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The Role of the Comprehensive Plan in Land Use Planning
The comprehensive plan is the most important tool in land use planning. In its most basic function, it provides a roadmap for the development of a community’s most limited resource, the land itself. More than just a rigid set of directions, however, the comprehensive plan lays out a community’s vision for the future, providing guidance as to how the community will grow and thrive while striking an appropriate balance between competing uses. More >
The Basics of Commercial Real Estate Transactions: Due Diligence
The most enduring maxim of any transaction is “caveat emptor,” therefore a key element of any commercial real estate transaction is due diligence on the part of the purchaser. A thorough investigation into the fundamentals of the property, the seller, the financing and the deal itself is the most crucial form of protection a purchaser has. Such an investigation exists to prevent surprises that might arise post-transaction. This post will briefly cover some essential elements of due diligence in the commercial real estate transaction. More >
Disclosures Landlords Must Make in Kentucky
There are certain required disclosures that a landlord must make when renting property located within a jurisdiction that has adopted Kentucky’s Uniform Residential Landlord and Tenant Act (“URLTA”). While these disclosure requirements are straightforward, a landlord’s failure to comply can have serious consequences for both the landlord and the tenant. More >
Affordable Housing is an Economic Development Benefit
When we think of economic development opportunities that lead to greater prosperity, we are likely to think of major employers such as factories, corporate offices, universities or health care centers. While these are essential to job growth and overall economic health, it is important to mention an often-overlooked sector that provides substantial economic development benefits to the community - affordable housing. According to multiple studies in cities throughout the country, affordable housing provides far more than a social or physical benefit to those fortunate enough to live in safe, clean and affordable housing. More >
The Truth in Lending Act and Rescission: Lessons Learned by Lenders from Jesinoski v. Countrywide
The Supreme Court just made mortgage rescission a little bit easier for borrowers and scarier for lenders in Jesinoski v. Countrywide Home Loans. Under the Truth in Lending Act, 15 U.S.C. §1601-1677 (“TILA”), mortgage lenders are required to disclose the rights of obligors and other material disclosures to borrowers. Borrowers have a right of rescission for three days from the transaction or until the disclosures are made, up to three years after the transaction. The borrower must give notice to the lender of his or her exercise of the right to rescind within those time periods. More >
The Consequences of Walking Away: Breach of Contract in Commercial Real Estate
The temptation happens often: the deal is done, the ink is dry, the contract is finalized…then someone gets cold feet. Buyers don’t want to buy, sellers don’t want to sell, money gets tight, titles can’t be delivered, etc. What makes breach of commercial real estate contracts unique as opposed to most non-real estate contracts is that every single property is unique. No two properties can share the same physical location, but most also won’t share the same size, improvements, buildings, access, resources...the list is endless. It’s not as though the buyer can just buy the same property from another seller, and the seller who loses a buyer also loses expected capital. When one party breaches its duties in a commercial real estate contract, it’s important for the non-breaching party to understand what remedies are available. We’ll explore the most common remedies and what provisions should be in commercial real estate contracts to mitigate the effects of breach. More >
Commercial Real Estate Sales: Initial Considerations in the Purchase of Commercial Real Estate
The decision to purchase, lease, or sell commercial real estate is fraught with multiple challenges for both buyers and sellers. This series of posts will provide a basic understanding of the various aspects of transactions involving commercial real estate. This post will focus on initial considerations for buyers in purchasing commercial real estate. More >
Titling Property & Same-Sex Couples in Kentucky
With the U.S. Supreme Court poised to hear the case that could decide the fate of same-sex marriage bans once and for all, legal ground in that area is now uncertain territory. Currently, however, Kentucky does not recognize same-sex marriages, leaving same-sex couples in the state exposed to a wide variety of complex legal problems that heterosexual couples do not encounter. One of these problems is how to title property when purchasing a family home. More >
“Is this the airport, Clark?” – Aunt Bethany
Your guests have arrived and you’ve just spent that last ten hours Griswolding your home and now you and your company are standing in the front yard ready to bask in the warm glow of a million tiny lights, when your neighbor strolls over and says, “I wouldn’t do that. The homeowner’s association won’t allow it. Oh, and you can’t park there.” What? But you nearly died placing those reindeer on the roof! And where are all these people supposed to park?? More >
Tenant Absence During the Lease Term: Protecting Your Property
Every landlord’s goal is to have his/her rental property under lease and occupied by tenants who will not only pay their rent on time, but who will properly use and maintain the property. After all, the property is an investment by the landlord of both time and money. While landlords typically relate property damage to tenants’ use of the property (i.e. throwing wild parties or vandalism), nonuse can also result in significant damage to the property, not only causing damage to the structure itself, but a diminution in value of the property overall. This is especially true during the winter months. For example, a tenant may take an extended vacation for the holidays or even abandon the property altogether. Any time a property is unoccupied for an extended period of time, maintenance issues may go undetected and/or other problems may arise unbeknownst to the tenant(s) or the landlord. These issues/problems may include the heat being turned off by the tenant, running water left on, a leaky faucet, a stove being left on, an electrical issue, or the shut off of one or more utilities by the respective utility company for nonpayment. Such issues can result in damage to the property, including, but not limited to, frozen/burst pipes, flooding, or fire. Moreover, the damage can extend to other units and/or affect the safety of neighboring tenants. Thus, it is important for a landlord to know when a tenant is going to be gone for an extended period of time. More >
