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Our Complete Closing Process ➤

Celebrating 20 Years in Business

Robert Aronov & Associates, PC offers a magnitude of real estate legal services. Our attorneys have over 40 collective years of experience in the real estate industry. With our expertise, we guarantee you a worry free process. Our experienced attorneys will conduct a rigorous due diligence process to make sure the property you purchase is free of any liens, defects, judgements, free of any open violations. For decades, Robert has successfully guided New Yorker’s through the process of buying and selling real estate. Trust, experience and a personal approach have all contributed to Robert’s widespread reputation as a reliable and effective real estate attorney. From nearly round-the-clock availability, to thorough and patient dealings with clients.

Real Estate Closings
Contract Of Sale within 1 Hour
Late Hour Contracts and Closings
Experience in closing over 20,000 deals from Coops to Commercial Buildings
Clients ranging from first time buyers to professional investors, realtors, builders and even countries.
Most closings are completed within 30 to 45 days.
Robert Aronov & Associates have never lost a single down-payment.
Closings are completed within 30 to 45 days
Commercial Sales/Purchases
Residential Transactions
Complete Review of Financial Statements of All Condo and Coop Purchases
Real Estate Litigation
And Much more…
Celebrating 18 Years in Business

The Robert Aronov & Associates, PC Difference:

We will work with your Mortgage Representative or Banker to make sure the closing cost is fair and if you need we will negotiate more time for you to obtain your mortgage loan. We will work with your engineer and the broker to negotiate the repairs you request to be included in your contract of sale. We will negotiate a price reduction in the event the appraisal from your bank comes in lower than your purchase price. We will also negotiate a price reduction if we find any code violations or illegal structures and will make sure the Seller ether credits you or establishes a special escrow to correct the violation after closing. We only use title underwriters that are A rated and nationally recognized.

6 New York City Area Offices For Your Convenience:

Robert Aronov & Associates, PC are authorized closing attorneys for Chase Bank, Citibank, Bank of America, Flagstar Bank, Wells Fargo and many others large NYC financial institutions.Over the last 15 years Robert Aronov & Associates, PC has successfully closed thousands of properties for clients all over the NY Metro area. We are the one stop solution for your entire real estate transaction. From the drafting of the sales agreement to the deed transfer, title review and assignment of the contracts we have you covered. Our attention to detail and years of experience has allowed us to expand our services to over 6 locations in the five boroughs of New York City. We have the experience necessary to handle any commercial or residential property transaction in the city. Schedule a free consultation at our Manhattan, Brooklyn, Long Island, Queens or Westchester office. Robert Aronov & Associates, PC makes purchasing or selling Real Estate in NYC easy.

Understanding Deed Transfers:

Robert Aronov & Associates, PC provides our clients with closings at a flat fee which includes all deed transfer and recording fees. The transfer is the final stage of the closing and will allow you to transfer ownership of the real estate property. The deed contains the names of the buyers and sellers along with a legal description of the property at hand. It is signed by the person transferring the property & the seller’s signature must be notarized. A qualified real estate attorney should provide the transfer services as the state law can be very confusing when it comes to transferring a property properly. A warranty deed is the most common type used. It basically guarantees or warranties the buyers purchase. Any liens or defects must be disclosed by the seller. The less common Quitclaim deed is often uses by parties who trust each-other. Here, no promises or claims need to be made about the title. This deed would be used by family members that buy from each-other and trust their are no liens or defects on the real estate property.

Buyers & Sellers Require A Coop Specialist:

One who buys a Co-op is actually just buying shares in a corporation which owns the actual piece of property. The actual Real Estate you will live in is legally yours through a proprietary lease in which your are able to occupy a specific apartment. Taxes repairs, insurances and the such are all payed according to the shares you own directly to this corporation. The board of directors is the group who will approve or deny the sale. Potential purchasers should be ready to provide personal financial information, including one or two years of tax returns and bank statements, as well as personal and business reference letters. There are a lot of tax related laws that go with living in a CO-OP. If you find them overwhelming it may be a good time to call your real estate lawyer. “Flip taxes” and other management related fees are a common in coops. This tax is imposed by the corporation and is used for building related services. This tax often is in direct relation to the purchase price. Although uncommon, a flip tax imposed is equal to a certain percentage of profit received by the Seller from the transaction. In conclusion, even on a basic level these CO-OP laws can be confusing. In the five boroughs of NYC these laws can be really time consuming to understand. Our law firm is accessible at 6 different locations in the five boroughs of New York and Upstate. Call now and schedule appointment with some of the most knowledgeable NYC real estate attorneys to learn everything you need to know about cooperative real estate.

