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I am to receive a settlement from the town of Durham for a…

I am to receive a...
I am to receive a settlement from the town of Durham for a water tank that is on my property. The settlement calls for the town to pay me $550,000 for damages and then I will donate the land under the tower to the town, leaving me with 120 acres to sell or develop. The property is now in a single entity corporation which was done recently because of insurance issues ( I could not get insurance for the water tank liability). The land was originally owned by a limited partnership which has significant holdings. So the questions are - to whom should the "damages" be paid - me personally, the corporation or the partnership and who to best get the tax value of the donation (estimated at several million dollars)?
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Answered in 17 minutes by:
10/20/2017
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,166
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

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If the land is in the name of the corporation, the corporation should receive the payment. Once the deal is completed, the corporation would need to make any transfers of the property, since they are the legal owner and would take the tax benefits of any such donation, again, because the land is in the name of the corporation. The money needs to go to the owner of the property.

What is your actual question for us about the 20 year statute of limitations for mortgage contracts? You said you already had an attorney, did the matter go to court already and did the court issue a judgment? What is the situation?

Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,166
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
Law Educator, Esq. and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 8 months ago
Not sure you have the right person in regards ***** ***** year statue of limitations, etc.? Send me more data and I will respond

I do not know where the 20 year statute of limitations came from, it should not have appeared. I apologize for that typo.

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Customer reply replied 8 months ago
Why can't the money go to me as "damages" as I was the one having to put up with this - sort of a "pain and suffering" situation

Something went wrong with the site, that seems to have bled over from some other question, please disregard the 20 year limitation paragraph.

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The money goes to the owner of the property, so because your name is ***** ***** as owner of the property it needs to go to the owner. Then you can deal with getting your money from the corporation.

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Law Educator, Esq.
Law Educator, Esq.
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Category: Real Estate Law
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Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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