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The New Jersey Law Journallooks at new state and federal closing regulations, Gov. James E. McGreevey’s position on sprawl and the state’s “big red map” which was designed to redirect growth. Other issues include expanded due diligence for retail clients and restrictive lease covenants, and a roundup of tax related decisions for the second half of 2002.
New State and Federal Closing Regulations Leave Attorneys in a Quandary New state and federal regulations affecting title insurance and mortgage lending appear to be leaving New Jersey attorneys searching for guidance as to the future of their real estate practices. There’s a New Map in Town The carefully nuanced State Plan seems to have been superceded by the DEP’s “Big Red Map.” The map is designed to redirect growth to already developed urban areas. Implementing Smart Growth Gov. James McGreevey’s first annual address to the Legislature made it clear that the control of sprawl would be one of the administration’s defining policy objectives. Stop, In the Name of What Law? Gov. James McGreevey puts landowners and developers on notice that the focus of his administration for the foreseeable future will be the fight against “mindless sprawl.” When Your Client’s Neighbor Becomes a Competitor When a client seeks to open a new location in a shopping center, or seeks to commence selling a new product line — but who believes he or she is prohibited from doing so given the existence of pre-existing restrictive covenants — counsel should critically examine the purported restriction. Retail Developers Can Require Expanded Due Diligence If your retail clients plan to develop property and construct a store, a variety of areas must be investigated for your clients to make a fully informed decision. Property Tax Update: July 2002 � December 2002 The last six months of 2002 produced decisions that could affect the assessment of real property in New Jersey, whether it is commercial, residential, farmland or tax exempt. Here is a synopses of these key rulings.

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