“Market-leading practice for complex financing, leasing and development projects. Acts for a broad client base including lenders, buyers, sellers, tenants and conservation organizations. Recognized for its strength in representing public sector and governmental clients. Also assists secured creditors and developers in restructurings and workouts for troubled real estate portfolios.” Chambers USA
We Understand the Issues
More competition means more challenges, and our Real Estate Services team commands a deep understanding of the issues facing developers, real estate funds, tenants, landlords, brokers, lenders and construction companies in every aspect of acquiring, selling, developing, financing, leasing, managing and restructuring real estate assets.
Clients benefit from Richard Layton’s winning combination of technical property expertise, local market knowledge and industry insight. Our experience includes work on deals and advice to clients in every major sector, including industrial, office, retail, hospitality, health care, education and residential real estate. We represent sources of capital, which include lenders and equity investors, and the users of capital, including developers and long-term owners of real estate assets, on projects across the country.
Adding Value
Having worked for decades on real estate purchase, sale and development projects throughout Delaware and the Mid-Atlantic region, our lawyers have the experience to help clients structure and negotiate the best business deals, then quickly document and close the transaction. Whether the project involves single commercial properties or multiple property portfolios valued in the hundreds of millions of dollars, we bring value to the table through our track record of completing more, and more sophisticated, transactions than most other Delaware real estate lawyers.
We staff each deal with one or two working lawyers who maximize speed and efficiency through the kind of thorough market knowledge that requires little learning curve; however, the depth of our bench allows us to add additional lawyers when the size, complexity or timing warrants a larger team. Our lawyers give clients all the help they need to get deals done, from land acquisition and land use approvals, through the financing and construction phase, to the sale, purchase or lease of the project.
Because we are project-driven rather than process-driven, we structure every transaction to our client’s best advantage. The number of real estate transactions in the Richards Layton legal portfolio ensures that we bring sound business judgment to each deal, offering an efficient and thorough due diligence review of title, property conditions, environmental considerations and legal obligations as well as an assessment of future opportunities. As the largest Delaware law firm, our Real Estate Services team has the vast resources of the firm available to us, including litigation, bankruptcy, restructuring and alternative entities expertise, among others.
Government and Market Insight
The importance of our familiarity with local government officials and market assessment cannot be overstated. We are able to handle unique development and regulatory issues (even in environmentally sensitive coastal areas), forge relationships with public officials that are essential for efficient deal closing, and resolve even difficult zoning or property tax problems. Our lawyers are skilled at settling crucial issues to secure the timely approval of permits and zoning applications, and make sure all due diligence, from determining environmental liability to insuring the title, is completed. While we are effective at appealing land use decisions, our real strength is in resolving the concerns of regulating bodies short of litigation.
Typical of Richards Layton’s broad and deep Delaware market sophistication, we have represented the City of Wilmington itself on development, land use and litigation involving a variety of real estate projects.
Finance and Investment Connections
Because Richards Layton has experience with some of the largest financial institutions and institutional investors in Delaware and the Mid-Atlantic region, we can facilitate the financing of any development project. Turbulent times often require creative financing alternatives or combinations—we consider the most advantageous structure using conventional lending and available equity sources, such as syndications and real estate investment trusts (REITs).
Our lawyers advise owners, syndicators, underwriters and investors (including entrepreneurial individuals and funds looking for substantial investment returns) on financing strategies, and excel at evaluating real estate and facility portfolios to maximize asset value. We evaluate and structure financing alternatives, develop and analyze lease versus ownership advantages, and identify tax and economic incentives.
Leasing Capabilities
We work with landlords and tenants in all aspects of leasing, from traditional space leases for retail, office and industrial transactions to ground leases, master leases, leaseback to NNN and the considerations necessary for successful transactions structured on the basis of a credit tenant. We are experts in understanding the greater impact of a lease on a project, and we are skilled at what it takes to get a lease signed, financed and sold.
Environmental Capabilities
Our expertise and experience allows the Real Estate Services team to provide environmental support in all aspects of real estate transactions. Our attorneys advise clients on environmental risks and help clients to ensure compliance. We have strong relationships throughout the state and assist clients when interfacing with state and regulatory agencies. We address issues involved in environmental land use and permitting matters, and manage and advise on the effect of these issues on transactions, including financing and sale.
Land Use Capabilities
We represent clients in all aspects of land development to obtain approvals, including interfacing with state and local officials. We help clients navigate the complexities of the processes required to obtain variances and special use permits. We represent clients in planning commissions, historic review, zoning board of adjustment, design review and other bodies to obtain land development approvals.
