The rise of interest rates that started in mid-2022 is a common concern tor co-owners considering a partition action to end their co-ownership of real property. This is because co-owner buyouts, as are common outcome of a partition action
Real Estate & Construction
Lesser-Known Insurance Policies for Addressing Risks of Construction Projects
Bringing a construction project to fruition involves significant risks to project owners, designers, and contractors. Many of those risks will be allocated in the parties’ contracts, in turn requiring those parties to obtain insurance and further allocating risks to insurance…
A Potential Big Win for Real Estate Developers in Illinois: CGL Coverage for Property Damage from Defective Work
Illinois may have just opened a new door for developers and owners for insurance coverage when it comes to defective construction work and commercial general liability (“CGL”) coverage. Based on the recent Illinois Supreme Court ruling in Acuity v. M/I…
Update on Affordable Housing Legislation
Legislation establishing the new fourth round of rules for affordable housing could become law in short order. The Assembly passed its version of the bill, A-4, on February 12. The Senate Budget and Appropriations Committee moved the Senate’s version of the…
EV Charger Data Apocalypse
I don’t think this is some secret coterie of tech companies and governments seeking to weaponize EV chargers, but it is malfeasance at a huge scale and the transgression will certainly do more harm than good .…
PRODUCTS LIABILITY LAW – APPLICATION OF ECONOMIC LOSS RULE
When it comes to product liability law, one important doctrine that will always come up is the economic loss rule. The economic loss rule, oftentimes going by its acronym ELR, lives and breathes in the realm of product liability law.…
Can a Surety Waive Its Right to Notice Under a Performance Bond?
A performance bond ensures that the bonded contractor or subcontractor will complete its work on a project. If a bonded contractor or subcontractor defaults, the surety should step in and exercise one of its options under the bond, which typically…
New Limitations on Commercial Leases Within the City of Seattle
On December 12, 2023, Seattle’s former City Council passed Ordinance 126982 in an effort to increase commercial rent affordability for small businesses. The Ordinance, returned unsigned by the Mayor, became law on January 29, 2024. The new law places limits…
Should I Use an Escrow for my Co-owner Buyout?
Utilizing an escrow may prove to be a cost-effective way to complete a co-owner buyout as the resolution to a co-ownership dispute. The role of using an escrow company during a real estate transaction is to facilitate a smooth and…
AAA Revises its Construction Industry Arbitration Rules and Mediation Procedures
This one is for the lawyers. Or for those of you who are claims-minded . . . Effective March 1, 2024, the American Arbitration Association (“AAA”)…