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Residential Real Estate Updates

Read Residential Real Estate law updates, news, and legal analysis from leading lawyers and law firms:

Lehman RMBS Settlement Likely to Spur Additional Claims

by Bilzin Sumberg on

On March 8, the Bankruptcy Court for the Southern District of New York concluded a lengthy “claims estimation” trial to determine the appropriate final settlement price for a resolution of lawsuits filed on behalf of...more

Opportunity Zones Could Spur Private Investment in Low Income Areas

by Harris Beach PLLC on

The latest tax reform passed in the Tax Cuts and Jobs Act (TCJA) created a new incentive which will impact real estate development in low-income communities by creating “Qualified Opportunity Zones.” The impact of these...more

Farewell to Costa-Hawkins Agreements for On-Site Affordable Rental Units in SF

San Francisco wasted no time implementing AB 1505, which authorizes localities to adopt ordinances requiring developers to provide on-site inclusionary affordable housing units in rental projects, provided that there is an...more

Virginia Amends Provisions Relating to Foreclosure, Notices of Sale for Deceased Owners, and Disposition of Sale Surplus

by Weiner Brodsky Kider PC on

The state of Virginia recently enacted House Bill 755 that amends provisions of Virginia statutes relating to foreclosure, notices of sale when an owner is deceased, and disposition of surplus from sale, effective July 1,...more

Tax Law Impacts of the 2017 Tax Reform on Real Estate Industry

by Hinshaw & Culbertson LLP on

Generally, the new tax reform act (P.L. 115-97) enacted into law in December 2017 represents a boon for the real estate industry. The law offers additional incentives for investors in real estate, both by offering lower tax...more

Regulatory Relief: It’s About Time

by Vedder Price on

In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and...more

Protecting Your Neighborhood’s Identity – Registering A Trademark

by SmithAmundsen LLC on

For a homeowners association, the answer to “What’s in a name?” may well be, “The identity of your neighborhood.” An association’s name and logo is often how we describe the place we live, and in a mixed-use community, it...more

Alabama Home Builders Challenge Requirement to Use Architects on Townhouses

by Baker Donelson on

The Alabama Homebuilders Association of Alabama, Inc. (the Homebuilders) has sued the Alabama State Board for Registration of Architects (the Board) seeking to invalidate a regulation that requires an architect for the design...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Should Property Owners Pursue Takings Claims in State or Federal Court?

by Nossaman LLP on

When state and local governments impose unreasonable conditions or exactions on private property, owners pursuing a regulatory takings claim often face a maze of procedural obstacles just to have their case heard. ...more

Ohio Residential Mortgage Lending Act Takes Effect Next Week

by Ballard Spahr LLP on

The Ohio Residential Mortgage Lending Act (ORMLA) becomes effective on March 23, 2018. Passed in December 2017 (H.B. 199), the ORMLA consolidates the regulation and licensing of first- and subordinate-lien mortgage loans into...more

Senate passes banking bill providing Dodd-Frank relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Court Issues Guidance Concerning Evaluating When An Animal Might Be A “Direct Threat”

by Fox Rothschild LLP on

When evaluating assistance animal requests from our residents, one of the issues faced by apartment leasing offices across the country is what to do if the animal is believed to be a “direct threat.” The law is absolutely...more

Massachusetts Condominium Developers Have Increased Exposure

A recent Massachusetts Supreme Judicial Court decision held that condominium developers cannot create a condominium that “makes it extraordinarily difficult or even impossible for the trustees to initiate any litigation...more

RBS Settles New York AG RMBS Claims for $500M

On March 6, 2018, New York Attorney General Eric T. Schneiderman announced that the State of New York has reached a settlement with RBS Financial Products Inc. f/k/a Greenwich Capital Financial Products, Inc. (“RBS“) to...more

Less Form, More Substance: The SEC Staff’s Recent Functional Approach to Section 3(c)(5)(C)

by K&L Gates LLP on

The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more

Court Denies Dismissal of RMBS Trustee’s Claim for Failure to Notify

On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more

Florida Sets 120-Day Deadline on Tax Deed Sale Surplus Claims

by Baker Donelson on

Earlier this month, House Bill 1383, which amends Florida's tax deed statutes, was passed in both houses of the Florida legislature and now awaits the Governor's signature. While the amendments generally provide more guidance...more

California Supreme Court’s Unanimous Holding In Mcmillin Albany LLC V. Superior Court: Affirming Builders’ And Developers’ Right...

by Low, Ball & Lynch on

McMillin Albany LLC, et al., v. The Superior Court of Kern County, Respondent; Carl Van Tassel, et al., Real Parties in Interest - Case No. S229762; January 18, 2018 - This case decided whether common law actions...more

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Miami Micro-Units Solve for Both Tenant Affordability and Developer Profitability

by Bilzin Sumberg on

Cities across America are facing an affordability crunch and housing in Miami is no different. The short supply of affordable housing is even scarcer in proximity to Miami’s central employment districts with no single...more

Why did commonhold fail? The Law Commission issues call for evidence asking for the industry’s views

by Hogan Lovells on

The Law Commission has issued a call for evidence on commonhold law to understand why commonhold as a form of ownership has proved to be so unattractive to the property market. ...more

California Legislation Guide for Developers

Last fall, Governor Jerry Brown signed into law a package of 15 bills in response to the state’s housing shortage and affordability crisis. These bills came into effect on January 1st, 2018. The bills have important...more

Assessment Appeal Process May Provide Opportunities for Allegheny County Property Owners

by Tucker Arensberg, P.C. on

Property assessments in Allegheny County have been in the news for many years. While many property owners had their assessments reduced through appeals after the 2012 Countywide reassessment, there still may be opportunities...more

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