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HTMLNew Jersey Tax Sale Law Gives Purchaser of a Tax Sale Certificate a Tax Lien on the Underlying Property
Duane Morris LLP;
Legal Alert/Article
July 9, 2014, previously published on June 30, 2014
The 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...

 

Adobe PDFCommercial Property Assessment Disputes in Nassau County
Lamb Barnosky LLP;
Legal Alert/Article
July 9, 2014, previously published on June 30, 2014
We 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.

 

HTMLWe Like Like-Kind Exchanges
Nelson A. Toner; Bernstein Shur;
Legal Alert/Article
July 8, 2014, previously published on July 1, 2014
A 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...

 

HTMLAdmissibility 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.;
Legal Alert/Article
July 8, 2014
Pursuant 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.

 

HTMLNew Jersey Prepayment Law Does Not Apply to Individual Guarantors of a Commercial Loan
Duane Morris LLP;
Legal Alert/Article
July 8, 2014, previously published on June 27, 2014
The 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...

 

HTMLWhen Entering Into Litigation Affecting Real Property, Done Limit Your Options
Kohrman Jackson Krantz PLL;
Legal Alert/Article
July 7, 2014, previously published on June 30, 2014
A 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.

 

HTMLAgreements of Purchase and Sale and Leases: The Statute of Frauds and Part Performance
Christopher J. Kropka; Blaney McMurtry LLP;
Legal Alert/Article
July 7, 2014, previously published on June 24, 2014
There 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,...

 

HTMLBeware of UXO - They're Out There!
Shawn Wolfson; Blaney McMurtry LLP;
Legal Alert/Article
July 7, 2014, previously published on June 24, 2014
We 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...

 

HTMLThoughts On Mortgagee Title Insurance Policies
Douglas L. Waldorf; Rogers Towers, P.A.;
Legal Alert/Article
July 2, 2014, previously published on June 26, 2014
Banks 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...

 

HTMLIRS 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;
Legal Alert/Article
June 30, 2014, previously published on June 25, 2014
On 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...

 


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