…exemption from the LDP is that a broker who has received an LDP may sell his own personal residence. HUD does give a broker who has received an LDP an opportunity to convince HUD that HUD has made a mistake or been too harsh. Among other things, the broker may request an informal conference for reconsideration of the LDP within 30 days of receipt of notice of the LDP. If…
…“Certificate of Purchase” documenting the purchase. At any time after three years from the original tax sale, the Treasurer must issue a deed to the holder of the Certificate of Purchase if the Treasurer has satisfied the necessary notice requirements (discussed below). This three year period is the “Redemption Period” during which a mortgage lender may protect its deed of trust. Because the treasurer’s deed conveys title free of your…
This article educates readers about how to avoid inadvertently committing loan fraud. Another article on our website, “How to Commit More Loan Fraud,” intends to further help real estate professionals and sellers from inadvertently becoming caught up in such a scheme. Question: I have brokered a transaction in which the seller is willing to give the buyer a $10,000 rebate because of the poor condition of the roof. How should…
…and, as a result, will own the right to copy the product. These situations are called “works made for hire.” The actual creator of the work made for hire has no copyright in the work. Some of the factors used to determine whether an architect is an employee under general common law include: the skill required to produce the work; the source of the materials; whether the hired party works…
…come into compliance with the new zoning laws. This status is called “non-conforming”, or the property is said to have a “non-conforming use” or “uses” on it. Despite the terminology, “non-conforming uses” are legal uses under certain conditions. There are many reasons for allowing non-conforming uses, one of them being a matter of practicality. If you had to remove structures every time the zoning laws changed, the effect would be…
Co-Author: Jonathan A. Goodman, Esq. Obstacles in Amending and Enforcing Community Association Covenants: What your Association’s Documents Don’t Say May Hurt You. The Colorado Court of Appeals recently held that an association’s original covenants allowing for changes or modifications could not be amended to add a covenant that required homeowners to start paying dues for the first time. Developers, Community Association managers, and an Association’s Board of Directors may think…
…in the best of circumstances, these solutions cause owners to incur unexpected inconvenience and expense. This author suggests that regardless of whether an ILC is required by the title company or the lender, and regardless of whether the title company is willing to issue survey protection without an ILC, the benefits of an ILC for a buyer are worth the cost. If buyers identify specific needs (such as the need…
…to hire well-qualified inspectors-licensed if your state grants inspector licenses. To be even safer, recommend hiring an inspector who’s an engineer. Encourage buyers to have the property reinspected after work is done. Competition among inspectors is high; it shouldn’t be difficult to find someone willing to come back. Don’t let the final walkthrough become another inspection with only you there. Do your job and let inspectors do theirs, especially on…
…governing joint tenancy with a noncitizen spouse. The rules themselves contain additional nuances and cover many fact situations that have not been discussed here. Perhaps this roadmap will keep the practitioner from getting lost in the details of those rules, during the relatively infrequent occasions when he or she must comprehend how they change the estate and gift tax consequences of transfers between spouses. For questions, please contact Mike Smeenk….
…pending, and would-be users of the mark are thereby put on notice that the applicant is already claiming ownership. The registration of a domain name does not assure trademark protection. For example, you might be able to successfully register the domain name “XYZ Real Estate.com.,” only to find out that your competitor is operating under the name “XYZ.com” and that that competitor has a prior common law or registered trademark…
