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Recent Triple Net questions
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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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?
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.
We have been renting a shop from a family LLC than 30 years
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?
We are wondering about NNN , If Landlord presents asks
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.
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?
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,
My wife and I run a small charity. Our annual budget is aboutView more real estate law questions
My wife and I run a small charity. Our annual budget is about $2,000.00. We are thinking about buying a piece of property that has been foreclosed for several years. Since no bank in their right mind would give money to a charity with a $2,000.00 operating budget, we were thinking about different ways we can do that. We're thinking we can get the property (the house is falling down, garage is collapsed) for a very low price, so we might be in a good equity position (remains to be seen)... were thinking we could maybe enter into a mortgage or co-sign or something in order to effect the transaction for the charity. Is that A) Something we could legally do and B) something a bank would entertain... seems like a co-sign to me, but with the 501(c)(3) charity involved, maybe not so cut and dried. My wife and I make about $185,000 a year and I don't foresee an issue if we were just to go out and get a $25k mortgage on a property that is assessed at $175k.