LLC and Corporate Capabilities
Our premier Delaware alternative entities and corporate practices allow us to bring to bear the expertise of our firm in the application and use of special purpose entities in structured finance and commercial real estate financing. We advise and assist clients with the formation of joint ventures and private equity transactions.
Restructuring Capabilities
Richards Layton represents secured creditors and developers in restructuring troubled real estate projects and real estate portfolios. Our wide-ranging knowledge of and contacts in the industry have given us special skills in lender liability, foreclosures and other workout-related transactions. Our lawyers can resolve defaults on commercial property loans by restructuring the loan agreement or handling portfolio transactions for both buyers and sellers.
Because we have the ability to represent all parties (lenders, buyers, sellers, developers), we are skilled at staying abreast of the market. For example, in our role as seller’s counsel, our extensive transactional experience enables us to anticipate and address buyer concerns and bring all parties to a successful closing. And we can handle such complexities as debtor-in-possession financing and deed-in-lieu-of-foreclosure transactions.
Environmental Justice Bills Pending in the Delaware General Assembly
June 20, 2024
Two bills that may significantly impact the environmental permitting process are advancing through the Delaware General Assembly. The scope and obligations contemplated in these bills are broad and potentially burdensome to regulated parties. Pre-Permit Community Outreach in Underserved Communities (HS 1 to HB 248) House Substitute 1 to House Bill 248 requires an applicant for…
The Corporate Transparency Act: Amendments, Access Rule, and Appeals
Delaware Banker | Spring 2024
The Corporate Transparency Act (“CTA”) has received considerable national attention since its January 1, 2024 effective date. The past six months alone have seen a number of significant developments, including eased filing deadlines for beneficial ownership reports in 2024, the introduction of new standards and safeguards for accessing the Beneficial Ownership Secure System (“BOSS”), and even…
Delaware Laws & Programs Affecting Business – 2024 Edition
2024
Delaware Laws & Programs Affecting Business presents an introduction to Delaware and an overview of the laws and programs relating to doing business in the state. Our economy is diverse, and our legal framework is intentionally crafted to foster robust business activity. Our widely copied business laws lead the nation in clarity and predictability. Government…
Real Estate Tax Assessments Will Now Occur Every Five Years in Delaware
August 10, 2023
On August 9, 2023, Governor Carney signed House Bill 62 into law, requiring a general reassessment of all real property to be performed within each county at least once every five years. All three Delaware counties (New Castle, Kent, and Sussex) are performing a general reassessment in connection with Vice Chancellor Laster’s decision in In re…
The CRE Lender’s Guide To Being Prepared
Delaware Banker | Spring 2023
In an increasingly complex and rapidly evolving economic climate, commercial real estate (CRE) lenders need to be prepared to take action to protect existing loan portfolios from broader macroeconomic conditions. A confluence of events culminated in the current state of the market, starting with coronavirus business closures, stay-at-home orders, supply-chain disruption, pandemic work-from-home and, most recently,…
Best Lawyers | February 20, 2023
In an increasingly complex geopolitical and economic climate, commercial real estate professionals will need to bring creativity and flexibility to transactions to adapt to ever-shifting market conditions. The headlines are pessimistic: the war in Ukraine is entering its second year, the United States has hit the debt ceiling and Goldman Sachs has laid off 3,000 staff…
Getting The Deal Through | 2022
Getting the Deal Through is a quick reference guide enabling side-by-side comparison of local insights into real estate law and investment across the United States, including rights and registration; sale and purchase; brokerage; leases; taxes; finance and security; investment climate and structures; land use, including zoning, planning permission, historical / cultural preservation, and government expropriation;…
Borrower Considerations in Multiple Lender Transactions
The Practical Real Estate Lawyer | May 2022
During the past several decades, real estate financings have developed from fairly simple borrower/single-lender relationships to structured multiple-lender and capital-markets driven arrangements. Lower pricing and increased loan proceeds have made these types of transactions very attractive to borrowers. However, borrowers may not fully appreciate the intangible costs that arise out of the changes to the relationship…
To Give or Not to Give a Partition Opinion?
