Why Use A Lawyer for Real Estate Transactions? | Long Island Attorney

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The state of New York does not require homebuyers to retain the services of a lawyer, but it is an almost universal practice to do so. Individuals relocating from other areas may question the need for legal representation, but there are several reasons that make it the wisest choice.

A Guide Through the Complexity

Real estate transactions in Nassau County can be quite complex, and an experienced lawyer can provide invaluable guidance through the process. Potential homebuyers should choose a lawyer before they even make an offer on a house. A lawyer can help to negotiate the contract with the seller. They can help the buyer to review the terms of the agreement and ask for any needed adjustments. Retaining the services of a competent lawyer will also give the buyer credibility in the negotiating process. If roadblocks are encountered during the purchasing process, a lawyer familiar with the system can help to move things along.

A Protection from Financial Mistakes

With the high prices of real estate in Suffolk County, a home purchase will be a major financial commitment. A competent attorney can help protect buyers from making costly mistakes that they will later regret. Many home purchases in the New York City area involve co-ops. In these cases, the lawyer will review the finances and board meeting minutes of the co-op. Because of his familiarity with these groups, he may spot potential problems that the more inexperienced homebuyer would have missed.

An Advocate Without Bias

The process of purchasing and selling a home can be emotionally charged for everyone involved. The seller is trying to complete the transaction to obtain the cash purchase price; the buyer is attempting to procure a piece of property; and each real estate agent is interested in earning his or her commission. The real estate lawyer is the only completely unbiased party involved. This detachment can be very useful by providing an objective opinion and voice that can help the buyer make reasoned decisions instead of emotional ones.

The attorneys of Witkon Law have a great deal of experience in dealing with real estate transactions. They will be glad to serve as your guide, protection, and advocate to ensure that you have the best possible outcome. If you are planning to make a home purchase in Suffolk or Nassau County, contact the office today for a free consultation.

Signing a Commercial Lease

Are you considering renting space for your business? Before you sign a commercial lease, there are a number of things you should consider.

Not the Same as a Residential Lease

Commercial leases have a number of differences from residential leases. A major difference is that most consumer protection laws do not apply to commercial leases. The paperwork used for these leases is not standardized, which means that you need to carefully study every portion of the contract. A commercial lease agreement is legally binding and cannot easily be broken. You may even need to sign a personal guarantee, which says that you (or another officer of the company) will personally cover the remaining rent payments if the business fails. On the positive side, commercial leases typically allow for much more negotiation in terms and amenities. Especially when a landlord is eager to rent the space, you may be able to obtain some very favorable considerations.

Terms of the Lease

Since this type of agreement is legally binding and usually involves a large financial commitment, the terms of a commercial lease are very important. The amount of the rent is an obvious consideration, but there are several accompanying factors. How is the rent calculated? Typically it should be the number of square feet multiplied by the cost per square foot divided into twelve monthly payments. Can your landlord increase the rent? How often? Does he have to give you an explanation? Is there any cap on the amount? What does the rent include? Does it cover property taxes and insurance? Who pays for maintenance costs?

Other things to consider include regulations regarding outside signage and agreements concerning rental of space in the building to your competitors. Often, you can negotiate changes to be made to the space to make it fit your needs. However, if such modifications are done, the agreement should specify exactly what they entail, who pays for them, and who owns them after their completion. If the rental location includes space held in common with other tenants, the contract should specify the party responsible for maintaining and restocking these areas. Of course, the lease should also include guidelines for renewal, termination, and mediation.

As you can see, there are many details that make up a commercial lease agreement. It is definitely not something into which to enter hastily. Contact the Witkon Law office today. We are experienced in negotiating commercial leases and can help protect you from the large financial cost that can accompany innocent mistakes.

https://www.businessknowhow.com/startup/lease.htm

https://www.nolo.com/legal-encyclopedia/commercial-lease-basics-29934.html