Purchasing A Condominium Has Never Been Easier:

Distinguishing between the ownership of a coop and a condo is crucial when looking to purchase a new apartment. Like a coop, a purchase of a condo includes common areas that are shared by the residents such as hallways & elevators. Beyond the jointly owned common areas they have very little in common. One who purchases a condo has a title to real property & not just stocks in a corporation. The purchaser of a condo unit gets a deed to the apartment being purchased. The owner is completely responsible for the real estate taxes and mortgage payments. Unlike coops, condominium do not have an underlying mortgage. It is nearly impossible to be rejected by a condo board & the application to the board of managers requires less information. The Board of Managers has the first right of refusal to purchase or lease any condo up for sale or lease but this never really occurs. If a Board of Managers decides to exercise its first right of refusal, it is required to purchase the unit for the same price along with the same terms & conditions upon which the purchaser being rejected agrees to purchase the unit.

Commercial Real Estate: Leasing Laws

In recent times, the most viable tools of leveraging on want you have to obtain what you need are all centered on leasing. The human wants are insatiable no doubt. If you want to go into business for yourself, you may certainly need a space to run the business, some machinery, and office equipment. Considering your limited capital, going on to buy for these necessities may seem so inappropriate and well heavily on your budget, that’s when you look at the side of commercial leasing.

A commercial lease refers to tenants who use the property for business or other commercial purposes in comparison to residential use. The world Fortune 100 companies at one time or the other in their Herculean journey had to opt for commercial lease. However, for a beginner with little or no knowledge about the terms and laws related to commercial and real estate laws, I will slowly guide you to the voyage of commercial lease knowledge.

A Commercial Lease is a form of lease structure created solely for business aims and encases units such as security installments, levy, major costs, and commitment to fixing and building of the property to be rented.

Types of Commercial real estate lease

There are four crucial sections of commercial leases as thus;

1. Gross Lease

Below a gross lease, the occupant pays base rent, and the landlord engrosses all value for common area maintenance (CAM), real property taxes, landlord’s insurance, and other distinctive sums for the running and welfare of the property. Therefore, a tenant does not need to pay additional running costs in a gross lease.

2. Modified gross lease

Here, in a modified gross lease, seeks the tenant to compensate the landlord for “pass-through” expenses over a stipulated expense period or base year.

3. Triple net lease

While a triple net lease requires the occupant to repay the proprietor for CAM, real estate taxes, and landlord’s insurance.

4. Absolute net lease

An absolute net lease is also a type of lease where the tenant is the singular (only) resident of the leased property, for example, an eatery. When faced with such a case, the tenant has to fund out every bit of the costs of maintenance and welfare of the possession, which includes all budgeted financial expenses. The absolute net lease needs the tenant to inherit all fees and expenditures and crucial fixes.

Commercial leases are accepted for numerous purposes including warehouse, pad, retail, and offices. Pad or ground leases are often applicable to restaurant environments, or to premises where the tenant will bear sole responsibility for constructing and maintaining the structure. Usually, a commercial lease is allocated for a period of five to twenty years with constant increment in base rent.

understanding commercial lease law

The work of writing and debating a commercial lease can be intimidating to the ignorant participants. The agent must master not only the basic concepts of real estate underlying a lease but also have a working knowledge of the concerns of the company that governs the transaction. To effectively defend the rights of a commercial landlord or tenant, the lawyer must understand the concerns of the business from the point of view of the lawyer and the businessman. Business customers are primarily concerned with their business interests; and as lawyers, it is essential to understand the impact of these commercial interests on the legal advice we must give.

