Free: Real Estate & Title Insurance Trends
Thomas A. Glatthaar, senior vice president and senior underwriting counsel with Fidelity National Title Insurance Company, writes that for a while there it seemed like the real estate market in the New York metropolitan area was going to fly high forever, but it teetered with the economy in the early to middle parts of 2008, and then slid precipitously by the end of the summer. Now, he laments, the good times seem like long ago.
Buying More Than the Building
Paul Salvatore, a partner at Proskauer Rose, and Brian Rauch, a senior associate at the firm, write that by carefully reviewing labor and employment issues when conducting pre-purchase due diligence, a purchaser can avoid significant liabilities and costs related to the purchase of a building. By dealing with these issues before a sale is completed, they advise, a purchaser can ensure that any potential liabilities are reflected in the purchase agreement and that it is fully prepared for owning and/or managing the building.
The World of 'Green' Impacts Commercial Leasing
Peter S. Britell, a partner at Dewey & LeBoeuf, writes: The law of green buildings now clearly impacts commercial leasing, affecting pre-existing leases and new leases, and also impacting how tenants and landlords negotiate basic lease terms, remedies, and indemnities. For a new lease, the green provisions will depend on the wishes and relative bargaining power of the parties. In the case of a pre-existing lease, however, the result will depend on pre-existing lease terms, to which both landlords and tenants must devote serious attention.
Parsing the New Vapor Intrusion Tenant Notification Law
Adam M. Meek and Robert G. Koen, partners at DLA Piper US, write that although the concept of the new law requiring landlords to provide their tenants complete disclosure of data regarding vapor intrusion conditions is a good one, the Department of Environmental Conservation has to date offered no formal interpretive guidance on the applicability of the law or how it will be enforced, and there are numerous undefined terms and ambiguous provisions in the statute that have created confusion and challenges for the regulated community members and their advisors. source