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|New Jersey Tax Sale Law Gives Purchaser of a Tax Sale Certificate a Tax Lien on the Underlying Property|
Duane Morris LLP;
July 9, 2014, previously published on June 30, 2014The New Jersey Supreme Court, in In re: Princeton Office Park, L.P. v. Plymouth Park Tax Services, LLC, determined that under the Tax Sale Law, N.J.S.A. §§ 54:5-1 to -137, a purchaser of a tax sale certificate acquires a tax lien, not a lien securing the property owner's obligation to pay...
|Commercial Property Assessment Disputes in Nassau County|
Lamb Barnosky LLP;
July 9, 2014, previously published on June 30, 2014We are writing to inform you of legislation concerning commercial property assessment disputes in Nassau County that was recently passed by the New York State Legislature and sent to the Govemor for his consideration.
|We Like Like-Kind Exchanges|
Nelson A. Toner; Bernstein Shur;
July 8, 2014, previously published on July 1, 2014A real estate owner who holds a property for investment or business purposes, sells the real estate and recognizes a gain. She pays the taxes on the gain at both the federal and state level and uses the remaining proceeds from the sale to purchase new real estate that will also be used for...
|Admissibility of an Assessment of Effectiveness in Respect of a Bank’S Termination of a Loan Agreement Under Art. 5 of the Civil Code|
BSJP Brockhuis Jurczak Prusak Sp.k.;
July 8, 2014Pursuant to Art. 75 § 1 of Banking Law, in the event that a borrower fails to observe the terms of a loan or loses his/her creditworthiness, the bank may reduce the amount of the loan granted or give notice of termination of the loan agreement.
|New Jersey Prepayment Law Does Not Apply to Individual Guarantors of a Commercial Loan|
Duane Morris LLP;
July 8, 2014, previously published on June 27, 2014The New Jersey Superior Court, in Lopresti v. Wells Fargo Bank, N.A., determined that the New Jersey Prepayment Law, N.J.S.A. § 46:10B-1, does not apply to individual guarantors who had guaranteed a commercial loan. There, the lender made a commercial loan to a corporate borrower. The...
|When Entering Into Litigation Affecting Real Property, Done Limit Your Options|
Kohrman Jackson Krantz PLL;
July 7, 2014, previously published on June 30, 2014A case decided in July last year, 2115-2121 Ontario Bldg., L.L.C. v. Anter, 2013 Ohio 2995 (8th Dist. Ct. of App., Cuyahoga Cty.) illustrates perfectly the need to not limit your options when initiating litigation, and the need to remain consistent with the path you do elect to follow.
|Agreements of Purchase and Sale and Leases: The Statute of Frauds and Part Performance|
Christopher J. Kropka; Blaney McMurtry LLP;
July 7, 2014, previously published on June 24, 2014There is an old saying that an oral agreement is not worth the paper it is written on. After all, doesn’t the Statute of Frauds RSO 1990, c s.19 (the “Statute”) require that agreements in land, including leases and agreements of purchase and sale, have to be in writing. Recently,...
|Beware of UXO - They're Out There!|
Shawn Wolfson; Blaney McMurtry LLP;
July 7, 2014, previously published on June 24, 2014We recently acted for the owner/operator of a scrap yard, who decided to shut down its business after more than 50 years in operation and sell their property to a developer. As would be expected, the purchase agreement required the vendor to remove the scrap metal stored on the site prior to...
|Thoughts On Mortgagee Title Insurance Policies|
Douglas L. Waldorf; Rogers Towers, P.A.;
July 2, 2014, previously published on June 26, 2014Banks are, once again, making real estate secured loans in Florida. Those in the industry will undoubtedly be aware of the fact that most lenders require a mortgagee title insurance policy to insure their mortgage lien on the collateral real property. As a result of the real estate collapse of the...
|IRS Issues Favorable Private Letter Ruling to Data Center REIT|
Daniel R. McKeithen, R. Robinson Plowden, David A. Roby, William E. Sheumaker; Sutherland Asbill & Brennan LLP;
June 30, 2014, previously published on June 25, 2014On June 6, 2014, the Internal Revenue Service (IRS) released Private Letter Ruling 201423011 (the PLR), confirming that income from certain data center services can constitute “rents from real property” for purposes of the real estate investment trust (REIT) rules. Although the PLR is...