The following is a brief discussion of some of the key provisions that must be carefully considered in each commercial leasing transaction.

entities involved

The parties to a lease must be clearly defined. This is of particular importance in the field of commercial leasing because the agent must be attentive to the commercial structure of the entities concerned. This seemingly simple provision of a lease requires the commercial real estate lawyer to assess the business and tax implications of conducting business as a particular type of entity.

property

The description of the rented premises must be clear. If the premises are in a multi-tenant building, this distinction should be noted and the largest building in which the premises are located. A description of the square footage of the premises should also be included. It is in the interest of both parties to avoid disputes over the size of the premises during the term of the lease. Such calculations must, therefore, be made in advance so that the parties must specify the size of the space rented under the express terms of the lease.

rental

As mentioned above, both parties seek the stability offered by a lease, in terms of controlling costs from the tenant’s point of view and ensuring a regular income from the homeowner’s point of view. Leases often contain renewal options. Rent for renewal periods can be calculated in different ways – by referring to the Consumer Price Index (CPI), a fair rental value, a fixed percentage increase, and so on. Referring to the CPI or using a fixed percentage increase provides certainty; the use of fair rental value may give rise to a dispute between landlord and tenant, resulting in the need to retain the services of the landlord. Assessors possibly initiate the arbitration proceedings or judicial proceedings to resolve the dispute. In assessing the rent renewal standard, parties must ensure that they choose a standard that provides a fair and reasonable rent increase while providing parties with a degree of certainty of achieving this amount without being necessary to provide time and cost commitments.

expenditures

Who pays for what? Homeowners and tenants can come to the table with a very different idea of who is responsible for paying what for the duration of the lease. Landlords and their attorneys will work to pass on all costs associated with the tenant’s operation of the property, while the tenant will seek to eliminate or limit these elements. Whatever the outcome of these negotiations, the actual attorney will be clear and concise during drafting, leaving no room for dispute over future payments. Here again, certainty creates value and avoids the extra time and cost associated with conflict resolution requirements.

use

The use of clauses set out the conduct a tenant can take on the premises. Tenants are looking for broad usage clauses, which gives them maximum flexibility to participate in their operations and to experiment with concepts. The owners want to limit the number of possible uses to control the nature of the commercial establishment and the synergy of the leasehold complex. Lawyers should also be aware of the impact that a use may have on the environmental conditions of the property, as well as any environmental law triggered by a transaction that may be invoked under the tenant’s activities. A regulatory nightmare can lead to an owner if his board does not properly limit potential uses to those that will avoid triggering environmental laws.

requirements relating to premises

The owners will wish to transfer the property in its current state, “as is,” without making any statement as to the condition of the property or its suitability for a particular purpose. On the other hand, a tenant will not want to take responsibility for other people’s actions and will seek to release themselves from any liability for the conditions that existed prior to their tenancy. A tenant will also seek to ensure that the building’s utilities, HVAC system, roof and structural supports are in good condition and in good working order at the time of taking possession. A well-designed compromise can ensure that these systems are in good working order at the beginning of the lease, giving the tenant time to report non-conforming conditions, otherwise, the conditions of construction are definitely deemed to be in good working order.

subleasing and transfers

Landlords generally resist the right of a tenant to assign and sublet because they are afraid to enter into relations with “unknown” entities. Also, they disregard the idea of allowing a tenant to take advantage of a “hot” real estate market by re-renting the rented space at a higher rental rate than the rental rate. As such, to the extent that an owner grants a right of assignment or subletting, his or her lawyer must draft the lease document to indicate that the landlord has the right to recover any profit that a tenant realizes on the assignment or subletting. Also, the lawyers should guarantee the landlord the right to recover the leased space prior to the tenant’s assignment or subletting. Finally, if a lease authorizes a right of assignment or sublet, it must obligate the assignee to sign a contract of assumption of responsibility to give the lessor a contractual lien with the assignee and, in the case of a sub-lease, lease, require the tenant to: collateral sublease the landlord to the owner so that, if the tenant defaults under the lease, the landlord also has the possibility to resort to the sublease and resort to it.

changes

A tenant will want to have the right to modify the premises to meet changing business needs and concepts. As with the use clause, the tenant will seek the greatest flexibility to maximize the value of the lease for the tenant. On the other hand, the owner will want to limit the extent of the authorized modifications, avoiding modifications that affect the structure and systems of the building. A well-written clause will give the landlord the right to choose whether the tenant must remove the changes or leave them in place at the end of the lease.

When writing a document, especially a lease, it is impossible to overestimate the importance of attention to detail. The lease clauses are not autonomous; rather, they are part of a complex and interdependent network that affects the meaning of many other parts of the lease document. When approaching a commercial lease for the first time, it is essential to think about each problem and evaluate it from the objective of the prosecutor and the entrepreneur.

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About Robert Aronov

Celebrating 20 Years in Business, Robert Aronov & Associates, PC offers a magnitude of real estate legal services. Our attorneys have over 40 collective years of experience in the real estate industry.