Residential
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May 22, 2025
Servicer, BNY Seek Exit From Mortgage Statement Suit
Bank of New York Mellon and a mortgage servicing company have urged a Massachusetts federal court to permanently dismiss a proposed class action accusing them of trying to collect on post-bankruptcy liens, saying federal lending law does not obligate servicers to send mortgage statements to borrowers.
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May 22, 2025
Cadwalader, Sidley Guide Greystone's $901.3M CRE-CLO Deal
Greystone has closed a $901.3 million commercial real estate collateralized loan obligation backed by bridge loans on 28 apartment properties in 16 states, in a transaction advised by Cadwalader Wickersham & Taft LLP and Sidley Austin LLP.
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May 22, 2025
NYC Real Estate Week In Review
Fried Frank and Kramer Levin are among the law firms that scored work on the largest New York City real estate deals to hit public records last week, a slow period that saw only five matters above the $20 million mark become public.
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May 22, 2025
Neb. Gov. Rejects Letting Districts Tax Outside Property
A Nebraska bill to let some local taxing districts impose taxes on property outside their boundaries, and to create statewide standards for inspections by public housing authorities, was vetoed by the state's governor.
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May 22, 2025
Ore. Lawmakers OK Extending Affordable Housing Tax Breaks
Three Oregon property tax exemptions intended to promote affordable housing would be extended under legislation passed unanimously by the state Senate and sent to the governor.
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May 22, 2025
Panel Hearing Spotlights Long-Standing Disaster Claim Gripes
A U.S. Senate panel hearing into the claims handling process of major homeowner's insurers following natural disasters highlighted long-standing complaints from policyholders that obtaining relief can often be a long, arduous and costly process.
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May 21, 2025
Judge Prolongs Pause On Trump's HUD, DOT Grant DEI Limits
A Washington federal judge Wednesday extended a block on federal grant conditions limiting homelessness aid and transportation funding to recipients who align with the Trump administration's policies against diversity and inclusion programming, as nearly two dozen localities joined New York, San Francisco and others challenging the terms.
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May 21, 2025
Single-Family Rental Sector Charts Path Through Challenges
At a gathering of stakeholders in the single-family rental segment of the real estate world this week, speakers expressed confidence about their prospects for the future, despite a lack of the exuberance exhibited in the past.
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May 21, 2025
Developers' Lawyers Vying For NY Casino Licenses
The contest to win a license for a full casino in New York City is heating up.
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May 21, 2025
Title Insurance Co. Fights Treasury All-Cash Resi Deals Rule
A title insurance company and a subsidiary have filed suit in Florida federal court challenging new reporting requirements for all-cash real estate closings, saying the rule exceeds the U.S. Department of the Treasury's Financial Crimes Enforcement Network's authority.
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May 21, 2025
Industry Group-Backed Bill Would Override NY Scaffold Law
A bill introduced Wednesday would seek to supersede New York's Scaffold Law on federal projects, in a move to limit the scope of the longstanding rule that makes contractors and project owners strictly liable for the fall-related deaths of construction workers.
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May 21, 2025
Small Texas Communities Trying To Siphon Taxes, City Says
Two Texas state court judges issued court orders Wednesday barring two small municipalities from buying up apartment buildings in the city of Rowlett, Texas, thwarting what Rowlett described as an underhanded attempt to rob the city of property tax revenue.
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May 21, 2025
Montana Reduces Taxes On Residential, Commercial Property
Montana will lower taxes on residential and commercial property, provide property tax rebates to homeowners and implement other changes to the state's property tax regime under legislation signed by the governor.
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May 21, 2025
What The 'Big, Beautiful Bill' Proposes For Opportunity Zones
As Congress moves forward with the budget reconciliation bill, one program that has been popular with investors and was meant to spur development in low-income neighborhoods could receive a makeover if the One Big Beautiful Bill Act becomes law.
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May 21, 2025
NC Panel Sides With County In Builder's Service Fee Spat
North Carolina's intermediate appeals court on Wednesday backed a county's interpretation of an ordinance allowing it to collect water service fees from a homebuilder, reasoning that the builder's residential neighborhood is a "new development" subject to the law.
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May 21, 2025
Texas Lawmakers OK More Time To Pay Property Tax Bills
Texas would give some property owners more time to pay their tax bills under legislation approved by state lawmakers and headed to Gov. Greg Abbott.
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May 21, 2025
Gibson Dunn Dealmakers Talk NY Religious Real Estate
Advising religious real estate transactions in New York City requires a keen understanding of faith-based organizations and a regulatory review process that all such transactions must pass through. Two attorneys from Gibson Dunn spoke to Law360 Real Estate Authority about the process in a recent interview.
