A highly significant ruling involving fraudulent transfers recently decided by the Eleventh Circuit could have a far-reaching impact on distressed lending and investing. In Senior Transeastern Lenders v. Official Committee of Unsecured Creditors (In re TOUSA, Inc.), 2012 WL 1673901 (11th Cir. May 15, 2012), the Eleventh Circuit Court of Appeals reversed the district
Until Death Do Us Part
Commencing January 1, 2012, legal, real estate and insurance professionals will be required to advise clients of KRS 381.280 which creates a forfeiture of property rights for the taking of the life of a party in interest to the same prior to such parties executing deeds and other documents in question. It works like this:
2011: Year of the Hotel ?
Jones Lang LaSalle seems to think so. We hope that they are right. As reported by Bloomberg JLL is forecasting a 25% increase in hotel/hospitality industry activity in the 2011. The drivers are REIT money and foreign investors looking for investments which can still be acquired at reasonable discounts while the U.S. economy recovers
Resale Fees ?
Recently, The New York Times published an article entitled Resale Fees That Only Developers Could Love . The article does a nice job describing what resale fees are and how they are created and even the securitization of future resale fees so we will not go into it here. Briefly, resale fees run with
Transfer Fee Covenants ?
Ohio House Bill 292, which prohibits the future creation of transfer fee covenants, was signed into law on June 14, 2010 and will become effective on September 13, 2010. Transfer fee covenants in effect prior to September 13, 2010 are not affected by the new law.
Transfer fee covenants create revenue streams for real estate
Cuyahoga County Land Bank Update
In what has become an ongoing series here on the UB REAL Blog, we wanted to issue another update on the now year old Cuyahoga County Land Reutilization Corporation, better known as the land bank. Over the past six months, the Cuyahoga County Land Bank has obtained more properties and received millions in funding from the federal government.
A South Euclid lot donated to the Cuyahoga County Land Bank is soon to become one of the program’s community gardens. As of January 13, 2010, the property is the first of its kind to complete both the acquisition and disposition processes. The 50×108 lot, located at 3915 Warrendale Road, was given a market value of $22,800.
Buy Swampland in Florida? Or, just a Bad Case of Buyer’s Remorse? Discontent with Interstate Land Sales Full Disclosure Act
“I have some prime swampland in Florida to sell you” is a slang expression used to poke fun at the gullibility of a person. This saying is based on events of the 1960s and 1970s where local scammers would attempt to induce out of state purchasers to acquire “lucrative” land which, in reality,
First-Time Homebuyer Temporary Federal Tax Credit Extended and Expanded
On November 6, 2009, President Obama signed the Worker, Homeownership and Business Assistance Act of 2009. The new law extends the first-time homebuyer temporary federal tax credit for qualifying home purchases to April 30, 2010 and expands the eligibility requirements for purchasers.
Under the new law an eligible taxpayer must buy, or enter into a
The Dreaded Transfer on Death Deed
Ohio’s Transfer on Death Statute became effective at the beginning of 2002. Prior to the law being passed, there was much buzz in the real estate and trusts and estates legal community about why Ohio did not have a vehicle permitting owners of real estate to transfer real property on death to a named beneficiary, thereby
Combating Mortgage Fraud
Effective June 1, 2009 all residential properties (single family homes, condominium units and buildings with up to four units) in Cook County, Illinois will become subject to the amendments to the Illinois Notary Public Act contained in Illinois Public Act 095-0988 (the "Act") in an effort to combat mortgage fraud in Illinois residential real estate transactions.