Massachusetts’ top court has partly sided with lawyers in a turf battle between the real-estate bar and a Pittsburgh mortgage service company.In a ruling on Monday, the Massachusetts Supreme Judicial Court said ethics rules require “substantive participation” by lawyers in real-estate closings, the Boston Globe reports. Just showing up for the closing is not enough, the court said in an opinion by Justice Margot Botsford.The court ruled on questions presented by the Boston-based 1st U.S. Circuit Court of Appeals in a suit against National Real Estate Information Services Inc., which provides title and legal services to mortgage lenders across the nation. The suit by the Real Estate Bar Association for Massachusetts had claimed some of the company’s services constituted the unauthorized practice of law.Ed Bloom, president of the Real Estate Bar Association for Massachusetts, alleged in an interview with the Globe that NREIS performs “witness closings” … [Read more...] about Mass. High Court Upholds Role of Lawyers Before, During and After Real Estate Closings
Real estate law services
This week, the Federal Trade Commission filed an administrative complaint against the Louisiana Real Estate Appraisers Board (LREAB). This complaint is the FTC’s first against a state licensing board since it prevailed in the Supreme Court in the decision in NC State Board of Dental Examiners v. FTC in 2015. There, the Court held that immunity from the antitrust laws under the state action doctrine does not apply to a state board that regulates an industry if: 1) a majority of the board members are active participants in the market they are regulating, and 2) the board has not been actively supervised by the state. McDermott reported in detail about the NC Board of Dental Examiners at the time of the decision. The complaint comes on the tail of a settlement agreement between the FTC and a trade organization, the American Guild of Organists, as reported this week.FTC alleges that the LREAB violated Section 5 of the Federal … [Read more...] about FTC Files Complaint Against Louisiana Real Estate Appraisers Board
Individuals and corporations, but not limited liability companies, may be licensed as real estate brokers under the California Real Estate Law. This is a result of a bargain reached when California’s enacted its first limited liability company law – the Beverly-Killea Act. In order to overcome the objection of the California Trial Lawyers Association, the act proscribed LLCs from providing professional services that may be lawfully rendered only pursuant to a license, certification or registration authorized by the California Business & Professions Code. Over the years, the California legislature has enacted various exceptions to this wholesale proscriptions:Private cemeteries (SB 1225 (Harman), Stats. 2008, ch. 114)Contractors (SB 392 (Flores), Stats. 2009, ch. 698)Alarm companies (SB 1077 (Price), Stats. 2012, ch. 291)Private investigators (AB 1608 (Olson), Stats. 2014, ch. 669)In 2004 and 2006, Assembly Member Nicole Parra introduced bills (AB … [Read more...] about Beverly-Killea Act: Contractors Do It, PIs Do It; Why Not Real Estate Brokers?
"A limited liability company may have any lawful purpose, regardless of whether for profit, except the banking business, the business of issuing policies of insurance and assuming insurance risks, or the trust company business. A domestic or foreign limited liability company may render services that may be lawfully rendered only pursuant to a license, certificate, or registration authorized by the Business and Professions Code, the Chiropractic Act, the Osteopathic Act, or the Yacht and Ship Brokers Act, if the applicable provisions of the Business and Professions Code, the Chiropractic Act, the Osteopathic Act, or the Yacht and Ship Brokers Act authorize a limited liability company or foreign limited liability company to hold that license, certificate, or registration."The California Real Estate Law, which is part of the Business & Professions Code, presently allows only individuals and corporations to obtain a real estate brokers’ license. This has proved to be a … [Read more...] about Senator Introduces Bill To Allow LLCs To Be Licensed As Real Estate Brokers
On July 10, 2017, in a surprise move, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long awaited final rule on arbitration (Final Arbitration Rule). This rule-making has been a lightning rod issue for the Bureau, and its Final Arbitration Rule is likely to face serious political and legal challenges in the weeks and months to come. Even if the rule survives those challenges – and that if a big if – it does not become mandatory until early March 2018 and its provisions are not necessarily as sweeping as some press accounts may suggest. Here is what real estate settlement service and other consumer financial services providers need to know about the Final Arbitration Rule, at a glance. The Rule imposes new restrictions on class waivers, issues a requirement to disclose that limitation in certain arbitration agreements, and requires some information collection.As we have previously reported, well-crafted pre-dispute arbitration clauses … [Read more...] about What Real Estate Settlement Service and Other Consumer Financial Services Providers Need to Know About the CFPB’s Final Arbitration Rule
