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
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 attorneys.
If you ask the right questions and have a basic understanding of title insurance it can go a long way toward reducing your closing costs.Read More
- Tags: real estate
CIGARETTE SMOKERS — REJOICE! This past summer you may have found a new friend in the Maryland Court of Special Appeals. In July, 2013, the court may have introduced a breath of fresh air into the nicotine stained and smoke filled rooms of private homes all over the State. Schuman v. Greenbelt Homes, Inc., 212 Md. App. 451 (2013). Here’s what happened.Read More
Several recent changes to Maryland’s recordation tax exemption law (§12-108 of the Tax-Property Article of the Annotated Code of Maryland), which took effect on July 1, 2013, should result in lower transactional costs in conjunction with the refinancing of commercial loans secured by a mortgage or deed of trust (for convenience, both will be referred to as “deed of trust”) on commercial property.Read More
If your landlord intends to sell or refinance the building in which you lease space, you will most likely first hear about it when you receive a letter requesting that you sign and deliver what’s called an Estoppel Certificate to the landlord, the prospective purchaser and/or the proposed new lender (either for a refinancing of a loan by the landlord or for a new loan to the prospective purchaser).Read More