ACREL News & Notes | April 2022
It was April 2018 and my office was lead counsel to three (3) tenant in common (“TIC”), borrowers/ owners. My client was entering into a $30,000,000.00 non-recourse loan intended to be secured by a commercial retail shopping center. Closing was supposed to have occurred by first quarter end but due to some delays (estoppels and SNDAs,…
Delaware Agencies Announce “Forever Chemicals” Regulatory Plan
March 18, 2022
On October 20, 2021, Delaware Governor Carney signed the Drinking Water Protection Act (the “Act”), which directs the Division of Public Health (“DPH”) to establish maximum contaminant levels (“MCL”) for certain “forever chemical” contaminants found in Delaware public drinking water systems, namely perfluorooctanoic acid (“PFOA”) and perfluorooctanesulfonic acid or perfluorooctane sulfonate (“PFOS”). The Act requires that…
Substantive Changes to DUCIOA Could Have Significant Impacts on Common Interest Communities
September 27, 2021
On September 15, 2021, Governor John Carney signed into law House Bill 112, as amended, which amends the Delaware Uniform Common Interest Ownership Act (DUCIOA). While many of these amendments are technical in nature, the legislation includes two important, substantive changes to DUCIOA that could have significant impacts on developers of common interest communities and the…
Select Participation and Syndication Issues
Delaware Banker | Spring 2021
Commercial real estate finance has evolved from straightforward single lender/borrower structured loans into more complex, layered capital-market transactions involving multiple lenders. This “evolution” provides borrowers with access to larger-sized loans and permits banks to pool resources, allowing banks to enhance liquidity while spreading its risk and credit exposure. Lenders should be mindful of the structures and…
Reliance Parties to Third-Party Opinion Letters in Commercial Real Estate Finance Transactions
ACREL News & Notes | April 2021
An opinion letter in a commercial real estate finance transaction will generally be addressed to the opinion recipient, usually one or more lenders in the transaction. Except if expressly stated otherwise in the opinion letter, the only person entitled to rely on the opinion is the opinion recipient identified in the opinion letter, usually the addressee.…
April 15, 2021
In a further development regarding the In re Delaware Public Schools Litigation, C.A. No. CV 2018-0029-VCL (County Track), on April 14, 2021, the Delaware Court of Chancery granted a Stipulation and Order requiring that Sussex County complete a general reassessment of all real property in the county and that such reassessed values be placed on the…
Rights To Tenant Property Upon Termination Of A Commercial Lease
Delaware Law Review | 2021
What follows is a discussion of landlord and tenant rights under Delaware law regarding improvements, trade fixtures, equipment, and other personal property at leased premises upon termination of a commercial lease. In particular, this article addresses how the law deals differently with property in the leased premises that is defined as improvements or fixtures, in contrast…
Delaware Law Review | 2021
One of the pleasures of practicing real estate law in Delaware is the comparative absence of statutory preemptions of the common law and the relative scarcity of case law. This can spur one’s historic interests in delving into the common law that Delaware has preserved from its colonial origins. The flipside of this, of course, is…
February 25, 2021
In a further development of the In re Delaware Public Schools Litigation, C.A. No. CV 2018-0029-VCL (County Track), on February 24, 2021, the Delaware Court of Chancery granted a Stipulation and Order requiring that Kent County complete a general reassessment of all real property in the county and that such reassessed values be placed on the…
January 27, 2021
Following its highly publicized decision of In re Delaware Public Schools Litigation, C.A. No. CV 2018-0029-JTL (County Track), 2020 WL 2296888 (Del. Ch. May 8, 2020), the Delaware Court of Chancery has granted a Stipulation and Order requiring that New Castle County complete a general reassessment of all real property in the county and that such…
Delaware Laws & Programs Affecting Business – 2020 Edition
2020
Delaware Laws & Programs Affecting Business presents an introduction to Delaware and an overview of the laws and programs relating to doing business in the State. Our economy is diverse, and our legal framework is intentionally crafted to foster robust business activity. Our widely copied business laws lead the nation in clarity and predictability. Government…
Delaware Commercial Real Estate Finance Law and Practice
December 16, 2020
Delaware Commercial Real Estate Finance Law and Practice
Fastcase, Incorporated | September 2020
Delaware Commercial Real Estate Finance Law and Practice is an indispensable guide to the transactional aspects of commercial real estate financing law in Delaware. The first single-volume publication of its kind, this fundamental reference text focuses on the broad range of topics, from choice of entity to opinions. Delaware Commercial Real Estate Finance Law and Practice…
Delaware’s Real Property Tax System Is Unconstitutional
May 11, 2020
