You’ve organized your business, executed governing documents with your partners, obtained all required licensing, and are now ready to sign your commercial lease. Many, if not most, commercial landlords will require a guarantee of some sort to protect the landlord in the event tenant defaults. Understanding the type of guarantee that is required by the…
Surplus funds generated from a foreclosure can be a significant asset. It’s crucial to understand how these funds are handled and who is entitled to them. What Are Surplus Funds? When a property is foreclosed upon and the sale price exceeds the amount owed on the mortgage, the difference is known as “surplus funds.” Essentially,…
Whether you are new to commercial leasing, or a seasoned pro, it is important to be educated in determining whether a commercial space is well-suited for your business and whether you are protected by the lease. Commercial leases are complicated and can be intimidating to tenants. To avoid being taken advantage of by the landlord…
According to recent statistics, there is over $17 billion dollars in unclaimed funds that are being held by New York State. In the first three months of 2022 alone, the state has returned over $90,620,070. The amounts received by individuals varied, but over 59% of the claims were for over $100. Odds are, someone you…
Due diligence is a necessary part of any business transaction. In the context of buying or leasing commercial property, the goal of due diligence is to review and analyze all relevant information which bears on the property or the seller/landlord in order make a well-informed decision about moving forward with the acquisition or lease. The…
Nassau County recently announced a new service designed to alert county residents of fraudulent property record filings with the Nassau County Clerk. “Nassau County Property Fraud Alert” is an electronic notification service that alerts residents via email any time a land record document (deed, mortgage, lien, etc.) is recorded on their home. Suffolk County has…
For those thinking about selling investment property, the time may be right to take advantage of tax-deferred exchanges. Thanks to §1031 of the Internal Revenue Code, a properly structured transaction will allow an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gains taxes. Such a…
Renewal options in commercial leases are valuable to landlords and tenants. For tenants, they provide the opportunity to lock in the space, costs and other negotiated benefits for another lease term. Landlords benefit by having more certainty of keeping a tenant and avoiding the time and expense of finding someone else and making improvements to…
