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|Community Associations: Amendments to Chapters 718 & 720, Florida Statutes|
Jonathan J. Ellis, Thomas F. McDonnell, Clinton S. Morrell, Kathleen G. Reres, Kaitlyn B. Statile; Shumaker, Loop & Kendrick, LLP;
July 14, 2015, previously published on July 8, 2015On July 1, 2015, recent amendments to Chapters 718 and 720, Florida Statutes went into effect which will impact all condominium and homeowners’ associations in the state of Florida.
|Cybersecurity Assessment Tool for Financial Institutions|
Scott A. Chernich, Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
July 14, 2015, previously published on July 8, 2015On June 30, 2015, the Federal Financial Institutions Examination Council released a Cybersecurity Assessment Tool to help institutions identify their risks and assess their cybersecurity preparedness. The overall goal of the Assessment Tool is to provide institutions with a repeatable and...
|Understanding Tenancy: The Different Ways to Co-Own Property|
Dana B. Perry; Chambliss, Bahner & Stophel, P.C.;
July 13, 2015, previously published on July 2015When two or more individuals own property -- whether it's a condominium, a home, or a piece of land -- the relationship between the owners is very important. The form of ownership of the property affects how property is transfered to someone else. It is important to make sure you have the right...
|Vacation Homes and Taxation|
Pessin Katz Law P.A.;
July 10, 2015, previously published on July 2, 2015Summer is in full swing and PK Law thought it an appropriate time to discuss the tax implications of owning a vacation home. The general benefits of such ownership are obvious: a cheaper family vacation over the short term; appreciation in value of the home; and securing rental income.
|A §1031 Exchange Does Not Occur Under "Duress"|
Elliott B. Pollack; Pullman & Comley, LLC;
July 10, 2015, previously published on Summer 2015After purchasing a small commercial building in Old Greenwich in 2007, the property owner challenged the Town of Greenwich’s revaluation market value of almost $2.7 million as of October 1, 2010.
|New Concerns for Vertically-Integrated Real Estate Fund Sponsors|
Sutherland Asbill Brennan LLP;
July 9, 2015, previously published on July 8, 2015In the past, the real estate fund industry has rarely been in the SEC’s crosshairs, absent exceptional circumstances. Now, however, one set of real estate fund sponsors may have some cause for concern, albeit in a fairly narrow area.
|U.S. Supreme Court Upholds Disparate-Impact Claims in Fair Housing Act Cases|
Robert A. Spolzino; Wilson Elser Moskowitz Edelman & Dicker LLP;
July 8, 2015, previously published on July 2, 2015On June 25, 2015, in Texas Dep't of Housing and Community Affairs v. Inclusive Communities Project , the U.S. Supreme Court held that a plaintiff may establish a prima facie case under the Fair Housing Act (FHA) on the basis of statistical evidence that a governmental policy causes a disparate...
|The Consumer Financial Protection Bureau's cases against Sprint and Verizon for Mobile Cramming|
Brooks F. Bossong; Nexsen Pruet, LLC;
July 3, 2015, previously published on June 23, 2015Today we’re taking a look at the Consumer Financial Protection Bureau’s cases against Sprint Corporation (“Sprint”) and Cellco Partnership d/b/a Verizon Wireless (“Verizon”) for mobile cramming. For starters, what does “cramming” mean in the context...
|Because it's the Rules!|
David L. Allen; Jaburg Wilk;
July 2, 2015, previously published on June 11, 2015There are seemingly two types of people who live in houses or condominiums that are subject to rules and regulations, known as Codes, Covenants and Restrictions, or “CC&R’s.” There are those who live there because there are CC&R’s, and there are those who live there despite...
|The Mortgagor Has a Right to Possession of the Property During an Illinois Mortgage Foreclosure|
Casey Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
June 26, 2015, previously published on June 18, 2015In residential real estate foreclosure actions, the presumptive right to possession during foreclosure rests with the mortgagor of the real estate. Mellon Bank, N.A. v. Midwest Bank & Trust Co., 265 Ill.App. 3d 859, 638 N.E.2d 640, 202 Ill.Dec. 772 (1st. Dist. 1993). A mortgagee can overcome...