- Who Pays for the Stigma of Environmental Contamination?
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A national effort to identify and clean up environmental contamination has raised several issues relating to cleanup costs. Recently, a debate has emerged over who is responsible for covering costs when a property loses market value because of its proximity
- The Write Stuff
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When partnerships sell commercial property, industry professionals must secure the written authorization of all the partners or co owners on both listing and purchase agreements to ensure that contracts are legally binding. If such an action is not possible, brokers
- Interpreting the Rules
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Since the U.S. Supreme Court's decision on Kelo v. City of New London, which permitted a local government to use the power of eminent domain to take private property for economic development, at least 47 states have revisited their eminent
- Domain Decision
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The U.S. Supreme Court recently decided Kelo v. City of New London, one of the most significant property rights cases in decades. The Court determined it is constitutional for a local government to condemn non blighted private property for
- Hidden Hazards
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Rising gas prices and a highly competitive market have closed more than 3,000 of the nation&rsquo s 164,292 gas stations in the last year, the biggest drop in five years, according to National Petroleum News. In June, ExxonMobil announced it
- Changing the Code
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On April 20, 2005, President Bush signed into law the Bankruptcy Abuse, Prevention, and Consumer Protection Act of 2005. While the act primarily reforms the bankruptcy laws affecting consumer cases, it also contains a number of amendments applicable to business
- Word Default Terms Precisely in Rooftop Rental Agreements
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Renting rooftop space to telecommunications companies for cellular antennas and equipment can be an easy way for commercial property owners to increase revenue. Yet many owners are wary of such arrangements, concerned about a rooftop antenna's effect on a property's
- Condemnation Concerns
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For retail tenants, location is perhaps the most important factor for success. However, even the best location quickly can turn bad in the wake of condemnation or modification of access to the property. Despite the upfront investment made in securing
- Word Rights and Options Provisions Carefully to Avoid Contract Confusion
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Avoiding imprecise language is immensely important when drafting documents for property sales or leases. This especially is true when dealing with options to purchase, rights of first offer, and rights of first refusal. While most real estate professionals understand the
- A Wise Compromise
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A tenant is negotiating with a landlord to lease office space. The term of the potential lease is five years, but the tenant also wants the right to extend the lease for an additional five years. This situation is increasingly
- Copy Right
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In a time of high costs, credit uncertainty, and a desire by some developers to either reuse past architectural plans or use other developers&rsquo designs to save money, a question arises about whether builders can utilize plans created by architects
- Understanding Equal-Access Requirements
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When considering requirements relating to accessibility for the disabled, commercial property owners, managers, and developers must keep in mind two separate federal bodies of law the Americans with Disabilities Act and the Fair Housing Act. Although both federal acts address
- What's it Worth?
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Eminent domain gives government the power to condemn or take away privately owned property for public purposes. In recent years this has come to include selling or transferring land to private entities for economic development purposes. Eminent domain power exists
- Duty Bound
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What kind of duty does a real estate broker owe his client? Honesty ? and full disclosure ? is the best policy it is better to err on the side of caution than for brokers to potentially breach their duty
- Clear the Air
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From asbestos to lead based paint, environmental problems and their associated risks always have been a concern in the commercial real estate industry. Today, property owners and investors can add vapor intrusion to that list of worries. An indoor air
- Preserving Property
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Transfer of development rights programs allow property owners to buy and sell development rights without actually exchanging any land. The basic TDR concept is to compensate landowners who give up potential development rights in environmentally sensitive areas or preservation districts
- What's the Use?
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Shopping center landlords heavily negotiate use provisions in their leases because they are critical to retail centers' tenant mixes. In a recent case, Congress Financial Corp. (Center) v. West Town Center LLC (In re Trak Auto), the Fourth Circuit Court
- Prevention Plan
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Asbestos litigation poses legitimate challenges and potential economic hardship for commercial real estate property owners. Overall, both prospective and current property owners need to be aware of and guard themselves against asbestos related risks associated with acquiring or owning a
- Retirement Plan
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Today companies clean up and sell contaminated property more easily than in the past thanks to new technology and a clear understanding of contaminated property remediation. Many developers and local governments now are comfortable acquiring
- Reviewing the Rule
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In a series of cases culminating in two recent decisions, the Maryland Court of Appeals clarified the scope and application of the rule against perpetuities in a broad range of real estate transactions. While the rule’s enforceability varies from
- Safety Net
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As all commercial real estate professionals know, effectively managing property is not without its challenges. Property owners and managers must be prepared for anything since no one can predict when unexpected events such as fires, floods, contamination, and other catastrophes
- Domain Disputes
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Eminent domain issues affect residents and businesses in many communities where the law permits the local government to take private property for public use real estate developments or public purposes. While state laws vary greatly, the U.S. Supreme Court recently
- No Uncertain Terms
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What does it mean to vacate the premises in commercial leases? The denotation can be critical, particularly in cases where vacating the premises triggers a default. Last August, the District of Columbia Court of Appeals was called on to
- Reexamine Leases in Light of Heightened Security Concerns
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The criteria for leasing suitable office space used to be straightforward and well understood location, location, location. However, concerns raised by last year's terrorist attacks may affect numerous aspects of the leasing process. Allocations of risk and responsibility between landlords
- Use a Lifeline
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Mired in a difficult market, real estate agents, brokers, and property managers are encountering adversarial situations and hostile clients. When deals don’t work out as hoped, buyers and sellers look for someone to blame. Increasingly, they are finding fault with