real estate valuation lawyer

Pennsylvania Gov. Tom Wolf signed HB 863, which allows the PA’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law defines a BPO as “an estimate … that details the probable selling price of a particular parcel of real property and provides a varying level of detail about the property’s…

The United States House of Representatives passed the Private Property Rights Protection Act by voice vote. It seeks to prohibit condemnations for economic development or over property that is used for economic development within seven years after that taking. It applies to state and local takings if that governmental entity receives federal economic development funds.…

The Circuit Court of Cook County, Illinois (Chancery Division) ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal proceedings were simply engaged in the traditional practice of law and not in appraisal practice. In Illinois State Bar Association vs. Illinois Department of Financial…

The Pennsylvania Supreme Court held that a Philadelphia homeowner was not entitled to attorneys’ fees under a PA consumer protection law because filing affirmative defenses doesn’t qualify as filing an “action” under the law. In Bayview Loan Servicing LLC v. Rodger Lindsay, 15 EAP 2017, in response to a foreclosure complaint, a borrower alleged…

The Ohio Supreme Court on Tuesday vacated an Ohio Board of Tax Appeals decision affirming a county appraiser’s $8.8 million valuation of a Lowe’s Inc. property. The Court found, in a 4-3 decision, that new case law required reconsideration. These new cases established that comparable properties used to determine a property’s market value generally must…

The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000 that were held in a portfolio for three years. Appraisals are not required for loans of $250,000 or less, but federal bank regulatory policy requires lenders…

The US Supreme Court issued its Kelo eminent domain case in 2005. That case held that it is not necessarily unconstitutional to take private property for another private entity to use. Now the subject of that case is the subject of a new movie. In Little Pink House, the movie centers on Suzette Kelo –…