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Showing 37 posts from 2015.

The Basics of Commercial Real Estate Transactions: Due Diligence

March 26, 2015
Posted In Commercial Real Estate, Purchase Contract

The most enduring maxim of any transaction is “caveat emptor,” therefore a key element of any commercial real estate transaction is due diligence on the part of the purchaser. A thorough investigation into the fundamentals of the property, the seller, the financing and the deal itself is the most crucial form of protection a purchaser has. Such an investigation exists to prevent surprises that might arise post-transaction. This post will briefly cover some essential elements of due diligence in the commercial real estate transaction. More >

Disclosures Landlords Must Make in Kentucky

By Brendan R. Yates on March 5, 2015
Posted In Landlord, Lease, Tenant, URLTA

There are certain required disclosures that a landlord must make when renting property located within a jurisdiction that has adopted Kentucky’s Uniform Residential Landlord and Tenant Act (“URLTA”). While these disclosure requirements are straightforward, a landlord’s failure to comply can have serious consequences for both the landlord and the tenant. More >

Affordable Housing is an Economic Development Benefit

February 26, 2015
Posted In Affordable Housing, Economic Development

real estate and family home concept - male and female hands holdWhen we think of economic development opportunities that lead to greater prosperity, we are likely to think of major employers such as factories, corporate offices, universities or health care centers. While these are essential to job growth and overall economic health, it is important to mention an often-overlooked sector that provides substantial economic development benefits to the community - affordable housing. According to multiple studies in cities throughout the country, affordable housing provides far more than a social or physical benefit to those fortunate enough to live in safe, clean and affordable housing. More >

The Truth in Lending Act and Rescission: Lessons Learned by Lenders from Jesinoski v. Countrywide

February 19, 2015
Posted In Closing Disclosure, Rescission, Truth in Lending Act, Truth in Lending Statement

The Supreme Court just made mortgage rescission a little bit easier for borrowers and scarier for lenders in Jesinoski v. Countrywide Home Loans. Under the Truth in Lending Act, 15 U.S.C. §1601-1677 (“TILA”), mortgage lenders are required to disclose the rights of obligors and other material disclosures to borrowers. Borrowers have a right of rescission for three days from the transaction or until the disclosures are made, up to three years after the transaction. The borrower must give notice to the lender of his or her exercise of the right to rescind within those time periods. More >

The Consequences of Walking Away: Breach of Contract in Commercial Real Estate

February 12, 2015
Posted In Breach, Commercial Real Estate, Purchase Contract, Real Estate Law

The temptation happens often: the deal is done, the ink is dry, the contract is finalized…then someone gets cold feet. Buyers don’t want to buy, sellers don’t want to sell, money gets tight, titles can’t be delivered, etc. What makes breach of commercial real estate contracts unique as opposed to most non-real estate contracts is that every single property is unique. No two properties can share the same physical location, but most also won’t share the same size, improvements, buildings, access, resources...the list is endless. It’s not as though the buyer can just buy the same property from another seller, and the seller who loses a buyer also loses expected capital. When one party breaches its duties in a commercial real estate contract, it’s important for the non-breaching party to understand what remedies are available. We’ll explore the most common remedies and what provisions should be in commercial real estate contracts to mitigate the effects of breach. More >

Commercial Real Estate Sales: Initial Considerations in the Purchase of Commercial Real Estate

February 5, 2015
Posted In Commercial Lease, Commercial Real Estate, Purchase Contract

The decision to purchase, lease, or sell commercial real estate is fraught with multiple challenges for both buyers and sellers. This series of posts will provide a basic understanding of the various aspects of transactions involving commercial real estate. This post will focus on initial considerations for buyers in purchasing commercial real estate. More >

Titling Property & Same-Sex Couples in Kentucky

By Mary Estes Haggin on January 30, 2015
Posted In Property Titling, Same-Sex Couples

With the U.S. Supreme Court poised to hear the case that could decide the fate of same-sex marriage bans once and for all, legal ground in that area is now uncertain territory. Currently, however, Kentucky does not recognize same-sex marriages, leaving same-sex couples in the state exposed to a wide variety of complex legal problems that heterosexual couples do not encounter. One of these problems is how to title property when purchasing a family home. More >

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