LegalFaces.com

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Can I modify my commercial property mortage in NY?

If a person owning commercial property has a mortgage, it's almost the same thing as a tenant in a commercial property going up to the landlord and saying "Look we're having tough times now. I can't pay $80000 a month, I can pay $65000 a month and stay here otherwise I'm just going to have to vacate or go into bankruptcy". So the landlord would say "Okay fine. Let's modify the lease". The same thing is true about a mortgage, that an owner can reach a modification with respect to commercial property when you explain the facts, and the lender is willing you could have a modification. There's nothing prohibiting it, it has to be done by agreement. I'm Carl Person. I'm a New York lawyer and my job is to help people stay in their homes.

tags: loan modification commercial prop. commercial property mortgage foreclosure defense debt relief predatory lending foreclosure bankruptcy lawyer law firm attorney Brooklyn Bronx Staten Island Manhattan Queens New York Carl E. Person Carl-Person-Foreclosure-Defense

attorney: Carl E. Person

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What's the #1 mistake when buying commercial property?

The number one mistake people make in buying commercial property is they don't carefully analyze the vehicle in which they utilize to purchase the property. They need to make sure that they have the proper liability protected entity in which to place the property. And they also need to make sure, of course, that they are getting what they're paying for. They need to make sure that the representations of the seller, the disclosure of the seller, is complete and exhaustive. They need someone to review those disclosures who has experience in real estate and knows what the problems can be. I'm Jeff Matsen and I'm the founding and managing partner of Wealth Strategies Counsel. We help people preserve, protect and transfer their legacy the next generation in the most cost saving and efficient manner possible.

tags: real estate law purchase agreement sales and acquisitions joint venture agreement construction contracts rental property commercial property commercial lease family limited partnerships limited liability formation wealth strategies counsel jeffrey matsen jeff matsen lawyer legal law firm california ca orange county irvine newport beach santa ana huntington beach

attorney: Wealth Strategies Counsel

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How can I protect my rental property from creditor claims?

You can protect your rental real property from claims of creditors by placing it in a liability protected entity such as a limited liability company. Obviously, you should also have adequate insurance, and you should make sure that the insurance coverage you do have covers all of the problems that might arise. I'm Jeff Matsen and I'm the and founding and managing partner of Wealth Strategies Counsel. We help people preserve, protect and transfer their legacy to the next generation in the most cost-saving and efficient manner possible.

tags: real estate law rental property sales and acquisitions joint venture agreement construction contracts rental property commercial property commercial lease family limited partnerships limited liability formation wealth strategies counsel jeffrey matsen jeff matsen lawyer legal law firm california ca orange county irvine newport beach santa ana huntington beach

attorney: Wealth Strategies Counsel

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What is an attorney's role in a real estate sale?

If you're selling real property, you should have a lawyer advise you because the buyer is entitled to a complete disclosure from you, with respect to the property. And if you don't provide those proper disclosures, the buyer can come back and sue you for misrepresentation, fraud, and failure to disclose. You need a lawyer to properly word and structure the disclosures, so that you're completely protected. If possible, it's good to have an as-if clause added in the contract. I'm Jeff Matsen and I'm the founding and managing partner of Wealth Strategies Counsel. We help people preserve, protect, and transfer their legacy to the next generation, in the most cost saving and efficient manner possible.

tags: real estate law legal advice lease agreements sales and acquisitions rental rental property commercial property joint venture agreement construction contracts commercial lease family limited partnerships limited liability formation wealth strategies counsel jeffrey matsen jeff matsen lawyer legal law firm california ca orange county irvine newport beach santa ana huntington beach

attorney: Wealth Strategies Counsel

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What should real estate buyers be the most aware of?

If you're the buyer of legal property, some of the major legal concerns you should have deal with the representations and disclosures made to you by the seller. You also need to make sure that the title policy is in effect, and that if there are zoning or other requirements, that you are aware of those zonings and they fit into what your development or purchase plans are. I'm Jeff Matsen and I'm the founding and managing partner of Wealth Strategies Counsel. We help people preserve, protect and transfer their legacy to the next generation in the most cost saving and efficient manner possible.

tags: real estate law real estate purchase lease agreements sales and acquisitions rental rental property commercial property joint venture agreement construction contracts commercial lease family limited partnerships limited liability formation wealth strategies counsel jeffrey matsen jeff matsen lawyer legal law firm california ca orange county irvine newport beach santa ana huntington beach

attorney: Wealth Strategies Counsel