Residential
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August 19, 2024
NAR Intros New CEO As Broker Fee Rules Kick Off
The National Association of Realtors announced Monday that the trade association has tapped Nykia Wright to step in as CEO, just days after new broker rules agreed to under a $418 million settlement took effect.
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August 19, 2024
Buyers Sue Over Unfinished Mandarin Oriental Condo Project
Buyers of a condominium at the planned Mandarin Oriental at the Via Mizner project in Boca Raton, Florida, are suing the developer for the return of their deposit, saying the building that was supposed to be ready years ago is still "just a few steps beyond a concrete shell."
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August 19, 2024
Kasowitz Urges NY Court To Toss Supertall Tower Suit
Kasowitz Benson Torres LLP asked a New York state court to dismiss a lawsuit filed by two limited liability companies tied to AmBase Corp. over Manhattan's troubled supertall Steinway Tower.
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August 19, 2024
DQ'd Judge Should Have Kept Quiet, Tax Challengers Say
A Michigan federal judge who disqualified himself from homeowners' challenge to a $217 million dam repair tax assessment put his "thumb on the scale of justice" by improperly commenting on legal questions as he bowed out, according to homeowners seeking to have the comments rescinded.
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August 19, 2024
Ex-McElroy Execs' Theft, Bias Cases Paused Amid Ch. 11
A New Jersey state court has sided with McElroy Deutsch and stayed all litigation between the law firm and two former executives, including both the firm's fraud claims and discrimination counterclaims made against it, while a related bankruptcy case plays out.
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August 19, 2024
Rialto Sues To Recoup Paul Hastings, Williams & White Fees
Rialto Capital Management LLC has filed a lawsuit against RB Realty Capital LLC in New York state court alleging it is owed at least $331,000 for legal costs, including an attorney's Wi-Fi charges, after refinancing for an RB Realty property fell through.
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August 19, 2024
HUD Joins 6-Year Strategy To Beat Extreme Heat
The U.S. Department of Housing and Urban Development said it's partnering with two dozen federal agencies for an initiative focused on implementing solutions for extreme heat dangers in communities.
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August 19, 2024
NYC Real Estate Week In Review
Wachtel Missry and Hunton Andrews Kurth were among the law firms that guided the largest New York City real estate deals that hit public records last week, a slow period that saw only five transactions above $15 million become public.
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August 16, 2024
Florida Unlikely To Act Quickly On Condo Law Cost Concerns
Florida lawmakers appear unlikely to take preemptive action to modify condominium safety laws enacted after the deadly 2021 building collapse in the town of Surfside, despite concerns that approaching year-end deadlines for mandated structural inspections and reserve studies will lead to overwhelming financial burdens for many residents.
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August 16, 2024
Agency Didn't Dupe Court In Worker's Suit, Mich. Panel Says
A Michigan state appeals court refused to upend a Detroit housing agency's defeat of a former property manager's allegation that it fired him without using a progressive discipline system established by his collective bargaining agreement, saying the worker failed to show that his former employer purposely misled the court.
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August 16, 2024
Greek Shipping Titan's Widow Files For Bankruptcy In NY
Antonia Milonas, the widow of late Greek shipping magnate Spiros Milonas, is seeking bankruptcy protection in New York with about $6.7 million in debt owed to the IRS, her mortgage lender and others.
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August 16, 2024
Developer's Widow Sues For Control Of Century Homebuilders
The widow of Sergio Pino, the late founder and CEO of Century Homebuilders Group LLC, has filed suit asking a Florida state court to declare her the sole owner of the company and "to finally put an end to unlawful efforts" by his estate and his brother to claim otherwise.
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August 16, 2024
'Brazen' Plot To Steal Graceland From Presleys Nets Charges
A woman was charged in Missouri federal court Friday with attempting a wild scheme to defraud the family of Elvis Presley by auctioning the late singer's iconic Graceland estate and pocketing the proceeds, a plot that was only foiled when suspicious minds raised red flags.
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August 16, 2024
Insurer Seeks Early Win In Faulty Home Construction Dispute
A construction company's insurer echoed its stance that its insured is not owed coverage for an underlying faulty workmanship lawsuit, telling a Georgia federal court that the defects alleged do not equate to property damage outside the contractor's own work, thus falling outside the policy's scope of coverage.
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August 16, 2024
Oil Co. Inks Deal Amid Vets' VA Campus Housing Suit
Oil company Bridgeland Resources agreed to turn over one parcel it had leased for drilling on a U.S. Department of Veterans Affairs Los Angeles campus for affordable housing and to increase royalty payments to the federal government under a proposed settlement.
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August 16, 2024
Ex-Goodwin Atty Takes RE Practice To Nelson Mullins
A former Goodwin Procter LLP attorney has chosen Nelson Mullins Riley & Scarborough LLP to be the new home of his practice focused on real estate private equity and joint venture transactions, the firm has announced.
