Residential Real Estate, Finance & Banking, Commercial Real Estate

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

by Lorin Combs, Holly Magliolo | Winstead PC on 5/21/2013

Subordination, Non-Disturbance and Attornment agreements (SNDAs) allow lenders, landlords and tenants to collectively plan for the worst case scenario — foreclosure. In the event of foreclosure and in the absence of an SNDA,...more

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

by Delmar G. Williams | Best Best & Krieger LLP on 5/21/2013

A California Appellate Court recently determined that a lender taking a security interest in both California real property and an easement benefiting such real property by recording a deed of trust does not lose its security...more

Assignees Not Liable for Lender Violations of Maryland Secondary Mortgage Loan Law, Appeals Court Holds

by Steven D. Burt, Sarah Reise, Robert Scott | Ballard Spahr LLP on 5/20/2013

In a decision that narrows the scope of potential liability for assignees of second mortgage loans secured by Maryland properties, the state’s intermediate appellate court recently rejected an attempt by borrowers to hold an...more

Maryland Removes Potential Barrier To Refinance Transactions

by BuckleySandler LLP on 5/16/2013

On May 2, Maryland enacted SB 199, which authorizes a mortgagor to refinance the full balance of a loan secured by a first mortgage or deed of trust without the permission of the holder of a junior lien if (i) the principal...more

Real World - Spring 2013: Damages include fall in market

by Sophie Ogilvie | Dechert LLP on 5/14/2013

Two recent cases have highlighted circumstances in which damages for breach of contract may include loss caused by a fall in market values....more

FINRA Identifies Concerns with Marketing of Real Estate Investment Products

by Thomas M. Devaney, Kelley A. Howes, Daniel A. Nathan | Morrison & Foerster LLP on 5/13/2013

FINRA recently signaled a continuing focus on the marketing of real estate-related products by issuing a Regulatory Notice expressing concerns about communications involving unlisted, or non-traded, real estate investment...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), April 29, 2013

by Christine Waldmann Carmody, Blair L. Schiff | Pepper Hamilton LLP on 5/10/2013

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

New Jersey Gets Federal Approval for $1.8 Billion in Hurricane Sandy Aid

by Holly Horsley, William C. Rhodes | Ballard Spahr LLP on 5/8/2013

The Obama administration recently approved more than $1.8 billion in aid to help New Jersey residents and businesses recover from Hurricane Sandy. The Community Development Block Grant (CDBG) funds for New Jersey, part of a...more

Maryland Again Changes Recordation Tax Payable on Indemnity Deeds of Trust - Effective as of July 1, 2013

by Walter Kirkman, Kevin LaTulip, Jr. | Ober|Kaler on 5/6/2013

Recordation Tax Now Charged Upon Recordation of Indemnity Deeds of Trust Securing a Guarantee of a Loan or Related Loans of $3,000,000 or More - Governor Martin O’Malley signed legislation this week that will again...more

Florida Real Estate Market A Hot Spot For Canadian Investors

by Melissa Pallett-Vasquez | Bilzin Sumberg Baena Price & Axelrod LLP on 5/2/2013

The Florida real estate market remains a prime target for Canadian investment, with a particular focus on South and South West Florida. These Canadian purchasers are being credited with playing a role in the rebound of the...more

Real Estate Tip – Hedge Against Future Inflation: Understanding The Capitalization Rate

by Richard Smith | Bernstein Shur on 4/29/2013

Net operating income ÷ building capital cost = capitalization rate - If you bought a building in 2007 for $450,000 that produces $36,000 in net operating income, your cap rate is 8 percent. If you think of the cap...more

U.S. Department of the Treasury Announces $3.5 Billion in Federal New Markets Tax Credit Allocation Authority

by Amelia Frankel, Jarrod Sharp, Jennifer Simmons | Thompson Coburn LLP on 4/26/2013

Yesterday the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (the “CDFI Fund”) announced the award of $3.5 billion in Federal New Markets Tax Credit (NMTC) allocation authority through its...more

Legal Fallout From CRE Bust Continues

by Mitchell Widom | Bilzin Sumberg Mortgage Repurchase Group on 4/17/2013

While recovery is well underway, some commercial real estate industry players are still feeling the recession’s after-shocks through litigation in the courtroom. A recent representative high-profile case is Lennar...more

