|
LexisNexis Author Unveils ‘Deadly Dozen’ Leading Pitfalls in New York Commercial Mortgages as Part of Extensive New Treatise
Commercial Real Estate Attorney’s Updated Guide Available in Print and Online
DAYTON, OH, September 27, 2006 - LexisNexis U.S., a leading provider of information and services solutions, today launched Stein on New York Commercial Mortgage Transaction, a revised guide available for the first time in both print and online versions. The guide is authored by Joshua Stein, one of the nation’s leading commercial real estate attorneys, and a partner at Latham & Watkins LLP.
As an introduction to a very large topic, Stein introduces the "Deadly Dozen," his list of the 12 leading pitfalls in New York mortgages, including: lien law trust fund problems; inability to secure revolving loans; the need to waive notice appointment of a receiver; some special language for non-judicial foreclosure; random usury problems; un-indexable documents; powerless powers of attorney; why no one should ever use New York’s statutory mortgage; a lender’s possible responsibility for security deposits for apartment buildings; construction loans and the Lien Law; why lenders might not find out about real estate tax sales; and the importance of never satisfying a New York mortgage.
Those 12 problem areas don’t even scratch the surface of New York’s mortgage recording tax, a subject to which Stein devotes four chapters, almost a quarter of the book.
"New York commercial mortgages raise a truly unbelievable range of issues," Stein said. "Anyone practicing in this area needs to include all kinds of magic language in their documents, and think about issues that arise in New York but nowhere else."
The book is full of sample clauses and documents, including several that appear in this edition for the first time.
"I know that readers want to know about the legal issues, but particularly in this area they also want practical nuts and bolts examples of what they need to do. I’ve tried to provide that in just about every chapter, and I’ve tried to do it with understandable English and clear instructions that cover everything the user needs to know," Stein said.
One of the longest chapters in the book explains how the New York Lien law works for construction lenders. As one of its new highlights, that chapter now covers a recent major New York Court of Appeals case that has created new minefields – and new closing documents – for many construction loans.
Jonathan Mechanic, chair of the real estate department at Fried, Frank, Harris, Shriver & Jacobson, said he was glad to hear that Matthew Bender will publish an updated edition of Stein’s guide. Mechanic said he considers it "a great tool for anyone who handles substantial commercial mortgage loans in New York."
He said any reader will especially appreciate the many sample clauses and sample documents offered throughout the book. And he commended Stein for his "accessible and sometimes even funny" approach to explaining the details of commercial real estate law and practice in New York.
For more information, including a summary Table of Contents, please go to www.lexisnexis.com/steinnycmt.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leading provider of information and services solutions, including its flagship Web-based Lexis® and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in 100 countries with 13,000 employees worldwide.
In the United States, LexisNexis® (www.lexisnexis.com) offers its customers total practice solutions comprised of an extensive range of online and print legal, regulatory, news and business information products, tools, customized Web applications and critical filing services that help legal professionals achieve excellence in the business and practice of law.
|
