Co-Author: Oliver E. Frascona, Esq. I have a lease listing. A potential tenant initially contacted me through another broker. Now the potential tenant wants to work with me directly. How can I avoid a procuring cause dispute with the broker who initially brought me the tenant? Some brokers invest substantial time with owners, buyers, and … Continue Reading
I am a commercial landlord. A tenant breached a lease and voluntarily vacated the property prior to its expiration. I re-rented the premises at a higher rate than was charged to the first tenant. The first lease provided that upon an early vacation by the tenants, I am able to retain all of the security … Continue Reading
Co-Author: Richard L. Levy Most restaurants and all bars require a liquor license to survive. Much of the value of a property can depend upon a liquor license. A successful sale or lease of commercial real estate may depend upon the new occupant’s ability to obtain a new or transferred liquor license. This article outlines some … Continue Reading
Purchasing real estate for investment purposes may be the easy part. Managing the property can be the challenge. Multiple unit dwellings and commercial buildings are often managed by a property manager or property management company independent of the property owner. Single unit or single properties or duplexes, on the other hand, are often managed by … Continue Reading
For years buyers were told that the solution for those nagging “property condition” problems was to have a new home inspected and obtain a Homeowner Warranty Policy (“HOW”). That way the buyer would know the current condition of the property, and if certain things failed, there was a policy to cover them. Some real … Continue Reading
What are the pitfalls of structuring a seller-financed transaction through an installment land contract? Though the Real Estate Commission dropped its approval of the use of Installment Land Contracts (“ILCs”), consumers still frequently ask brokers about ILCs. Even in its pre-disapproval comments, the Manual stated: “this instrument is full of pitfalls for both buyer and … Continue Reading
What are some of the important considerations for the REALTOR® who is contemplating a procuring cause dispute? REALTORS® contemplating procuring cause disputes should be aware that the points to consider tend to divide themselves into procedural and substantive matters. PROCEDURAL CONSIDERATIONS A REALTOR®’s right to arbitrate arises out of Article 17 of the Code of … Continue Reading
I have just received an otherwise desirable offer on one of my listings. Unfortunately, it is not clear whether the purchaser will be able to qualify for the loan. My seller is inclined to accept the offer, but wants to preserve the flexibility of replacing this first purchaser with another one, if a better … Continue Reading
Representing a seller who is experiencing marital difficulties poses special concerns for real estate professionals. It is common for divorcing couples or couples who are about to be divorced to have differing interests in connection with the sale or other disposition of real estate. As agent or broker, you should be sensitive to those differing … Continue Reading
Must a seller honor a written offer he verbally accepted? A seller verbally accepted a written offer for a property. A second, better offer has come from a second buyer. The seller would prefer to get out of any obligations it might have to the first purchaser. Is the seller bound by the first … Continue Reading
