Archive for the ‘Business Real Estate’ Category
Friday, December 23rd, 2011
One of the most persistent problems in commercial real estate contracts is the tendency of the parties to “agree to agree” on some aspect of a contract at some future time. The problem is twofold: an agreement to agree is not generally enforceable, but both parties to an agreement have the obligation to act in good faith so as not to deny the benefits of the agreement to the other party. If one party detrimentally relies on an “agreement to agree,” and the other party then fails to negotiate in good faith, the result may be that a court makes the “agreement to agree” enforceable on whatever terms it decides would be fair. (more…)
Posted in Business Disputes & Lawsuits, Business Real Estate, Buying a Property, Real Estate
Friday, October 28th, 2011
Many San Diego real estate owners learn too late how issues with zoning and zoning variances (special use permits) can stall their plans to build or develop real estate, or jeopardize deals to buy or sell real estate. To keep your goals or project on track, you should find out before you sell or buy property exactly what it is zoned for. If you inherit property, its zoning should be one of the first things you find out before you make any use of the property or put it up for sale. (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Real Estate, Zoning
Friday, July 29th, 2011
California is one of the most ADA (Americans with Disabilities Act) compliant states in the country. However, it also generates a large number of ADA-enforcement lawsuits. If you own a business, you should be aware that if your commercial space (whether owned or rented) does not meet all legal requirements for accessibility by disabled people, your business may be sued.
Most disability access lawsuits are brought over a lack of handicapped parking, inaccessible restrooms, and problems with entryways. Common targets are stores, motels, restaurants, and office buildings. If a court finds that your business violated disability access laws, your business will be required to pay up to three times the amount of the handicapped person’s losses, with a minimum of $4,000, plus attorney’s fees and costs, even if the violation is extremely minor. It does not matter if you did not even know about the violation, or if you knew about it but could not afford the building changes. Your business can still be required to pay and to fix the violation. (more…)
Posted in Access, ADA Compliance, Business Real Estate, Running a Business
Monday, June 20th, 2011
The Straddling Library:
In the small town of Derby Line, Vermont stands a beautiful 110 year old Romanesque-style library. The Haskell Library appears to be a typical Vermont library, but its location is particularly strange. The building sits directly on the border of Ontario, Canada and Derby Line, Vermont. You enter the Library in the United States, but walk to the circulation desk, and you’re in Canada. (more…)
Posted in Boundaries, Business Real Estate, Home Ownership, Real Estate
Friday, April 1st, 2011
A home is one of the most valuable items most people will ever buy or sell. But buying or selling a home can be complicated by real estate disclosure laws that affect all persons who are parties to the sale.
Real estate disclosure laws require sellers to tell potential buyers in writing about defects related to the home, including some defects in the surrounding neighborhood that may make the home less desirable or enjoyable. In most states, home sellers only have to disclose problems they are aware of, but the list of things considered “problems” is enormous. For example, as a recent article in the ABA Journal called “Bedbug Disclosure Becomes Part of NY Real Estate Deals” explained, New York home sellers must report whether the home has ever been infested with bedbugs. This was already the law in California, which requires buyers to disclose past or present treatment of “pests.” (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Selling a Home, Selling a Property
Friday, January 28th, 2011
As a commercial real estate insider recently reported, Google was among several parties interested in purchasing a 2.9 million square foot office building at 111 Eighth Avenue in New York City. The price of the building was estimated to be nearly $2 billion, or $690 per square foot. The owner of the commercial property, who purchased the property in 1998, will likely make a huge return on their investment when the building in sold.
Buying and selling commercial real estate can be complicated, whether the property is worth $200,000 or $2 billion. An experienced commercial real estate attorney can ensure the process goes as smoothly as possible and that you get the best deal. Your attorney can also handle any potential problems with property lines, liens, and other persons’ rights to come onto your new property – for example, to use a road on your property to reach their own property. If you are purchasing equipment along with your commercial real estate, your attorney can make sure you acquire good title to this equipment.
Contracts for commercial real estate differ in many important ways from those for residential real estate. It’s important that the person representing you in the purchase or sale be familiar with commercial real estate law. The attorneys at San Diego law firm are experienced in handling complex commercial real estate transactions. We have the expertise needed to draft and review purchase contracts, effectively negotiate on your behalf, and avoid any complications. If you are considering buying or selling commercial real estate, contact San Diego Law Firm to find out how we can help protect your interests as a buyer or seller.
Posted in Business Real Estate, Buying a Property
Wednesday, November 24th, 2010
The current real estate market is ripe with opportunity. If you are thinking of selling one commercial property and buying another, or of trading up from an inherited investment property, you might want to consider how a 1031 exchange can lower your income taxes and build your estate.
What is a 1031 Exchange?
Internal Revenue Code Section 1031 allows an owner of investment property to sell it and reinvest the sale proceeds in a replacement property of “like kind” without paying tax on the profits from the first property until the replacement property is sold at a later date.
The benefits of this transaction are immediate: the seller can take the money that would have been used to pay capital gains tax and depreciation recapture tax on the first property, and apply it instead to the purchase of the replacement property. However, there are technical details to be followed to obtain these tax benefits. It is advisable to seek the advice of a seasoned real estate attorney who understands the strict timelines and requirements for a valid 1031 exchange. (more…)
Posted in Business Real Estate, Buying a Property, Home Ownership
Friday, May 14th, 2010
Any buyer or seller of San Diego real estate should look into what a real estate attorney can do to protect you when you decide to buy or sell your home or other property.
Unlike your real estate agent—whose goal is to complete the sale and earn a commission—your real estate lawyer doesn’t work on a commission. What’s more, sometimes a real estate agent represents both the seller and buyer. In these situations, there’s bound to be conflict in representing both sides. After all, sellers want to get the highest price possible, the buyer the lowest, and the real estate agent’s commission is usually greater if the sale price is higher. (more…)
Posted in Business Real Estate, Buying a Home, Buying a Property, Deed Problems, Real Estate, Selling a Property, Views, Zoning
Friday, April 23rd, 2010
If you’re a real estate investor here in San Diego, how much do you know about Limited Liability Companies and corporations? For those who own or will be buying investment properties (e.g. residential or commercial rental properties), you may want to create a California Liability Company (LLC) or corporation. These business structures can be used to hold ownership of your real estate, instead of having title to the property in your own name.
What happens if you keep property titled under your personal name?
If you’re sued and lose the case, then your personal bank accounts and other assets can be used to pay off a judgment. But if you create an LLC or corporation, then typically only the property in the name of the company will be subject to these debts. (more…)
Posted in Business Disputes & Lawsuits, Business Real Estate, Home Ownership, Real Estate
Thursday, January 7th, 2010
The government doesn’t always need a for-sale sign to be posted in front of your San Diego property. Not only that, you may have to give up your property despite the fact that you’ve outright rejected the government’s unsolicited offers to buy your home or other property. Why? Because our property rights are limited by the federal, state, and local government’s sovereign right to take property through “eminent domain” (also known as condemnation). The power of eminent domain comes from the government’s right under the 5th Amendment to the U.S. Constitution and under our California Constitution to take private property for a “public use” in exchange for “just compensation,” e.g. the fair market value of the property. Both willing and unwilling sellers who find themselves in this situation have to act quickly to challenge the government’s actions or unfair offers of compensation. This often starts by recognizing that there are limits to the government’s right to condemn property through eminent domain, and you have your own property rights that you must be ready to immediately act upon. (more…)
Posted in Business Real Estate, Current Events, Home Ownership, Real Estate
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