Gibbons Law Alert

Gibbons Law Alert

Tagged: Mortgage

New Jersey Supreme Court Adopts O’Brien Factors For Determining When Real Estate Transactions Constitute an Equitable Mortgage

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Posted in Transactional Real Estate and Leasing

On October 6, 2014

Founded on the principle that equity looks to substance over form, courts will find an equitable mortgage to exist when a deed or contract, while lacking the characteristics of a typical mortgage, is used to pledge an interest in real property as security for a debt with the intention of acting as a mortgage. On September 9, 2014 in Zaman v. Felton, the New Jersey Supreme Court decided that when determining whether a particular transaction gives rise to an equitable mortgage, a trial court must utilize the eight factor test set forth by the Bankruptcy Court for the District of New Jersey in O’Brien v. Cleveland.

From Ink to Occupancy – Part Three: Land Use Due Diligence – The Title Myth

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Posted in Transactional Real Estate and Leasing

On August 13, 2013

As the third installment in the series, “From Ink to Occupancy, A Game Plan for a Successful Real Estate Project,” stemming from the Gibbons Women’s Initiative Seminar Series held in May, this blog addresses the question of whether title review alone is sufficient for purposes of ascertaining what restrictions are in place for a property being acquired. The simple answer is NO. All too often commercial buyers anxious to close on a property take shortcuts and limit their due diligence to title review as opposed to conducting land use due diligence. This blog explains why, particularly in New Jersey, it is critical to conduct land use and zoning due diligence in addition to title review prior to the acquisition of a property, so that you can be fully aware of any potential restrictions impacting the property.

Orange County Clerk’s Office Closes, Preventing Property Searches and Threatening to Delay Real Estate Closings

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Posted in Transactional Real Estate and Leasing

On September 12, 2011

Due to building conditions resulting from recent heavy rains, the County Executive of Orange County, New York, closed indefinitely the Orange County Government Center as of 3:00 p.m. last Thursday. In a press release, Orange County Executive Edward A. Diana announced having “ordered that the building be closed until further notice as we evaluate and remediate the situation.” The Orange County Government Center houses the County Clerk’s Office, among other government offices.

Due Diligence in Acquiring Distressed Debt — Part One

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Posted in Transactional Real Estate and Leasing

On November 3, 2010

There is no shortage of buyers anxious to buy distressed mortgages. The simple reason is the possibility of substantial profit if a loan can be purchased at a significant discount and there is a realistic possibility that the borrower or, if it forecloses, the lender, will be able to salvage the property. This is the first of two articles about counseling clients in acquiring distressed commercial mortgage loans. Bankruptcy, special assets such as condominium properties and UCC foreclosures are beyond the scope of these articles.

Acquiring Distressed Debt: Anatomy of a Mortgage Acquisition Transaction

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Posted in Transactional Real Estate and Leasing

On January 25, 2010

By all accounts, banks and other lenders are holding enormous amounts — several trillion dollars — of commercial mortgages that are nonperforming, under-performing or approaching maturity with dim prospects for refinancing. Although lenders have not yet flooded the market with sales of distressed debt, there are many reasons to believe that the gates will open wider in the not-distant future. This article provides an overview of a distressed commercial mortgage loan acquisition transaction.

Acquisition of Bad Debt Loans

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Posted in Development/Redevelopment

On November 30, 2009

Lenders, as we all know, continue to be saddled with under-performing and non-performing commercial real estate mortgage loans. A quick internet search will reveal that many are predicting future defaults on billions and billions of dollars of loans. Amongst many other implications for both the lending institutions and the economy at large, carrying these loans impacts reserve requirements and, in turn, available capital. Potentially, we have the makings of a classic “vicious cycle.”

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