Admitted to practice law in the state of New York, attorney Joseph Treff handles cases at Treff and Lowy PLLC in Brooklyn. Joseph Treff serves as a partner and represents clients in commercial and insurance litigations as well as other real estate transactions.
Commercial properties include retail buildings, apartment complexes, and industrial infrastructures. Before acquiring a commercial property, the following should be considered.
1. Ownership requires maintenance and upkeep of facilities. A licensed professional is mandatory for fixing plumbing and working on electrical units, among other needs. Prior to signing a contract, a real estate owner should factor in the fees associated with property management, which can cost up to 10 percent of rent revenues, to ensure the expenses align properly with his or her financing.
2. Anticipating future expenditures, a potential owner must keep in mind necessary repairs associated with a property. For instance, a commercial property may require a new roof in the near future or a furnace replacement. Planning ahead is necessary to make sure the revenue gained outweighs the costs.
3. Commercial properties attract more visitors, increasing the risk of damages and injuries. From a customer slipping on ice in the parking lot to a property being broken into, an owner must be ready to handle any type of incident located on the premises.
Through his firm, Treff & Lowy PLLC, attorney Joseph Treff provides legal counsel to individual corporate real estate investors. Joseph Treff represents clients who are pursuing complex development projects and/or structuring partnerships or joint ventures. He has specific expertise in drafting real estate transaction agreements.
According to the American Bar Association (ABA), technology has empowered attorneys to compile transactional documents and send them more quickly to the appropriate parties. However, the ABA cautions attorneys to do a thorough quality review of documents before sending them to recipients. Proofreading a transactional document can help attorneys avoid errors that may be detrimental to their clients. Attorneys should always double-check key facts, such as names of parties, dollar amounts, and time periods, to ensure accuracy.
In addition, attorneys should clearly mark all early versions of documents as “drafts” to indicate that they are not yet ready for signatures. During reviews of drafts, using the track changes function in word processing programs can spotlight proposed revisions. Often, parties may be clear about a transaction’s major points after discussion, but a transaction agreement document may provide the first opportunity for review of details. Careful attention to details can produce the results desired by both parties.
Attorney Joseph Treff practices real estate law in Brooklyn, New York. Among Joseph Treff’s areas of legal experience is the formation and structuring of real estate partnerships.
There are many reasons why real estate investors may decide to form a partnership. For example, it provides an opportunity for individuals to pool their resources. As a result, they enjoy greater bargaining and buying power. Additionally, having one or more business partners can provide an investor with additional opinions about a property and/or business strategy. For those who are relatively new to real estate investing, a partner can help provide a reality check about a property or provide valuable support and reinforcement. Additionally, each partner can bring their unique strengths, helping overcome weaknesses individuals might have alone.
However, despite the potential benefits of a partnership, people should carefully consider the legal aspects of a partnership agreement before going ahead with real estate transactions. Plan out each person’s contributions, and have a plan in place in case the partnership ends. A legal professional can be a great help during this process.
A partner in the Brooklyn-based law firm of Treff and Lowy, PLLC, Joseph Treff represents clients engaged in buying and selling real estate, as well as matters such as real estate development, syndication, and financing. Joseph Treff also undertakes negotiations and contracts concerning the structuring and formation of complex real estate joint ventures and partnerships.
An assignment of contract allows the original owner or debtor in the agreement, or assignor, to turn over to a third party his or her responsibility for the asset, as well as any benefits, such as revenues, appreciation, and use. In most cases, the assignee, or party that takes possession of the asset, also assumes all obligations associated with it, including related costs and taxes. Nonetheless, some assignments require the original assignor to guarantee the terms of the original contract regardless of the assignee’s promises of performance.
Some original contracts prohibit the transfer of the agreement via assignment, while others nullify an assignment that alters the terms of the initial arrangement. In addition, most courts refuse to recognize an assignment of contract that violates statutes or laws. Many assignments of contract involve real estate transactions in which the owner of a commercial or multifamily residential property assigns contracts for management, maintenance, and other critical functions.