Residential Real Estate Updates

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House of Delegates Passes Registration Requirement for Condos, HOAs and Coops

The Maryland House of Delegates, by a vote of 99- 39, has passed House Bill 41, which would require residential condominiums, homeowner associations and cooperative housing corporations to register annually with the Maryland...more

City of L.A. Accepting Comments on Guidelines for Transit-Oriented Communities Incentive Program

The Los Angeles Department of City Planning is accepting comments on draft guidelines for a new transit-based affordable housing incentive program. The new program is required by Measure JJJ (adopted by voters in November...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - OCC Provides Additional Details to Evaluate Charter Applications From Fintech Companies - On March 15, 2017, the Office of the Comptroller of the Currency ("OCC") issued a "Draft...more

Three Common Pitfalls in Tax Sale Purchases

By and large, South Carolina provides an excellent opportunity for those looking to buy property at tax sales. As South Carolina is not a tax lien state, buyers purchase an interest in land, rather than a lien. Investors...more

CFPB previews 5-year review of mortgage rules

Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB...more

HUD Inspector General Issues Alert on Appraiser Identity Theft

The Office of the Inspector General (OIG) of the U.S. Department of Housing and Urban Development has issued an alert on appraiser identity theft. The alert details cases in three states where identity thieves illegally used...more

Squatting in mansions: The risk to residential as well as commercial premises

Since the beginning of this year, the so called Autonomous Nation of Anarchist Libertarians has occupied a number of multimillion pound residential properties in and around Belgravia. Autonomous Nation’s cause is to...more

Proposed Maryland Law Would Permit HOAs To Collect A Fee For Resale Inspections

House Bill 34 in the Maryland General Assembly would give homeowner associations the right to collect a fee relating to inspections during the resale process. The proposed law would entitle an HOA to charge “a reasonable fee...more

The New Administration's Plans for the CFPB Take Shape

For those who have been wondering—as I did in a previous post—what the new presidential administration would mean for the Consumer Financial Protection Bureau (CFPB), an agency that has been in Republicans’ crosshairs...more

Wading Through the Flood of New Housing Legislation

Having trouble keeping up with the seemingly endless torrent of new housing laws? You are not alone. Here is our summary of the key pending State and San Francisco legislation aimed at increasing housing/affordable housing...more

Reading the Financial Tea Leaves: CREFC Market Outlook Survey 2017

CREFC has surveyed some of its attendees—all major participants in the commercial real estate finance industry—at the 2017 CRE Finance Council January Conference in Miami. CREFC’s 2017 market outlook survey confirmed what we...more

Financial Services Weekly News - March 2017 #4

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

Wiener’s Streamlined Infill Housing Approvals Legislation Continues to Move Forward

We reported in December that State Senator Scott Wiener marked his first day in state office by introducing legislation (SB 35) to address barriers to housing production. Senator Wiener has introduced amendments to SB 35 that...more

Maryland General Assembly Considers Bill To Require Written Policies For Homeowner Association Payment Plans

Senate Bill 1115, filed in the Maryland General Assembly, would require homeowner associations to adopt a written policy if it permits payment plans for homeowner fees and other charges. The new law would add Section...more

Collective Strata Sales: Fact v Fiction

The new NSW strata legislation commenced late in 2016 with the showstopper reform that owners in a strata scheme can now take part in a collective sale of the whole scheme on a 75% and above vote....more

Even a “Bona Fide Purchaser” Can’t Rely on a Void Judgment

Under California law, “bona fide purchasers” who buy property with no notice (actual, constructive, or otherwise) of a competing claim to the property are generally protected. The law’s favorable treatment of bona fide...more

OTA & Travel Distribution Update - March 10th, 2017

The Battle of Reports Continues [Short-Term Rentals]. By now, most everyone is likely aware of the AHLA funded study recently conducted by CBRE’s hotel division of Airbnb and its whole-unit / multi-unit hosts. The resulting...more

Affordable Housing Bonus Program Takes Shape in San Francisco

The State Density Bonus law has been in effect for almost 40 years, but it has required a prolonged housing crisis to push San Francisco to adopt a local implementing ordinance. Last year the Board of Supervisors adopted the...more

Nationstar Mortgage to Pay $1.75 Million Penalty for HMDA Violations

On March 15, 2017, the Consumer Financial Protection Bureau (“CFPB“) ordered Nationstar Mortgage LLC (“Nationstar“) to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (“HMDA“) by consistently...more

Rating Agency Developments

On March 16, 2017, DBRS issued a report entitled General Corporate Methodology. Report. On March 16, 2017, DBRS issued a report entitled North American Single-Asset/Single-Borrower Methodology. Report. On March 16,...more

Everything You Need To Know About Florida Deficiency Judgments – Part II

A foreclosure judgment, followed by sale of the mortgaged property, doesn’t necessarily end a foreclosure case. If the sale proceeds don’t fully pay the debt, the next step is a money judgment against the borrower for the...more

Real Property & Title Insurance Update: Weeks Ending March 10 & 17, 2017

REAL PROPERTY UPDATE - Coequal Liens: trial court properly authorized tax collector to issue tax certificates subject to community development district’s assessment liens – Villages of Avignon Community Dev. Dist. v....more

Seventh Circuit Finds Faulty Work Not a Covered “Occurrence”

In Allied Prop. & Cas. Ins. Co. v. Metro North Condo. Ass’n, No. 16-1868, 2017 U.S. App. LEXIS 4107 (7th Cir. Mar. 8, 2017), the Seventh Circuit had occasion to consider whether claims of faulty workmanship could constitute...more

The Supreme Court Is Hearing a Case Today That Could Change How We Determine If a Property Is the Subject of a Regulatory Taking

This year the Supreme Court of the United States will hear a highly-anticipated regulatory takings case that may determine whether two legally divided, but commonly held parcels, should be considered as one parcel in a...more

Still No “Free House” in Florida – Florida Supreme Court Denies Motions for Rehearing in Bartram

On March 16, 2017, the Florida Supreme Court solidified the position of its November 3, 2016 opinion in Bartram v. U.S. Bank, N.A., SC14-1266, 2016 WL 6538647 by denying the motions for rehearing filed in response to the...more

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