Occasionally I will have a business client come in and I will ask – just to make sure – “is your business still in good standing?” The common answer is “I think so.” And of course, after I perform a quick internet check with the State of Michigan it is all too common that IContinue reading “Reminder to Michigan Limited Liability Companies: Maintain your Corporate Formalities and Keep up your Guard.”
Category Archives: Real Estate
Real Estate Case Law: Tenants in Common v Tenants with Full Rights of Survivorship – A Potentially Costly Distinction.
This morning I read a court of appeals decision that came out on October 18 – it provides a classic example of why you need to take care in drafting real estate documents. The case: In Re Estate of Lyle Steiner Facts are relatively straight forward: In 2007, Tuscan Plaza Condominiums, LLC, conveyed aContinue reading “Real Estate Case Law: Tenants in Common v Tenants with Full Rights of Survivorship – A Potentially Costly Distinction.”
Update on Community Development and Affordable Housing: Is an Answer Found in Social Enterprise?
Today the Community Development Financial Institutions Fund released its five year Strategic Plan If you are not familiar with the CDFI, the CDFI “works to spur economic growth and opportunity in many of our nation’s most distressed communities.“ “The CDFI Fund’s mission is to expand economic opportunity for underserved people and communities by supporting theContinue reading “Update on Community Development and Affordable Housing: Is an Answer Found in Social Enterprise?”
Real Estate Investors Bidding at Foreclosure Sale: If You Pay Less than owed on the Mortgage, there is no Surplus.
Real estate investors and lenders are under pressure to “get it right” when bidding at sheriff sales, especially in a market where good deals are getting harder to come by. Some lenders/investors have tried some creative methods of recovery and made some interesting legal arguments in order to maximize their profit at or after foreclosureContinue reading “Real Estate Investors Bidding at Foreclosure Sale: If You Pay Less than owed on the Mortgage, there is no Surplus.”
Business Law Update: Why Your Operating Agreement Matters.
Business Owners and Entrepreneurs: Let me paint you a picture: You decide to go into business. You’ve identified a business partner. You and your business partner decide the details of who is going to contribute what (capital, finances, “sweat equity”, etc..). Your startup is now off and running! Your business does not go as expected. You haveContinue reading “Business Law Update: Why Your Operating Agreement Matters.”
Recent Court Case Provides Good Lessons For Real Estate Investors.
Its Wednesday and I wanted to share a court of appeals case that came out on September 15th. Case: Key Bank v Lake Villa Oxford Assoc, et. al. Lesson: be careful when drafting “personal guarantees” I’ve written in the past about personal guarantees. This particular case involved a real estate development gone bad. Defendant, developer,Continue reading “Recent Court Case Provides Good Lessons For Real Estate Investors.”
News for Residential Real Estate Investors: Michigan Landlord Settles with DOJ for Allegations of Fair Housing Violations.
Here’s a profound truth those in the real estate industry will readily acknowledge: Owning and Managing Real Estate is challenging. I hear it from my Property Owner/Manager clients. I experience it when I am involved in negotiating in landlord/tenant disputes. Some of the pitfalls property owners have to watch out for are illustrated in a recentFederalContinue reading “News for Residential Real Estate Investors: Michigan Landlord Settles with DOJ for Allegations of Fair Housing Violations.”
Business Owners: Think Before you Sign. Recent Court Case Shows Why the Language in Your Contracts Matter.
Here’s to warmer weather! I’ve previously written about the importance of understanding the contracts you sign. I just read a recent Court of Appeals decision that provides a great illustration for business owners to give pause before signing a contract on the dotted line. Check out the case of Solis v Kroger and The Greener Side.Continue reading “Business Owners: Think Before you Sign. Recent Court Case Shows Why the Language in Your Contracts Matter.”
Community Development: The Tension Between Real Estate Entrepreneurship and Keeping Families In Affordable Housing.
This morning I read a MIBiz article by Nick Manes titled: “Hungry investors seek Grand Rapids housing deals, rankling longtime residents” The article does a good job of addressing the “tension” that I wrote about in a previous post. New investment in downtown Grand Rapids is exciting. But, as Nick Manes puts it, the flip-side ofContinue reading “Community Development: The Tension Between Real Estate Entrepreneurship and Keeping Families In Affordable Housing.”
Proposed Bill Affects Landlords in Recovering Property Against “Squatters”
Several years ago I wrote a post about a proposed bill affecting Landlords. The Bill affected the time frame which a property owner could bring an action to recover property; most importantly, it affected the statute of limitations for a claim of “adverse possession” or “squatters rights” by a holdover tenant. Here’s the scenario:Continue reading “Proposed Bill Affects Landlords in Recovering Property Against “Squatters””
Purpose Driven General Counsel 