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Michigan to get millions from Fannie over unpaid real estate taxes

On Behalf of Galloway and Collens, PLLC | Mar 30, 2012 | Real Estate Law

Mortgage giants Fannie Mae and Freddie Mac will pay the state of Michigan and Oakland County millions of dollars to make up for unpaid real estate transfer taxes. The companies had previously contended that they were exempt from the tax, but the court ruled that they...

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Experts see signs of improving real estate market

On Behalf of Galloway and Collens, PLLC | Mar 28, 2012 | Real Estate Transactions

Despite unfavorable housing data for 2012, market-watchers are saying there are signs of an improving real estate market. Experts from prominent ratings agency Moody's told reporters this week that even though some indicators are down, optimism is up.Construction...

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Zsa Zsa Gabor’s daughter requests conservatorship of her estate

On Behalf of Galloway and Collens, PLLC | Mar 26, 2012 | Probate Litigation

A Los Angeles Superior Court Judge will decide who will control Zsa Zsa Gabor's estate finances and medical care decisions. Last week Ms. Gabor's only daughter, Constance Francesca Gabor Hilton, filed a petition with the court to request a court controlled...

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Rental repairs and the landlord-tenant relationship

On Behalf of Galloway and Collens, PLLC | Mar 23, 2012 | Landlord-Tenant Matters

The relationship between a landlord and a tenant can be complex. On one hand, both parties stand to gain if they are able to work well together in the long term. The renter will ideally enjoy a prompt response to repair requests and the landlord will have someone who...

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Wall Street investment banks consider the landlord business

On Behalf of Galloway and Collens, PLLC | Mar 21, 2012 | Real Estate Transactions

What if, instead of re-selling a foreclosed property, the bank decided a renovate it and become a landlord? This could become the norm, as more and more investment banks have begun bidding on large pools of foreclosed properties and converting them in to rental...

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Estate planning: Advice on how to disinherit a family member

On Behalf of Galloway and Collens, PLLC | Mar 21, 2012 | Estate Planning

Disagreements are a normal part of family life; however there comes a time when you want to document your decisions regarding the person you trust the most to handle your estate and make certain decisions on your behalf should you become unable to communicate your...

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Prominent business district building changes ownership

On Behalf of Galloway and Collens, PLLC | Mar 16, 2012 | Commercial Real Estate

A prominent building in downtown Grand Rapids was purchased for an undisclosed sum by local developers last week. It is more than 100 years old and is one of the area's oldest Masonic Lodge temples.The building is located near the entertainment and business districts....

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Powerball winner creates a sweet trust with $336 million prize

On Behalf of Galloway and Collens, PLLC | Mar 14, 2012 | Trust Administration

No doubt Michiganders have heard about the 81-year-old woman who won over $336.4 million in a Powerball jackpot last week, and all thanks to a family member who had a craving for something sweet. Asked if she wanted anything from the store the woman decided she would...

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Can landlords require online payment for rent?

On Behalf of Galloway and Collens, PLLC | Mar 14, 2012 | Landlord-Tenant Matters

Renters have filed a suit against a landlord who requires them to pay their rent online. The tenants' suit claims that the online payments are a pretense to get rid of the lower income renters in the building that benefit from rent-stabilization. Many older residents...

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Fees on mortgages set to increase

On Behalf of Galloway and Collens, PLLC | Mar 9, 2012 | Real Estate Transactions

Each mortgage contains a small hidden fee, known as the guarantee fee, or "G-fee." The fee has been silently included in mortgages for more than 30 years, and Congress has recently mandated an increase. It is not clear at this time when the increase will take effect,...

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