Buying a home is commonly an individual’s most significant purchase. A buyer will often turn to a real estate agent for guidance during the home buying process, particularly because historically the seller pays the buyer’s...more
In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...more
The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) was set to expire...more
On September 22, 2023, Governor Kathy Hochul signed legislation (A.1967/S.5400) amending the Property Condition Disclosure Act (“PCDA”), which effectively eliminates a seller’s option to provide a residential homebuyer with a...more
On October 31, 2023, a federal jury handed down the verdict: the National Association of Realtors and several national brokerages (collectively, NAR) “conspired to require home sellers to pay the broker representing the buyer...more
While it may seem evident that household members and subsequent purchasers bringing a construction defect claim are bound by the arbitration provision contained in the purchase and sale contract for the home, that was not the...more
A Leaseback Agreement or a “rentback agreement” is an agreement between a buyer and seller of a property that permits the seller to continue living in the property for a period while paying rent to the buyer. Leaseback...more
On June 8, 2023, Bill 97, the Helping Homebuyers, Protecting Tenants Act, 2023 (Bill 97) received royal assent. Bill 97 was initially introduced April 6, 2023 as part of Ontario's Helping Homebuyers, Protecting Tenants...more
Under the Sale Law (Apartments), the purchaser of an apartment has a legal right to receive compensation from the contractor or developer in the event of a delay in delivery of the property. This right is a cogent provision,...more
On December 2, 2022, the Privy Council passed an Order in Council confirming regulations related to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act). The Prohibition on the Purchase of...more
On March 15, New York Attorney General Letitia James announced a settlement with Coldwell Banker for allegedly violating fair housing laws and discriminating against homebuyers of color. According to the settlement, Coldwell...more
Key Highlights - - The proposed legislative changes are part of the government's long-term strategy to build 1.5 million new homes in Ontario within a decade. - Some of the key changes in Bill 23, if passed, will have...more
The Ministry of Public and Business Service Delivery has proposed amendments to the New Home Construction Licensing Act, 2017 (Licensing Act). If passed, these amendments will increase fines for developers and builders who...more
In Zambrano v. M & RC II LLC, et al., 2022 Ariz. LEXIS 309, the Supreme Court of Arizona held that a homebuilder and homebuyer could not waive or disclaim the implied warranty of workmanship and habitability. While the court...more
It is not uncommon for Lloyd Harbor residents to have old steel heating oil tanks buried in their yards. Although these underground tanks continue to successfully heat our homes, they do not last forever. They are not...more
Purchasers of residential real property in British Columbia (B.C.) may soon benefit from a statutory “cooling-off period” — to be known as the Homebuyer Protection Period — under changes to the Property Law Act (British...more
On February 23, the CFPB outlined a proposal for upcoming joint rulemaking to prevent algorithmic bias in automated home valuation models (AVMs). Here, the CFPB is specifically focused on the potential for AVMs to pose fair...more
While life is full of uncertainties, one factor remains the same: housing prices are on the rise. This non-stop increase has generated a windfall for homeowners and significant anxiety for prospective buyers, as home prices...more
Buying a home remains one of the largest financial commitments and personal goals in an individual’s life. However, in the current market buyers are moving quickly, making large cash offers above-asking value and waiving...more
Caveat Emptor- Nieberding v. Barrante, 8th Dist. Cuyahoga No. 110103, 2021-Ohio-2593- In this appeal, the Eighth Appellate District affirmed the trial court’s decision, agreeing that the sellers had no obligation to...more
For better or for worse, divorce lawyers get a front row seat to the home real estate market because their business often involves selling a family’s most prominent asset. The last 12 months have made for an exciting game as...more
The real estate market in Seattle is notoriously expensive and competitive and everyone seems to be looking for more space as we enter the second year of a pandemic. There is also a rise in nontraditional partners buying...more
The current coronavirus era is seeing e-signings, drive-by closings, virtual appraisals and other measures being taken to help real estate transactions move forward. The following commentary will address answers to some of...more
Expiring opportunity to obtain significant reductions in property taxes for newly constructed or substantially rehabilitated homes in Baltimore City - Time is running out for buyers of newly constructed homes to obtain a...more
Excited about closing on his new house, Furst Thyme Byer received emailed wire transfer instructions for his full $250,000 payment from his broker Chad at Chase N Rainbows Realtors. ...more