Real Estate: Updates

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  • CMBS Lenders, Servicers, and Top Trade Group Address Borrower Grievances Published on March 24, 2017 Legal update: archive

    Commercial Mortgage-Backed Securities (CMBS) lenders, servicers, and the Commercial Real Estate Finance Council are taking active steps to address common borrower complaints. In the wake of declining market concerns, they hope these changes, including reducing servicing fees and streamlining processes, improve the industry's market performance.

  • California Law Requiring Single-User Bathrooms to be "All-Gender" Now in Effect Published on March 23, 2017 Legal update: archive

    A California law requiring all single-user bathrooms in any business, public place, or government agency to be identified as "all-gender", or gender neutral, recently came into effect.

  • New Jersey Defines Triggering Event for Time of Application Statute Published on March 20, 2017 Legal update: archive

    The Appellate Division of the New Jersey Superior Court recently held that the time of application rule in the Municipal Land Use Law (''MLUL'') is not triggered until a developer's submission complies with the specific requirements in the municipal ordinance governing applications for development. The time of application rule, which allows review of land use applications to be governed by regulations in effect on the date of submission of the application, is not triggered by a developer's deficient submission.

  • Appellate Court Allows Lender's Successor-in-Interest to Recommence Abandoned Foreclosure Published on March 17, 2017 Legal update: archive

    A New York appellate court recently held that a mortgage lender's successor-in-interest could recommence an abandoned foreclosure within six months of the dismissal of the original action.

  • Massachusetts Housing Court Holds Foreclosed Owner Entitled to 90 Day Notice to Quit Published on March 10, 2017 Legal update: archive

    A recent decision from an eviction case before the Southeast Massachusetts Housing Court required a third-party purchaser to issue a 90 day notice to quit to a foreclosed owner. This decision goes against established Massachusetts law that after foreclosure, a former owner is not entitled to a notice to quit.

  • Colorado Supreme Court Clarifies Tolling Period For Indemnification Claims in Construction Defect Actions Published on March 09, 2017 Legal update: archive

    In a recent decision, the Colorado Supreme Court clarified that the 90-day tolling provision for indemnification claims resulting from construction defect actions tolls both the statute of limitations and the statute of repose.

  • Missouri Allows Contractor Claims Under the Spearin Doctrine Published on March 06, 2017 Legal update: archive

    A recent decision from a Missouri appellate court allowed for contractor's breach of warranty claim against a government entity owner under the Spearin Doctrine. This decision marks the first time that the Spearin Doctrine has been used as an actionable theory of recovery in Missouri.

  • Trump Executive Order Targets Waters of the US Rule Published on March 06, 2017 Legal update: archive

    President Donald Trump signed an executive order on February 28, 2017 to roll back the Clean Water Rule: Definition of "Waters of the United States", the controversial 2015 Clean Water Act rule that is currently under a nationwide stay put in place by the US Court of Appeals for the Sixth Circuit. This order is the first step in revising or rescinding the rule and marks the first of what is expected to be a major changes to environmental law regulations under the Trump administration.

  • Leases Require Specific Allocation of Foreseeable Risks in Florida Published on February 28, 2017 Legal update: archive

    A recent Florida appellate case highlights the importance of specifically addressing foreseeable events when allocating risk among the landlord and the tenant in a commercial real estate lease. The court found that it was foreseeable that a daycare tenant may be denied an operating license from a state agency and reversed summary judgment on the issue of damages because the risk was not specifically mentioned in the lease.

  • California Court Construes Strict Time Limits Under Right to Repair Act Published on February 28, 2017 Legal update: archive

    In a case of first impression, a California appellate court recently confirmed a strict construction of the time limits under California's Right to Repair Act.

  • Reliance on Past Environmental Compliance Does Not Create a Waiver in New Jersey Published on February 27, 2017 Legal update: archive

    A New Jersey appellate court recently held that an industrial property owner subject to the Industrial Site Recovery Act (ISRA) and the Site Remediation Reform Act (SRRA) could not rely on a previously issued no further action (NFA) letter evidencing past environmental compliance to waive the owner's remediation obligations under the SRRA.

  • What's Market Lease Agreements for the Month of February 2017 Published on February 23, 2017 Legal update: archive

    A list of commercial real estate lease summaries recently published by What's Market. What's Market provides a continuously updated database of commercial real estate lease summaries that allows you to analyze and compare terms, including use, rent, tenant option, and assignment and sublease clauses, across multiple leases in one or more jurisdictions. All summaries contain links to the underlying public documents.

