Real Estate Dirt Law

Since 1 October 2011, a new law allows the recovery of lawyers` fees on the basis of certain “commercial” contracts. Section 6-21.6 of the NCGS, entitled “Reciprocal Provisions for Attorneys` Fees in Business Contracts”, provides a safe haven for “some” commercial contracts, which would then include certain real estate contracts. Hereditary building rights are usually very long-term agreements (99-year terms are typical) where the owner of the fee usually gives the tenant a lot of leeway to operate and manage the property in exchange for a stable, easy-to-manage rental flow. Hereditary building contracts have become increasingly popular as property values have risen and families and investors take steps to maintain ownership for the long term while eliminating management headaches. But management`s headaches returned with the coronavirus, especially when the tenant`s position was hired. New York leases generally allow the tenant to pledge their position and only their position – the fee holder does not usually subject the fee reduction to the mortgage lien. Land rent funds improvements and allows tenants to leverage their investments. Jeff is familiar with the laws and regulations governing commercial and residential real estate transactions in New York State and is proficient in the processes associated with buying, selling and leasing office, industrial, residential and retail/restaurant properties. In real estate transactions, especially commercial transactions, it is not uncommon for multiple parties to be copied into a single email. For example, if the buyer`s lawyer sends an email about a transaction, the following parts can be copied into the email: When representing a real estate client, Jeff Margolis brings over thirty years of experience in the field. Margolis is proud to call himself a “dirty” lawyer: specialist in real estate transactions: purchase, sale, development, rental and financing.

9. Legal fees – which “real estate” contracts are “commercial contracts”? In most real estate transactions, the client delegates the choice of title insurer to the lawyer responsible for acting in the best interests of the client. In determining what is in the best interests of the client, the lawyer should consider, among other things, the title insurance fees, the financial stability of the insurer and/or title insurer, the title insurer`s willingness to provide title coverage, and the insurer`s ability to meet the client`s needs in relation to the transaction. Taken into account. Margolis Law Firm is conveniently located in Midtown Manhattan and is available for advice. Contact The Margolis Law Firm and let our lawyers assist you in your real estate matters. The right to recover legal fees in a real estate transaction has always been linked to “proof of indebtedness” under section 6-21.2 of the SGNC. What constitutes “proof of debt” is controversial. A novelty in 2011 was the creation of a privilege for commercial real estate agents. The Act applies only to written brokerage agreements signed on or after October 1, 2011. When evaluating possible post-default training paths, the hotel operator must assess the cost of continuing the hotel in the current economic and health environment, the extent of its collateral for rental mortgage debt and its ability to negotiate with the tenant to achieve significant abstention.

The heritable mortgagee must determine whether the hereditary real estate law position that serves as collateral has residual value. Is the ground rent too high for this position to ever recover? While rental mortgages in New York generally have no recourse to capital, there are different levels of recourse against solvent guarantors in the market, ranging from exceptions for certain bad actions to guarantees for carrying costs (interest, property taxes, insurance, etc.). While the mortgagee may be looking for exact actions that trigger a collateral obligation, the devastating impact on hotel profitability caused by the pandemic is a classic example of why non-recourse mortgages exist – market risk shifts to the mortgagee. Section 6-21.6 is not the answer to all prayers for real estate practitioners drafting contracts. Excluded from the bylaws: Whether you`re a dirty lawyer like me or you`re practicing another area of law or something else, these are words you should respect. A competent and experienced real estate attorney can protect a party`s interests in routine and complex transactions and disputes.