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Regulation Room is a place where people talk to people talking to government. Each issue has its own summary for reading, discussing and commenting to the agencies that make the regulations.
Don't complain about the future of your industry, shape it.
Tuesday, August 21, 2012
Monday, August 20, 2012
Be careful when adding your spouse to a deed in only your name
Gifting your spouse a half interest in your separate real estate creates a presumption that the property is marital and subject to equitable distribution, so says the Third Judicial Department in Campfield v. Campfield, which can be read by clicking here.
More strikingly is the fact that the Court refused to Order a credit to the original owner spouse for the value of her contribution of separate property to the acquisition of a marital asset. This is the traditional approach that most matrimonial attorneys are familiar with.
The Third Department distinguished the scenario of inheriting money and purchasing marital property where a credit would be given from the situation before it when a party already owned property and than added a spouse's name to the property.
The Third Department controls from the Canadian border in the north to the lower Catskills in the south and from the Vermont and Massachusetts borders in the east to the Finger Lakes in the west. The Third Department includes just over half of New York's land area and contains about one seventh of the State's population.
Making Home Affordable - New Handbook Available - Version 4.0
To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here. While reviewing the Handbook you should be aware of the case of Flagstar Bank v. Walker wherein the Court held that the statutory good faith standard for a CPLR 3408 Foreclosure Settlement Conference is compliance with the Handbook. To review the case, click here.
This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comply.
This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comply.
Friday, August 17, 2012
Architectural Work is not only protected in copyright by the Architectural Works Copyright Protection Act
In an interesting appeal before the Second Circuit Court of Appeals, captioned as Scholz Design, Inc. v. Sard Custom Homes, LLC, Prudential Connecticut Realty, & Coldwell Banker Residential Real Estate, LLC, the Court held that the Copyright Act's protection of 'pictorial, graphic, and sculptural works' also protects architectural works from infringement. Therefore, graphical renditions of architectural work, before they are made into final construction drawings, which have sufficient detail to enable constructions of homes based upon them, also contain protected expression.
The pictures at issue in this case were front elevation drawings showing the appearance of the front of the houses surrounded by lawn, bushes, and trees.
This decision is huge for the architectural industry as it greatly expands our understanding of protected works for architects. Moreover, the decision highlights the risks that real estate companies face by promoting protected works on their sites without express permission. All brokerage houses should carefully perform due diligence on the sketches of buildings that they post on their websites before approving such a posting.
To read a copy of the decision, click here.
The pictures at issue in this case were front elevation drawings showing the appearance of the front of the houses surrounded by lawn, bushes, and trees.
This decision is huge for the architectural industry as it greatly expands our understanding of protected works for architects. Moreover, the decision highlights the risks that real estate companies face by promoting protected works on their sites without express permission. All brokerage houses should carefully perform due diligence on the sketches of buildings that they post on their websites before approving such a posting.
To read a copy of the decision, click here.
Follow Up to Last Night's CE Course Mortgage Mania at Newsday
We had a great course last night at Newsday for our local real estate agents called Mortgage Mania, where the students each earned 3 continuing education credits. While the slideshow was visible on the projected screen, some students inquired if I could re-post the links onto the blog as they couldn't see them on the handout.
So here goes:
I also wanted to thank Todd Triolo, our friend and mortgage expert, for his insights that he shared with the class as we learned.
Todd can be reached at DE Capital Mortgage, LLC | 124 E Main St | Babylon, NY 11702
MAC M6652-011 Phone (631)422-8288| Cell 631-834-9283| Fax 866-917-0776
So here goes:
Credit Scores- 3
Bureaus:
FHA: RULES
For HUD’s Latest Rate
Update:
I also wanted to thank Todd Triolo, our friend and mortgage expert, for his insights that he shared with the class as we learned.
Todd can be reached at DE Capital Mortgage, LLC | 124 E Main St | Babylon, NY 11702
MAC M6652-011 Phone (631)422-8288| Cell 631-834-9283| Fax 866-917-0776
Wednesday, August 15, 2012
Building is Up Nationally, Down Locally
Confidence for "newly built, single-family homes improved for a fourth consecutive month" says the National Association of Home Builders/Wells Fargo Housing Market Index when discussing the national trend.
To read the NAHB's press release, click here.
Unfortunately, the Northeast did see a significant decline in the same period. So we are left with mixed news at the Long Island Education Board. Let's hope that the national growth trend comes to town.
To read the NAHB's press release, click here.
Unfortunately, the Northeast did see a significant decline in the same period. So we are left with mixed news at the Long Island Education Board. Let's hope that the national growth trend comes to town.
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