Learn the ins-and-outs of 1031 exchanges and how to maximize your tax savings in real estate.
Real Estate Law
Hammond Serves as Panelist for State Bar of Michigan – “Real Estate Outlook 2022”
Attorney Ben Hammond served as a panelist for the State Bar of Michigan "Real Estate Outlook 2022" webinar held on November 11, 2021. The panel discussed the state of the real estate market as the world continues the long process of reopening, and the legal and...
Solutions to Nonpayment Defaults for Commercial Landlords and Tenants
This article provides practical, win-win solutions for commercial landlords and tenants to resolve nonpayment concerns as the economy slowly begins its assent back to normalcy.
The Cottage Corner – Part 1: Management
Common Ownership Issues in Family Cottages – Part I: Management Believe it or not, co-owning family cottages can create issues between the common owners. Seriously! These “issues” (which can sometimes decimate familial relationships) are typically concentrated into...
UPDATE: Michigan Legislature “Punts” on Making Changes to Marketable Record Title Act Amendment by Extending the Effective Date to 2024
The Michigan legislature recently amended the Michigan Marketable Record Title Act via HB5611 to delay the time period for property owners and associations to record notices to preserve interests and use restrictions until March 29, 2024 – an extension of three years....
Phase I Environmental Site Assessments in Commercial Real Estate
A Phase I Environmental Site Assessment, commonly referred to as an “ESA” or “Phase I,” researches current and historical uses of real estate as part of a commercial real estate transaction. A Phase I assesses whether previous real estate uses have impacted the soil...
Commercial Real Estate Purchase Agreement Do’s and Don’ts
Whether you are purchasing commercial property as an investment or to address the needs of your business, there are at least 5 “do’s” and 5 “don’ts” you are going to want to consider when negotiating the Purchase Agreement. The Purchase Agreement in many cases can follow a letter of intent, but letters of intent are most times non-binding. Careful attention must be paid to the terms and conditions of the Purchase Agreement as the details can greatly impact your risks and liability in the transaction.
Do #1: Make sure the property is properly described.
While this sounds obvious, many times errors are made by using tax property descriptions or old legal descriptions that don’t actually reflect the property being sold. This can lead to boundary disputes, zoning problems or worse when you go to sell the property.
Do #2: Allow for enough time for due diligence.
In today’s world of national and international investors and 1031 exchanges the timelines for “clean” deals can be extremely short. Twenty-one days may not be a sufficient amount of time to review the title work, obtain a Phase I environmental assessment, physically inspect the site, review any applicable tenant lease and understand the local zoning ordinances.
Changes to the Marketable Record Title Act Could Impact Closings
By Benjamin H. Hammond and Jill Kaufman Miller, Esq. Every real estate contract must, unless agreed to otherwise, convey what is known as “marketable title”. The courts have defined marketable title as title that is free from encumbrances and assures the purchaser of...
Considerations for Billboard Lease Agreements
Let’s face it, billboards are just about everywhere and it seems more and more are going up or converting to digital billboards with computer-controlled electronic displays every day. With the uptick in the economy and an expansion of urban areas, billboard companies are seeking to expand their footprint as well, largely along the major highways and roads.
If you are the owner of land along a highway or major road, you may be approached by a billboard company with an offer to lease a portion of your land. Billboard lease agreements come in various shapes, forms and lengths and are typically used by the billboard companies in many different states and jurisdictions. Each one should be carefully reviewed to make sure that the terms match your particular situation.