Issue No.247, October 13, 2021


EVENTS
Look For NEW Events Posted Since The Last Issue!
INDUSTRY
CREW Network Launches CRE Pledge for Action to Advance Women and DEI in Commercial Real Estate
CREW Network has launched the CRE Pledge for Action, an industry-first, CEO-driven initiative that is designed to advance women, and elevate actions that encourage greater diversity, equity and inclusion (DEI) in the commercial real estate industry.

Read This Before You Get Involved with Commercial Cannabis Real Estate
The demand for cannabis-ready real estate and facility build-outs and expansions has exploded, representing about a $50 billion asset class and making it one of the largest new asset classes in the country. Because cannabis-use buildings require particular infrastructure (think specialty-use equipment, HVAC/power, and water), properly managing this investment is the foundation for a successful operation.

Fake deed scams in Detroit real estate are on the rise
Two deeds, one Detroit house - and a couple very confused home owners. One has the key to the front door, the other a key to the side door.

New York’s Real Estate Tax Breaks Are Now a Rich-Kid Loophole
If you have a modest income but access to lots and lots of cash, New York City has an apartment ownership program that’s right up your alley. Even if it wasn’t meant for you at all.

Real Property, Financial Services, & Title Insurance Update: Week Ending September 24, 2021
Foreclosure / Section 702.036 / Eviction: Former borrower failed to establish entitlement to stay of writ of possession pending appeal; section 702.036 solely provides for monetary damages against the wrongfully foreclosing lender where the party seeking relief from the final judgment of foreclosure consented to such foreclosure and title has passed to an innocent third-party buyer – Rodriguez v. Bank of N.Y. Mellon, No. 3D21-1778 (Fla. 3d DCA Sept. 22, 2021) (denying motion to stay)

Israeli-based app is making it easier for foreigners to buy US real estate
Known as Lendai, the platform is described as the first to enable foreign and nonresident investors to finance US properties via an online mortgage approval process.

LEGAL
Connecticut Court Holds Insured Not Entitled to Defense Costs for Uncovered Claims
The Superior Court of Connecticut, Judicial District of Stamford-Norwalk at Stamford, recently granted summary judgment in favor of a title insurer, finding that the insured was not entitled to defense costs where the underlying lawsuits did not concern matters on which the title insurer had a duty to defend. See Stewart v. Old Republic Nat'l Title Ins. Co., 2021 WL 3832354 (Conn. Super. Ct. Aug. 10, 2021).

Corporate Seal Alone Will Not Extend the Statute of Limitations
PennyMac Holdings, LLC, (PennyMac) as the holder of a lender’s title insurance policy on a condominium unit in Ocean City, filed a claim against First American Title Insurance Company (First American), because the deed of trust securing the loan was never recorded. Unfortunately for PennyMac, the Maryland Court of Special Appeals (CSA) found the claim to be untimely. Pennymac Holdings, LLC v. First Am. Title Ins. Co., No. 2758, Sept. Term 2018, 2020 WL 7024845 (Md. Ct. Spec. App. Nov. 30, 2020).

'Falling of the Gavel': Court Weighing Whether Real Estate Auction Sales Are Final
The case Sullivan v. Max Spann Real Estate & Auction that’s pending before the New Jersey Supreme Court poses the question of whether an auction sale contract should contain a three-day attorney-review provision like other sales contracts.

Read More [Publisher allows for 2 free articles per month]
Refinancing Lender Assumes First Priority Position of Original Lender
On May 5, 2005, First Equity Mortgage Inc. extended a loan of $443,450 (First Equity Loan) to Denzil and Simone Waldron to purchase a house in Adamstown, Frederick County (Property). The First Equity Loan was secured by a first priority deed of trust on the Property (First Equity Deed of Trust). On the same day, the Waldrons obtained a home equity line of credit from Branch Banking and Trust Company (BB&T) in the amount of $83,000 (BB&T Line of Credit), which was secured by a second priority deed of trust on the Property (BB&T Deed of Trust).

WORLD
Future of eConveyancing in NSW- Are you ready for the cancellation of Certificate of Titles and CoRD consents? How does this impact on second mortgages?
New South Wales will be transitioning to a paper-less conveyancing process. The use of Certificate of Titles (‘CT’) and the Control of the Right to Deal (‘CoRD’) consents will be abolished, and all land dealings will be lodged electronically. The shift to electronic lodging will ensure more efficient and secure processes.

TECHNOLOGY
Company that routes SMS for all major US carriers was hacked for five years
Syniverse, a company that routes hundreds of billions of text messages every year for hundreds of carriers including Verizon, T-Mobile, and AT&T, revealed to government regulators that a hacker gained unauthorized access to its databases for five years. Syniverse and carriers have not said whether the hacker had access to customers' text messages.

Sued for a Data Breach Out of State? Don't Forget a Personal Jurisdiction Defense
No business is immune from threats created by cybercriminals and other hackers. In 2020 alone, over 155.8 million individuals were affected by a data breach. [1] Data breaches also continue to cause significant business interruption and cost, many of which now include ransomware as an element of the attack. According to 2020 data, there were 676 breaches that included ransomware as an element of the attack, which was a 100 percent increase as compared to 2019. 

"U.S. National Privacy and Cybersecurity” ADCG Podcast: Ep. 46 - Data protection and remote online notarization - Interview with Gary Weingarden
What are the challenges involved in providing security for personal identification data collected and stored for transaction verification purposes? What is involved in protecting the privacy rights of signers in the notarization process as required by state laws as well as the complexity that will arise from a series of different state privacy enactments?

Read More [Link to the podcast in the article]
PEOPLE IN THE NEWS
Woman found guilty of real estate scam that caused people to lose their homes
Monterey County Jury found Amy Agtarap guilty of real estate fraud, including 12 felonies and county of grand theft and forgery. She faces a maximum 10-year sentence, which the judge will determine on Nov. 4.

OTHER TRENDING NEWS
Can You Spot the Cat Hiding Beneath the Umbrellas?
Recently, UK garden supply retailer Hayes Garden World of Ambleside, Cumbria, commissioned a brainteaser to celebrate the power of the parasol in keeping outdoor enthusiasts and their cats cool. The objective: See if you can spot the cat taking a summer nap somewhere under the umbrellas.

William Mullan has turned New York City into his personal orchard.
I keep asking William Mullan if he’s sure he’s comfortable. “We don’t have to go through with this,” I say. “It’s not too late to reconsider!” But he assures me he’s ready as he unfurls a turquoise rope ladder and removes a long fruit-picking claw from his tote bag.

Read More [Contributed by Bill Collins, Frontier Abstract]
China’s noisy ‘dancing grannies’ silenced by device that disables speakers
Across China’s public parks and squares, in the early hours of the morning or late in the afternoon, the grannies gather. The gangs, made up mostly of middle-aged and older women who went through the Cultural Revolution, take to a corner of a local park or sporting ground and dance in unison to Chinese music. Loud music.

For sale: Own a piece of history with this A Listed Scottish castle dating from 13th century
Surrounded by glorious gardens and parkland, this exquisite fortified castle, which dates from the 13th century, is built from a distinctive red sandstone.
It displays crow stepped gables, castellated turrets and astragal windows, while the extraordinary interior houses many wonderful original features from intricately carved fireplace surrounds (the stonework is thought to be some of Scotland’s finest) to elaborate wood panelling.