From the category archives:

Condominium Law

Update: Jury Sides With Realtor Over Second-Hand Smoking Disclosure Case

by Richard D. Vetstein, Esq. February 17, 2010 Condominium Law
Thumbnail image for Update: Jury Sides With Realtor Over Second-Hand Smoking Disclosure Case

In the recent and well publicized case of the disgruntled condominium buyer suing her realtor over the disclosure of second-hand smoke, the jury today sided with the realtor. The Boston Globe reports today that the jury took less than an hour to deliberate whether a realtor was liable for allegedly not disclosing to a condominium [...]

Read the full article →

Massachusetts Lead Paint Law Advisory: Family (Un)Friendly Policies Can Get Landlords Into Big Trouble

by Richard D. Vetstein, Esq. February 16, 2010 Condominium Law
Thumbnail image for Massachusetts Lead Paint Law Advisory: Family (Un)Friendly Policies Can Get Landlords Into Big Trouble

My Boston.com fellow blogger, buyer’s agent Rona Fischman, has fielded several questions recently regarding the Massachusetts Lead Paint Law. Prospective renters have called apartment listings only to be hung up on abruptly with a “It’s not deleaded!” if they hear a child in the background or if they answer truthfully about having children. Mothers have [...]

Read the full article →

Lawsuit Against Realtor Over Second Hand Smoke Disclosure Raises A Stink

by Richard D. Vetstein, Esq. February 10, 2010 Condominium Law
Thumbnail image for Lawsuit Against Realtor Over Second Hand Smoke Disclosure Raises A Stink

Yesterday the Boston Globe reported on a controversial lawsuit by Alyssa Burrage, a condominium buyer, against a realtor over the disclosure of second hand smoke emitting from downstairs neighbors. Click for the story: Suit Over Second Hand Smoke Targets Real Estate Broker. As the hundreds of comments to the story indicates, this lawsuit raises a [...]

Read the full article →

Massachusetts Real Estate Law Year In Review: Top Posts Of 2009 And Predictions For 2010

by Richard D. Vetstein, Esq. December 28, 2009 Closings
Thumbnail image for Massachusetts Real Estate Law Year In Review: Top Posts Of 2009 And Predictions For 2010

In the spirit of the New Year, let’s look back at the top legal issues of the past year and peer into the crystal ball for a glimpse at 2010.
Top 5 Posts For 2009
#1.  The Catch-22 Impact of New Fannie Mae Condominium Regulations. In January, Fannie Mae was the first government agency to drop a [...]

Read the full article →

RESPA Update: HUD Issues New Settlement Cost Booklet and Powerpoint Presentation

by Richard D. Vetstein, Esq. December 21, 2009 Condominium Law
Thumbnail image for RESPA Update: HUD Issues New Settlement Cost Booklet and Powerpoint Presentation

With 11 days and counting until all lenders and closing attorneys must be in compliance with the new RESPA requirements and the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement, HUD has released two helpful documents:

Shopping For Your Home Loan: HUD’s Settlement Cost Booklet. Loan originators are required to provide consumers with a copy [...]

Read the full article →

New FHA Condominium Guidelines: Financially Sound Projects = Better Investments

by Richard D. Vetstein, Esq. December 9, 2009 Condominium Law
Thumbnail image for New FHA Condominium Guidelines: Financially Sound Projects = Better Investments

I’m getting pretty tired of all the condominium developers and realtors out there claiming and clamoring that the new FHA condominium guidelines which went into effect this week are the next coming of the Apocalypse. The fact remains that the new guidelines will ensure that condominiums are financially sound and well-run, and that’s good news [...]

Read the full article →

FHA Condominium Lending Rules Go Into Effect Today: Today’s Hurt Is Tomorrow’s Gain

by Richard D. Vetstein, Esq. December 7, 2009 Condominium Law
Thumbnail image for FHA Condominium Lending Rules Go Into Effect Today: Today’s Hurt Is Tomorrow’s Gain

Today, the controversial Federal Housing Administration (FHA) condominium mortgage rules go into effect. I’ve written about them extensively on this blog here. The new FHA rules, in summary, require that condominiums undergo a much more rigorous financial review prior to being accepted into FHA mortgage programs.  Sort of like a cardiac stress test for condominiums.
I [...]

Read the full article →

Final (Hopefully!) Revised FHA Condominium Lending Guidelines Issued

by Richard D. Vetstein, Esq. November 21, 2009 Condominium Law
Thumbnail image for Final (Hopefully!) Revised FHA Condominium Lending Guidelines Issued

After several revisions and delays, the Federal Housing Administration (FHA) has finally issued major changes to its revised guidelines on mortgage insurance requirements for condominium projects. FHA first proposed the revisions back in June (under Mortgagee Letter 2009-19). The new guidelines are effective December 7, 2009; however, some of the requirements are phased in through January 31, 2010.
There [...]