In the highly anticipated decision of In re Delaware Public Schools Litigation, C.A. No. CV 2018-0029-JTL (County Track), 2020 WL 2296888 (Del. Ch. May 8, 2020), the Delaware Court of Chancery found the real property tax assessment method employed by the three Delaware counties to be in violation of Delaware law and unconstitutional. The “indefinite-base-year” assessment…
Practical Considerations for Construction Lenders Regarding Mechanics’ Liens
Delaware Banker | Spring 2020
Until the recent COVID-19 pandemic, development was strong in Delaware. Construction scaffolding, temporary fences, and proud bank signs sharing that construction financing was placed by a certain bank were plentiful. Hopefully, as our state and nation begin to emerge from quarantine lockdowns we will see economic activity resume, led by development. Life will resume and projects…
Delaware Limits Landlord Remedies Against Residential Tenants
May 1, 2020
On April 30, 2020, Governor Carney approved the Fourteenth Modification of his Declaration of a State of Emergency for Delaware. This latest modification affects landlord remedies against residential holdover tenants. Under the Residential Landlord-Tenant Code, a landlord may charge a holdover residential tenant up to double the monthly rent during the holdover period. While the new…
Time Extension for 1031 Exchanges
April 20, 2020
The Department of Treasury and the Internal Revenue Service have recently extended relief to certain taxpayers in light of the COVID-19 pandemic. On April 9, 2020, Treasury and the IRS issued Notice 2020-23, which, in part, extends the deadlines for certain filings and other actions, including those relating to like-kind exchanges of real estate for certain…
Opinions Matters | Spring 2020
Lawyers are often asked to provide Uniform Commercial Code (U.C.C.) perfection opinions in commercial real estate finance transactions. These opinions have been addressed in detail in the recent report, “Uniform Commercial Code Opinions in Real Estate Finance Transactions,” prepared by a Joint Drafting Committee of the ABA Section of Real Property, Trust and Estate Law Committee…
Delaware Superior Court Says Easements and Covenants Can Cause Recourse in Non-Recourse Loans
March 6, 2020
The Delaware Superior Court recently sided with a non-recourse lender by enforcing full recourse against the guarantor of a multimillion-dollar loan after certain covenants were recorded on the mortgaged property without the lender’s consent. In Wilmington – 5190 Brandywine Parkway, LLC v. Acadia Brandywine Holdings, LLC, CA No. N17C-04-061 (Feb. 7, 2020), the Delaware Superior Court,…
Liquidated Damages in Delaware Real Estate Purchase and Sale Agreements
The Practical Real Estate Lawyer | September 2019
Most contracts for the purchase and sale of commercial real property include among the remedies for breach a provision for the seller to receive or retain the contract deposit as liquidated damages for the purchaser’s breach. At times, the contract will also provide for other remedies, whether damages or equitable relief (e.g., specific performance), in addition…
Practical Considerations for Commercial Lenders Regarding Environmental Liability
Delaware Banker | Spring 2019
In the context of making a loan secured by commercialreal estate, a lender is right to be concerned aboutenvironmental contamination at that property, and howit may impact potential liability for cleanup and thevalue of the property as collateral. According to a surveyby Environmental Data Resources (“EDR”), one out ofevery ten banks involved in commercial real estate…
September 10, 2018
On September 4, 2018, Governor John Carney signed into law House Bill No. 353, which amends the legal requirements for a mortgagee to provide public notice of any change in its notice address. Although the legislation, effective when signed, amends the existing law in various respects, the significant changes are as follows: A mortgagee may file…
Unlawful Restrictive Covenants
August 27, 2018
On July 23, 2018, Delaware Governor John Carney signed into law Senate Bill No. 243 (as amended), which establishes a procedure for striking from a deed or other recorded document a provision that purports to prohibit the sale, rental, occupancy, or other use of real property because of race or other legally protected categories, subject to…
Changes to Tax Withholding Requirements
August 13, 2018
On July 25, 2018, Delaware Governor John Carney signed into law Senate Bill No. 175 (as amended), which amends the requirements for withholding income tax on the sale of real property by nonresidents, including nonresident pass-through entities, in circumstances involving foreclosure or deeds in lieu of foreclosure. As of the July 1, 2018 effective date, the…
Changes to the Limited Liability Company Act Affecting Commercial Real Estate
August 7, 2018
On July 23, 2018, Delaware Governor John Carney signed into law Senate Bill No. 183, which amends the Delaware Limited Liability Company Act. The legislation addresses a number of aspects of Delaware limited liability companies; however, the amendment most affecting commercial real estate transactions is the creation of a new type of Delaware series LLC known…
Important Changes to Regulation of Acquisition, Development and Construction Lending
June 5, 2018
On May 24, 2018, President Trump signed into law Senate Bill 2155, which amended many of the requirements of Dodd-Frank. Among the changes that impact commercial real estate finance are amendments that modify or clarify the High Volatility Commercial Real Estate (“HVCRE”) loan rules in order to relieve some of the capitalization burdens imposed on commercial…
