Commercial Real Estate Litigation
Commercial real estate litigation can be complicated and intricate. The amount of money at stake in a dispute related to commercial real estate may be sufficient to break a business. Some common types of disputes include purchase and sale agreement disputes, landlord-tenant disputes, title disputes, fraudulent transfer disputes, quiet title actions, partition actions, and condo and co-op disputes. Bergen County real estate litigation lawyer Howard Leopold can vigilantly protect your property interests.Commercial Real Estate Litigation
Commercial real estate can include industrial spaces, apartment buildings, warehouses, retail space, vacant land, office buildings, and more. Parties to commercial real estate litigation can include property owners, buyers, sellers, developers, and contractors.
It can be challenging and complicated to secure financing for commercial real estate transactions. Repayment terms like interest, collateral, and security can have significant consequences. Often, lenders ask for personal guarantees with a security interest on the buyer’s assets, even though the commercial property is being purchased through a limited liability company or corporation, for the express purpose of limiting liability. When financing falls through for commercial real estate, litigation may arise among multiple parties, including the purchaser, seller, and lender. Sometimes litigation arises over workouts, mortgage modifications, or loan restructuring in connection with commercial property.
Disputes also can arise in connection with the formation of a business entity to handle a commercial real estate transaction. Sometimes, for example, a developer creates a different business entity to be involved in various transactions. When more than one person is involved in the creation of the business entity, disputes may arise around the operation of that entity for the purpose of securing commercial real estate. The rules that will apply depend partly on what the business entity is and on the rights and obligations that have been delineated in the formation documents and agreements. A real estate litigation attorney in Bergen County can help interpret these documents.
Another source of potential disputes is title. When a purchaser buys commercial real estate, it is crucial to get clean title under New Jersey title law. There should be no other claims on the property aside from the seller’s claim of ownership. It is crucial to conduct a thorough title search to determine whether there are defects in the title, such as liens, easements, or mortgages. These restrictions on the property could affect what the buyer can do with the property. To secure commercial real estate, title insurance usually must be obtained. Lenders do not loan money for a purchase of commercial real estate if they are not named as a beneficiary on a title insurance policy. Sometimes both the lender and the buyer need to obtain title insurance.Agreements
Commercial real estate purchase and sale agreements are contracts with specific terms. They usually need to be in writing to be legally binding. If a party fails to perform its obligations under the contract, a Bergen County real estate litigation attorney can help bring a breach of contract claim against the non-performing party. The breach of the contract may involve failing to make payments, failing to deliver the property in an agreed-upon way, or inadequate maintenance. A non-breaching party may be able to obtain a monetary remedy for the breach.
Commercial real estate litigation may center on tenancy. Rules for commercial real estate leases differ from the rules for residential tenancies. Lease disputes may involve disputes about lease violations, the use of the commercial space, non-payment of rent, and evictions.Seek Assistance from a Real Estate Attorney
Commercial real estate litigation may involve numerous, complicated laws and practices. At Leopold Law, LLC, we believe in providing representation with the utmost care and attention. Our firm has more than 30 years’ experience handling many different kinds of legal matters. Call us at 201-345-5907 or complete our online form. Mr. Leopold represents clients throughout Northern New Jersey, including in Bergen, Passaic, Hudson, and Essex Counties. He is available for daytime, evening, and even weekend appointments for clients who need a real estate litigation lawyer in the Bergen County area.