The Federal Advisory Council – a Federal Reserve advisory committee composed of 12 representatives of the banking industry – wants to see more federal oversight of Wal-Mart’s prepaid card services, according to Bloomberg. It wants the Fed to consider restricting … Continue reading →
The Delaware legislature recently passed the “Commercial Real Estate Brokers’ Lien Act” which allows brokers to place a lien on commercial real estate that is the subject of a brokerage/commission agreement in order to collect unpaid commission. The Act requires … Continue reading →
The due diligence period in a commercial building sale is usually 45 to 60 days, during which the buyer and the broker work together to study the property. The factors to study include: Building Inspection: Structural and mechanical components must … Continue reading →
A subordination, non-disturbance and attornment (SNDA) agreement serves three functions: 1. Subordination: The agreement will place the lender-mortgagee’s lien on the property in first position even if a lease predates the recording of the mortgage lien. 2. Non-disturbance: The agreement … Continue reading →
Advanced Development and Investment Inc. (ADI), a real estate development company that received approximately $29 million in subsidies from the city of Los Angeles, has agreed to pay $165,000 to end an ethics investigation related to allegations of campaign money-laundering. … Continue reading →
In July the Montana Supreme Court ruled in Redding v. Montana that a TIC without usage rights is a security. A TIC (tenancy in common) is a property interest arrangement under which two or more people co-own real estate without … Continue reading →
Patrick T. Sharkey of Jackson Walker, LLP writes of ten issues to be considered in a condominium conversion project: 1. All existing leases must be honored after the conversion, regardless of the length of the lease. 2. Every tenant/subtenant must … Continue reading →
The landlord or tenant should retain an architect to prepare a set of plans (known as CDs) describing the TI work. Both parties should approve it. On the contrary, this purchase of viagra has no such ads and it is … Continue reading →
A $2.4-million judgment against real estate developer David Schostak (of Schostak Brothers & Co.) is the subject of controversy and a legal battle in Michigan. Schostak guaranteed a loan that was pooled with others as a commercial mortgage-backed security (CMBS). … Continue reading →