New Limitations on Eminent Domain
May 2, 2018
On April 17, 2018, Delaware Governor John Carney signed into law House Bill No. 144 (as amended). This new legislation has three effects. First, it expressly limits the Delaware Department of Transportation’s acquisition of property to specified transportation-related needs. Second, greater limitations are imposed on acquisitions in advance of approved, final right-of-way plans. Finally, the new…
New Requirements for Computer Security Breaches in Delaware
December 5, 2017
On August 17, 2017, Governor John Carney signed HB 180 (as substituted and amended), which significantly changes current Delaware law regarding landlords’ requirements for notifying Delaware residents affected by a security breach of the landlords’ electronic database of their tenants’ personal information. It is crucial that landlords become familiar with these new requirements, which will take…
September 21, 2017
The most recent session of the Delaware General Assembly witnessed the passage of a few clean-up bills related to Delaware real estate mortgages. One, Senate Bill 32, was signed by Governor John Carney on August 30, 2017. This legislation requires that a mortgagee or assignee file a notification with the applicable recorder of deeds if the…
The Delaware Rapid Arbitration Act: Considerations for Commercial Real Estate Finance
The Abstract | Fall 2017
On April 2, 2015, Delaware Governor Jack Markell signed into law the Delaware Rapid Arbitration Act (“Act”).This Act allows for alternative dispute resolution consistent with arbitration’s origins as a rapid and efficient means of resolving disputes. The Act responds to growing complaints by Delaware’s companies about the incrustation of costs and delays onto non-judicial dispute resolution.…
Delaware Banker | Summer 2017
The Delaware Supreme Court surprised the mortgage lending community in April with its opinion in J.M. Shrewsbury v. Bank of New York Mellon. In Shrewsbury, the Court held that to foreclose on a mortgage the holder of the mortgage must also be the party entitled to enforce the underlying obligation secured by that mortgage. Stated differently,…
Statewide Realty Transfer Tax Increase
July 5, 2017
As a part of the Delaware state budget process for the new fiscal year, the General Assembly approved House Bill 279, which increases the realty transfer tax payable to the State of Delaware by an additional 1%. The effect is to increase the aggregate transfer tax due on the sale of real property in Delaware to…
New Pleading Requirement in Mortgage Foreclosures?
May 1, 2017
The Delaware Supreme Court recently issued an opinion that could significantly change the pleading requirements for a scire facias mortgage proceeding in the Superior Court. In Shrewsbury v. The Bank of New York Mellon, 2017 WL 1374746 (April 17, 2017), the issue before the Court was whether the Superior Court was correct in holding that…
Delaware Purchase and Sale Issues for Buyers
The Practical Real Estate Lawyer | November 2016
Delaware courts traditionally afford parties broad and deferential freedom of contract. In Delaware, a commercial real estate purchase and sale agreement (referred to herein as a “PSA”) is no exception—buyers and sellers are free to arrange PSAs in a wide variety of forms. Still, Delaware custom and law provide important limitations and guidance that an attorney should…
August 15, 2016
On August 10, 2016, Governor Jack Markell signed into law Senate Bill No. 297, which provides for the waiver of certain recording fees charged by the State of Delaware for recording in the land records documents filed by a common interest community or civic association. The Act is effective only if the county in question has…
Changes to Delaware Fair Housing Law
August 9, 2016
On August 3, 2016, Governor Jack Markell signed into law Senate Bill No. 179, as amended. The Act amends the Delaware Fair Housing Act and the Delaware Residential Landlord-Tenant Code by prohibiting housing discrimination based on source of income, making source of income a protected class for this purpose.
June 29, 2016
On June 28, 2016, Delaware Governor Jack Markell signed into law House Bill No. 353, which made an important change to Delaware law on mortgage foreclosures.
2016 Changes to ALTA/NSPS Minimum Standard Detail Requirements for Land Title Surveys
April 5, 2016
Effective February 23, 2016, the ALTA/NSPS (formerly ACSM) Minimum Standard Detail Requirements for Land Surveys have been updated and changed, replacing the ALTA/ACSM requirements promulgated in 2011. While most of these changes are clarifications and minor revisions, there are several substantial changes that may affect real estate professionals. First, the new requirements specify the types of…
New FASB Rules and Your Balance Sheet
March 29, 2016
On February 25, 2016, the Financial Accounting Standards Board issued a long-anticipated Accounting Standards Update that may dramatically affect many lessees.
Bankruptcy Remote Entities in Commercial Real Estate Transactions
Practical Law The Journal | November 2015
In commercial real estate transactions, lenders commonly require borrowers to organize as bankruptcy remote entities to limit certain risks associated with a borrower’s bankruptcy filing. This article discusses the fundamentals of using a bankruptcy remote entity to purchase and finance commercial real estate and the key considerations for both lenders and borrowers.
