Latest News & Developments in Commercial Real Estate Law
Since 2008, we have used our real estate law blog as a way to keep readers informed about the latest developments and news within commercial real estate law. Some of the topics we regularly address include court decisions on disputed commercial real estate transactions, limited liability company law and high-end residential real estate transactions. In addition to informing readers, we make it a priority to provide an in-depth analysis of the topics we discuss.
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Real estate investment LLC and partnership agreements frequently include “shotgun” buy/sell clauses in the event one partner wishes to force a sale of the property or to otherwise resolve a deadlock. (We use “shotgun” to refer to the “You buy us or we buy you at a value of $X” type clauses where a sale of either side is required.) Many clients have asked for guidance on these clauses and we have put together the thoughts of our real estate and litigation lawyers experienced in exercising these provisions:
An unfamiliar and little understood change in New York City Real Property Transfer Tax (“RPT”) which has been in effect since August 1997 assists sellers of homes, cooperatives and condominiums to substantially reduce their transfer taxes and, if done correctly, also helps purchasers reduce their mortgage recording taxes. The complexity of rules (and increased legal fees) generally limit these tax savings to sales of high-end residences where sellers and purchasers can realize a significant benefit.