Condominiums

News & Analysis as of

New York Court of Appeals Rules on Lien Priority in Consolidated Mortgages Case

On May 10, the New York Court of Appeals affirmed the lower court’s decision that consolidated mortgages qualify as the first mortgage of record under Real Property Law article 9-B (the Condominium Act) when the mortgages...more

Alert - City Increases Park/Quimby Fees for ALL Future Residential Buildings

As some of you are aware, the City Planning Department along with Parks and Recs have been pushing to increase the Quimby fees (Parks fees for new condo/for sale units) as well as to create new Park Fees for newly constructed...more

Real Property & Title Insurance Update: Weeks Ending April 29 & May 6, 2016

REAL PROPERTY UPDATE - Foreclosure/Requests for Admission: trial court erred by involuntarily dismissing foreclosure action based solely on lender’s failure to respond to requests for admission because lender’s...more

Vendor Landmines

Q: Our condominium has more than 2 million square feet of unused common space. It seems like a no brainer to invite a food-and-drink vendor to use the space and charge rent based on a percentage of gross sales. Do we need to...more

Standing tall – The “Independent Contractor” defence for builders and construction professionals

The High Court has recently ruled that main contractors and architects may rely on the independent contractor defence to defeat claims in negligence brought by management corporations. The court’s inquiry focused on whether...more

Tennessee Amends Condominium Lien Law to Clarify Lack of Superpriority Right

On April 19, 2016, Tennessee Governor Bill Haslam signed HB 2401, amending Tennessee’s condominium statue to make it clear that condominium associations cannot acquire a “superpriority” lien that trumps a first security...more

Reading the Nevada Tea Leaves after Shadow Wood

In the wake of SFR Investments Pool 1, LLC v. U.S. Bank, N.A., in which the Nevada Supreme Court held that an HOA foreclosure sale may extinguish a first position deed of trust, lenders have advanced numerous arguments as to...more

Mortgage Lenders, Holders, and Servicers Beware: Massachusetts High Court Endorses Condominium Association’s Super Lien Practice

In a decision that should be read as a warning to mortgage industry participants doing business in the Commonwealth of Massachusetts, the state’s high court has validated a condominium associations’ so-called “rolling”...more

Association Charges : Be Aware of Legal Restrictions on Assessments and Charges

As of July 1, 2015, the Virginia Condominium Act provides that no condominium association may impose an assessment or charge against a unit owner unless such charge or assessment (a) is expressly authorized by the Condominium...more

Examining Denver’s new construction defect reform ordinance

Construction defect reform is a hot-button issue in Colorado. This is especially true along the booming Front Range, where rapidly increasing population has driven the prices of renting and buying property a mile high....more

Recent Arizona Case Law and Legislative Developments Affecting Real Estate Lending

The following information accompany a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on March 8, 2016. A summary of legislative amendments enacted during the most recent...more

Rhode Island Supreme Court Rules That Condominium Assessment Liens Could Extinguish First-Priority Mortgages

First mortgage holders in Rhode Island beware: in a 4-1 decision handed down on December 4, 2015, the Rhode Island Supreme Court has ruled that pursuant to the Rhode Island Condominium Act, RIGL § 34-36.1-1.01 et seq., liens...more

The New Texas Two-Step: Construction Defect Litigation by Condominium Owners’ Associations

On June 17, 2015, Texas adopted amendments to the Texas Uniform Condominium Act by requiring condominium unit owners’ associations (“Association”) to take specified procedural steps prior to initiating a construction defect...more

Mandatory Training for Community Association Board Members

Following the release of a report evaluating the Montgomery County Commission on Common Ownership Communities, the Montgomery County Council in Maryland enacted legislation that requires training and certification for board...more

Construction Continues To Improve, But Are We In A Boom?

Cranes, cement trucks, and street closures seem to be everywhere these days, especially in city centers such as San Francisco and Los Angeles. After the meltdown of 2006, real estate development went into hibernation for...more

The Priority of Interests in Real Estate

In Bank of America, N.A. v. Kipps Colony II Condominium Association, Inc., the Second District Court of Appeal reversed a 2011 final judgment entered in favor of Kipps Colony II Condominium Association, Inc. (“Association”)....more

The Use of Condominium Regimes in Senior Housing Facilities

Given the degree of flexibility created by the condominium form of ownership of real property, it is probably not surprising that condominium regimes are often employed in connection with senior living facilities. Such...more

Recent North Carolina Court of Appeals Decision Serves as Reminder to Owners Associations

A recent decision by the North Carolina Court of Appeals serves as a reminder that owners associations must deal fairly with their members at all times and board members must not let past disputes or personal issues cloud...more

New Florida Condominium Law Adds Hurdles to Condominium Terminations

On June 16, 2015, Florida Governor Rick Scott signed into law H.B. 643, which made significant changes to Section 718.117 of the Florida Condominium Act. While these changes were made to protect unit owners, they make the...more

Nutter Bank Report, November 2015

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines - 1. DOB Revises Guidance on Branch and Main Office Notices and Applications - 2. FDIC Updates...more

Denver City Council Advances Construction Defect Ordinance

The Denver City Council on November 16, 2015 unanimously approved the first reading of a construction defect action reform ordinance designed to spur condominium development in Denver. Like Lakewood and other metro-area...more

Florida Court Clarifies When Coverage Is Available Under Commercial Property Policy For Matching To Achieve Aesthetic Uniformity

In Great American Insurance Co. of New York v. The Towers of Quayside No. 4 Condominium Assn., 2015 U.S. Dist. LEXIS 150358 (S.D. Fla. November 5, 2015), the court analyzed a Motion for Summary Judgment filed by Great...more

Appellate Court Notes

SC19309 - Staton v. Commissioner of Correction - SC19195 - Campos v. Coleman - SC19195 Dissent - Campos v. Coleman - In a 4-3 split decision the Court insured that the cost of living will be going up in...more

Tax Planning for Chinese Investment in U.S. Real Estate

According to recent estimates, Chinese investors represented the largest group of foreign investors in U.S. real estate in the second quarter of 2015 with $1.9 billion in acquisitions. In the last 12 months, Chinese investors...more

Restrictions on Condominium Conversions

Now that the recession is beginning to become a memory of the past, the demand for housing is on the rise, and with it is the explosive interest in the multifamily market. As more Americans are choosing to marry later and...more

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