Read the full article →

Are You Ready For Some RESPA Reform? Part I, An Overview Of The New Regulations

by Richard D. Vetstein, Esq. November 17, 2009 Closings
Thumbnail image for Are You Ready For Some RESPA Reform? Part I, An Overview Of The New Regulations

New, sweeping changes regulating how lenders, closing attorneys and title companies disclose loan and closing costs are set to go into effect January 1, 2010. The new regulations are part of a long awaited reform to the 30 year old Real Estate Settlement Practices Act known as RESPA aimed at providing greater transparency and fostering [...]

Read the full article →

FHA To Ease New Condominium Guidelines–Spot Loan Approval Extended Until Feb. 1

by Richard D. Vetstein, Esq. November 10, 2009 Condominium Law
Thumbnail image for FHA To Ease New Condominium Guidelines–Spot Loan Approval Extended Until Feb. 1

Update: 11/10/09–FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010
With an eye on the “volatility” of the condo market, the Federal Housing Administration (FHA) has backed off some of the stingy new rules for condominium lending set to be implemented Dec. 7.
After a meeting with the Mortgage Bankers Association last week, the FHA [...]

Read the full article →

A Quick Question & Answer Session On Massachusetts Condominium Law And Liability Issues

by Richard D. Vetstein, Esq. October 28, 2009 Condominium Law
Thumbnail image for A Quick Question & Answer Session On Massachusetts Condominium Law And Liability Issues

Rona Fischman, a buyer’s agent and co-author of Boston.com’s Real Estate Now Blog asked me to answer a couple of questions regarding condominiums on her Boston.com blog which I’ve reprinted here:
Is an individual unit owner liable if someone gets hurt in the condominium’s common areas?
The answer is most likely not. This is good lead in [...]

Read the full article →

The Catch-22 Impact Of New Fannie Mae (FNMA) Condominium Lending Regulations

by Richard D. Vetstein, Esq. July 1, 2009 Condominium Law
Thumbnail image for The Catch-22 Impact Of New Fannie Mae (FNMA) Condominium Lending Regulations

Recent Fannie Mae (FNMA) condominium lending regulations are beginning to live up to the hype as having an onerous impact on condominium sales and project development. The changes, made in January, were part of an effort by mortgage giants Fannie Mae and Freddie Mac to limit risky lending in a segment of the housing market [...]

Read the full article →

New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sales

by Richard D. Vetstein, Esq. October 6, 2009 Condominium Law
Thumbnail image for New Stricter FHA Condominium Lending Regulations and Guidelines Sure To Slow Financing And Chill Sales

Update: 11/10/09–THESE RULES HAVE CHANGED. Please see my post: FHA Issues Final Revised Guidelines–Spot Approvals Extended Until Feb. 1, 2010
Update: 10/26/09–The FHA Has Delayed Implementation Of New Rules Until December 7, 2009

Under revised guidelines which were to be effective October 1, 2009 but now delayed until November 2, 2009, the Federal Housing Administration (FHA) [...]

Read the full article →

There’s Nothing “Standard” About The Massachusetts Standard Form Real Estate Purchase And Sale Agreement

by Richard D. Vetstein, Esq. August 21, 2009 Condominium Law
Standard Form Massachusetts Real Estate Purchase Sale Agreement

Although home buyers sign a never ending pile of legal documents to purchase a home, arguably the most important document in the entire transaction is the purchase and sale agreement. In Massachusetts, the purchase and sale agreement most often used is the so-called standard form agreement supplied by the Greater Boston Real Estate Board or [...]

Read the full article →

The Massachusetts Offer To Purchase Real Estate: A Binding Contract

by Richard D. Vetstein, Esq. September 8, 2009 Condominium Law
Thumbnail image for The Massachusetts Offer To Purchase Real Estate: A Binding Contract

The first step in purchasing or selling Massachusetts residential real estate is the presentation and acceptance of an Offer To Purchase. Most often, the buyers’ real estate broker prepares the offer to purchase on a pre-printed standard form and presents it to the seller for review, modification, and acceptance. Attorneys are often not involved in [...]

Read the full article →

Community Associations Institute Weighs In Against New FHA and Fannie Mae Condominium Regulations

by Richard D. Vetstein, Esq. October 5, 2009 Condominium Law
Thumbnail image for Community Associations Institute Weighs In Against New FHA and Fannie Mae Condominium Regulations

IMPORTANT UPDATE: 11/16/09:  FHA Issues Final Revised Condominium Lending Guidelines
As a follow up to my post on the new FHA condominium regulations, I received word from my friend Seth Wills at XLT Property Management, that the Community Associations Institute — the leading condominium and homeowner’s association trade group — recently sent a bulletin to its [...]

Read the full article →