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When Disaster Strikes
In Kentucky, the arrival of spring is unfortunately accompanied by wild weather. Tornadoes and flash flooding can happen without a moment’s notice. You cannot stop severe weather but, you can prepare for it. When disaster strikes, property and casualty insurers must spring into action with disaster response plans. How quickly an insurer can help return someone’s life back to normal is largely dependent on how well you, the insured, are equipped to weather the storm. Here are some tips to help you plan for the unexpected: More >
Lenders Take Note: CFPB Issues Guide to Forms
Big changes are in store for real estate closings in 2015 (we first wrote about it here). Now, lenders have some guidance from the Consumer Financial Protection Bureau (“CFPB”) as to how complete forms that will become mandatory in August 2015. More >
Considerations before Co-Signing
When I was looking for my first apartment, I was a student, had little money and was far from an ideal tenant. Luckily, my parents co-signed on the lease and I was handed the keys to my new place. At the time, I had no idea what risks my parents were taking by putting their signature next to mine on that lease agreement. Now, as a real estate attorney, I often see people co-signing on mortgages – generally a much bigger financial obligation than an apartment – and I wonder if they have considered the hazards associated with signing their name on the dotted line. Not every co-signing situation ends badly, and some work out with no problems at all, but there are times when a co-signor bites off more than they can chew and, as a result, are left with a very bad taste in their mouth from the whole closing process. If you are thinking about serving as a co-signor, I urge you to consider the following: More >
Not So Fast On Your “No Pets” Policy
Many landlords enforce a “no pets” policy in their rental units – and for good reason. Pets can be destructive, frighten other tenants, and increase landlords’ liability exposure. Such a policy, however, can be discriminatory to those with disabilities. While most landlords understand their obligation to make an exception for service animals, not all know what to do when a tenant requests to keep an emotional support animal (“ESA”) in their unit. More >
What Does the Board of Adjustment Do?
In communities that have adopted zoning regulations, boards of adjustment serve as a relief valve that can allow for the use of property that is not otherwise permitted under the property’s specific zoning category . Boards of adjustment have the power to grant dimensional variances, which are deviations from the dimensional requirements of a zoning ordinance pertaining to height, width, location of structures, or setbacks. For example, if a property owner wants to build or extend a structure within the required side, front or rear yard, she can appeal to the board to request permission to build closer to the property line. Applicants for a variance must show a need for the variance and that they are not unnecessarily trying to circumvent the zoning regulations. An unusually shaped lot or other unique physical characteristics of the particular property that make it hard to comply with the setback or height requirements are typically justifications for a variance. In one Kentucky case, the appellate court found that it was appropriate to grant a variance to allow building a house closer to the street because there was a sinkhole in the rear yard that prevented building the house farther back. When a board grants a variance it must make certain statutorily required findings of fact. Variances run with the land, so subsequent owners acquire the benefit without further approvals. More >
Lenders: Are You Using Electronic Signatures?
Earlier this year, the Federal Housing Administration (“FHA”) announced that they would begin accepting electronic signatures on documents associated with mortgage loans. FHA already allows e-signatures on some third party documents, outside of the lender’s control. The announcement, which became effective immediately, expanded the documents for which e-signatures are acceptable and now includes: More >
Pipeline Still Pushing Through, But Without Eminent Domain Power
According to a ruling issued last week by Judge Phillip Shepherd from Franklin Circuit Court, The Bluegrass Pipeline Co. cannot use eminent domain and condemnation to take private property for construction of a natural gas liquid (“NGL”) pipeline through Kentucky. Details about the Bluegrass Pipeline and the company’s efforts to secure easements were shared earlier on this blog. More >
Fraud Risks High for Multi-Unit Property Mortgages
A recent report, published by Interthinx, an anti-fraud vendor for the financial services industry, revealed that loans associated with multi-unit properties have a much higher fraud risk than loans associated with other property types. Mortgage fraud occurs when an individual makes a material misstatement, misrepresentation, or omission which is relied upon by an underwriter or lender to fund, purchase, or insure a loan. More >
Beyond the Commercials: Understanding Reverse Mortgages
You have likely seen the commercials for reverse mortgages. While the advertisements urge viewers to “call now to secure you reverse mortgage today” and make them seem risk-free, obtaining a mortgage of this type is a serious decision that should not be made without fully understanding its pros and cons. More >
A Doggone Problem for Landlords
Whether to allow residential tenants to keep pets on property is a tough choice for landlords. On one hand, it can mean additional rental fees; on the other, it can result in damage to the units and, in Kentucky, increased exposure to legal liability. More >