Foreclosure Tip #1: Inspections – Do It Before You Own It

by Keith Mullen | Winstead PC on 4/17/2013

In some parts of the country, a recovering local economy means the special asset (or problem loan) groups are reducing staff, as loan production groups come back to life. Leaving the special asset group under-staffed could...more

J-REIT Reform – Finance and Insider Trading Regulations

by Shusaku Iwasaki, Mitsutoshi Uchida | Morrison & Foerster LLP on 4/2/2013

On December 7, 2012, the working group of the finance committee of the Financial Services Agency of Japan (the “Working Group”) issued its final report (the “Final Report”) with respect to the reform of the legal regime of...more

Proceed with Caution when Considering the Acquisition of a Busted Deal

by Thompson Coburn LLP on 3/28/2013

Do not underestimate the importance of due diligence when evaluating the acquisition of a busted deal. In the world of land use and zoning, a busted deal is a planned real estate development that has failed, and the future of...more

Louisiana Receivers In Foreclosure - "Keep-er Away From My Collateral!!" Part II

by Justin Stephens | Baker, Donelson, Bearman, Caldwell &... on 3/28/2013

In my prior post, I discussed (1) what a keeper is and (2) why you should designate a Keeper. This post examines (3) the benefits of a Keeper and (4) some risks relating to a Keeper....more

Changes Taking Effect to North Carolina Lien and Bond Laws

by John Mabe | Nexsen Pruet, PLLC on 3/14/2013

The rules are changing when it comes to North Carolina lien and bond laws. And, the new provisions are substantially altering the way in which all parties involved in lien rights – from owners, buyers, and sellers to general...more

IRS Releases Audit Memorandum on Another HTC Transaction

by David Cohen, Mark Limardo | Katten Muchin Rosenman LLP on 3/14/2013

The Internal Revenue Service recently released Field Attorney Advice 20124002F, revealing another attempt on audit to invalidate an allocation of historic tax credits (HTCs) to an HTC equity investor. Although only just made...more

International Interest Grows in Florida Real Estate Development: Currencies, Culture Work Together to Grow Foreign Interest in...

by Rosa Eckstein Schechter on 3/14/2013

Currency devaluations in other nations are a big factor, but not the only factor, in growing international interest in South Florida real estate development. Consider these recent monetary events...more

Banks Not Required to Capitalize OREO Costs

by Thomas Blank, Thomas Cotter, Mark Hildreth, W. Kent Ihrig | Shumaker, Loop & Kendrick, LLP on 3/11/2013

The Office of the Chief Counsel of the Internal Revenue Service has issued a Legal Memorandum (Number AM2013-001, dated March 1, 2013) (the “Memorandum”), which has important implications and represents a victory for lenders...more

IRS Uncertain Over Tax Treatment Of OREO Costs

by Deirdre Mitacek | Cullen and Dykman LLP on 3/7/2013

The Internal Revenue Service released two internal advice memoranda this week regarding the proper treatment of expenses incurred by banks and other financial institutions in connection with “Other Real Estate Owned” (“OREO”)...more

Securing Multiple Loans With a Single Deed Of Trust Does Not Affect Lien Priority in Foreclosure - Priority of Each Secured Loan...

by Delmar G. Williams | Best Best & Krieger LLP on 3/4/2013

The California Court of Appeal (Second District) recently determined that the lien priority of multiple loans secured by a single deed of trust must be determined separately for each individual loan. As a result, secured...more

Investors Purchasing Distressed Florida Properties

by Schecter Law on 3/4/2013

Investment firms are buying distressed properties nationwide. Florida foreclosures are among the most popular with these firms. The popularity of Florida properties may have to do with speculation that cities like Miami will...more

Illinois Supreme Court Issues New Procedural Rules for Foreclosures

by William Dorsey, Timothy Patenode | Katten Muchin Rosenman LLP on 3/1/2013

On February 22, 2013, the Illinois Supreme Court adopted a set of new procedural rules that will impact both residential and commercial foreclosures in Illinois. The new rules are scheduled to go into effect as early as March...more

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