No “Leap-Frog” in Refinancing: Delaware Supreme Court Embraces Delaware’s Pure Race Priority Status
Delaware Banker | Fall 2015
A recent Delaware Supreme Court opinion reinforced Delaware’s “pure race” approach to lien status in the context of mortgage refinancing transactions. In Eastern Savings Bank, FSB v. CACH, LLC, CA No. N13A-09-008 (Sept. 28, 2015),the Delaware Supreme Court held that the doctrine of equitable subrogation (see discussion below) does not apply to a mortgage refinancing absent…
Notice of Termination of Utilities for Common Interest Communities
September 8, 2015
On September 3, 2015, Governor Markell signed into law House Bill No. 177, as amended. This new legislation requires gas and electricity suppliers to maintain a third-party notification system that allows a customer to designate another person to receive notice prior to the termination of service to that customer. More specifically, the bill allows condominiums and…
Delaware Neighborhood Conservation and Land Banking Act
August 17, 2015
On August 11, 2015, Governor Markell signed into law Senate Bill No. 66, as amended. This legislation enables counties and municipalities to create land banks in order to acquire vacant or abandoned property through foreclosure and other means. A land bank will then hold the acquired property until a buyer is found who will redevelop the…
Amendments to the Delaware Uniform Common Interest Ownership Act
August 17, 2015
Governor Markell signed into law Senate Bill No. 5, as amended, on August 13, 2015. This legislation adds the Benjamin Kuntz Act to the Delaware Uniform Common Interest Ownership Act (“DUCIOA”), authorizing any common interest community created before DUCIOA’s 2009 effective date to amend its governing documents in order to comply with DUCIOA. In particular, a…
Fundamentals of Commercial Real Estate – Title Insurance
April 22, 2015
Delaware Adopts Rapid Arbitration Act
April 15, 2015
On April 2, 2015, Delaware Governor Jack Markell signed into law the Delaware Rapid Arbitration Act (DRAA), a new, specialized arbitration statute. This legislation provides a quick and inexpensive process for starting an arbitration proceeding, accelerates the arbitration itself to ensure a swift resolution, eliminates confirmation proceedings, and allows for either contractual rights to appeal or…
Delaware Real Estate Law Update: Reauthorization of Terrorism Risk Insurance Act
January 9, 2015
On January 8, the United States Senate passed H.R. 26, the “Terrorism Risk Insurance Program and Reauthorization Act of 2015,” which had already passed in the House of Representatives the previous day. The bill will now go to the President for his signature. The legislation extends by six years the terrorism insurance program, which has been…
Surveys in Commercial Transactions
January 7, 2015
Sara Toner spoke during this ABA CLE-accredited program. During this program, panelists addressed: ALTA/ACSM Minimum Standards, and the what, how & why of the Table A requests for additional items for inclusion on the survey; Types of surveys, and when to use each and what they are designed to show; Apparent easements and servitudes, and encroachments;…
Title Workshop: From Examination to Commitment
December 12, 2014
Ensuring marketable title has never been more important than in today’s real estate market. At this workshop, you’ll walk through the title examination process with example documentation—from the mechanics of the title search to curing defects to drafting the title commitment. Sara Toner will present on “Drafting and Issuing a Title Commitment” and “Title Insurance Endorsements…
Delaware Real Estate Law Update: Condominiums No Longer Subject to ILSA
September 25, 2014
On September 18, the U.S. Senate approved S. 2101, which would amend the Interstate Land Sales Full Disclosure Act (ILSA) to exempt condominium developments from its registration requirements. The U.S. House of Representatives had previously approved identical legislation. The bill will now go to the President for signature, which it is expected he will do. This…
Office of the Common Interest Community Ombudsman Created
August 18, 2014
On August 12, 2014, Governor Markell signed into law House Bill No. 308, as amended, which creates the Office of the Common Interest Community Ombudsman and the Common Interest Community Advisory Council.
Support for R&D for Small Businesses
July 29, 2014
On July 15, 2014, Governor Jack Markell signed into law House Bill No. 318 which targets small company start-ups by directing additional tax credit support to businesses with less than $20,000,000 in receipts.
Real Estate Law: Advanced Issues and Answers
July 15, 2014
Real estate transactions have become increasingly sophisticated, and successful deals require finding solutions for the complex real estate issues clients face. This National Business Institute seminar will go beyond the basics for an advanced look at complicated real estate concerns. Todd Coomes will speak on “Environmental Issues in Real Estate Transactions,” including Local, State and Federal…
Evictions under Agricultural Leases
July 8, 2014
On June 18, 2014, Governor Markell signed into law House Bill No. 243 relating to agricultural leases.
