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Approving Attorney Opinion Letters In Lieu of Title Insurance Is Trending, But Use With Caution
In the context of a real estate finance transaction, an attorney opinion letter (an AOL) is typically a legal opinion prepared by a licensed attorney that opines as to the authority of the borrower and the enforceability of the security instrument and the other loan documents. Customarily, an AOL does not opine as to the status of title, and the parties will rely on title insurance to confirm the priority of the lien of the mortgage. Unlike an AOL, title insurance is obtained to protect the owner and lender, as applicable, against any loss or damage resulting from defects in title. Nevertheless, some cities and counties require an AOL for matters that pertain to unity of title, permitting and zoning.
In 2022, Equitable Housing Finance Plans were approved by the Federal Housing Finance Agency (FHFA) which allowed for government-backed entities like Freddie Mac and Fannie Mae to accept, in limited circumstances, AOLs as an alternative to title insurance for a mortgage transaction. Discussion of AOLs for the purpose of this article will solely be focused on their use in lieu of title insurance; the proposed objective of approving the use of AOLs in lieu of title insurance; the risks associated with this practice; and the stance taken by reputable title underwriters with regard to real estate transactions that accept this practice.
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.