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|Rhema, LLC v. Foresite, LLC|
S. Joseph Cardile; Thomas, Thomas & Hafer LLP;
January 7, 2016, previously published on December 2015On June 27, 2011, Rhema acquired, in fee simple, 7823 Parston Drive in Prince George’s County, Maryland. Ten days earlier, John Foretia filed Articles of Organization for Ambondem, LLC. Mr. Moretia was the organizer, sole member, and resident agent of both Rhema and Ambondem. On May 10, 2013,...
|Sixth Circuit Analyzes When a Communication is a “Communication” that Violates the Fair Debt Collection Practices Act|
Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
January 7, 2016, previously published on December 16, 2015There’s a fine line between a lawful and an unlawful communication by a debt collector under the Fair Debt Collection Practices Act (“FDCPA”). In a recent opinion, the U.S. Court of Appeals for the Sixth Circuit upheld a lower court ruling that a debt collector, Van Ru Credit...
|Jail Time for Residential Landlords?|
Alexander Dobrev, Hanna Edeback; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
January 5, 2016, previously published on December 18, 2015Apparently residential landlords could face jail time if two companion bills introduced in the Florida House and Senate become law during the upcoming legislative session.
|Considering Renting Your Home as a Vacation Property? Understand the Risks|
Claire Immega, Mark C. Stacey; Singleton Urquhart LLP;
January 5, 2016, previously published on December 15, 2015Web-based home-sharing rental programs like Airbnb.com, HomeAway.ca and VRBO.com are changing the way people take vacations around the world. At the same time, property owners and longer-term tenants gain income opportunities simply by leaving their home for a weekend. In popular tourist locations,...
|Protecting Your Association’s Name|
Daniel R. Gropper; Rees Broome, PC;
January 4, 2016, previously published on December 2015Every community association’s (CA) goodwill is tightly bound to their name. Sometimes others use the CA’s name without the association’s permission. This can range from real estate agents seeking to benefit from the association’s goodwill by creating an unauthorized, implied...
|The Importance of Separate Bank Accounts in Parent-Sub LLC Structures|
Chad J. Richman; McDonald Hopkins LLC;
December 29, 2015, previously published on December 17, 2015Most sophisticated real estate businesses have a separate limited liability company (“LLC”) title holder for each property in their portfolio. One of the primary drivers for this is the desire to “contain” property level obligations and liabilities to the respective LLC...
|New Partnership Tax Audit Rules Will Impact Private Investment Fund Vehicles|
Peter J. Elias, Olga A. Loy, Teresa A. Maloney, Babak Emil Nikravesh, Patrick B. O'Brien; Jones Day;
December 16, 2015, previously published on November 30, 2015On November 2, 2015, President Barack Obama signed into law the Bipartisan Budget Act of 2015 (the “BBA”). The BBA includes new rules (the “New Audit Rules”) which significantly change many aspects of existing U.S. federal tax law relating to tax audits of entities treated...
|Buying a House? Here’s a Look at Recent Mortgage Disclosure Changes|
Suisman Shapiro Attorneys-at-Law;
December 11, 2015, previously published on December 10, 2015If you are in the market to buy a new home and need to obtain mortgage financing you need to know that as of October 3, 2015 significant changes to the closing process took effect due to the implementation of the Consumer Financial Protection Bureau's (CFPB) rules for Integrated Mortgage Disclosure...
|Illinois Condominium Property Act Imposes Additional Step on Foreclosure Sale Purchasers|
Casey Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
December 11, 2015, previously published on December 9, 2015Earlier this year, the Illinois Appellate Court held that a lender who bid at a foreclosure sale was liable for over $70,000.00 in condominium assessments even though more than $40,000.00 of the total amount due the condominium association was accrued before the lender took title or possession of...
|What Flavor is Your Loan Guaranty?|
John T. Metzger; McDonald Hopkins LLC;
December 8, 2015, previously published on December 3, 2015Like ice cream flavors, personal loan guaranties come in an ever increasing array of different types. Seemingly gone are the days of the vanilla, full recourse variety.