On March 23, 2022, the United States District Court for the District of Columbia decided the case of Jones Lang LaSalle Brokerage, Inc. v. 1441 L Associates, LLC, D.D.C. No. 20-3687 (FYP) (“JLL v. 1441”) where a Broker lost out on a commission of almost $800k for failure to properly disclose dual representation of a Tenant and Landlord.
On April 29, 2022, the Financial Crimes Enforcement Network (FinCEN) announced the renewal and expansion of Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.
Did you know that Virginia’s Bureau of Insurance issued an administrative letter notifying settlement agents that Virginia’s applicable statutes and regulations do not authorize split settlements?
Due to reports of lenders delaying funding of purchase money loans, Maryland’s Commissioner of Financial Regulation has recently issued guidance reminding consumer mortgage lenders that Section §7-109(b) of the Real Property Article of the Maryland Code requires lenders to disburse the proceeds of purchase money loans to the settlement agent on or before the date of closing. Lenders who fail to comply with the Wet Settlement Act are prohibited from charging interest on the loan for the first 30 days following the date of closing.
In response to the financial burdens experienced by individuals and businesses because of COVID-19, DC has passed emergency legislation providing various relief for DC residents and businesses, including a moratorium on evictions and foreclosures.
As you may know, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued guidance on operations and services that should continue during the COVID-19 response to ensure the continuity of functions critical to public health and safety, as well as economic and national security. In response to the efforts of the real estate industry, on March 28, 2020, CISA released updated guidance (Version 2.0) that now includes “Residential and commercial real estate services, including settlement services” within the list of essential services.
As you may know, the outbreak of COVID-19 has resulted in the issuance of several Executive Orders by Governor Hogan. Today, Governor Hogan issued a stay-at-home order (Executive Order 20-03-30-01) that requires, among other things, Non-Essential Businesses to remain closed to the general public and Maryland residents to stay in their homes or places of residence except to conduct or participate in Essential Activities, which includes obtaining necessary supplies or services for one’s self or household.