  • California Law Regulating Water Supply for CEQA Projects Takes Effect Published on February 16, 2017 Legal update: archive

    California legislation amending two existing water supply statutes recently went into effect. The amendments attempt to incorporate certain Sustainable Groundwater Management Act (SGMA) requirements into the statutes to add further guidance regarding water supply planning for California Environmental Quality Act (CEQA) development projects.

  • New York Proposes Amendments to SEQRA, Aims To Streamline Environmental Review Process Published on February 14, 2017 Legal update: archive

    The New York State Department of Environmental Conservation (DEC) recently released proposed amendments to the State Environmental Quality Review Act (SEQRA). The DEC is accepting comments on the proposals until May 19, 2017.

  • EPA Releases 2017 Construction General Permit Covering Stormwater Discharges Published on February 09, 2017 Legal update: archive

    The Clean Water Act requires permit coverage for stormwater discharges from construction sites that are one or more acres in size. The EPA's 2017 Construction General Permit (CGP) that sets nationwide standards for these stormwater discharges goes into effect on February 16, 2017, replacing the 2012 version.

  • California Court Discusses Duty to Disclose Eminent Domain Taking During Lease Negotiations Published on February 09, 2017 Legal update: archive

    A California appellate court recently discussed whether a commercial landlord and its broker owe a duty to a prospective tenant to disclose a pending eminent domain taking during lease negotiations. The court held that although a landlord and broker generally do have a duty to disclose, in this instance the size and location of the taking did not materially affect the value or desirability of the leased premises and the tenant failed to show causation between the taking and the closure of the tenant's business.

  • New York City Increases Real Estate Tax Assessments; Tax Cert Deadline Approaches Published on February 09, 2017 Legal update: archive

    The New York City Department of Finance recently released Tentative Tax Assessments for the 2017/18 tax year with considerable increases for commercial properties. The March 1, 2017 deadline to file for tax certiorari is quickly approaching.

  • Massachusetts Court Allows Substantive Consolidation of SPE Real Estate Company Published on February 09, 2017 Legal update: archive

    A Massachusetts court recently allowed a non-debtor real estate special purpose entity (SPE) to be substantively consolidated into a debtor's bankruptcy estate.

  • New Changes to the Application Process for NYC Cooperative and Condominium Property Tax Abatement Published on February 07, 2017 Legal update: archive

    Boards and managing agents of cooperative (co-op) and condominium (condo) developments should take note of changes to the application process for New York City Cooperative and Condominium Property Tax Abatement.

  • Texas Supreme Court: Pipeline Developer Can Take Property Under Eminent Domain Published on February 07, 2017 Legal update: archive

    The Texas supreme court recently held that a private pipeline developer was a common carrier under Texas law, allowing it to take private property under eminent domain.

  • CFPB Enters Into Consent Order with Prospect Mortgage LCC Over RESPA Violations Published on February 03, 2017 Legal update: archive

    The CFPB entered into a Consent Order with Prospect Mortgage LLC for paying kickbacks in exchange for mortgage referrals. Under the Order, Prospect Mortgage LLC is required to pay a $3.5 million civil penalty and is also prohibited from future referral payments.

  • The Transfer Taxman Cometh: 50 State Charts, Ownership Q&As, and State-Specific Practice Notes Published on January 31, 2017 Legal update: archive

    Transfer tax rates are trending upwards in several major cities with new legislation already announced in Philadelphia and San Francisco. Take advantage of Practical Law Real Estate's transfer tax resources to stay ahead of the trend on your next deal.

  • What's Market Lease Agreements for the Month of January 2017 Published on January 31, 2017 Legal update: archive

    A list of commercial real estate lease summaries recently published by What's Market. What's Market provides a continuously updated database of commercial real estate lease summaries that allows you to analyze and compare terms, including use, rent, tenant option, and assignment and sublease clauses, across multiple leases in one or more jurisdictions. All summaries contain links to the underlying public documents.

  • New California Law Protects Surviving Spouses from Foreclosure Published on January 25, 2017 Legal update: archive

    The California's Homeowner Survivor Bill of Rights (Senate Bill 1150) recently went into effect, which protects the surviving spouse and certain heirs of deceased homeowners from foreclosure.

  • Chicago Mortgage Assignments Subject to Real Property Transfer Tax (Revised) Published on January 18, 2017 Legal update: archive

    In two sets of consolidated cases, a Chicago circuit court held that assignments of mortgages may be subject to the city's real property transfer tax ordinance. The court found the mortgage assignments were subject to transfer tax because they conveyed a beneficial interest in real property and did not secure debt. On December 22, 2016, this decision was overturned by the appellate court.

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