New Downtown Development Districts
June 24, 2014
On June 5, 2014, Governor Markell signed into law Senate Bill No. 191, which established a program for municipalities and counties to file for designation as a Downtown Development District with the State of Delaware.
Bisnow’s 2nd Annual Delaware State of the Market
June 19, 2014
Richards Layton director Sara Toner will act as a moderator during this 2nd annual event in Wilmington, Delaware. Some of the leading figures in Delaware real estate will give a real-time look at the state of the CRE market. Our all-star panelists will look at the neighborhoods/submarkets that are showing resurgence, what are the most successful…
American Bar Association’s Section of Real Property, Trust and Estate Law Spring Symposia
May 1, 2014
Featuring the nation’s leading practitioners and professionals as speakers, this year’s Symposia will offer an insider’s view of the latest developments in both real estate and estate planning.
An Overview of the Real Estate Finance Opinion Report of 2012
Delaware Law Review | 2014
Many state bars and other professional groups have provided reports on opinion practices, both general and specific. Although the Delaware State Bar Association has not yet produced such a report, a recent report by three national lawyer associations should be of interest to lawyers in Delaware who issue opinions in Delaware real estate transactions. The Real…
December 10, 2013
This CLE-accredited seminar, sponsored by the National Business Institute, will provide attendees with best practices for curing the most common defects that attorneys are encountering today. Sara Toner will speak on two panels. The first, entitled “Break in the Chain of Title,” will explore missing documents, name variances of the grantor/grantee, and inclusion of all…
Important Changes for Residential Leasing
July 1, 2013
On June 27, 2013, Governor Markell signed into law House Bill No. 92, as amended, which allows for alternative means of establishing security deposits for residential tenants.
Delaware Passes the Commercial Real Estate Broker’s Lien Act
May 14, 2013
On May 3, 2013, Governor Jack Markell signed into law House Bill 29, which creates a commercial real estate broker’s lien in Delaware.
Real Estate Purchase and Sale Transactions Seminar
May 1, 2013
Sara Toner will speak during this informative seminar in Wilmington, DE.
March 14, 2013
The State of Delaware Department of Natural Resources and Environmental Control is considering several legislative amendments that are of potential significance for future site development in the State, as well as for facilities that fall under DNREC’s Hazardous Substance Cleanup, Tanks and Oil Pollution programs.
Commercial Real Estate Loans: Lender’s Environmental Liability
PLC Real Estate | 2013
This Practice Note provides a background on a lender’s potential environmental liabilities for issuing a loan where real property is the collateral.
Commercial Real Estate Loans: Environmental Due Diligence for Lenders
PLC Real Estate | 2013
This Practice Note provides an introduction to the environmental due diligence process regarding commercial real estate loans.
October 11, 2012
Robert Krapf will be a panelist at this annual meeting in Kohler, Wisconsin.
Delaware Real Estate Law Update: Changes to Contractor Payment Rules
August 7, 2012
On June 25, 2012, Governor Jack Markell signed into effect House Bill No. 109, as amended, which revised what is sometimes called the contractor prompt payment act.
Delaware Real Estate Law Update: Department of Justice Extends Deadline for Pool Accessibility
May 29, 2012
On May 17, 2012, the United States Department of Justice issued a final rule on the deadline for compliance with the new ADA standards for existing pools and spas, which are applicable to hotels, inns and other public accommodations with pools and spas.
Substantive Changes to Real Estate Broker Licensing Law
February 14, 2012
On August 3, 2011, Governor Jack Markell signed into law Senate Bill 154, as amended, which completely rewrites the section of the Delaware Code addressing the licensing of real estate brokers and salespersons.
Condominium Project Recertification a Must
January 5, 2012
In the past few years the FHA has revised its loan underwriting requirements for condominium projects. Under recently updated FHA rules, entire condominium projects must receive FHA certification before buyers and owners will qualify for FHA loans.
Delaware Real Estate Law Update: Substantive Changes to Real Estate Broker Licensing Law
November 21, 2011
On August 3, 2011, Governor Jack Markell signed into law Senate Bill 154, as amended, which completely rewrites the section of the Delaware Code addressing the licensing of real estate brokers and salespersons.
August 11, 2011
On July 13, 2011, Governor Jack Markell signed Senate Bill 104. This legislation excludes the application of 25 Del. C. § 314(c) to most commercial real estate contracts involving seller financing.
