Articles

Are ATTORNEYS exempt from Section 8 of RESPA and the Affiliated Business Disclosure?

Author: LegalEase Solutions Are ATTORNEYS exempt from Section 8 of RESPA and the Affiliated Business Disclosure? Section 8(a) of RESPA prohibits the giving or accepting of any “fee, kickback, or thing of value” in exchange for referrals of federally related mortgage loans. 12 U.S.C. § 2607(a). Section 8(b) prohibits the giving or accepting of “any … Continue reading “Are ATTORNEYS exempt from Section 8 of RESPA and the Affiliated Business Disclosure?”

Is an Affiliated Business Disclosure Statement required to be given to and signed by the homeowner?

Author: LegalEase Solutions Is an Affiliated Business Disclosure Statement required to be given to and signed by the homeowner?  Pursuant to 12 U.S.C. Sec. 2602 (3) and § 3500.2 of Code of federal Regulations, “Settlement services” includes any service provided in connection with a real estate settlement including services rendered by an attorney, services rendered by … Continue reading “Is an Affiliated Business Disclosure Statement required to be given to and signed by the homeowner?”

TILA and MA Law

Author: LegalEase Solutions Q1. Would the fact that, 1) mortgage broker did not conduct this transaction through his employer mortgage broker company, and 2) used his own name and license, and 3) this being the first transaction using Broker’s name except him from the creditor definition of TILA and MA law? No case law or … Continue reading “TILA and MA Law”

Real Estate Marital Property

Author: LegalEase Solutions QUESTION PRESENTED When a party purchases real estate in New York by having a friend (who is married at the time of purchase) “buy” the property, such that the friend’s name is on the mortgage and title, but that party spent all the funds to acquire the property (held in constructive trust), … Continue reading “Real Estate Marital Property”

Duties of Lawyers to Recommend Against Risks in Real Estate Contract – New Jersey

Author: LegalEase Solutions QUESTIONS PRESENTED What are the duties of lawyers in the state of New Jersey to recommend against obvious and foreseeable risks in settlement ‘secured’ by the performance of a real estate contract? Must the advice of lawyers be documented? If so, in what form?   SHORT ANSWERS Generally, while representing clients, lawyers are … Continue reading “Duties of Lawyers to Recommend Against Risks in Real Estate Contract – New Jersey”

Minnesota Real Estate Research

Author: LegalEase Solutions INTRODUCTION Building A and Building B, both located at Minneapolis, Minnesota, are adjacent.  Both have storefronts at street level and residential apartments in the upper stories.  For at least the past 50 years, the residents of Building A have been able to exit their units by doors opening to a common deck … Continue reading “Minnesota Real Estate Research”

Like-Kind Exchanges in Michigan

Author: LegalEase Solutions  Introduction The Client sold real property lying in Michigan.  The proceeds of the sale were immediately held by Madison Exchange, LLC, pursuant to a Real Property Exchange Agreement.  Madison Exchange is acting as a § 1031 intermediary.  Specifically, Madison Exchange is in custody of $191,786.84 (consisting of $191,336.84 from the HUD-1 Statement … Continue reading “Like-Kind Exchanges in Michigan”