World of Real Estate Journal 81 (3/2012) - Table of Contents

INVESTMENTS

1) Renata Kozik, Edyta Plebankiewicz - Errors made in the specification of the essential term of the contract and contractors’ problems with price calculation

MARKET

2) Piotr Tomski – Identifying the relations between client and real estate agent in the real estate market

HOUSING

3) Marlena Jankowska, Mirosław Pawełczyk – Legal framework of investment activities of Social Housing Associations
4) Mateusz Całusiński - Compulsory sale of flat

REAL ESTATE MANAGMENT

5) Maciej W. Wierzchowski – Preparation of financial consequences forecast of implementing local development plan

FINANCES

6) Krzysztof Drachal - Analysis of capital structure of real estate companies

LAW

7) Piotr Musiał, Ryszard Frączek – Perspective of perpetual usufruct law in Poland
8) Mateusz Gonet – Timeshare regulations according to act from 16th September 2011

PROBLEMS OF URBAN DEVELOPMENT

9) Mariusz Chudak - Cemeteries as a specific type of real estate in a city (on the basis of Leszno)

CHANGES IN REAL ESTATE LAW

10) Maciej J. Nowak - The onversion of the right of perpetual usfructinto the right of ownership DOWNLAND

CONFERENCES 

11) Katarzyna Kania - 28th Conference of the  American Real Estate Society (Floryda, 17th -21nd April 2012) DOWNLAND
12) Agnieszka Małkowska - 20th Conference of the Scientific Society of Real Estate (Toruń, 28th -30th May 2012) DOWNLAND
13) Agnieszka Telega - The finale of 9th contest of "Local Authority" for the best PhD, MA and BA theses concerning local authority and decentralization issues DOWNLAND


SUMMARIES

Renata Kozik, Edyta Plebankiewicz - Errors made in the terms of reference specification of contract and contractors’ problems with price calculation

Proper preparation of the tender bid meeting the awarding entity requirements determinates the possibility of winning the contract. On many occasions contractors have problems with the interpretation of the awarding entity requirements and price calculation because relevant provisions are described in the specification of the contract’s terms of reference in an imprecise way. In the paper attention will be focused on two issues essential to calculating the price: “description of the object of contract” and “description of the price calculation method”. The paper presents the most common errors made in the specification of the terms of reference of contracts related to described issues. Several examples of such errors are also shown in the paper.

Piotr Tomski - Identifying the client-real estate agent relations in the real estate market

The paper presents an analysis of the perception of characteristics and attitudes of a real estate agent from the practical point of view, derived from the experiences of clients. The paper relates these features to the model image of a real estate agent. The analysis was conducted in the context of building business liaisons since the attributes of a real estate agent constitute an important basis forming specific conditions for creating ties in the real estate agent-client relationship.

Marlena Jankowska, Mirosław Pawełczyk - Legal framework of investment activities of Public Housing Associations

Establishing a subsidiary company by a Housing Association in order to implement its hitherto investment activity of housing development constitutes a legally allowed form of gradual acquiring of residential unit ownership by the tenants. This form seems to be the one that one’s attention should be paid to as the manifold advantages resulting from choosing this form of activity should be taken into consideration as well as it allows to advert the consequences resulting from many ambiguities of legal and economical nature on the ground on the legal act regulating the activity of Housing Associations. Nevertheless, it shall be noted that establishing a subsidiary company and conducting activity with the use of such form is subject to provision of other legal acts being the object of the analysis presented in this paper.

Mateusz Całusiński - Compulsory sale of flat

The main issue of this article is to describe legal institution of compulsory sale of flat under provisions of Flat Ownership Act. According to Art. 16 of this legal act, a housing association has the right to force undue owner to sell his/her flat under a court judgment. The housing association is created by all subjects who own residential units in a block of flats. Before the introduction of this act, owners’ rights were not sufficiently protected by law because of their helplessness towards undue subject who would obstruct the use of property by other tenants.

Maciej W. Wierzchowski - Preparation of financial consequences forecast of implementing local development plan

The substantive preparation of financial consequences of forecast of implementing local development plan is an essential tool applied for a widely undestood management of planning area at the municipality level. Based on available literature and experience gained in the forecasting of business ventures, a draft novel method in this field is presented in the article. Efficiency research is conducted on an ex-ante basis – which allows the anticipation – at a given time: the anticipated effects, possible to achieve with the involvement of certain expenses (investment and costs). The changes of the value of money over time is essential to assess the efficiency of resource allocation. According to the provisions of Art. 11 of the Minister of Infrastructures’ Regulation dated the 26th August 2003 on the required scope of the project of the local development plan (Journal of Laws of 2003 No. 164, Item 1587), the forecast should include:
     • estimation of the impact of the local development plan for the municipality own revenues,
    • estimation of the impact of the local development plan for the expenditure incurred by the municipality, as well as
   • conclusions and recommendations regarding the adoption of the proposed solutions to the local plan project, resulting from taking into account the financial consequences of its adoption.
In our case, the efficiency of the financial plan is identified by:
    • estimation for the same moment in time – the adoption of the plan – of expected outcomes described in relation to the financial means involved in the plan realization;
     • allowing periodic evaluation of the project in financial terms to be conducted in the future;
   • allowing a final evaluation of complying of adopted assumptions and projected financial results in the implementation plan.

Krzysztof Drachal - An analysis of capital structure of real estate companies

The most common capital structure theories were presented in the paper. Next, it was examined for selected companies whether profitability is correlated with debt and equity ratio. The first analyzed group was composed of real estate companies. The second group was composed of companies listed on WIG 20 index. It was concluded that high profitability is connected with low debt. Moreover, on average, real estate companies have a higher share of equity in total liabilities than an average market company.

Piotr Musiał, Ryszard Frączek - A perspective of perpetual usufruct law in Poland

Along with introduction to the Polish law the Act - the Civil Code  - there appeared, as far as the property law is concerned, a new possibility of estate possession called a perpetual lease. Although contemporary thought of legislator runs away from present awareness of civil law in this range, perpetual leases are still a functional method of land use that are the property of the State Treasury or local government units. The authors try to show not only the currently existing opportunities to exercise the right of perpetual use in trade, but also suggest legal alternatives, in the event of liquidation of such property right in the system of Polish civil law.

Mariusz Chudak - Cemeteries as a unique type of real estate within a city (example of Leszno)

The article presents the main principles of location of cemeteries on the basis of the legal regulations currently in force as well as the urban planning practices. Simultaneously, the article includes a sample evaluation of locating cemeteries in the functional and spatial structure of the selected town (Leszno) analysing the ecophysiographical conditions, communication links and the character of the the surrounding development. As a conclusion, the paper presents a statement that in the case of the researched real estate type it is not possible to meet all legislative requirements while satisfying to a higher extent the social needs with regard to the availability, functioning and aesthetics of cemeteries would bring about significant financial and organisational expenditures on the part of the local self-government and the parish community.

Michał Gonet - Timeshare regulations according to the 16th September 2011 act

“Timesharing” is a notion defining how to use premises, mostly residential, for tourist purposes. Timeshare contract results in the acquisition of the right to use the property during certain time each year and for a specified number of years. The purpose of this article has become to discuss the most important institutions, mainly intended protect the consumer, introduced by a new statutory law, i. e. the 16th  September 2011 Act about timeshare which will come into force on 27th April 2012, and which is the implementation of the European Parliament and the Council Directive 2008/122 / EC dated 14th January 2009.

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