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Five Misconceptions about Renting Property in New York

Posted by Melvin Monachan | Nov 07, 2019 | 0 Comments

For many business owners, you think entering a real estate contract is standard business, and as such, there's not much that needs to be done but read the contract and sign on the dotted line. You got the price you wanted for rent or for the purchase, after all, and so you think that is all that matters. 

Unfortunately, that is far from the truth. There's a lot the goes into a contract – and one that is carefully negotiated, drafted, and reviewed is one that can be an integral part of your business's success. Here are five reasons why you should have an experienced commercial closing attorney – at a minimum – review your real estate contract.

1. The Landlord or Seller Probably Knows More than You Do

The real estate contract you are about to sign was probably the product of the landlord or seller. These contracts are almost always drafted in favor of the latter and not you. An inexperienced person may not be able to identify the language and provisions that are specifically set out to benefit the landlord or seller. The landlord or seller knows that your biggest concerns are the price and the space. While your attention is there, his attention is elsewhere. 

An experienced New York real estate lawyer will identify the terms of the contract less favorable to you and negotiate for better terms on your behalf. An experienced attorney like Melvin Monachan will pinpoint potential pitfalls, address those pitfalls, and work to ensure the language protects you.

2. Accuracy Matters Just as Much as the Details Do

Details always matter with regard to real estate contracts. The more details the less room for interpretation. That said, the accuracy of the provisions matter just as much. Unfortunately, you may be more focused on the details and less attentive to the accuracy of those details. Details mean nothing if they are not accurate.

Melvin Monachan will ensure the contract contains both: details and accuracy.

3. Provisions Matter Just as Much as Accuracy Matters

There are certain provisions you want in your contract. Absent those provisions, problems can arise. Melvin Monachan will make sure standard provisions are included as well as individualized provisions specific to your business, needs, and wants. 

4. Risk Reduction is Important to You Just as It is Important to the Landlord or Seller

When a landlord or seller has a contract drafted, one of their primary goals is risk reduction. Risk can put the contract agreement in harm's way. Risk can upturn a business. Risk can cause you to lose money. The less risk you have, the better your chances of success. 

Melvin Monachan will review a contract with the intent to reduce the risk for your business specifically.

5. You Probably Do Not Know as Much as an Experienced Commercial Closing Attorney Does

If you are not an experienced real estate contract attorney in New York, chances are you do not know as much about real estate contracts as the attorney does. This is important. There are so many things that can go unnoticed, things that are both explicit, implicit, or absent in the contract. 

In the end, without an experienced real estate contract attorney, the contract you sign could be one that exploits you more than it delivers to you. That won't be to your detriment alone, but to your business's detriment and everyone involved with it. Save your business. Contact an experienced commercial closing attorney today to review your contract before you sign on the dotted line.

About the Author

Melvin Monachan

Melvin Monachan is the founder of The Law Office of Melvin Monachan, PLLC, a full service, real estate law firm representing individuals, investors and corporate entities in all aspects of real estate law. On the transactional side, Melvin represents purchasers and...

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