Commercial Real Estate Blog by Madison
Tag Archives: real estate attorney

Potential Pitfalls in DIY Deals in Real Estate

By Elliot Zaks, Principal, Madison Commercial Real Estate Services

Do-it-yourself projects may be a worthy endeavor for a handy homeowner refinishing a deck or a green thumbed gardener installing a herbaceous border. However, in the complex world of real estate transactions, DIY measures may backfire. Buyers seeking to cut costs with DIY methods can miss out on some vital resources.

The residential home market is experiencing a shift in attitudes. Rising interest rates and stiff credit requirements are causing a slow down in residential mortgage lending, as buyers struggle to get home loans. Rather than submit to the strict rules of the banks and creditors, many home buyers are turning to all cash deals. While cash buyers have the advantage of evading lender’s regulations, they should be careful not to forego essential industry safeguards. Continue reading

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Underwriter Fidelity Title Changes the North Carolina Real Estate Landscape

By Samuel M. Shiel, Esq.,
Director of National Title Services and
Senior Underwriting Counsel, Madison Title Agency

In my February 16, 2011 blog post, I addressed the decision that major underwriters made to end the practice of removing the creditor’s rights exception from their policies. This changed the practice of negotiating the removal based on significant financial analysis. It was with great intrigue that I followed that development within the real estate industry.

Now, a little over a year later, we are seeing yet another significant change to real estate title by one title insurance underwriter. After many years of significant loses on Mechanic’s Lien claims in North Carolina, the Fidelity Title Insurance Group, parent company of Fidelity National Title, Chicago Title and Commonwealth Land Title, announced on May 10th that they would no longer issue Mechanic’s Lien coverage for title commitments issued after June 15, 2012. (See their letter below.) Fidelity is also placing restrictions on the effective date of endorsements for previously issued policies. Why this change and why now? Continue reading

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11 Tips for a Smooth NY-style Commercial Real Estate Closing

Being a Title Closer for a good number of years, I’ve observed many closings where there have been delays, arguments, and bad feelings in situations that could have been easily avoided, had those involved prepared properly. Here is a checklist of things that can be done prior to closing to make things run smoother. Continue reading

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Seven Tips To Make NY-Style Closings Go Smoothly

For readers not familiar with the term “New York-Style Closing”, let’s start with a brief explanation. At a NY Style Closing, buyers, sellers, their attorneys, bank attorney and title closer are almost always present. Sometimes, even the real estate brokers attend. But, what really makes these closings unique is that many of the details needed to close the transaction are determined at the closing table. Continue reading

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