Can we all agree that dealing with a power of attorney in North Carolina has long been, at best, a frustrating experience? Well, help is on the way! On July 20, 2017, Governor Cooper signed Senate Bill 569, "An Act to Adopt the Uniform Power of Attorney Act in this State," into law as Session Law 2017-153. It will take effect on January 1, 2018, and if you haven't already done so, you need to read it if you practice real estate law or are called upon to consider powers of attorney!At the 10,000 foot level, the new law repeals or amends many of the existing statutes dealing with powers of attorney and adopts the Uniform Power of Attorney Act as drafted by the National Conference of Commissioners on Uniform State Laws, albeit with a multitude of tweaks and modifications tailored specifically to our needs in North Carolina.The effort to get the legislation introduced and passed was admirably undertaken by the Estate Planning and Fiduciary Law Section of the North … [Read more...] about The North Carolina Uniform Power of Attorney Act: A Practical Introduction for Real Estate Practitioners
The residential mortgage origination industry has long used Marketing Services Agreements (MSAs) to establish the terms of certain marketing arrangements. An MSA, written or oral, addresses the terms according to which a provider of residential real estate settlement goods or services will be paid for delivering general marketing services to another provider of goods or services related to the settlement of a residential mortgage loan.Section 8 of the 1974 Real Estate Settlement Procedures Act (RESPA) was intended to prohibit all arrangements whereby any payment or thing of value is provided in exchange for the specific referral of business transacted in the settlement of a federally related mortgage loan. However, an arguably plain reading of the statutory text of Section 8(c)(2) and RESPA’s implementing Regulation X supports the Congressional intent, as documented in the legislative history, that payments for the bona fide value of goods actually furnished … [Read more...] about Residential Real Estate Marketing Services Agreements: Not Worth the Regulatory Risk
The much exulted RERA (Real Estate Regulatory Act) will soon be implemented in Haryana from 1st May, 2017. The residents are expecting a lot from RERA and hoping that the attempt to safeguard the legislation by the Centre remains strong. There has been news about reported watering down attempts of the RERA by the States. However, in January 2017, the Centre had vehemently refuted it and warned against any modifications to the basic guidelines governing the Act.In the recent years, we have witnessed legal battles between consumers and builders over the inconsistencies prevalent in the real estate realm. RERA had instilled the much needed hope amongst the consumers, administrators and real estate players. However, since May 2016 there has been a gradual progress when it comes to its actual applicability. Few States had attempted to dilute it by careful tweaking in favour of the builders, thereby contravening the purpose of ensuring transparency in real estate dealings.Haryana Government … [Read more...] about RERA (Real Estate Regulatory Act) – Will Haryana Implement The Right, Earnest, Rare, Approach?
Orbit Law, which started its journey on 03.10.2014 with a team of ten lawyers, has completed its first year of operations and has grown to become a team of forty lawyers with expertise in varied areas and with offices at Mumbai, Delhi, Chennai and Vijayawada.Over a year, the firm has received more than 75 mandates and completion of about 60 assignments, in the areas of project financing, banking & finance, real estate, transaction documentation, corporate and commercial laws, investments, regulatory and compliances.In a recent press release, Orbit Law also announced the entry of Mr. Khadilkar Muralidhar Shrikrishna, as Associate Partner and its foray into the Intellectual Property Rights area. Mr. Khadilkar, who is a Patents and Trademark Attorney also handles all types of matters before the Bombay High Court and other civil courts in the City of Mumbai and Pune and will be spearheading practice areas of Intellectual Property Rights and commercial and corporate litigation services … [Read more...] about Orbit Law Services enters Second Year of its Operations and Forays into Intellectual Property Rights Area
Gujarat National Law University has invited eligible and qualified candidates at Walk in Interview for the position of Research Associate (Real Estate Laws) on 29th March 2016.Remuneration: Rs. 25,000 per month (fixed) Essential Qualifications Master’s Degree i n Law with at least 55% marks (or an equivalent grade in a point scale wherever grading system is followed) from an Indian University, or an equivalent degree from an accredited foreign university; Good knowledge of latest national and international research trends and developments in the fields of Real Estate Laws; Ability to conceptualize and organize international training workshops and brainstorming online/on-site discussions apart from teaching/Research; Fluency in English language. Desirable Qualifications Experience in teaching/research in premier law universities/colleges/firms in the area of Real Estate Laws; National Eligibility Test (NET) conducted by the UGC, CSIR or similar test accredited … [Read more...] about Walk in Interview for the position of Research Associate (Real Estate Laws) at GNLU