Real Estate Lawyers

It would be advisable to have an attorney review your lease to see if that lease is terminated by sale of the property. You may also want to see the Purchase Agreement for the property to clarify if the buyer of the building has an obligation to continue honoring the lease.

A Purchase and Sale Agreement for real property will often require two types of "deposits." The first is a due diligence fee; the second is an earnest money deposit. A due diligence fee is paid to reserve time for the buyer to conduct due diligence - an opportunity to evaluate whether or how to move forward with the deal. The seller earns this fee immediately by agreeing not to sell the property to another buyer, potentially one offering a higher price, during the due diligence period. Therefore, a due diligence fee is nonrefundable unless the parties specifically agree that it will be and under what circumstances. An earnest money deposit is more akin to deposits in other types of deals, in that it may or may not be refundable. This type of deposit is refundable if the deal is terminated before the due diligence period ends but nonrefundable if the due diligence period ends before the deal is terminated.

You will need to consult with a real estate attorney in USVI.

Hi, Without reviewing the entire lease it is difficult to give a thorough answer, but it is likely legally permissible. In Maryland, the rules for rent increases vary based on the type of lease. For leases longer than a month, landlords must give a notice of 90 days. If a lease is between a week and a month, a 60-day notice is needed. Oral leases of a week or less require just 21 days' notice. For leases with a written contract of one week or less, only a 7-day notice is required. These rules ensure tenants have enough time to plan for changes in their rent, and can move if necessary. Refer to the Renters' Rights Stabilization Act of 2024 with a licensed lawyer for more information.

Generally, an owner of property and the potential purchaser would use a Quitclaim Deed when there is no need to warrant or guarantee that the property is free and clear of liens. In other words, the seller does not warrant and guarantee that the property is free and clear of any and all liens. A common use would be when the property has been in the family and the transfer of the property is between family members knowing that there are no liens on the property and all taxes have been paid on the property.