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Showing 37 posts in Real Estate Law.
Finding the Perfect Fit the Right Way
Many of the issues that landlords encounter with problem tenants can be avoided or, at least minimized, by using a comprehensive screening process. This is sometimes easier said than done. Screening applicants in order to find the right fit is legal. However, landlords must be mindful that, under the Fair Housing Act and other applicable state and federal laws, a landlord cannot refuse to rent or lease to a person or otherwise discriminate against a person based on race, color, religion, sex, familial status, disability or national origin. Furthermore, while background searches and/or credit checks can be an effective screening method, a landlord must adhere to certain procedures during the application process. It is important to have the process outlined beforehand and carefully follow it with each prospective tenant to ensure fairness and consistency. The following are some helpful guidelines to keep in mind in the screening process: More >
Is An Interest-Only Mortgage Right For You?
There are a number of financing options to consider when purchasing a home, one of which is the interest-only mortgage. This type of mortgage requires a homeowner to pay only the interest that accrues on the loan each month. None of the principal is paid off until the interest-only period expires. The length of the interest-only periods can vary, but payments are relatively low during this time. After expiration of the interest-only term, the buyer is then required to make monthly payments for the principal. More >
A Slippery Slope for Boat Slips
What happens when an existing condominium property regime is found to be invalid? Well, the Louisville Yacht Club recently encountered that exact problem. The case, Steenrod v. Louisville Yacht Club Ass’n, Inc.,[1] is one which Kentucky boat owners and condominium association members should be familiar so as to avoid similar problems. More >
Mortgage Prequalification versus Preapproval
First time home-buyers are often under the impression that mortgage prequalification and preapproval are interchangeable terms, but they are actually two separate steps in the financial process and it is important to understand the difference between them. More >
Do I Really Need a Real Estate Attorney?
A question I commonly encounter is why a buyer or seller needs an attorney’s assistance for the sale, purchase, or refinancing of property. A title company ensures that the title to a piece of real estate is legitimate and then issues title insurance for that property…why involve another party in the process? The answer is simple – because attorneys do what title companies cannot. Title companies, and their employees, are prohibited from providing any type of legal advice to those in the closing process. More >
Landlords, Make Sure Your Eviction is URLTA-Compliant
As tempting as it may be to immediately attempt to throw an unruly and non-abiding tenant out of the house or apartment, doing so can have serious legal consequences. Kentucky has codified the Uniform Residential Landlord Tenant Act in KRS 383.500 – 383.715 (“URLTA”). Pursuant to KRS 383.500, in order for the URLTA to be applicable in a given locale, that particular city, county, or urban county government must adopt the URLTA in its entirety. In areas where the URLTA has been adopted, tenants are often afforded greater protection at the landlord’s expense. More >
The Limits of Regulating Morality through Zoning Regulations
Zoning regulations are a reflection of a community’s identity and the image it desires to project to the larger world. Some otherwise lawful activities are perceived to be unsavory, immoral or conducive to crime. As such, they are often regulated more stringently than other lawful businesses. Although some of these activities can generate more police reports and government oversight than other kinds of businesses, often such establishments are safe and well operated. Even so, many community residents have moral, religious, or cultural beliefs that cause them to oppose the existence of these types of businesses anywhere at all. Not only do they fight to shutter existing businesses, but they also support zoning regulations that would prevent any new such businesses from opening within the borders of their community. Examples of such activities include sexually oriented businesses (such as adult nightclubs and book stores), gambling establishments, tattoo parlors/ piercing studios, pool halls and internet cafes that offer video games with sweepstakes prizes. More >
Why Use an Exclusive Use Clause?
If you are a business owner and in the process of negotiating the terms of your commercial lease, you will want to be sure to include an exclusive use clause to the document and negotiate the terms with the landlord. Exclusive use clauses are intended to protect a tenant’s business by ensuring that the named tenant is the only tenant in a particular shopping center that can sell or offer to sell specific products or services. In some cases (generally, where a tenant has more bargaining power), an exclusive use clause may extend to any other properties owned by the landlord or an affiliate of the landlord within a certain radius. More >
When Disaster Strikes
In Kentucky, the arrival of spring is unfortunately accompanied by wild weather. Tornadoes and flash flooding can happen without a moment’s notice. You cannot stop severe weather but, you can prepare for it. When disaster strikes, property and casualty insurers must spring into action with disaster response plans. How quickly an insurer can help return someone’s life back to normal is largely dependent on how well you, the insured, are equipped to weather the storm. Here are some tips to help you plan for the unexpected: More >
Considerations before Co-Signing
When I was looking for my first apartment, I was a student, had little money and was far from an ideal tenant. Luckily, my parents co-signed on the lease and I was handed the keys to my new place. At the time, I had no idea what risks my parents were taking by putting their signature next to mine on that lease agreement. Now, as a real estate attorney, I often see people co-signing on mortgages – generally a much bigger financial obligation than an apartment – and I wonder if they have considered the hazards associated with signing their name on the dotted line. Not every co-signing situation ends badly, and some work out with no problems at all, but there are times when a co-signor bites off more than they can chew and, as a result, are left with a very bad taste in their mouth from the whole closing process. If you are thinking about serving as a co-signor, I urge you to consider the following: More >
