LIEB BLOG

Legal Analysts

Monday, January 12, 2015

New NYS Foreclosure Prevention Program is Closing its First Loans

Attorney General , Eric Schneiderman
New NYS Foreclosure Prevention Program is Closing its First Loans
Yesterday, the New York Attorney General, Eric Schneiderman, announced in a press release that the first loans have closed in the New York State Mortgage Assistance Program (NYSMAP) to help homeowners across the state pay off their mortgage arrears and/or liens in order to avoid foreclosure.

This program was launched on Long Island in September and was opened to the rest of the state in mid-October to provide funds to homeowners so that they may apply and be approved for loan modifications. Since one of the most common reasons for loan modification denial is the inability to pay off mortgage arrears, unpaid property taxes, and liens on properties in foreclosure, these NYSMAP loans are specifically designed to help homeowners pay off these types of debt up to $40,000. The program has already received 41 loan applications and approved 9 loans from Long Island alone. Mr. Schneiderman is predicting that hundreds of loans across the state will be approved over the next year, helping homeowners obtain loan modifications and keep their homes into the future.

Click here at nysmap.org or call 855-466-3456 to see if you are eligible for a loan through NYSMAP.

Read more »
By at
Tags: , , , , , , ,

Friday, January 09, 2015

Real Estate Agent Successfully Obtains Permission to Use Drone for Aerial Photography

Air Drones ,
Real Estate Agent Successfully Obtains Permission to Use Drone for Aerial Photography
Want to use a drone to capture aerial photos of your listings? Douglas Trudeau of Tierra Antigua Realty in Tuscon Arizona has become the first Real Estate Agent permitted by the Federal Aviation Administration (FAA) to use a drone in connection with real estate brokerage.

As you may recall, a previous Lieb at Law Blog discussed the FAA rules which requires all sorts of licenses, certificates and flight plans in connection with "commercial" drone flights.  In that blog, we explained that the FAA specifically targeted real estate agents using drones to take aerial photos as an example of regulated commercial flight.  Remember, we are talking about two to three pound quadcopters, not full sized aircraft here.

Douglas Trudeau has waded through the tiresome process of obtaining the necessary approvals for such a commercial flight and amount of red tape is undeniably absurd. First, Mr. Trudeau had to petition the FAA for an exemption.  The FAA's response is a daunting twenty-six page analysis of the various rules, statutes and regulations which much be examined and excused prior to permitting Mr. Trudeau to use his drone.  Read the FAA's response for yourself here.

In granting Mr. Trudeau an exemption, the FAA analyzed each of the following factors:
  1. The type of aircraft used, including: size, speed, payload and weight;
  2. The qualifications of the pilot (Mr. Trudeau has a private pilot's certificate, but not a commercial license);
  3. The operating parameters of the anticipated flights, including: height, duration, range, tracking, interference with regulated airspace, and emergency contingency planning; and
  4. Public Interest
After deciding that it was as basically harmless for Mr. Trudeau to fly a toy, the FAA granted the exemption with a measly thirty-three conditions and limitations on his flights, including the following:
  1. The drone must remain in Mr. Trudeau's unassisted vision at all times;
  2. Mr. Trudeau must utilize a visual observer who also must maintain unassisted vision of the drone at all time;
  3. Mr. Trudeau, as the pilot, must maintain a private pilot certificate and at least a third-class medical certificate;
  4. Mr. Trudeau, before operating the drone to take photos, must log a minimum of twenty-five hours of flight time with a drone and at least five hours with the specific drone he is going to use for the flight.
  5. Prior to any commercial operation, Mr. Trudeau must have successfully executed at least three take-off and landings with the drone within the past ninety days;
  6. No night flights;
  7. Not within 500 feet below or 2,000 feet horizontally from a cloud;
  8. Mr. Trudeau must obtain an Air Traffic Organization issued Certificate of Waiver or Authorization prior to any operation and must request a Notice of Airman not more than seventy-two hours in advance, but not less than forty-eight hours prior to any operation; and
  9. Flights cannot take place within 500 feet of non-participating persons, vessels, vehicle or structures unless it will be "safe" for those non-participants;
Here's to hoping that the FAA changes its stance on small drone operations because the current process is cumbersome, to say the least. 
Read more »
By at
Tags:

Wednesday, January 07, 2015

Important Decision on Right of First Refusal in Foreclosure Sale

Centech LLC v. Yippie Holdings LLC , Foreclosure
Important Decision on Right of First Refusal in Foreclosure Sale
An important decision came out on December 23, 2014 regarding the right of first refusal—the requirement that a property owner, if and when he is offered to sell his property to a third party, must first present that offer to the party who previously entered into a contract which gave that party the right to purchase the property before others. The right of first refusal is easy to understand if we use a basic example. Let’s say Allison wanted to sell her real estate to Bobby but Carrie had a written right of first refusal for the property in question. Allison would first get an offer from Bobby and then, offer that to Carrie. If Carrie accepts the terms set by Bobby, she can purchase the property. If not, Bobby has a deal to buy the property.

Here, in the case, Centech LLC v. Yippie Holdings LLC, the issue was whether a party who had a right of first refusal could exercise it based upon a foreclosure sale. The Court found that the right of first refusal was not applicable in the foreclosure sale because the language of the right of first refusal did not clearly provide for a foreclosure sale as a trigger to the right of first refusal.

The takeaway is that when you have a right of first refusal, make sure that it clearly sets forth the trigger to our ability to exercise your right. Vagueness can prevent you from having a right that you otherwise believe to be yours. 
Read more »
By at
Tags: , , ,