Following 9/11, many lenders required property developers and owners to carry terrorism coverage. To facilitate that coverage the Terrorism Risk Insurance Act (TRIA) was established in 2002 as federal protection for insurers if an act of terrorism were to result in losses above $100 million. It had been reauthorized twice, and the House voted to extend TRIA, but Congress, due to lack of agreement in the Senate, was unable to agree on terms to extend the act beyond 2014.Read More
The Paley Rothman Blog
Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our employees.
In April of this year, Jones Lang LaSalle Americas, Inc. (“JLL”), one of the world’s largest commercial real estate brokerages, learned the hard way that one employee’s lack of a real estate broker’s or salesperson’s license can cost millions of dollars. JLL’s fate presents a cautionary tale for brokerages that use the services of unlicensed professionals in connection with leasing and sales transactions.Read More
On May 15, 2014, the Governor of Maryland signed legislation that affords homestead tax credits for principal residences that are owned in the name of a trust. To qualify for the tax credit, the settlor, grantor or beneficiary of the trust cannot pay rent or other remuneration to live in the dwelling and legal title to the dwelling must be held in the name of the trust or the trustees.Read More
If you are thinking about acquiring residential real estate with a person to whom you are not married or with a family member other than your spouse (whether or not you and/or the other co-owner will be living in that property or leasing it to third parties), you should seriously consider entering into a written agreement governing your joint ownership of that property.Read More
On October 1, 2013, Section 7-112 of Maryland’s Real Property Article went into effect, providing for the automatic subordination of certain junior liens upon the refinancing of a senior lien for a lower interest rate. Plenty has been written and can be found online about the statute and its technical aspects. Instead of just summarizing the statute’s relatively straightforward requirements, let’s look at some of its finer aspects, including why Section 7-112 was necessary in the first place.Read More