The Maryland Daily Record just reported that “a bill that would allow Maryland banks to collect closing costs from customers who pay off loans early moved closer to final passage … after a contentious debate.” Apparently there’s no free lunch. It makes sense, but is is legal? It will be, if this piece of legislation […]

As stated in our earlier Blog posting of December 28, 2007, Maryland withholding tax requirements for non-resident entities changed, effective October 22, 2007. It’s very important to note that the regulations were revised to alter the definitions of resident and non-resident entities, as well.  Previously, a non-resident entity could qualify or register to do business in Maryland […]

Kevin L. Shepher, co-chair of the Real Estate Practice Group of Venable LLP, just published an interesting article in the Maryland Daily Record, entitled: Exercising real estate options: Close does not count.
Option contracts are at the heart of many real estate transactions, so this is an issue, and a holding, that is well worth studying.
The question: Must […]

FINALLY!!This morning NY Attorney General Andrew Cuomo announced a deal with Fannie and Freddie and OFHEO to change the way the whole appraisal system works. This is surely going to shake things up ….   There’s absolutely no questions about it …. over-inflated appraisals fuelled unsustainable price appreciation during the housing boom, and those appraisals […]

Canceled Contracts. Ever since the market began to turn for new homes, builders have reported increases in cancelled purchase agreements, but this one from a Toll family member adds a new twist.
Get This. Just a week after luxury home builder Toll Brothers said it sees no signs of improvement in the slumping housing market, and […]

The American dream, of owing your own home and keeping it forever, has definitely changed. The sub-prime crisis has collided with changing societal mores into what looks like “the perfect storm.”
According to Inman News, and as reported on “60 Minutes” some homeowners have decided to walk away from their homes just because they have no […]

In a fascinating article by Shannon Duffy of The Legal Intelligencer, the public gets a rare view into the inner workings of real estate title insurance, and the complexity surrounding the industry, itself.
Turns out, as professionals in the business know all too well, there are very significant duties and responsibilities that must be adhered to. […]

It’s always good to know what’s new ….
So, along those lines, here’s some news. The American Land Title Association (ALTA), recently approved three new form closing protection letters. These new forms took effect on January 1, 2008. These forms clarify the extent of the title insurers’ liability and the limitations on that liability.
Jon Anderson, Senior […]

In a significant case that may very well shape the way real estate title underwriters operate amongst themselves in the hyper-competive world they reside in, the Supreme Court today rejected Chicago Title Co.’s attempt to revive part of a $43 million award it won from competitor First American Title Co.
The case centered on an Ohio employee, […]