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Building occupancy not correct leased, need to change to

Building occupancy not correct for business leased, need to change to receive certificate of occupancy. Business in building 10 years sold to new owner and discovered not correct. is the Business owner or building owner responsible for obtaining correct c of o. We have aTriple net lease

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Legalease

Attorney At Law

Doctor of Law w/ highest honors

 
14,568 satisfied customers
I entered a commercial purchase contract based on the verbal

I entered a commercial purchase contract based on the verbal information provided by the owner and realtor. During the dual diligent period, I reviewed tenant leases and find out that some tenants are not triple-net leases as the owner claimed. That means after the purchase the Net Operation Income (NOI) will be significantly lower than what owner declared. Can I request to renegotiate purchase agreement? If the owner refuses to adjust the purchase price, do I have the right to void the contract and request compensation due to the false information seller provided?

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William B. Esq.

Attorney

Doctoral Degree

 
18,506 satisfied customers
A new home developer (D) has indicated that, if we agree to

A new home developer (D) has indicated that, if we agree to buy the model home currently being used as D's sales office, D would rent it back for (example) 6% of the agreed-to sales price until the community was "built out". We anticipate this to be 2-3 years.We see some advantages to this arrangement, as we would like to live where we are for another 2-3 years. Also, the model home has many enhancements and upgrades which, if we wanted to replicate them, would be extra cost ... or not even be options in a "new build". We also see some complications. How to handle such things as (commercial?) insurance for a house used for business. HOA fees. Taxes. Need for D to convert the garage used as sales office into its intended purpose as a ... garage. Assurance that it would pass a rigorous engineering inspection when D exits. That the building would be maintained in a reasonable "like new" condition at the end of the lease.Can you provide your insights into how a lease agreement would be structured to assure us that we won't get burned? What are the dangers for us? Any advice that you can provide would be appreciated.

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Richard

Owner

Doctoral Degree

 
45,910 satisfied customers
We have been renting a shop from a family LLC than

We have been renting a shop from a family LLC for more than 30 years near Seattle Wa. The LLC has recently hired a real estate management company and that company is trying to force us to sign a new lease which includes an increase in the triple net and an incremental rent increase over then next 5 years to more than double what we are paying now. They are also forcing us to pay a "security deposit". The situation with that is that when we first moved into this space, it was not up to code and it was in horrible disrepair. The owner and I had an agreement that i would fix the place up in lieu of any deposits. However, the new manager says that because we dont have anything in writing, that is void and since there are no deposits on file, we have to pay a deposit equal to 2 months rent. Is this all legal? Do we have any recourse?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

 
44,784 satisfied customers
I am one of 3 brothers whose trusts are members of an LLC

I am one of 3 brothers whose trusts are members of an LLC that holds a Walgreens property in a triple net lease agreement. I am the manager of the LLC and am preparing the forms 8825, 1065, schedule K and K-1. The instructions for rental property LLCs state that the 8825 should be used and the information on the 8825 is then transferred to the 1065 and schedules K and K-1.The LLC's first month of operation was Dec 2015 (before that it was still handled by the bank as executor of the estate). In Dec rental income was 29K and the mortgage payment was 19K leaving net income of 10K. This 10K was divided 3 ways and sent to the trusts.On the form 8825 I identified the 29K gross income and under expenses I put the 19K mortgage loan under "other". Is that correct? Or should I have just claimed the mortgage interest and put that on the interest line?Thanks

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Richard

Owner

Doctoral Degree

 
45,910 satisfied customers
We are wondering about NNN JA: Thanks.

Customer: Hello, we are wondering about NNN JA: Thanks. Can you give me any more details about your issue? Customer: If Landlord presents asks for tenant pay more for NNN because the spending for the building care exceeded the base amount that is on the contract, does he have to disclose the detail? JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Real Estate Law Experts (you only pay if satisfied). There are a couple customers ahead of you. We can help you for less if you're not in a rush. Are you willing to wait a bit? Customer: ok I will wait JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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3,740 satisfied customers
What are the laws hat apply to a triple net lease, when the

what are the laws hat apply to a triple net lease, when the tenant has to pay for AC and the Ac unit is not working properly before the tenant tacks position, and the landlord knew that it needed work done on it and did not tell the tenant. Is the tenant still liable or is the landlord liable to fix?

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37,564 satisfied customers
In the State of Florida if you business, are you required to

In the State of Florida if you own a business, are you required to pay taxes on the Property Taxes that you pay?In other words, is there a tax on the property taxes?

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Alex Esquire

Managing Attorney

Doctoral Degree

 
21,196 satisfied customers
A tenant wants out of a commercial lease; what are my

A tenant wants out of a commercial lease; what are my obligations under Texas law, & what is a typical response? I own & lease out a 20,000 sq ft building, triple net, $16.00/sq ft, here in Dallas. Its a 5 year lease, signed 3 years ago. As part of thelease I invested $250,000 in improvements. The renter wants to consolidate operations in Mass; they're well heeled. There are no early opt out provisions in the lease. I'd prefer to hold them to the lease. However whats appropriate & typical in this situation?What does Texas law say? Is it more appropriate to charge them 6 mo of rent plus a prorated portion of the $250K in improvements? Thanks,

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Loren

Juris Doctor

 
34,652 satisfied customers
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