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Full-Text Articles in Law
Potential Liability For Misrepresentations In Residential Real Estate Transactions: Let The Broker Beware, Dawn K. Mcgee
Potential Liability For Misrepresentations In Residential Real Estate Transactions: Let The Broker Beware, Dawn K. Mcgee
Fordham Urban Law Journal
While the caveat emptor (buyer beware) theory has traditionally applied to real estate purchases, courts are continuously recognizing a brokers' duty to disclose. Some courts have found duty under an agent-principal relationship; others have found a duty as a matter of public policy, statutory language, ethics codes, or malpractice case law. Courts also differ on whether brokers have a duty to investigate the property and disclose defects. The author recognizes three issues of broker liability about which courts are divided: (1) the level of culpability required to find broker liability; (2) the basis of a real estate broker's duty to …
Effects Of Legislation On The Reverse Annuity Mortgage As A Means Of Home Equity Control, Dorothy E. Cumby
Effects Of Legislation On The Reverse Annuity Mortgage As A Means Of Home Equity Control, Dorothy E. Cumby
Fordham Urban Law Journal
This student note explores the plight of elderly home-owners whose income cannot meet their expenses, and the federal legislation designed to meet their needs, specifically the Reverse Annuity Mortgage (RAM), which draws on home equity to provide monthly cash payments to homeowners. The author explains the legislation authorizing the RAM, describes the pros and cons of different forms of the RAM for elderly homeowners, and suggests modifications that will allow homeowners maximum support without sacrificing their other sources of income, such as Social Security payments and tax benefits. The author also explores New York state legislation dealing with the RAM, …
Sale-Leaseback Transactions By Tax-Exempt Entities And The Need For Congressional Guidelines, William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr.
Sale-Leaseback Transactions By Tax-Exempt Entities And The Need For Congressional Guidelines, William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr.
Fordham Urban Law Journal
This Note explores the use, mechanics, and financial and tax ramifications of sale-leaseback transactions, focusing on their growing use by tax-exempt entities and the concerns this use has created in Congress. This analysis demonstrates that these transactions do not pose the problems feared by Congress, the Treasury Department (IRS), and the current Administration. Furthermore, it will show that under most circumstances sale-leaseback transactions by tax-exempt entities, although causing a revenue loss, are a useful device for providing certain tax-exempt entities with the financial means to maintain services in the face of rising costs and the withdrawal of federal funding. Finally, …
The Regulation Of Rental Apartment Conversions, Constance W. Cranch
The Regulation Of Rental Apartment Conversions, Constance W. Cranch
Fordham Urban Law Journal
This Comment examines the increasing rate of apartment buildings being converted to condominiums and cooperatives. It take a critical look at the the benefits and drawbacks of conversion for both landlords and tenants. Finally, the Comment argues that legislation should be passed in order to ensure that landlords can reap the benefits of conversion while seeing that the hardship on low-income and elderly tenants is mitigated.
Condominium Renovation, Amy R. Piro
Condominium Renovation, Amy R. Piro
Fordham Urban Law Journal
As a result of deterioration or obsolescence of condominium premises, unit owners often decide to renovate. These decisions may raise questions significantly different from those encountered in dealing with ordinary condominium expenses. These include matters such as required authorization, protection of dissenters' rights, and financing. This article explores some of these problems and suggests possible solutions. The author concludes that present law, including statues and condominium association bylaws, should differentiate between renovation expenses and those arising from ordinary maintenance and repairs, and should permit special authorization and financing arrangements for renovations.