Open-End Construction Loan Mortgage Amendment to Pennsylvania Mechanics’ Lien Law
By: Theodore F. Claypoole In response to the Pennsylvania Superior Court’s decision in Commerce Bank v. Kessler, Governor Corbett signed into law Act 117 of 2014 on July 9, 2014, which amends the Pennsylvania Mechanics’ Lien Law. In Commerce Bank v. Kessler, the Superior Court held that one hundred percent (100%) of the …
IRS Introduces New Form 1023-EZ
By: Theodore F. Claypoole The Internal Revenue Service has released a shorter application form for non-profit organizations applying for tax-exempt status under Section 501(c)(3). Form 1023-EZ (Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code) simplifies the process of obtaining Section 501(c)(3) tax-exempt status. Form 1023-EZ is three …
Direct Relation Test Challenged in PA Supreme Court – Why Disclosure for Confession is Essential
A recent case challenging the denial of a petition to open a confessed judgment has been granted appeal by the Pennsylvania Supreme Court. The case of Graystone Bank v. Grove Estates, 58 A.3d 1277, 2012 PA Super 274 (2012) has been appealed to determine the validity of the warrant of attorney which did not appear on the signature page of the agreement.
How is the Government Shutdown Affecting Brand New Businesses?
Despite the IRS message that certain operations, including the IRS website, would remain available during the government shutdown, we have been unable to obtain Employer Identification Numbers for the last several days, either online or by phone.
Department of State Warns Businesses of “Annual Meeting Disclosure Statement” Scam
By: Theodore F. Claypoole On March 26, 2013, the Pennsylvania Department of State issued the following press release: Department of State: Department of State warns businesses of “Annual Meeting Disclosure Statement” scam. HARRISBURG — Secretary of the Commonwealth Carol Aichele today warned Pennsylvania corporations about a bogus mailing some firms …
Commonwealth Pipeline Coming to Chester County, Pennsylvania
By: William J. Burke, III Commonwealth Pipeline is looking to construct an interstate natural gas pipeline from Lycoming County that is planned to pass through several northern Chester County Townships (which may include Upper Uwchlan, East Nantmeal, Warwick, and possibly others). The timing and the route – and perhaps the pipeline itself – are …
West Chester Student Housing Prohibition
By: Donald C. Turner The West Chester Borough Council passed a resolution on February 15, 2012 instructing its solicitor to prepare an amendment to the West Chester Zoning Ordinance that would eliminate student homes as a permitted use in the Town Center zoning district. See: http://westchester.patch.com/articles/borough-recommends-a-stop-to-new-student-housing As a result those town center …
Builder Insurance and Subs
A little reminder that Pennsylvania isn’t as builder friendly as some other states, at least in regards to insurance coverage. In late 2010, the Indiana courts looked at the issue of whether damage to a home caused by a subcontractor was covered under the general contractor’s standard liability insurance policy. Indiana ruled in favor of …
Borrowers With Good Credit Scores May Face Higher Mortgage Fees
Fannie Mae and Freddie Mac announced that they are raising risk fees that they charge to lenders. Lenders in turn typically pass those fees on to borrowers. The first time in 12 years risk fees will jump and the impact will be felt by all, even those with excellent credit. Persons with great credit (typically …
Is the real estate market turning around?
The National Association of Realtors is reporting that December’s existing home sales rose 12.3 percent over November 2010, perhaps signifying a continuing trend toward a recovery of the real estate market. For the northeast specifically, the rise was 13.0 percent.The northeast sale numbers are still 5.4 percent below December 2009 but the median price was …