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August 16, 2024
Kentucky Couple Sue Progressive Over Coal Mine Subsidence
A couple told a Kentucky federal court that Progressive denied coverage for coal mine subsidence damage to their home in bad faith, saying the insurer did so despite having access to records showing that the state authorized a $1.8 million project to help fix that very subsidence.
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August 16, 2024
EQT Buys PropertyGuru In $1.1B Deal Driven By 3 Firms
Private equity firm EQT said Friday that it has agreed to acquire Singapore-based online real estate search company PropertyGuru for $1.1 billion, in a transaction advised by Latham & Watkins LLP, Ropes & Gray LLP and Freshfields Bruckhaus Deringer LLP.
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August 15, 2024
Realtors Urge 9th Circ. Not To Revive Zillow Antitrust Case
The National Association of Realtors has urged the Ninth Circuit to reject a defunct brokerage platform's appeal in a case over design changes Zillow made to comply with an association rule, saying the rule is optional and that Zillow acted on its own.
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August 15, 2024
Retail, Office May Drive CMBS Distress Metric To Double
Appraisal reduction amounts for struggling commercial mortgage-backed securities loans have climbed in tandem with delinquency rates and may be on track to double rates seen in 2024, per a report from KBRA.
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August 15, 2024
Conn. Couple, Cos. Clash In Waterfront Access Suit
A married couple and several companies are battling in Connecticut state court over the companies' motion to personally examine two related Bridgeport properties and other areas in the couple's waterfront access suit.
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August 15, 2024
No Coverage For Las Vegas Apartment Fire Suits, Judge Says
An excess insurer needn't cover the owners of a Las Vegas apartment building in underlying suits over a 2019 fire that left six people dead, a Nevada federal court ruled, saying the property was not a designated location under the policy.
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August 15, 2024
$20B Bay Area Housing Bond Measure Pulled From Ballot
The Bay Area Housing Finance Authority withdrew a $20 billion affordable housing bond measure from the November ballot, citing uncertainty surrounding a related measure designed to make it easier for voters to approve bonds for housing and infrastructure.
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August 15, 2024
NYC Real Estate Atty Charged With $200K Theft From Client
An embattled Harlem real estate attorney already facing one criminal case has been indicted on a separate felony larceny charge, with prosecutors claiming he stole $210,000 from a client in an apartment deal gone awry.
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August 14, 2024
CFPB Faces Call To Treat Housing Rental Leases As 'Credit'
A major consumer advocacy group has formally petitioned the Consumer Financial Protection Bureau to write new rules that would require landlords to provide "adverse action" explanations when rejecting prospective renters who have applied for an apartment or other housing lease.
Expert Analysis
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Realtor Settlement May Create New Antitrust Pitfalls
Following a recent antitrust settlement between the National Association of Realtors and home sellers, practices are set to change and the increased competition may benefit both brokers and homebuyers, but the loss of the customary method of buyer broker compensation could lead to new antitrust concerns, says Colin Ahler at Snell & Wilmer.
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What Fla. Ruling Means For Insurer Managed Repair Programs
A recent Florida state court ruling in Fraga v. Citizens Property Insurance, holding that the insurer could not seek to add additional terms in its managed repair program consent form, should promote clear written contract terms that clarify the relationship between insurers, policyholders and contractors, says Chip Merlin at Merlin Law Group.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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What NYC's Green Fast Track Means For Affordable Housing
New York City's Green Fast Track for Housing initiative, which went into effect last month, aims to speed up the environmental review process for modest residential developments and could potentially pave the way for similar initiatives in other cities, say Vivien Krieger and Rachel Scall at Cozen O'Connor.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Zoning Reform May Alleviate The Affordable Housing Crisis
As America's affordable housing issues continue to worsen, zoning reform efforts can help to provide more affordable homes and mitigate racial and economic segregation, though opposition from residents and in courts could present challenges, say Evan Pritchard and Madeline Williams at Cozen O'Connor.
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NJ Justices Clarify First-Party Indemnification Availability
In Boyle v. Huff, the New Jersey Supreme Court recently held that indemnification can be available in first-party claims, resolving an open question and setting up contracting parties for careful negotiations around indemnity clauses, says Todd Leon at Marshall Dennehey.
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Fla. HOA Reforms Bring Major Wins For Homeowners
A recently signed law brings broad changes for homeowners associations in Florida, alleviating some pressure imposed by overly restrictive rules and potentially setting up litigation surrounding how HOAs enforce their governing documents, says Christopher Miller at Varnum.
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Addressing Labor Shortages In The Construction Industry
As the construction industry's ongoing struggle with finding sufficient skilled workers continues, companies should consider a range of solutions including a commitment to in-house training and creative contracting protocols, say Brenda Radmacher and Allison Etkin at Akerman.