else. Related news: https://www.tax.ny.gov/bus/doingbus/tr125.htm#:~:text=Your%20filing%20must%20include%3A,New%20York%20 Department%20of%20State.


사업을 종료하는 일은 창업하는 일만큼이나 중요하고, 어떤 면으로는 좀더 복잡합니다. 단순히 영업을 종료하는 것만으로는 회사의 임직원, 소유주, 투자자들에게 미래의 채무를 짊어지게 할수 있습니다. 미국에서의 회사해산절차는 법인이 세금관리부처에 더이상 회사의 영업을 지속하지 않고 법인으로써의 권리, 의무를 포기하겠다고 정식으로 신청하는 것입니다. 주마다 다른 회사해산의 법률이 있지만, 뉴욕주에서는 회사내 이사회 및 주주총회의 의결후, 뉴욕주 세금관리부에 회사해산 동의서를 신청해서 증명서를 납부받아야합니다. 해산에 관한 절차는 여러단계로 진행되고 수많은 이해관계인의 동의가 필요한 것이므로, 반드시 서면으로 작성하고 변호사 또는 회계사에게 전문적인 컨설팅을 받아야합니다.



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