Real Estate
Real Estate Lease Agreement
Colorado
Can I break a commercial lease if landlord stops providing heat?
I have been renting a commercial space for more than ten years. There have been consistent issues with heating and AC, as well as a leaking roof. For two weeks now there has been a major issue with the heater—it is not working. I have filed two maintenance requests, the first of which said the issue was handled. I just found out today (14 March) after reaching out a lot that the heater needs parts that are back ordered and won’t be available until 7 April. This is the last straw for me. I am wondering what the chances are of getting a letter about breaking the lease and being given time to find a new space. Any advice is helpful, and if this is possible I would love to get a quote.
Answers from 1 Lawyer
Answer
Real Estate
Colorado
Jane C.
ContractsCounsel verified
It depends on the terms of the lease. The apartment is not habitable at the moment, so you should at least get a rent abatement. You should have a Colorado attorney review the lease.
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Real Estate Lease Agreement
Illinois
What questions should I ask for a commercial lease?
I am being asked to sign a commercial lease agreement and am interested to learn what types of questions I would want to ask the landlord before signing the agreement. Any thought or advice would be much appreciated!
Jane C.
I suggest you consult with an attorney who handles commercial real estate transactions. I suggest you as what charges you will be responsible for - water, heat, electric; what alterations are allowed; what repairs will the landlord cover; if the landlord will abate rent for COVID shutdowns.
Read 1 attorney answer>Commercial Real Estate
Real Estate Lease Agreement
Illinois
What is the best type of commercial lease?
I am a landlord and am wanting to consider which types of commercial lease agreements I would want to use. I own a small strip mall and am looking to sign tenants that would be retailers.
T. Phillip B.
Much of that depends on the tenant and the agreement they are willing to enter into. Personally, I would want my tenants responsible for as much of the maintenance and upkeep of the property as possible. The same goes with the property taxes. You could calculate out what property taxes are / would be per square foot and allocate to them which will permit you to adjust rent annually to accomodate changes in the property taxes.
Read 1 attorney answer>Real Estate
Purchase and Sale Agreement
Washington
Earnest money in a purchase and sale agreement?
I am in the process of buying a house and have been presented with a purchase and sale agreement. I am confused about the earnest money portion of the agreement and would like to understand what it means and how it will affect the transaction. I am particularly interested in knowing what happens to the earnest money if either party decides to back out of the agreement.
Merry K.
Good morning. I am a WA State attorney, and I have reviewed numerous purchase and sale agreements (PSA), and have bought and sold numerous pieces of property in WA and CO. You are wise to ask this question. Since you are the buyer, normally your buyer's real estate agent would prepare the PSA for you to use, after discussing with you. Since you said a PSA "was presented to you" I"m wondering whether you are buying a new home from a building contractor. In any event, the purpose to an earnest money payment is to hold the home for you and let the seller know you are interested. In most cases, however, the seller can keep your whole earnest money payment if you back out of a purchase for reasons that are not protected in the PSA. For example, if you write your offer contingent on your subjective approval of an inspection report, or write your offer contingent on obtaining financing at terms you approve of, either one of these terms can get you out of the contract and also have your earnest money returned to you. There should be language in the PSA that clearly states what happens to the earnest money and how much earnest money you are providing. I hope that that is helpful. If you continue to have questions, I urge you to have an attorney review any and all documents, including those for loans, prior to signing anything.
Read 1 attorney answer>Real Estate
Purchase Agreement
Washington
Can I back out of a purchase agreement?
I recently signed a purchase agreement for a house. I was unaware of some major repairs that need to be done and now I am worried that I won't be able to afford them. I am trying to figure out if there is any way I can back out of the purchase agreement and if so, what steps would I need to take.
Merry K.
A well-written purchase offer usually includes several ways for a buyer to back out of the purchase without any penalty - for example, if the buyer doesn't like the inspector's report, one can usually back out on that basis - another typical one is failing to obtain a loan. I hope your buyer's agent wrote up the offer in a way that gave you 2 or 3 "escape clauses" - you should talk with your agent, but if there are problems, I would recommend that you have a real estate attorney review your offer and help you get out of the offer - if possible - with minimal or no cost to you.
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Real Estate Option Agreement
Washington
Can an option agreement for real estate be terminated if the option holder fails to exercise their right within the specified timeframe?
I have entered into a real estate option agreement with a potential buyer, where they have the right to purchase the property within a specified timeframe. However, the option holder has failed to exercise their right within the agreed-upon timeframe. I would like to know if I have the legal grounds to terminate the option agreement and explore other potential buyers for the property.
Merry K.
Based on what you’ve described, once the option period has expired without the buyer exercising their right to purchase, the option agreement is generally no longer enforceable and you are free to market the property to other buyers. To protect yourself, review the exact language of the option agreement to confirm whether it provides for automatic termination upon expiration, and consider sending the buyer a written notice—ideally by both regular and certified mail—confirming that the option has lapsed and that you are releasing the property for sale to others. Please be advised that I provided this information for educational purposes, and no attorney client relationship has been formed.
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