Commercial Real Estate
Commercial Real Estate Purchase Agreement
Michigan
What is the average Indemnity CAP a seller should quote , for a Hospital Setup
What is the average Indemnity CAP a seller should quote , for a Hospital Setup. We are giving away our hospital of 200 beds to investor
Answers from 1 Lawyer
Answer
Commercial Real Estate
Michigan
David H.
ContractsCounsel verified
Hello, my name is David hatch I am a Michigan license attorney. This question has several nuances to it. An investor is taking it over, it sounds like you're giving it to them but it's also being sold? That is unclear. It would be helpful to understand what type of indemnity the investor is seeking. It really depends upon the value of the property and the risk involved in the deal. Please let me know if you like additional assistance beyond this. I can help you out. Attorney Dave.
People Also Asked
Commercial Real Estate
Purchase Agreement
Washington
Are purchase agreements confidential?
I recently made an offer to purchase a commercial property and the seller has asked me to sign a purchase agreement. I am unfamiliar with the terms of the agreement and want to make sure that it is kept confidential. I am concerned about the potential for the details of the purchase agreement to be publicly disclosed and want to know if purchase agreements are confidential.
Merry K.
I hope that you used the assistance of a WA State commercial real estate attorney to advise you in the writing and presentation of your offer to purchase a commercial property, as these can be extremely complicated. (Or, at the very least, I hope you were represented by an experienced and knowledgeable buyer's agent). To my knowledge, this type of PSA agreement is not required to be confidential unless you included that language in your offer. Please be aware that once the sale closes, the amount of the purchase price will be public information, in county records.
Read 1 attorney answer>Commercial Real Estate
Addendum to Lease
Washington
Can a landlord add an addendum to a lease without the consent of the tenant?
I recently signed a lease for a commercial property, and now the landlord wants to add an addendum to the lease that includes additional fees and requirements that were not part of our original agreement. I believe that the addendum is unfair and would put an excessive burden on my business. However, the landlord claims that they have the right to make changes to the lease without my consent. I would like to know if the landlord can legally add an addendum to the lease without my agreement, and what options I have to protect my rights as a tenant in this situation.
Merry K.
Generally speaking, one party to any sort of contract cannot amend any sort of contract unilaterally…however, review your lease very carefully to see if you granted the landlord any such rights when you signed your contract—for example, that the landlord could increase the rent if his property taxes or insurance increases.
Read 1 attorney answer>Commercial Real Estate
Commercial Building Lease
Florida
What's permitted use in a commercial lease?
I am in the process of negotiating a commercial lease for my business and I am interested in understanding the concept of "permitted use." Specifically, I am curious about what activities are allowed in the leased space and what limitations there may be. I would like to consult with a lawyer to ensure that the terms of the lease align with the needs of my business and that I am not at risk of violating any provisions.
Diane D.
Permitted use means that you can only use it for the reason you rented it. For example, you cannot rent a place to use as a gym but then use it for a nightclub.
Read 1 attorney answer>Commercial Real Estate
Construction Agreement
Texas
Can a construction contractor terminate a construction agreement without cause?
I recently entered into a construction agreement with a contractor to renovate my commercial property. However, the contractor has been consistently behind schedule and the quality of work has been subpar. I am concerned about the progress of the project and the contractor's ability to complete it satisfactorily. I would like to know if the contractor has the right to terminate the construction agreement without cause, or if I have any legal recourse to hold them accountable for their performance and potentially terminate the agreement myself.
Lorraine C.
That situation sounds frustrating, to be sure. The termination rights of both parties should have been clearly defined in the construction agreement. It would be best for you to have an experienced transactional attorney review the contract terms and discuss the issues you are having so that you can receive advice specific to your situation. Regardless, I highly recommend that you document any quality of work or performance issues in writing and with pictures, if applicable. That way, if you do decide to terminate the contract later (with an attorney's guidance), you will have the proof you may need to support your claim.
Read 1 attorney answer>Commercial Real Estate
Commercial Lease
North Carolina
How is the rent determined in a commercial lease agreement?
I am a small business owner looking to rent a space for my business. I am currently in negotiations with the landlord of a commercial property and we are discussing the terms of the lease agreement. We have reached a point where we need to discuss the rent and how it will be determined. I need to understand more about how rent is determined in commercial leases so that I can negotiate a fair and reasonable agreement.
N'kia N.
In North Carolina, commercial rent is commonly calculated as a set dollar amount per square foot. This dollar amount is usually based on factors like location, age, condition, accessibility, and amenities. However, there is no requirement for rent to be determined this way. Unlike a residential lease agreement, the terms of a commercial lease agreement can be almost anything that the parties mutually agree to. As a word of caution, in North Carolina, commercial tenants do not have the same degree of legal protections as residential tenants. For just one example, a tenant who wishes to terminate a commercial lease early may be responsible for the entire remainder of the rent unless the lease agreement says otherwise.
Read 1 attorney answer>