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Full-Text Articles in Law
Digital Recording Of Real Estate Conveyances, Dale A. Whitman
Digital Recording Of Real Estate Conveyances, Dale A. Whitman
Faculty Publications
The purpose of this article is to describe how such a revolutionary change in the recording system can take place, and to identify and discuss the major policy issues that must be resolved in order to accomplish it. This change ought to happen. Failure to update the system will result in the continued imposition of unnecessary costs and delays on those who buy, sell, or mortgage real estate in America.
Rethinking Future Advance Mortgages: A Brief For The Restatement Approach, Dale A. Whitman, Grant S. Nelson
Rethinking Future Advance Mortgages: A Brief For The Restatement Approach, Dale A. Whitman, Grant S. Nelson
Faculty Publications
The advantages of such arrangements, under which the mortgagor takes none or only a portion of the loan at the outset but receives the balance in the future, are substantial. The mortgagor saves interest on the unadvanced portion until it is needed and avoids the need to invest this portion at an interest rate that at least equals the rate being paid to the lender. Moreover, both parties avoid the expense and paperwork inherent in refinancing the initial loan or in executing a series of junior mortgages to secure each advance. Finally, in the construction loan context, before committing large …
Of Hotel Revenues, Rents, And Formalism In The Bankruptcy Courts: Implications For Reforming Commercial Real Estate Finance, R. Wilson Freyermuth
Of Hotel Revenues, Rents, And Formalism In The Bankruptcy Courts: Implications For Reforming Commercial Real Estate Finance, R. Wilson Freyermuth
Faculty Publications
This article is intended to continue the dialogue begun by the proposed Restatement and has two distinct goals in this effort. Parts I through III argue that the position of the Restatement drafters is both legally and functionally sound and that bankruptcy courts should embrace and apply the proposed Restatement in administering distressed real estate developments. Part I reviews the reasoning articulated in the hotel bankruptcy cases, demonstrating how courts have applied the provisions of the Bankruptcy Code and state law in a formalistic manner to extinguish the hotel mortgagee's lien upon postpetition room revenues. Part II rejects the analysis …
Mortgage Prepayment Clauses: An Economic And Legal Analysis, Dale A. Whitman
Mortgage Prepayment Clauses: An Economic And Legal Analysis, Dale A. Whitman
Faculty Publications
Most mortgages on income-producing real estate (as distinct from owner-occupied housing) contain clauses restricting early payment of the loan. These clauses are highly controversial, and borrowers often resist their enforcement. While other writers have discussed prepayment clauses in the recent legal literature, my objectives in this article are to advance this discussion in three respects: first, to provide an economic perspective on mortgage prepayment as support for a set of legal recommendations; second, to consider whether the bankruptcy of the mortgagor should affect enforceability of a prepayment fee clause; and third, to analyze the cumulative effect of the presence in …
Financing Condominiums And Cooperatives, Dale A. Whitman
Financing Condominiums And Cooperatives, Dale A. Whitman
Faculty Publications
This article will deal with legal problems relating to the financing of condominiums and cooperatives. While space does not permit a detailed treatment of the non-financing aspects of these forms of ownership, a rudimentary overview of the legal relationships involved will preface discussion of the central topic. Both condominiums and cooperatives are legal formats for “unit ownership” – that is, the ownership of a physically defined portion of a larger parcel of (usually improved) real property. In the majority of cases, the “unit” is a residential apartment in a multifamily housing project. Condominiums are much more tightly controlled by stage …
Transferring North Carolina Real Estate Part Ii--Roles, Ethics, And Reform, Dale A. Whitman
Transferring North Carolina Real Estate Part Ii--Roles, Ethics, And Reform, Dale A. Whitman
Faculty Publications
As we have seen in Part I of this article, prevailing practices in the transfer of North Carolina real estate are seriously deficient in their substantive protection of the buyer. Part II will explore whether these practices also violate the norms of professional conduct and will conclude with some proposals which should ameliorate both the substantive and ethical deficiencies which face the real estate buyer. Before doing so, however, it seems appropriate to discuss in some detail the roles of various actors in the typical transaction and the types of persons who fill those roles.
Transferring North Carolina Real Estate Part I--How The Present System Functions, Dale A. Whitman
Transferring North Carolina Real Estate Part I--How The Present System Functions, Dale A. Whitman
Faculty Publications
As we have seen in Part I of this article, prevailing practices in the transfer of North Carolina real estate are seriously deficient in their substantive protection of the buyer. Part II will explore whether these practices also violate the norms of professional conduct and will conclude with some proposals which should ameliorate both the substantive and ethical deficiencies which face the real estate buyer. Before doing so, however, it seems appropriate to discuss in some detail the roles of various actors in the typical transaction and the types of persons who fill those roles.