New NYC Comptroller wants to control the Community Development Agreements that developers use to convince local politicians to support big projects in the City. This is probably too little too late, but these unregulate agreements over promise and under-deliver, often due to the fecklessness of NYC officials as well as developers. Full story here.
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A federal court refused to dismiss (reg. required) a malpractice action against an attorney representing an out of state bank in a refinance of a first mortgage on a new construction deposit, but who failed to account for the fact that New Jersey law places a lien on new construction in favor of prospective purchasers who have given the builder a deposit.  These deposits are not escrowed, but used to fund construction.

It is important to make sure that all liens are cleared and that no statut...
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