In a recent development, the New York State Department of Taxation & Finance, colloquially known as “the Tax Department”, published a private letter ruling concerning the conveyance of license agreements for parking spaces and storage spaces. In the context of a condominium unit’s conveyance, these transfers are considered a single conveyance of real property under…
In recent legal news, a class has been formalised by a federal district court in Maryland which comprises of borrowers alleging that their mortgage servicer violated provisions in the Maryland Usury Law. According to the plaintiffs, lenders charged them an inspection fee for loans that were secured by real property, a practice ostensibly prohibited by…
Back in 2019, the New York State Legislature brought into action the Climate Leadership and Community Protection Act (CLCPA), a robust plan designed to measurably decrease greenhouse emissions throughout the state while also considerably increasing its renewable energy capacity. Outlined in the CLCPA is a mandate that, by 2030, up to 70% of the statewide…
With an increment in office vacancies, a significant depreciation has been observed in the value of Bay Area’s commercial real estate in 2022. This downward trend will likely have implications on the property tax evaluation for the 2023-2024 fiscal year, which is determined based on the real property’s value as of January 1, 2023. Introduced…
In the realm of renewable energy projects, the term “site control” refers to an arrangement that bestows rights allowing the use of real property for primary due diligence and planning, eventually leading to the erection, development, functioning, and care of a renewable energy project. This intricate element of renewable energy law has recently come into…
In an interesting legal development, Judge Terrence L. Michael of the U.S. Bankruptcy Court for the Northern District of Oklahoma recently issued an opinion dismissing a home builder’s unconventional claim for breach of contract damages. The legal perspective showcases the court’s embrace of more lively language, a refreshing departure from traditionally dry and austere jurisprudence….
Recently, attention has shifted to the Florida public procurement space, specifically with regard to SB 264 (Chapter No. 2023-33, Laws of Florida), a law enacted to restrict foreign investment in the Sunshine State. The law, which went into effect on July 1, 2023, introduces new constraints on select individuals and entities related to countries like…
The North Carolina Court of Appeals recently approached a critical matter in the real estate sector. The case involved property leases, renewals of such leases, and the application of the state’s recordation statutes, collectively referred to as the “Connor Act”. The decision has significant implications for individuals and entities engaged in real estate transactions, including…