FedNow, ‘Instant’ Payments and Real Estate Closings, or, We Could All Just Go Back to Writing Checks

May 15, 2023

The Federal Reserve’s instant payment service, FedNow, will be available at participating financial institutions starting in July 2023. Like other instant payment services such as Real Time Payments (RTP), FedNow claims to offer immediate electronic payment, that is, within minutes or seconds. The service will be available seven days a week, 24 hours a day … More FedNow, ‘Instant’ Payments and Real Estate Closings, or, We Could All Just Go Back to Writing Checks

Will These Minnesota and Massachusetts Cases Put an End to Real Estate Broker Commission Sharing

April 3, 2023

When a seller seeks to sell her house, she most often signs a real estate brokerage contract setting a commission that is a percentage of the sale price. In many states, such as Massachusetts, such contracts often contain provisions that in order to participate in the multiple listing service, the seller must agree to pay … More Will These Minnesota and Massachusetts Cases Put an End to Real Estate Broker Commission Sharing

MV Realty Part Deux – Utah Passes Legislation to Prohibit MV Realty – Style Long Term Recorded Residential Property Brokerage Agreements

March 10, 2023

I previously blogged about the Massachusetts Attorney General’s suit against two MV Realty entities. MV Realty purports to be a real estate broker that enters into long term (40 years) real estate brokerage agreements and records mortgages to secure a homeowner’s compliance. The Massachusetts AG contends MV Realty’s scheme is unfair and deceptive because MV … More MV Realty Part Deux – Utah Passes Legislation to Prohibit MV Realty – Style Long Term Recorded Residential Property Brokerage Agreements

Massachusetts Attorney General Seeks Preliminary Injunction against MV Realty PBC LLC and MV of Massachusetts, LLC

February 27, 2023

Adding to the list of strange title issues conveyancers must contend with, residential mortgages to MV Realty PBC LLC and MV of Massachusetts, LLC  (“MV”) are the subject of a Massachusetts Attorney General’s suit seeking a preliminary injunction against  enforcement. According to the AG, MV is a Florida company which purports to be a real … More Massachusetts Attorney General Seeks Preliminary Injunction against MV Realty PBC LLC and MV of Massachusetts, LLC

Status Of Property As Landmarked Not covered by Title Insurance  

January 26, 2023

In the New York Southern District federal court case Fawn Second Avenue LLC et al. v. First American Title 21Civ.3715 (S.D.N.Y. July 11, 2022) the plaintiffs purchased property at 82 Second Avenue, New York, New York on November 17, 2015. Previously, First American Title Insurance issued a title certificate that did not disclose that on … More Status Of Property As Landmarked Not covered by Title Insurance