When landlords rent out properties in New York, they may encounter various challenges. For example, leases are an issue involving many nuances. Unfortunately, many landlords make mistakes that can lead to legal issues or financial losses. 1. Inadequate lease clauses...
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Real Estate Law
The importance of mortgage preapproval
The initial steps of a real estate transaction help pave the way for a property seller to approve your offer and set you on the road to your new home or commercial property. Obtaining mortgage preapproval could make or break your efforts to buy a piece of real estate....
5 benefits of a thorough title search
Purchasing property in New York City is a significant investment, requiring careful consideration of various factors. One important aspect often overlooked is the importance of a thorough title search. Taking the time to do research is a beneficial task. 1. Unveiling...
When do you need an estoppel certificate?
An estoppel certificate plays a role in ensuring transparency and clarity in real estate transactions. It is a document that verifies the status of agreements and obligations related to a property. While it might sound like complex legal jargon, understanding when you...
Signs a home is not worth buying
The National Association of Realtors reported in September 2023, the median sales price for homes in the nation was $394,300. When considering purchasing a home, it is important to approach the process with a discerning eye. Not all homes on the market may be in good...
What’s an LOI in commercial real estate?
LOIs, or Letters of Intent, are commonly used in commercial real estate transactions as a preliminary step before entering into a formal purchase agreement or lease. An LOI is a document that outlines the basic terms and conditions that both parties intend to include...
Why seek a home inspector when buying property?
You shouldn't make a hasty decision on a house purchase if this is your first one or else you may find yourself regretting your purchase after spending a fortune on repairs. A home inspector is one method you may use to stop this from happening. Sellers of real estate...
When can a commercial tenant withhold rent in New York?
New York landlords have a duty to ensure that the commercial property they are leasing meets the basic health, safety and structural standards stipulated by local, state and federal laws. If this obligation is not met, the tenant may pursue applicable options. One of...
What terms should you request when negotiating commercial leases?
Once you find the ideal commercial space for your business operations, you may feel eager to sign the lease and move in. Enthusiasm is understandable, but it might distract you from ensuring the lease terms serve your best interests. You have the right to study the...
Important considerations when investing in commercial property
Investing in a commercial property is a significant milestone. If you are already running a successful business, having your own property could eliminate rent while giving you more control over how you customize your premises at the same time. However, buying...