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May 20, 2025
No Bad Faith Means $461K Case Returns To Fla. State Court
A Florida federal court sent a $461,000 property damage dispute back to state court Tuesday, finding that while a condo association's timing in serving one insurer prevented the carrier from removing the case to federal court, there wasn't bad faith so a deadline applied.
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May 20, 2025
6 Colo. Cities Sue Governor Over Housing Executive Order
Six Colorado cities with "home rule" charters have hit the state and Gov. Jared Polis with a suit challenging his recent executive order saying state grants won't go to local communities if they don't comply with new housing laws that seek denser real estate development.
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May 20, 2025
Husch Blackwell Adds Holland & Knight Real Estate Atty
Husch Blackwell LLP has brought on a real estate pro from Holland & Knight LLP to its Nashville, Tennessee, office, who brings a roster of clients already based in the city or looking to grow their presence there.
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May 20, 2025
Wash. Panel Affirms Toss Of Vrbo Host's Rental Coverage Row
Washington appellate judges refused to revive a Vrbo host's suit against a Liberty Mutual unit and a company that arranged a policyholder's temporary housing while her home was being repaired, saying the companies did not breach a nonexistent contract with the host by ceasing to pay the policyholder's rent.
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May 20, 2025
Jailed Investor Puts Portfolio In Ch. 11 Ahead Of NY Auction
A group of companies owned by a real estate investor jailed last month for his role in a scheme defrauding Fannie Mae has filed for bankruptcy protection in New Jersey on a portfolio carrying at least $100 million in both assets and debt, ahead of a sheriff's sale in New York set for Tuesday.
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May 20, 2025
King & Spalding Pushes To Exit Long-Running Fla. Condo Suit
A Florida state appellate court has granted a temporary stay to a long-running dispute over a Miami Beach condominium's amenities in order to review King & Spalding LLP's petition to leave the case after its attorneys cited irreconcilable differences with its client, condo owner Bath Club Entertainment LLC.
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May 20, 2025
State AGs Back NJ Judicial Privacy Law At 3rd Circ.
Most states' attorneys general, along with law enforcement organizations and a data privacy group, have encouraged the Third Circuit to uphold a New Jersey judicial privacy measure, saying states have sovereignty to enact such laws in a time of increased threats against judges.
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May 20, 2025
FTC Case Against Greystar Stayed For Settlement Talks
A Colorado federal judge has stayed a Federal Trade Commission suit alleging developer and property manager Greystar advertised deceptive rental prices after the parties notified the court that they are in "active settlement negotiations" that could resolve the entire case.
Expert Analysis
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7th Circ Joins Trend Of No CGL Coverage For Structural Flaws
The Seventh Circuit, which recently held potential structural instability did not count as property damage under a construction company's commercial general liability policy, joins a growing consensus that faulty work does not implicate coverage without tangible and present damage to the project, say Sarah Abrams at Baleen Specialty, and Elan Kandel and James Talbert at Bailey Cavalieri.
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In The ÃÛÌÒÊÓÆµ Playbook: Making Good On Bold Promises
The U.S. Supreme Court's decision upholding the Consumer Financial Protection Bureau's funding structure in the second quarter cleared the way for the bureau to resume a number of high-priority initiatives, and it appears poised to charge ahead in working toward its aggressive preelection agenda, say Andrew Arculin and Paula Vigo Marqués at Blank Rome.
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FBI Raid Signals Growing Criminal Enforcement Of Algorithms
The U.S. Department of Justice Antitrust Division's increased willingness to pursue the use of algorithmic pricing as a potential criminal violation means that companies need to understand the software solutions they employ and stay abreast of antitrust best practices when contracting with providers, say attorneys at Rule Garza.
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State Licensing Pitfalls Mortgage Servicers Must Beware
A recent enforcement action from the Washington Department of Financial Institutions demonstrates how subtle distinctions in state mortgage servicer licensing laws may come as a surprise to some companies, even if they never directly receive payments or interact with borrowers, says Clayton Swears at Hudson Cook.
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Keys To Strong Parking, Storage Contracts For NYC Buildings
Drafting and enforcing unambiguous parking and storage unit license agreements are essential tasks for co-op and condo boards in New York City, with recent cases highlighting how prudent terms can minimize potential headaches, say Matthew Eiben and Adam Lindenbaum at Rosenberg & Estis.
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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 ÃÛÌÒÊÓÆµ '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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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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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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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.