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Documents on Real Estate, Banking & Financial Services, Real Estate
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|Strata Property Act Amendment Offers Remedy for Deadlocks on Special Levies|
Jordanna Cytrynbaum; McCarthy Tétrault LLP;
December 20, 2013, previously published on December 19, 2013On December 12, 2013, amendments to section 173 of B.C.’s Strata Property Act, SBC 1998, c 43, came into force that allow strata corporations with majority support to apply to the BC Supreme Court to require strata owners to pay for certain repairs.
|Cities and Towns Are No Longer Just Gatekeepers|
Peter A. Buchsbaum, Robert S. Goldsmith; Greenbaum Rowe Smith Davis LLP;
December 19, 2013The cities are reviving. It may not matter whether the rejuvenation results from public policy, as outlined by Tom Hall, or from uncoordinated suburban resistance to more houses and cars, or from a change in the economic climate. The trend is nonetheless emerging, and it is affecting real estate...
|Home Inspector Liability: Home Owners Should Inspect Their Inspectors and Their Contracts|
Jennifer M. Horn, Matthew G. Tom; Cohen Seglias Pallas Greenhall & Furman PC;
December 19, 2013, previously published on December 13, 2013Owning a home can be an immensely rewarding experience, the keystone of the American Dream. Buying a home, however, can be an immensely complicated experience fraught with risks. Before taking the plunge into homeownership, it is important for a prospective home owner to engage a qualified home...
|City’s Charter Provision Requiring Voter Approval Before Constructing Wireless Antennae on City Land is Not Preempted|
Kronick Moskovitz Tiedemann Girard A Law Corporation;
December 19, 2013, previously published on December 18, 2013In 1990, the City of Huntington Beach (“City”) amended its charter by an initiative ("Measure C") which requires voter approval prior to the construction of any structure costing over $100,000 on any City-owned park or beach. After a failed attempt to erect a wireless...
|To SPDS or Not to SPDS: Is the Standard Disclosure Form in the Best Interest of Sellers?|
Renee Gerstman, Aaron Haar; Jaburg & Wilk, P.C.;
December 19, 2013It is a common misconception that a seller’s completion of the Arizona Association of Realtor’s Seller Property Disclosure Statement (“SPDS”) is required by law and will eliminate litigation regarding non-disclosure. The Arizona Association of Realtor’s form...
|Consolidated First Mortgage Retains Priority Over Lien For Common Charges|
Ganfer Shore LLP;
December 18, 2013, previously published on December 2013Condominium owners, boards, and lenders must often address issues concerning the priority of competing liens. For example, which has lien priority and is entitled to be paid off first - a mortgage on a condominium unit, or the Board of Managers’ statutory lien on the unit for unpaid common...
|Condo Sponsor Not Obligated to Sell Its Unsold Units Where Court Finds No Evidence That the Condo Was Not "Fully Viable"|
Ganfer Shore LLP;
December 18, 2013, previously published on December 2013In its 2002 decision in 511 West 232nd Owners Corp. v. Jennifer Realty Co., New York’s highest court, the Court of Appeals, held that under certain circumstances, the Sponsor of a cooperative or condominium offering plan may be deemed to have made an “implied promise in the offering...
|Reducing Legal Fees the Easy Way- (Give Them to the Other Party to Your Contract)|
Stephen D. Richman; Kohrman Jackson & Krantz PLL;
December 17, 2013, previously published on December 16, 2013On the short list of what people are most troubled by, legal fees often comes in third, after death and taxes. I can still hear my father (an “old world real estate entrepreneur”) telling me what he expected from his lawyers, upon my passing the Ohio Bar Exam.
|Sixth Circuit in Carter Refuses to Defer to HUD’s RESPA Guidelines|
Jennifer M. Keas, Michael D. Leffel, Jay N. Varon; Foley & Lardner LLP;
December 17, 2013, previously published on December 10, 2013In a decision two years in the making, on Wednesday, November 27, 2013, the Sixth Circuit Court of Appeals brought some clarity to the use of affiliated business arrangements (“ABAs”) under Real Estate Settlement Procedures Act (RESPA). In doing so, the Court dealt a serious blow to...
|Standing qua Mortgagee: Challenging The Assignment Of A Mortgage In Federal Court|
Gabriel Crafton; Rogers Towers, P.A.;
December 16, 2013, previously published on December 10, 2013Mortgages are big business. When mortgages are assigned, however, the mortgagor often is a non-party to the assignment. Thus, within certain jurisdictions, mortgagors have historically lacked the requisite standing to challenge the validity of the assignment.