Do you plan to purchase or sell commercial property or a multi unit dwelling? Jonathan S. Koren, Esq. has personally closed hundreds of commercial transactions as well as handled CEMAs between lenders to save on mortgage tax. The firm fee starts at $1,000 depending on the purchase price, amount of legal time neccesary, complexity of trasaction, amount of due diligence required, etc.  The firms going hourly rate is $250.00 per hour.  We offer the following services:

 

PURCHASERS OF COMMERCIAL REAL ESTATE

• Review of all legal terms, plan logistics to arrive to closing and negotiation of the contract of sale,

• Review of underlying leases, DHCR records, landlord tenant suits

• Preparation and execution of Attorney Opinion Letter for the Lender,

• Preparation and formation of corporate entity, outlining partnership agreements, right & responsiblities,

• Coordinating Assignment of underlying mortgages to save on mortgage tax

• Follow up with Seller's Counsel as to resolving open violations, permits, title issues, 

• Advising client as to resolving any open violations, satisfying mortgage conditions

• Correspondence with the seller’s attorney, title company and mortgage company,

• Compliance with 1031 tax exchange rules, documents and deadlines

• Handling closing adjustments with sellers counsel, review of deed/transfer documentation, Assignment of Leases

• Representation at closing.

 

SELLERS OF COMMERCIAL REAL ESTATE

• Preparation of contract of sale,review of all legal terms, plan logistics to arrive to closing and negotiation of purchasers requested changes to the contract of sale,

• Provide due diligience materials to purchasers counsel as requested including underlying leases, DHCR records, landlord tenant suits

• Ensuring partnership agreements, right & responsiblities are adhered to on sale,

• Coordinating Assignment of underlying mortgages to save on mortgage tax

• Follow up with purchaser's Counsel as to resolving open violations, permits, title issues, 

• Advising client as to resolving any open violations, satisfying mortgage conditions

• Compliance with 1031 tax exchange rules, documents and deadlines

• Correspondence with the purchaser’s attorney, title company and mortgage company,

• Handling closing adjustments with purchasers counsel,

• Preparation of deed/transfer documentation, Assignment of Leases, closing statements

• Representation at closing.

 

 

The most important part of a real estate transaction is the contract of sale. It is the “road map” of the entire transaction. No commercial real estate contract is alike.  A properly negotiated contract with fleshed out contingencies will eliminate most foreseeable and unforeseeable issues between the parties. Commercial transactions are more complicated than residential ones and require extra attention to certain deadlines, seller representations, due diligence, legal language used, adjustments on non-paying tenants versus purchase of receivables, expectations, 1031 tax exchange dealines, etc.   A word of caution -- never rely on the other parties promises or verbal agreements no matter how earnest or trusting the other party is.  Contracts are in writing to avoid misunderstandings and non-performance of the parties.   My job as your attorney is to manage expectations while being cautious of the other party to reach a smooth, fair and negotiated closing.