Delaware Laws & Programs Affecting Business – 2011 Edition
July 2011
This guide presents an introduction to Delaware and an overview of the laws and programs relating to doing business in the State.
Delaware Real Estate Law Update: Street Connections Through Age-Restricted Communities
June 6, 2011
On May 19, 2011, Governor Markell signed Senate Bill No. 9, as amended. This legislation prohibits the Delaware Department of Transportation from accepting as a public street certain roads that will connect to an existing road system in a community restricted to age 55 or older.
The Annotated Real Estate Finance Opinion: Gambol, Guide, Goal, or Gift?
April 28, 2011
Robert Krapf will speak at this ABA event in Washington, DC.
April 6, 2011
Effective January 1, 2011, the forms of Seller’s Disclosure of Real Property Condition Report and Seller’s Disclosure of Real Property Condition Report – New Construction Only include several new disclosures that are now required under Delaware law to be provided to a prospective buyer of residential property prior to the time that the buyer makes an offer to purchase the property.
Delaware Real Estate Law Update: Tax Withholding Form Issued for All Sellers of Delaware Real Estate
December 28, 2010
Legislation effective for tax periods after December 31, 2010, requires non-resident sellers of Delaware real estate to report and remit an estimated state income tax on capital gains realized from the sale of that real estate.
November 8, 2010
In a recent opinion, the Delaware Court of Chancery further clarified the role of the implied covenant of good faith and fair dealing in interpreting a limited partnership agreement.
American College of Mortgage Attorneys (ACMA) 2010 Annual Meeting
September 23, 2010
Director Mark Purpura will speak on a panel entitled “Third Party Legal Opinions after Fortress Credit Corp. v. Dechert LLP: Establishing Prudent Risk Management Policies and Practices” at the ACMA Annual Meeting in Quebec City, Canada. Director Robert Krapf is president of ACMA.
Delaware Real Estate Law Update: Estimated Taxes for Non-Resident Sellers of Delaware Real Estate
August 24, 2010
On June 11, 2010, Governor Markell signed into law House Bill 349, which requires non-resident sellers of Delaware real estate to report and remit an estimated state income tax on capital gains recognized from the sale of that real estate.
Delaware Real Estate Law Update: Commercial Loan Insurance Requirements Now Enforceable
August 24, 2010
On July 27, 2010, Governor Markell signed into law House Bill 371, which corrected a long standing problem for lenders making commercial loans in Delaware.
Delaware Real Estate Law Update
August 5, 2010
Delaware Real Estate law information pertaining to changes for leasehold mortgages, private transfer fees, and homeowners’ association authority to regulate demolition.
Delaware Real Estate Law Update: Changes for Leasehold Mortgages
August 5, 2010
On July 23, 2010, Governor Markell signed into law a bill that clarifies a long-standing ambiguity in Delaware law regarding leasehold mortgages.
Delaware Real Estate Law Update: Delaware Prohibits Private Transfer Fees
August 5, 2010
On July 27, 2010, Governor Markell signed into law Senate Bill 322 prohibiting the charging of so-called private transfer fees on the transfer of real property.
Delaware Real Estate Law Update: Homeowners’ Association Authority to Regulate Demolition
August 5, 2010
The Delaware Court of Chancery has recently held that where a restrictive covenant requires homeowners’ association approval of changes or alterations to buildings in a development, such approval is not required for a homeowner to demolish the homeowner’s house where no replacement structure is planned.
Real Estate Law Update: Technical Amendments to the DUCIOA
July 15, 2010
On July 12, 2010, Governor Markell signed into law House Bill 475, which makes certain technical amendments to the Delaware Uniform Common Interest Ownership Act.
Real Estate Law Update: New Requirements for Residential Developers
July 15, 2010
On June 10, 2010, Governor Markell signed into law two bills that have a significant effect on developers of residential communities in Delaware.
Delaware Common Interest Ownership Act Amended and Deferred
July 8, 2009
On October 31, 2008, Governor Minner signed into law the Delaware Uniform Common Interest Ownership Act. The Act, which was effective October 31, 2008, affects both new and existing communities, including certain maintenance associations.
Delaware Common Interest Ownership Act Deferred
February 18, 2009
On October 31, 2008, Governor Minner signed into law the Delaware Uniform Common Interest Ownership Act. The Act, which was effective October 31, 2008, affects both new and existing communities, including certain maintenance associations.
Delaware Uniform Common Interest Ownership Act
November 13, 2008
On October 31, 2008, Governor Minner signed into law the Delaware Uniform Common Interest Ownership Act.