News & Analysis as of

Real Estate Market

Scathing Study Calls Out Cook County Property Assessments

by Franczek Radelet P.C. on

Last Friday, the Civic Consulting Alliance (CCA) released a study that calls into question the fairness of the property tax assessment system for Cook County for residential properties. The study, commissioned last July by...more

Opening The Pandora’s Box Of Flood Policies, Or How Filing Suit Against Flood Insurers Can Effectively Reduce The Suit Limitations...

by Carlton Fields on

When is an insurer’s “Rejection of Proof of Loss” letter for flood insurance damage, which states on its face that it “is not a denial of your claim,” nevertheless a written denial of claim? According to the Third Circuit in...more

Real Estate and Construction Newsletter - February 2018

by Barley Snyder on

Pennsylvania Construction Contractors Under The Gun For Misclassifying Employees As Independent Contractors - Pennsylvania has been sending a strong message to contractors that it is enforcing a law penalizing contractors...more

Michigan Property Tax and Civil Tax Collection Suits

by Dickinson Wright on

Civil suits to collect property taxes as an in personam debt are now limited to the person who owned the property when the tax became due, but the Michigan act does not completely prevent collection of property taxes as an in...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 9, 2018

by Carlton Fields on

Misrepresentation/Concealment: genuine issues of material fact remained in dispute regarding whether board-certified real estate attorney committed fraudulent or negligent misrepresentation or concealment by falsely assuring...more

Tax Reform Brings New Interest Expense Limitation

The Tax Cut and Jobs Act introduced a new rule limiting a businesses ability to deduct interest expense, which can have a significant impact in the senior living area as facilities often are acquired or built using debt....more

Impact of 2017 Tax Reform: The Real Estate Industry

by Moskowitz LLP on

The new tax law promises to have a significant impact on homeowners, investors, and the real estate industry as a whole. Let’s explore some of the most notable changes to real estate taxation that takes effect this year...more

Following Cunningham, Pennsylvania District Court Finds Captive Reinsurance Putative Class Action Claims Are Time-Barred

by Carlton Fields on

In this putative class action, plaintiffs alleged unlawful practices related to mortgage insurance practices, including a violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). ...more

Department of Finance Reviewing Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime

On February 7, 2018, the Department of Finance released a consultation paper (Paper) reviewing Canada’s anti-money laundering and anti-terrorist financing regime (AML/ATF). The Paper is intended to support parliament’s...more

2018 Brings Changes To North Carolina’s Power Of Attorney Act

At the end of last year, North Carolina Session Law 2017-153 (Senate Bill 569) was signed into law. The law adopted the NC Uniform Power of Attorney Act, which makes substantial changes to North Carolina’s power of attorney...more

Tax Reform: The Impact On Real Estate

by Akerman LLP on

The new tax law commonly referred to as the “Tax Cuts and Jobs Act” (the “Act”) – signed into law on December 22, 2017 – makes far reaching income tax law changes that will impact both commercial and residential real estate....more

Tax Reform Establishes Municipal Opportunity Zones for Investment

by Pullman & Comley, LLC on

Included in the recently enacted federal tax reform legislation is the Investing in Opportunity Act (the “Act”) which establishes the Opportunity Zones Program (the “Program”). The Program aims to spur private investment in...more

Polsinelli TrBK Distress Indices - Fourth Quarter 2017

by Polsinelli on

We're pleased to announce the release of the Polsinelli|TrBK Distress Indices for the Fourth Quarter of 2017. Polsinelli, with data provided exclusively by TexHost, LLC d/b/a TrollerBk.com, publishes the Indices on a...more

Spot the defect

by Hogan Lovells on

A County Court decision has examined whether a deed which failed for invalid execution can survive as a simple agreement and whether, when that defect is apparent on the face of the deed, a party seeking to rely on that deed...more

Aging Population Continues to Drive Real Estate

Recently, Integra Realty Resources published a report that predicts overall growth in today’s senior population. The aging population will be a significant tailwind for real estate industry. According to the report,...more

Applying Florida’s “Eight Corners Rule,” Eleventh Circuit Finds that Insurer Has a Duty to Defend Claim That Insured’s Faulty...

by Pepper Hamilton LLP on

Addison Ins. Co. v. 4000 Island Blvd. Condo. Ass’n, 2017 U.S. App. LEXIS 26870 (11th Cir. Dec. 28, 2017) - The owner of a high-rise condominium building in Florida hired a contractor to replace the building’s concrete...more

Law Commission gears up for driverless cars

by Hogan Lovells on

Just before Christmas, the Law Commission announced plans to develop laws to support the safe development and use of driverless cars in the UK.  The aim is to develop legislation which may be ready as early as 2021....more

News from Second & State

Weekly Wrap - Both the House of Representatives and Senate were in Harrisburg this week for session for the first time in 2018. The new year kicked off on Monday with a joint public hearing of the House and Senate Local...more

Texas Adds Residential MLO Pre-Licensing Education Expiration Period

by Ballard Spahr LLP on

The Texas Finance Commission of Texas adopted a new provision requiring the following individuals to retake the 20 hours of pre-licensing education as required by the S.A.F.E. Mortgage Licensing Act:...more

When will register of beneficial ownership by overseas companies be introduced?

by Hogan Lovells on

The government has confirmed to parliament its timetable for the introduction of a public register of beneficial ownership of UK property by overseas entities. This follows on from the government’s consultation in April 2017...more

Real Estate. Major Russian legislation changes for 2017

by Dentons on

Major reforms in shared construction - Federal Law No. 218-FZ on the Public Law Company for the Protection of Rights of Individuals Who are Shared Construction Participants in the Event of Insolvency (Bankruptcy) of...more

New Tax Bill May Require Real Estate Professionals to Rethink Long-Held Tax Truths

by Cozen O'Connor on

Some practitioners view the changes in the Tax Cuts and Jobs Act (the Act) as a net plus for the real estate industry given that: (i) the ability of real estate owners to complete Code Sec. 1031(a) exchanges was retained;...more

REO Advisor 2018, Vol. 3

This edition of the REO Advisor examines the parameters of the REO holding or “grace period" and explores the limits of reconstruction projects at REO properties....more

Second Department Upholds Loss of Religious Use Real Property Tax Exemption

by Farrell Fritz, P.C. on

On January 18, 2018, the Appellate Division, Second Department, upheld a decision denying an application for a religious real property tax exemption on the grounds that the property owner’s use of the main structure as a...more

Governor Rauner Issues Executive Order Precluding State Legislators from Practicing Before Property Tax Appeals Board

by Franczek Radelet P.C. on

This past Friday, Governor Bruce Rauner issued Executive Order 2018-01 entitled “Executive Order to Eliminate Impermissible Conflicts of Interest at the Property Tax Appeals Board”. The Order states that the PTAB “shall...more

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